Bitcoin SV is a utility platform and does not need casino-style crypto only exchanges
By Calvin Ayre | 06 July 2020
Calvin Ayre talks about the Bitcoin SV vision, its protocol, and design. He also discusses the difference between BSV and all the other digital assets out there. This article was originally published on CoinGeek on April 21, 2019.
There is so much confusion out there about what Bitcoin SV (BSV) is. Yes, most by now understand that it is the original Bitcoin following the original design, protocol and vision of Satoshi Nakamoto based on the white paper and other sources. Most everyone smart also by now agrees that Craig Wright is the inventor of Bitcoin.
However, the distraction caused by the endless trolling and cyberbullying of Craig and his legal efforts to stop them are not what is important. What is important is to understand the difference between Bitcoin SV and all other copycat platforms and why they are all so scared of Bitcoin SV.
Binance and a cartel of these altcoin-dependent exchanges just launched a delist attack on Bitcoin SV under the guise of it being about Dr. Craig Wright. I am sure the young and inexperienced leaders of Binance and the cartel think this is smart. It is not.
They are right that Bitcoin SV is an existential threat for them all. Bitcoin SV is designed to be the “power everything” platform, and can scale to do everything that all other blockchain and DLT project claim to do and far, far more. It can power Internet of Things Dr. Craig Wright’s greater vision of the Metanet, where Bitcoin SV subsumes and powers the entire Internet and monetizing all data.
This means that if Dr. Wright’s vision comes to pass, the world will operate on a single global blockchain, just like we operate on a single public internet. There will be no other public blockchains or cryptocurrencies, and the only tokens other than BSV itself will be financial and other real world assets tokenized on top of BSV.
The Bitcoin SV vision also means that the future of crypto exchanges will change. Currently, exchanges list far too many tokens in order to inflate fee revenue from trading as many cryptocurrencies as possible and generating casino-like fervor. This model will come to an end. The future is the model of FloatSV, a newly-launched and BSV-focused exchange. As stated on its website, FloatSV “only supports tokenized real assets” and does so “by committing to list only blockchains running Proof of Work SHA256 and real assets such as commodities and currencies.” The casino style speculative exchanges without banking will ultimately cease to exist.
This is the real reason Binance and some other exchanges are afraid of Bitcoin SV, and why they illegally banded together to try to incite a mob mentality on social media to harm Bitcoin SV. Craig’s legal actions to defend himself from trolling was just the excuse they choose to justify this. That and his prior social media conduct when Craig is not even on Twitter anymore.
But this is the amazing part. None of these youngsters in this cartel understand that Bitcoin SV does not need the casino-style exchange to succeed. We are building a blockchain that has real utility for businesses and consumers, to enable massive amounts of real payment and data transactions, to support the BSV token with real long-term value. Therefore, its “use case” is not trading against other cryptocurrencies to make money, like the speculative investment scheme for most other tokens. It is a utility platform for the BSV token to actually be used on BSV blockchain, so it only needs fiat on and off ramps. At some point, the BSV ecosystem will also need regulated secondary markets for security and commodity tokens of real world assets, such as FloatSV is anticipating. But at no point in its life does Bitcoin SV’s ecosystem need casino-style speculative exchanges for trading against large numbers of coins that are not real assets. Bitcoin SV is a utility backbone to run everything and this makes it unique as no other blockchain platform has this plan or ability.
This means that in launching this attack, all these exchange guys have done is sped up the inevitable march of regulation over their actions. This was coming anyway as on June 19th, 2018, the fifth EU Anti-Money Laundering Directive (AMLD 5) was published in the official journal of the European Union. Among other things, the EU Directive extends all the traditional anti-money laundering laws to virtual currency platforms and wallet providers. I can’t wait for this Directive to be implemented in all EU countries. I’m sure the crypto exchange landscape will quickly change.
Meanwhile, all Bitcoin SV needs is to finish restoring the original Bitcoin protocol, keep it stable and keep massively scaling. If it does that, big enterprises will come build on BSV what they cannot do on other platforms, and BSV will consume – by its superior technology – the entire crypto ecosystem of the world. This is Dr. Craig Wright’s vision and that is why it really does not matter who invented Bitcoin, because he sure as hell invented Bitcoin SV and in doing this he has changed the world for the better.