Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forks => Bitcoin Forum => Bitcoin SV => Topic started by: sulphur007 on April 17, 2020, 03:47:50 PM
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Bitcoin SV, which stands for Bitcoin Satoshi Vision, is the latest bitcoin offshoot to come to existence at the end of last year.
This article explores the origins of this new coin, as well as the opportunities and risks that this digital currency holds for investors.
What Is BSV?
Bitcoin SV (BSV) is a new altcoin that came into being as a result of a contentious hard fork of the Bitcoin Cash blockchain. When BCH lead developer Amaury Sechet published a paper detailing the planned updates for BCH codebase in mid-2018, some members of the digital currency’s community were unhappy with a certain feature included in the suggested upgrade.
The pre-consensus feature was designed to help the network settle transactions quickly and was thus seen as a small solution toward Bitcoin Cash’s scaling challenges. However, some factions of the BCH community believed the feature would favor large mining groups. The fact that the upgrade was supported heavily by mining giant Bitmain seemed to fan the flames of this belief.
As a result, the BCH community split into two as the planned November 15 date approached. The two main factions were Bitcoin ABC and Bitcoin SV. Bitcoin ABC was supported by Bitmain, Bitcoin.com, and much of the developer base at Bitcoin Cash, while the Bitcoin SV camp was led by self-proclaimed Satoshi Nakamoto Craig Wright as well as Clavin Ayre-led CoinGeek.
Craig Wright and his camp were of the opinion that the proposed update was too much of a deviation from the original design of Bitcoin’s creator Satoshi Nakamoto. The scenario is reminiscent of the events that led to the creation of Bitcoin Cash itself. Bitcoin Cash frontman Roger Ver, together with his team, forked from the original Bitcoin blockchain over claims that the network was no longer the cryptocurrency that the pseudonymous creator Nakamoto had envisioned.
Ironically, these same claims led to the BSV camp creating their own blockchain when the November 15th date came. The event had significant effects on the greater cryptocurrency community as the two opposing camps worked to gain control of a greater percentage of hashrate to establish themselves as the “real Bitcoin Cash”. The switching of hash power from the Bitcoin network affected the price of bitcoin and simultaneously the entire digital asset market.
The Aftermath
In the days preceding the November 15 date, a number of cryptocurrency exchanges temporarily stopped the trade of BCH on their platforms. The reasoning for this move was to protect themselves and their customers from any fall back that would happen as a result of the hard fork.
Utilizing a wait-and-see approach was important for the exchanges so that when they did resume trading of BCH, they would be providing support for the camp that had eventually ‘won.’
The Bitcoin ABC camp won the so-called “hash war” and is the Bitcoin Cash that is in use today.
Should You Invest in Bitcoin SV?
Bitcoin SV is currently in the top ten digital currencies measured by market capitalization with a value of around $1.17 billion. However, leading digital asset exchanges Kraken has issued a warning to its users, calling BSV a risky investment.
The new forked coin has little community support and is focused around controversial figure Craig S. Wright. Moreover, it is effectively being financially supported by only two entities, nChain and Coingeek, and its mining operations have been mining at a loss.
If the team behind BSV does not manage to attract a user base, build BSV applications, and gain a degree of adoption as a digital currency in the near future, then BSV will likely go the same way as the majority of bitcoin forks and end up becoming worthless. Currently, everything seems to point in that direction.
Hence, as a risk-averse investor who is looking to build a diversified portfolio of digital assets, it is probably best to avoid this new digital currency. Even for risk-loving investors who enjoy a gamble on a new coin, BSV should only make up a tiny percentage of the overall portfolio, as it can only be classified as a high-risk investment.
There are so many cryptocurrencies that people do not tend to pay much attention to. Investing in these cryptocurrencies would bring about maximum profits and also would bring less worries in the fluctuations of their prices as they have really stable prices. Cryptocurrencies like ripple,monero,dash,binance coin,bitcoin cash,bitcoin sv, litecoin,ethereum and so many more can be invested on the platform (www . forex #spam .io) where you get from 25% to 100% ROI on whatever is invested and also you can invest in cloud mining.
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I think Bitcoin SV is best coin to invest.Now BitcoinSV market cap rank is 6 and it has a big trading volume.so most people are trust this coin.also hereby they get more profit.
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Bitcoin SV is potentially coin for growing tall in the future.now Bitcoin sv is running better in the market and it has a big trading volume with best exchanges.If you can buy bsv now , Bitcoin sv will be the best investment.
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Now bitcoin sv price is low and it has a huge trading volume also the number of investors investing in this coin is increase day by day.so I believe bitcoin sv is best coin to invest also I'm invested in this coin.
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Bitcoin sv is a forked coin of the bitcoin this is huge profitable coin if invest in right time we can easily double our investments this is not a scam projects but this coin is delisted from Binance exchange but still this coin is in many popular exchanges so if you invest in this coin now definitely you will get profits.
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Bitcoin sv is a fork of bitcoin.Bitcoin sv is a good coin to invest like ethereum, XRP and Litecoin.It has a huge market capitalization.If you want to invest in bitcoin sv you can invest it.I hope definitely you can get good profit by the end of this year.
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Bitcoin sv is a popular forked projects of Bitcoin this is popular in the cryptomarket but it not equal to bitcoin although Bitcoin sv is top 10 places in the cryptomarket so if you invest in bitcoin sv it will give big profits because this is potential project this is the right time to invest in bitcoin sv.
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Bitcoin sv is a popular altcoin lot of investors following this coin for big profits this is top 10altcoin but today bitcoin sv is in 17th place in the cryptomarket compared with the past six months the price of bitcoin sv is low compared with the other popular altcoins bitcoin sv hasn't started yet to pump I think in the future bitcoin sv will come to top 10 places.
