Looks like my last post got someone’s attention. Here’s their lengthy reply:
I’ve followed Coinspeak since his/her first post here, thankful that Based Fly conscripted a crypto writer. Although I rarely agreed with the posts, I continued to read with an open mind to survey the BCH thesis (as I held a large amount of coins prior to the hard fork and did not have a clear plan on what to do with my BCH and now BSV). So, I was intrigued when I saw the about-face to BSV, an admittedly unpopular choice. I became a bit more incensed over the last two posts as I felt they read more like a white-paper/marketing shill than well-reasoned analysis. For instance, poaching the “Bitcoin (the program, not a specific chain) is the future”/Austrian hard money narrative from videos and then asserting later in the post that while the cited authors/presenters didn’t mention BSV by name, if they really thought about which chain is best and most likely to succeed, they would undoubtedly choose BSV. So now, I feel compelled to retort.
To anyone waiting for OP to defend this increasingly implausible thesis: prepare yourselves for a feat of tinfoil hat mental gymnastics, the likes of which have only been parodied with the image adorning the Bitcoin Economy part 2 post.
For a network and asset class that’s built to eliminate the need for trust, the BSV thesis at this point requires a hell of a lot of it. Namely, to trust BSV bagholders that the following is true, despite a consensus of evidence and opinion; (I remind you that consensus is a more relevant governing standard than “truth” in these matters)
1-CSW is still somehow Satoshi. For those that don’t know, CSW got BTFO in courts both of the legal variety and of public opinion. (for the record, I do think that Peter Mc., an opposing party in one of CSW’s ongoing suits, is insufferable and has become the “reality TV star” of crypto; lacking in skill, insight, and prizing his own promotion above all else.) The only talking point CSW defenders have left is that the Kleinman estate will have a large tax bill upon receipt of CSW’s purloined bitcoin. Even if his claims were true, CSW was bested and locked out by his own creation, unable to sign any transaction with consensus-recognized Satoshi holdings, which any competent user must know how to do—a far cry from his crafted brilliant inventor image espoused by his underlings and this blogger. Imagine the inventor of the first thought-powered car unable to prove it worked because he locked the keys inside.
One must pause here at the cartoonish nature of his defense; blatant blog back-date forgeries, recanted statements, demonstrably false transactions, and not a shred of proof that he was doing anything other than attempting to hack kitchen appliances whilst detailing a list of what classical music and romantic authors he happened to be Wikipedia-ing at the time (I invite readers to scan the above post and note the striking similarity in the “here’s a list of important sounding things I’ve seen other people talk about, but I can’t bother to synthesize them into prose/coherency”).
Only ideologues will deny CSW is an intelligent and capable programmer, but the open source world is full of anons with similar and greater skills. Not only is there a legal record of the repudiation of his claim to be Satoshi, but a paucity of peer validations other than anyone currently standing to benefit from his ordainment as Satoshi. Again, the peer-to-peer issue looms large here. Bitcoin and most similar cryptocurrencies are valuable because they can codify consensus amongst an adversarial community. CSW’s appeal to consensus has been rejected by the majority of Bitcoiners. The community has spoken and the value of his token, BSV will reflect its speech.
2-BSV will eventually succeed in developing a competitive product. Currently, the largest user of the BSV blockchain is a d-app that records the weather each day. I’m not kidding, most daily transactions on the BSV blockchain are just this automated weather log. BSV’s mining community is very incestuous with its small team of promoters, which keeps large agnostic miners uninterested, at a certain scale, mining pools would rather security and longevity over the possibility of manipulation (my assertion). Even commentators on this blog have been unable to properly install and use the few d-apps that are basically promising to be the knock-off versions of Twitch, Cashapp, Venmo, Twitter, YouTube, and whatever else might entice dupes to believe that BSV will one day be the gold standard of information technology.
There’s a reason that first-mover advantages are rarely overcome in the information space- the chicken and egg problem. Developers won’t waste time making a better version of YouTube for free and from the ground-up because Google’s got the resources to incentivize them to improve the existent YouTube, with its existing codebase. It’s almost impossible to unseat a large digital ecosystem, much less all of them at once like the BSV project aims to do. Betting on Flippenings has about the same track record, especially on Bitcoin chains. Factor in the existing resources and sentiment of most developers regarding the BSV community and you’ll see why all BSV hype must promise the same utopian future state; where CSW is recognized as the true Satoshi and all his dreams will become reality. I don’t know why someone would choose to save wealth in BSV over BTC with the existing features and the overhang of being piloted by such a goon.
