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Vitalik Buterin: “Bitcoin SV is a Complete Scam”

Vitalik Buterin is not particularly a fan of Bitcoin SV. For the creator of Ethereum, the fork of Bitcoin Cash (BCH) is nothing more than a scam created to enrich its promoters.

In an interview with Grey Jabesi, Buterin responded with no regrets when asked his opinion about Bitcoin SV:

“Yeah, like, obviously BSV is a complete scam”

Vitalik did not comment further on this and preferred to talk about other issues he considered more important, such as the power of exchanges and the future of trading on Dexes.

This was not the only time Buterin downplayed BSV’s importance. In fact, not only has Buterin attacked BSV but Craig Wright directly, saying he does not believe that his claims to be Satoshi Nakamoto are true, calling him a fraud on different occasions:

The tension between Craig Wright and an important number of personalities in the crypto-verse has escalated considerably since Mr. Wright started a series of legal claims against those who voiced doubts about the veracity of his arguments.

In the letters, he demanded that skeptics remove the comments, publish an apology, and testify in court that Wright is Satoshi Nakamoto (even though he had not yet provided reliable proof of his identity, following the demands of the community).

Vitalik Buterin Bets on Decentralized Exchanges

In the same interview, Vitalik Buterin commented that he found more interesting the debate that followed CZ‘s announcement that Bitcoin SV was being delisted from the exchange because of the unethical conduct of Craig Wright and Calvin Ayre.

He noted that Binance should not be judged by a single decision given the important role it has played in promoting and growing the ecosystem:

“The delisting from Binance, that was interesting. There are arguments in favor of it but then there’s also arguments like this is an exchange that’s yielding a lot of centralized power, but realistically, Binance is as an exchange that has a lot of power and is buidling it in a lot of ways … So it gets we were to kind of criticize like that one decision without looking at all their others”.

Buterin has also strongly criticized centralized exchanges, even commenting at a time that he wished they all “burned in hell.” He expects decentralized exchanges to acquire a greater presence in the ecosystem, becoming the platforms of preference among traders around the world.

Full interview available here:

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Craig Wright Ditches Australia And Appears as a Citizen from Antigua & Barbuda

Craig Wright seems to have raised BSV from the dead today. The Australian lawyer known for referring to himself as Satoshi Nakamoto filed an application with the United States Copyright Office claiming authorship of the Bitcoin Whitepaper.

Antigua & Barbuda. The new citizenship of Craig Wright
Antigua & Barbuda

The news caused many to speculate about its legal implications, however, the truth is that BSV had an abnormal rise, exceeding 83% profit in the last 24 hours.

But besides the strange application, one detail is quite interesting. The Application shows that Craig Wright claims to be a citizen from Antigua and Barbuda and not from Australia.

This change seems to be recent because, in a previous attempt, Mr. Wright requested the copyrights of “Bitcoin” and the document states that he is an Australian citizen.

So far,
the reasons behind this unusual decision are unknown. Craig Wright has been
quite silent on social networks after he filed a series of lawsuits against
those who questioned his claims of being Satoshi Nakamoto.

However, in one of his posts, Wright mentions how the legal system of the Caribbean states is more flexible than the Australian.

“In 2011, I had around US$30 million in Caribbean bank accounts. They were all in structured trusts and companies. If I had brought the money back to Australia to use it as cash, I would have ended up paying tax directly”.

Is Craig Wright Really Recognized as Satoshi Nakamoto?

No doubt, the news of Craig Wright’s application generated a lot of controversy. On the one hand, in the BSV community, they say that with this request the U.S. government recognizes Craig Wright as the author of the Bitcoin Whitepaper.

 In statements for Coingeek, Founding President
of pro-BSV “Bitcoin Association” Jimmy Nguyen said:

We are thrilled to see Craig Wright recognized as author of the landmark Bitcoin white paper and early code. Better than anyone else, Craig understands that Bitcoin was created be a massively scaled blockchain to power the world’s electronic cash for billions of people to use, and be the global data ledger for the biggest enterprise applications. We look forward to working with Craig and others to ensure his original vision is recognized as Bitcoin and is realized through BSV.”

However, a
majority of the community denies that this is the case. What we see is a
registration application that does not imply that the U.S. government actually
recognizes him as the real Satoshi Nakamoto.

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Craig Wright: Bitcon SV Will Be Processing 1 TB Blocks Within The Next Two Years

At the onset of the hash war that followed the Bitcoin Cash hard fork of November 15, Bitcoin SV seemed to be almost losing totally to its then formidable rival, BCH ABC. The two sprang out from different chains to become separate cryptos as BCH broke up during the eventful fork.

Satoshi Vision

In essence, Bitcoin SV is meant to fulfill the vision of Satoshi Nakamoto. According to Craig Wright and his team, the network is better off without being lumped up in extra layers of off-chain scaling solutions. Instead of that, BSV will be expanded to increase its storage space and block size to accommodate more nodes.

Bitcoin SV: The Current State

At the moment, BSV blocks are the smallest of the three Bitcoin versions. This is mainly due to lack of a sustained transaction volume on the chain. Craig wants to change that.

Projections

Just like Satoshi, Craig has a vision for BSV. In a recent tweet, Craig announced that BSV is keeping a two-year target to achieve up to 4 million TPS and build a Terranode network. It’s common knowledge within the Bitcoin community that BSV really needs to expand its transaction space. In fact, the first plan drawn after the hard fork centered on boosting BSV’s block space to 128MB.

To achieve these goals, Craig’s team plans to forge partnerships with various big corporate institutions to bring them onboard and boost the transaction volume on the network. Also, low transaction fees backed up with enough block space will attract various blockchain-based developers to the BSV network.

Parting Shot

Craig Wright’s projections may be realist, but BSV must put up a tough fight in an industry where every crypto is fighting tooth and nail to stay relevant. For one, BSV is expected to face a huge task in going up against the likes of Bitcoin, Bitcoin Cash, NEO, and Ethereum.

In terms of cost, it’s hard to determine the resources to be invested in achieving Craig’s goal of a 1 TB storage space in two years. At present market rates, the figure stands at $300 per hour. However, this cost could be reduced by at least 40% by use of economies of large scale. If Craig’s projections come to fruition, the crypto space will benefits as a whole since a good percentage of global transactions will be happening on a blockchain network.

 

 

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