A constant narrative peddled within the BSV blockchain community is that the coin price is manipulated by centralized exchanges, stemming from the so-called “delisting attack” in April 2019.
The community ignores that these “delisting attacks” were reactions to threats of lawsuits, not unilateral actions by exchanges. Secondly, BSV reached its all-time high in price twice, at $400 in January 2020 and $500 in May 2021. How is a 10x in price possible (from its split price of roughly $40) if all these exchanges are in on some conspiracy to suppress it?
Another claim is that the method to manipulate the price is to endlessly short it with freshly printed Tether, as trading orders on these platforms are simply private database entries and can be spoofed easily. Wait, is BSV not delisted from all exchanges? Which exchanges are engaging in this endless, tired effort to short the 50th or 60th-ranked coin on CoinMarketCap? Surely not the major exchanges with the most actual liquidity, such as Binance, Kraken, and ShapeShift (those who delisted) or Coinbase (NASDAQ: COIN) or Gemini (who never listed in the first place).
Again, BSV reached $400 without being on any of these exchanges, in a move that was completely decoupled from the rest of “crypto.” If this mass shorting did occur, then true demand would squeeze these shorts, but there seems to be no true demand.
A second wave of delistings did indeed occur in the Summer of 2021, after an alleged double-spend on Bitmart and alleged 51% attacks. Since then, the BSV price has been “number go down tech,” all the way down to $35. While those alleged attacks could have been efforts to further destroy the reputation of the blockchain, this has now happened over two years ago.
On the formerly pet rock, digital lead chain BTC, somehow a booming on-chain economy has emerged from the Ordinals innovation just six months ago. Meanwhile, developers, entrepreneurs, and companies continue to leave to another chain or give up. While the number of transactions is still high from nonsense, un-spendable OP_RETURN data, actual on-chain commerce seems to be non-existent. The global order book has virtually no volume, hardly any meaningful innovation is occurring, and the sentiment in the community reflects this.
If these claims were not true, then there should be evidence on-chain to the contrary. The ledger is public, meaning one could spot some new, innovative script or data that has not been seen by an unknown newcomer. Instead, the same garbage data is written to the chain repeatedly so pundits can brag about some pie chart that no one cares about, clearly. If someone did care, then we should not see the price constantly tumbling down. Instead, the price does continue to fall, therefore, is correctly priced.
To resolve this, there needs to be an acknowledgment that these narratives are just excuses. Furthermore, the community needs to get on the same page in terms of how to scale this technology. Attacking and needing to bring others down to lift ourselves up is never going to work. Other blockchains communities are mostly unified in terms of their narratives. BTC? Digital Gold. ETH? World Computer and DeFi. Too many schisms persist in the remnants of the BSV community, with some still holding onto the fantasy of government and enterprise adoption, or that innovation must have “real-world utility” despite the overall space rejecting these concepts for almost 15 years.
If Bitcoin is indeed for everything, then it is digital gold, a world computer, for DeFi, government, enterprise, real-world utility, and everything else under the sun.
Watch: NFTs, Twetch and Price of Bitcoin SV
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