BSV Was Doomed From the Start: 5 Reasons for its Rapid Decline

By    |  
BSV in garbage dump

BSV, the Bitcoin Cash Fork started by Faketoshi Craig Wright, has always been doomed from the start. Bitcoin Satoshi Vision is a mockery of itself: Faketoshi is the furthest thing from Satoshi, and he, along with Calvin Ayre, have centralized the protocol, something which Satoshi precisely designed Bitcoin to oppose.

The tactics utilized by Faketoshi and Calvin Ayre are only rivaled by the likes of Do Kwon and Sam Bankman-Fried - you can see how their own projects turned out! There are numerous factors explaining why BSV is the failure that it is, but today I will break down the 5 key reasons for its rapid decline.

5. Shifting narratives

There are many dishonest tactics that shills use to market BSV to noob investors. Chief among these tactics is intentionally shifting narratives, so new investors don't figure out about previous lies and failures. The most prevalent narrative pushed by BSV cult members these days, and most importantly its leader, Faketoshi, is that "only the tech matters, not price."

This couldn't be further from the truth because prior to the massive BSV price decline, Wright insisted that the price would reach high levels. Wright's dishonest price narrative shift is shown here:

Faketoshi promising a high BSV price
Faketoshi saying price is not important

A newly shifted narrative by cultists is that people should appreciate Craig for trying to lead BSV into the future, rather than expect him to prove his identity as Satoshi. The problem with this carefully crafted narrative, is that staunch BSVers wanted the world to accept Faketoshi as Satoshi more than anything else before in the past.

Craig Wright is a bumbling idiot during court proceedings, and that will not change during his fight against COPA. Reality is starting to hit BSV leadership in the face, so they've directed their paid shills to change the narrative. BSV analyst Peter Scott-Morgan created an excellent list of BSV paid shills (known as Lightning Sharks), and this account, which is on the list, epitomizes the aforementioned narrative:

BSV shill saying Craig is Satoshi
BSV shill saying he doesn't care who Satoshi is

4. Dead social media channels

BSV is a Bitcoin Cash fork, despite proponents of the scam lying by saying it is the real Bitcoin. As such, there are numerous social media channels that must be up kept, like other enterprise altcoins. The top two BSV social media channels are objectively Twitter and Reddit. Just like the project itself, these BSV social media channels are dying at a noticeably fast pace.

There are two main subreddits, and the "official" one is controlled by the BSV Association, which is full of scam bots and absurd rules like not being able to put "Faketoshi" in post titles:

Bot post in r/BitcoinSV
Bot phishing post in BSV Association-controlled subreddit

R/BitcoincashSV, the other subreddit discussing BSV, is a pure echo chamber. The few comments criticizing BSV are written by bag holders that mostly understand the scam. Naturally, they get censored by mods quickly:

BSV bagholders not trusting Faketoshi
BSV reddit mods censoring critical posts about BSV

The Twitter BSV scene is more active than Reddit, but that is primarily because Ayre has installed far more Lightning Sharks than on Reddit. For example, a honey pot of likely Lightning Sharks populated the comment section of the following CoinGeek Philippines post about the London Blockchain Conference:

BSV lightning shark shills

That type of "engagement" is about as disingenuous as it gets - any legitimate altcoin like Monero doesn't need shills to to leave overly enthusiastic comments on social media.

3. Apps shutting down at a fast pace

BSV projects are shutting down at a rapid pace due to the massive price decline as well as general instability. Most of these BSV projects are monetarily dependent on Calvin Ayre, and if he pulls the plug, that's it. As objective people know, this is all the complete opposite of the real Bitcoin, which has seen extensive success with L2s such as Lightning. One particular example of a recently closed down BSV app is myPayMail:

BSV payments app shut down announcement
myPayMail shutdown announcement

Any time projects start rapidly shutting down on an altcoin, you know it is getting close to its death.

2. Calvin Ayre bleeding money

Most people, even a sizable amount of BSVers, know that Calvin Ayre funds virtually every major company, organization, and event in the BSV ecosystem. With his money, paid marketers populate the ecosystem, providing the fake image of a bustling enterprise blockchain ecosystem.

Crucially, however, this money won't last forever and Ayre will have to pull the BSV plug eventually. The price of BSV continues to decline on a long term basis, which obviously means Ayre is losing money on his investment fast. Besides the coin price, as the days pass, Ayre's pockets are drained by numerous factors, including Faketoshi's failing lawsuits, worthless startups shutting down, and pay for shills.

One prime example of Ayre's cash being drained is one of his shell companies, Rockwallet, being used to pay Wright's legal bills:

Many of the reasons listed in this article are a symptom of Ayre's financial woes. Now that Ayre just made the "official" purchase of nChain (Wright's company) for $500 million, all his shell companies are under one umbrella.

1. Floundering Faketoshi lawsuits and worthless patents

Craig Wright has insisted for years that the court systems in various countries would affirm his claims of being Satoshi Nakamoto. As it turns out, he was very wrong, like everything else he has stated as fact in the past.

Wright uses Calvin Ayre's money to fight his court cases, so he doesn't have to worry about costs as much as the people he's suing. Known as SLAPP lawsuits, Wright sues Bitcoiners like Hodlonaut and Peter McCormack who have called out his fraudulent nature in an attempt to drain their monetary funds.

This scummy tactic has backfired, because Wright lost against Hodlonaut, resulting in a lengthy appeals process that was halted by a suggestion of Wright's counsel, which Hodlonaut agreed to.

Ayre and Wright also have been accused of patent trolling through nChain due to vague threats. Wikipedia has perfectly described the practice:

"Patent trolls are neither using nor marketing the inventions covered by their patents, but instead plan to make money by threatening or filing lawsuits."

Importantly, an acclaimed UK patent attorney who has reviewed many of nChain's patents deemed they are worthless:

Ultimately, the tactics utilized by Calvin Ayre and Craig Wright are only hastening BSV's downfall.

Related