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Patents, Copyrights and Lawsuits, Oh My

Bitcoin SV price has under-performed BTC by 20% in the month of August. This price lag has caused a few interesting comments and articles to be published pondering what is holding BSV back.

Bitcoin SV is a protocol on which developers have built a competitive ecosystem of applications. BSV is designed to comply with legal requirements while scaling with near zero fees. Many people don’t know this approach is novel and unique in Crypto. Most coins are avoiding the work of legal compliance and have taken the shortcut of building an ecosystem on top of Ethereum. It’s the “go fast and break stuff” mentality of dotcoms where developers are king. However, this doesn’t work when building Money 2.0 and a new Internet.

The Bitcoin SV road is not short or easy.

Part of this development process has been the interaction of independent developers and nChain, the 800lb gorilla in Bitcoin SV development. nChain has been building a patent fortress. Craig Wright, the nChain Chief Scientist, has filed filed copyright claims on the Bitcoin whitepaper and is in litigation with multiple parties to prove he is Satoshi Nakamoto. Legal proceedings move at a glacial pace and Bitcoin lives in the fast paced intersection of finance and tech.  The legal proceedings have dragged on for over a year and we haven’t even seen our first patent battle. Like it or not, the uncertainty of these proceedings has had an effect on Bitcoin SV.

Despite the patents, copyrights and lawsuits independent developers continue to build new applications that can only run on Bitcoin SV. Just today I discovered this:

While new applications like this are becoming a common occurrence there is still a feeling of frustration on Twitter regarding Bitcoin SV’s place in Crypto. BSV is like a Ferrari tied to a tree.

Several BSV bulls have publicly made statements about where BSV is falling short.

This article by Joshua Henslee examines why tokenization on BSV has been a non starter despite the transaction capacity, ease of token creation and low fees. For those who don’t know, tokens can represent anything on BSV, from Chuck E Cheese game tokens to fiat backed stable coins to land titles.

Jack C. Liu, prominent figure in Bitcoin SV wallet relayx.io and new CEO of streamanity.com and several other projects tweeted this statement about long time Bitcoin SV antagonist CZ of Binance.com.

I think this hits the nail on the head.

It seems to me the developers in Bitcoin SV have been focused on the right things: creating profitable businesses. However, it also seems BSV has not been a friendly environment for projects like DeFi. Personally, I view DeFi as a short lived financial instrument to extract money from plebs but it certainly brought a lot of attention and volume to Ethereum. And whatever DeFi’s long term prospects or legal issues projects like DeFi are better off on a scalable and affordable platform like BSV than on ETH.

Developers and investors are asking why BSV is the bridesmaid and not the bride. In response to Henslee’s article cited above  BSV investor Calvin Ayre tweeted:

This is not an open revolt or a dissolution of the foundation of Bitcoin SV like we see happening on Bitcoin Cash (BCH). BSV is evolving. The unwritten rules are being questioned. This is a good thing.

BSV already has the most diverse application ecosystem but now there is a new willingness to have every project welcome to use BSV as their underlying protocol without judgement.

In short, we’re not in Kansas anymore Dorothy.

Now the question that remains is….

This post first appeared Coinspeak.io

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6 comments

  1. James

    You can’t even trade BSV on Coinbase. That doesn’t help matters.

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    • CoinSpeak

      Correct.

      And I left that out of the post.

      Imho the most damaging thing to bsv was Craig Wright threatening to shut down exchanges. It was a very bad look and people remember it.

      Don’t fuck with another man’s money.

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  2. RAUL

    what does diverse application ecosystem mean? is that like the google play store?

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    • hodlen_caufield

      “competitive ecosystem of applications”
      legit question: which of the applications is competitive? why do they all require the subsidization of Calvin if they’re “profitable?”

      is store of value not a part of the BSV thesis?

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      • CoinSpeak

        Sure, SOV is part of BSV but it’s only a piece of it. I would say the SOV prop is even stronger on BSV because it has stronger use cases in microtransactions and other areas.

        Calvin is a big investor but he’s hardly subsidizing everything on BSV. Competitive: see twetch. app vs powping.com or the many wallets available: handcash, simply.cash, centbee etc.

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    • CoinSpeak

      Yes. Look at the https://relayx.io/ homepage and you’ll see integrated into their wallet is a list of recommended apps. This is evolving, but wallet integration makes sense and is even needed in some cases.

      Also, there are now two competitors for BSV social media streams. Powping.com and twetch.app

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