Bitcoin SV (BSV) doubled this week, but don’t buy into the hype

Bitcoin SV (BSV) started this week with a rocket ship and has increased over 120 percent since Sunday. Craig Wright’s controversial cryptocurrency silently traded at $ 100 before soaring to a high near $ 250 today. Since that peak, the price has cooled and is currently hovering between $ 200 and $ 205.

Bitcoin SV was relatively silent until Wednesday. | Source: CoinMarketCap

Don’t be too excited

A fake Chinese press release appears to have triggered the sudden price move. On Wednesday, an image tagged with Photoshop was viralized on WeChat.

“CSW [Craig Wright] has transferred 50,000 BTC from the largest BTC wallet to Binance, confirming that he is the real Satoshi. Therefore, CZ will list BSV again and officially apologize on Twitter. “

While the viral post is lacking news links or evidence, it hasn’t stopped Chinese retail investors from buying up Bitcoin SV as quickly as possible. Expect a corresponding drop in prices as the news of the post’s making spreads wider.

It seems like someone purposely did it around the same time BSV was pumping an hour ago.

Totally fake news but “real enough” to trick many Chinese retail stores

– Dovey Wan @ 🦖 (@DoveyWan) May 29, 2019

Is Bitcoin SV the real Bitcoin? – Probably not

We can’t seem to go even a week without someone (most likely) falsely claiming Craig Wright as Satoshi Nakamoto, the creator of Bitcoin.

For at least four years, Wright has claimed to be the developer behind blockchain’s top asset. The rumors began in 2015 with an article by Wired suggesting Wright could be the man behind Bitcoin. Once released, Wright grabbed the title and provided additional evidence that he is indeed Satoshi.

However, the Bitcoin community was and is skeptical. Wired has since edited the original article to determine that it is Wright probably not Satoshi and various parishioners continue to expose the lies regarding his evidence.

Now Wright argues that Bitcoin SV (aka Bitcoin Satoshi’s Vision) is the true vision of Bitcoin’s creator. Most recently, Wright applied for US copyright law to prove ownership of the Bitcoin whitepaper and Bitcoin software. The US Copyright Office immediately denied the request.

There’s an easy way for Wright to prove he’s Satoshi – move some of the earliest bitcoin mined to a new address. He hasn’t done it yet.

In a dictatorial tirade, Wright sues almost anyone who argues against his claim to the decentralized throne. Bitcoin Cash’s podcasters Peter McCormack and Roger Ver are just two of the flagships in Wright’s legal crosshairs.

Where is Bitcoin SV headed?

Bitcoin SV’s hash rate is incredibly low, which means it is susceptible to a 51% attack should miners so wish. Combine the lack of adoption with Wright’s poor standing in the blockchain community. Many members of the cryptocurrency community have doubts about the future adoption of SV.

Don’t expect another 100 percent jump from Bitcoin SV unless some possible event occurs: massive market manipulation, miners jumping from Bitcoin to Bitcoin SV, or Craig Wright definitely proving he is Satoshi Nakamoto.

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