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 has centralized the protocol, something which Satoshi precisely designed Bitcoin to oppose.
The tactics utilized by Faketoshi 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 tactics that shills use to market BSV to noob investors. Chief among these tactics appears to be 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:
A newly shifted narrative by cultists is that people should appreciate Wright 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 in the past.
Craig Wright showcases his ignorance during court proceedings, and that will not change during his fight against COPA. Seeing the true nature of the situation, many BSVers have switched their narrative on Wright being Satoshi.
4. Dead social media channels
BSV is a Bitcoin Cash fork, despite proponents 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 Twitter and Reddit. Just like the project itself, these BSV social media channels appear to be 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 phishing bots and absurd rules like not being able to put "Faketoshi" in post titles:
R/BitcoincashSV, the other subreddit discussing BSV, is a pure echo chamber. The few comments criticizing BSV appear to be written by bag holders who mostly understand the dire situation. Naturally, they get censored by mods quickly:
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 BSV's success, and that isn't a great future.
As most 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:
Any time projects start rapidly shutting down on an altcoin, you know it is getting close to its death.
2. Community instability
As shown by previous articles and the above indications such as low engagement on various social media channels like Reddit, there appears to be instability in the broader BSV community.
For example, some BSVers have begun to focus a lot more of their efforts on BRC-20 tokens on the Bitcoin mainnet and away from BSV, by utilizing the ordinals protocol. They have also appeared to realize that NFTs on Bitcoin are more popular since the market cap of Bitcoin dwarfs that of BSV.
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 in the past.
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 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.
In addition, an acclaimed UK patent attorney who has reviewed many of nChain's patents deemed they are worthless:
I am a patent attorney and I value them as mostly worthless.— Dr Tufty Sylvestris (@tuftythecat) February 28, 2022
Ultimately, the tactics utilized by BSV leadership are only hastening BSV's downfall.
Article Disclaimer: The information in this article is based on research and represents the author's opinion, not established fact. Readers should evaluate independently.