Firstly, I’ll agree with the conclusion of this comment in that I have tunnel vision on BSV. Not just my last 2 posts, but probably more like my last 20. Fly doesn’t tell me what to write. In fact, I’ve only spoken to him twice and maybe a dozen emails tops. So, no editorial oversight. Constructive criticism noted though. I will endeavor to maintain a more balanced analysis. With that said, I am sharing my opinion and my opinion is that it’s BSV or bust.
Now, to get into a few other things I’d like respond to in this comment.
I may, time permitting, write a post about Kleiman v Wright. But basically Wright is being sued for 500k Bitcoins by his dead friend’s brother, Ira Kleiman. The entire case HINGES on CSW being Satoshi. CSW has definitely been his own worst enemy in the courtroom nearly getting charged with contempt by the judge but there is still a long way to go in the case. Here’s a recent writeup of the hearings this week savaging Craig Wright. Even if Craig Wright loses 500k Bitcoins by losing the court case….as I said on Twitter earlier:
There is a long road ahead.
However, CSW was never going to be able to get full value for all his BTC. Whatever he does get will be a lot.
The fact this turns from a long game to maximize profit to a short game to be first to dump isn't good for BTC.
— Coinspeak (@coinspeak_io) August 28, 2019
Regarding the alleged forged documents, I will point you to Craig Wrights GIAC certifications.
He’s in elite company worldwide with the number and difficulty of the exams he’s passed. He’s not only a double PhD with multiple Masters degrees he’s a world class security expert. Do you think if he really wanted to fake documents he’d fail at it?
Further, to speak about CSW’s qualifications to be Satoshi, read his blog. No one understands Bitcoin and it’s origins like the creator. For example, one of the easier to understand posts is Zeno’s Paradox yet NO ONE figured that out before he shared it.
The above is why I provided a laundry list of technologies and things to research in my previous post. Each of those areas is it’s own specialty. They have all been baked into Bitcoin. I am not qualified nor interested in providing a detailed explanation on the intricacies but I can say after years of research I understand them well enough to begin to see how they apply in Bitcoin, and I’m blown away by it. Most “OG” Bitcoiners don’t see this at all.
The drama and intrigue in Bitcoin is beyond Tom Clancy level. The attacks on CSW have been relentless. Notice who does the attacking, bloggers like Peter McCormack. While BSV may have it’s own SJW I think if you honestly look at the players you’d see the teams are stacked for BSV. BSV is in the minority for sure but quality counts. Much like the “Raspberry Pi nodes matter” fallacy, a majority Twitter army means nothing when faced with entrepreneurs building new applications (and let’s not forget CSW’s has nearly 1,000 patents). Twitter consensus means very little in the real world.
Here’s another resource to read. Dr Wright says he knows the author but has not read it. I just ordered it and have not started reading but early reviews from friends say it’s good. The Art of Bitcoin: Satoshi’s Vision. Ignore the Amazon reviews, like most things BSV the BTC social media trolls are out to discredit BSV including Amazon reviews.
Turning to your second point regarding adoption, yes, currently WeatherSV is the majority of BSV transactions. Here’s a screenshot of Bitcoinblocks.live
Notice a few of those blocks are larger than the cap on BTC at 1MB. This should be of great interest to anyone in Bitcoin. Scaling matters. While a weather app is currently producing the most transactions it’s useful data that someone is PAYING for. What is happening on BTC?
Right, nothing. No scaling, no development, no adoption, no future.
On adoption, beating a YouTube isn’t easy but Bitcoin is a Red Queen game. When everything is based on incentives rather than advertising we may see YouTube displaced or YouTube may adopt Bitcoin. Either way, these are early times as I’ve stressed many times. You must be able to imagine where this is headed and keep updating your hypothesis. Broad strokes, BSV has the POTENTIAL that BTC does not.
On that note, Twetch, the popular BSV Twitter clone, just got cloned….by the Chinese. THE FUCKING CHINESE CLONED A BSV SOCIAL MEDIA APP. Chinese people love Social Media and are hugely influential in Bitcoin markets. This should be it’s own post, but I doubt I’ll write about it. Potential: HUGE. And if it fails it’s still another baby step forward for BSV.
Is that happening on BTC? Nope.
Adoption matters and those who spend money to start new businesses are starting them on BSV because they see BSV has a shot at lasting.
I’d really like to see someone respond with what’s happening on BTC. Please. From what I’ve seen, the utility is null and the scaling is a joke.
We’ll see who’s right in 2020.