Less than a year after making near-worthless copyright claims on Bitcoin, leading proponents of BSV are now making claims on Bitcoin public books [BTC] and Bitcoin Cash [BCH] a total of. Calvin Ayre, Coingeek’s founder and leading BSV advocate, tweeted:
BSV is the only platform out there that has an original log in the original chain, and it alone has the rights to the database. Risk of counterfeiting.
According to their claims, the records belong to the public ledgers of Bitcoin hard forks of the BSV.
CSW claims cryptocurrency public ledgers (source)
In a response to Grayscale Investments, one of the leading escrow platforms for Bitcoin and crypto investments that BSV does not belong to, Ayre says:
BSV has all the data on the global chain market. Is undervalued on the corrupt stock exchanges, but still ranks 3rd.
The claims are absurd and bizarre because they claim to have a public database on a decentralized network.
75% of the BSV hash rate is centrally controlled
As reported yesterday on CoinGape, Bitcoin SV [BSV] experienced a hard fork. However, not many miners and nodes have upgraded to the new protocol, resulting in a split chain.
Distribution statistics of the Bitcoin SV mining pool (source)
At the time of going to press, TAAL and Coingeek control exactly 75% of the total hashing power in the network. Arthur Van Pelt, an entrepreneur and BTC maximalist, tweeted:
Interesting development today. Coingeek & Taal trying to save the day? The range of the other mining pools was +/- 50% about a month ago.
According to the old rhetoric that hash rate follows price, BSV’s total hash rate has tripled. Compared to Bitcoin [BTC], the sum is still less than 3%.
To ensure bearish trends?
The price of BSV at 3:30 p.m. UTC on February 5, 2019 is $ 267. A downward trend with a descending triangle begins to form. The breakdown confirmation and target levels are at $ 264 and $ 215, respectively.
BSV / USD 1-day chart on Bittrex (TradingView)
Although technical and fundamentals are marking the sell, shorting BSV could still backfire at the moment due to the manipulation of the BSV and the uptrend in Alt-Coins.
Do you think CSW and Ayre will again be able to impress the crowd with the database claims? Please share your views with us.
Disclaimer of liability
The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
Engineering Background’s Nivesh is a full-time cryptanalyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or email him at nivesh (at) coingape.com