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Now Bitcoin sv is a good and strong coin. It has a high trading volume on exchanges. Now Many experts say the future of this coin is very bright. Now the price of this coin is very low. So you can invest now. Bitcoin sv indeed quite good if you want to invest in it.
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Bitcoin sv is popular Bitcoin forked project but for the past few months there is no big improvements in this coin so Bitcoin sv is going down today bitcoin sv is 18th place in the cryptomarket I think this is the good time to buy because the price of bitcoin sv is below $200 this a good deal if you buy in the future it will give profits.
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I am asking my self the same question do you know of any major goals that BSV has ahead of it. For know little is said and less done which also is reflected through number of engagements in this subforum
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Currently the cryptomarket is still bullish I hope this year will be a good year of all cryptocurrency investors because now we are in beginning stage of the altcoins market so we have lot of chances to earn profits you can buy Bitcoin sv or many popular cryptocurrencies .
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Bitcoin sv is a profitable altcoin this is a popular forked coin it has big market capitalization and trade volume so definitely it's future will be very bright also this is the good time to enter in the cryptomarket there is lot of potential altcoins to invest so buy more potential altcoins are a good way to earn more profits.
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Now I will not invest in Bitcoin SV. I have decided to invest in both Ethereum and binance coin. There is some good news coming in the crypto market regarding these currencies. The Ethereum roadmap for the coming years was recently released.
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It seems this child board hasn't had a single post in the last year. This is the first topic I saw when I entered this childboard. Even though the thread seems plagiarized, I cannot verify it now. Now, back to the main point! Do you guys still believe CSW and his scam token BSV? A lot of people supported the fork, and they were buying BSV because they agreed that this was the original Satoshi vision (LOL).
What did you guys get in the last couple of years? CSW successfully scammed you guys. Even newbies were scammed by him. They were trying to buy Bitcoin but his website sold them BSV instead saying this is original BTC.
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This fork has seen a new pump yesterday on Binance exchange and it's currently trading at $88.2 per coin. I don't know what triggered that pump in its value but if it's not a pump and dump thing then I believe investors are again getting some interest in this fork. Let's see if we will have a dump after this pump or the price pumping rally will continue and gets more intense today to possibly tomorrow.
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This fork has seen a new pump yesterday on Binance exchange and it's currently trading at $88.2 per coin. I don't know what triggered that pump in its value but if it's not a pump and dump thing then I believe investors are again getting some interest in this fork. Let's see if we will have a dump after this pump or the price pumping rally will continue and gets more intense today to possibly tomorrow.
Not only this forked shitcoin, but most of the coins had a pump in the last weeks. For example, BNB, Solana, Avax, and many more. If you see there is not much pump on the volume but still pumping, this could be a fake pump and it may dump in the coming days. Most of the coins pump during the bull run and even before the bull run. So, when you see coins like BSV pumping, there is nothing to be surprised but it's just an indicator of the upcoming bull run.
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Not only this forked shitcoin, but most of the coins had a pump in the last weeks. For example, BNB, Solana, Avax, and many more. If you see there is not much pump on the volume but still pumping, this could be a fake pump and it may dump in the coming days. Most of the coins pump during the bull run and even before the bull run. So, when you see coins like BSV pumping, there is nothing to be surprised but it's just an indicator of the upcoming bull run.
Yeah, you may be right as other coins also got pumped a few days ago and each day we see new coins getting pumps but the surprising pump of this coin is something strange if you ask me. The coin is getting pumped for two days now but now the pump is losing its intensity and we may soon see a dump in that coin.
The bull run is already started and we may see such pumps each day or at least 3 days in a week but now that the forks are getting pumped, it's a confirm sign that Bitcoin will grow huge in value in this bull run. Bitcoin SV isn't a famous fork anyway but it's still alive and some people still consider it as a good coin.
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The bull run is already started and we may see such pumps each day or at least 3 days in a week but now that the forks are getting pumped, it's a confirm sign that Bitcoin will grow huge in value in this bull run. Bitcoin SV isn't a famous fork anyway but it's still alive and some people still consider it as a good coin.
I don't know who considers this forked shit as a good coin, but I do not consider it as a good coin. If you know who is the creator and what he did, you should not support such coins. There are many other alts that you can buy and hold to get maximum profit. But I never support the coin which is created by a scammer. CSW claims himself as Satoshi and this is his Vision.
If someone is looking for a good coin to make some profit, they should go for coins like Solana and Polkadot. I am holding around $200 worth of Dot at this moment and my target is 10x from here.
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This fork has seen a new pump yesterday on Binance exchange and it's currently trading at $88.2 per coin. I don't know what triggered that pump in its value but if it's not a pump and dump thing then I believe investors are again getting some interest in this fork. Let's see if we will have a dump after this pump or the price pumping rally will continue and gets more intense today to possibly tomorrow.
Does the news about Bitcoin in any way affect it's forks. I mean as we are strongly anticipating halving and ETF approval, will the benefits of these also push the price of BSV and BCH?
If no, what other benefits does these coins get from bitcoin as the parent coin from which they emanated?
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If someone visiting this forum actually think to invest on/buy BSV, i'll provide two more reason why BSV is terrible choice.
1. BSV have Coin Confiscation Mechanism with vague detail. BitMex explain it in detail which can be seen on BSV Hardfork – Security Considerations (https://blog.bitmex.com/bitcoin-sv-hardfork-significant-security-risks/).
2. In past few years, many services such as BitMex (https://twitter.com/BitMEXResearch/status/1258144884009193478), Coinbase (https://www.coindesk.com/markets/2023/11/07/coinbase-ending-support-for-bitcoin-sv/) and Blockchair explorer (https://github.com/Blockchair/Blockchair.Support/issues/1045#issuecomment-1504229868) partially/fully drop BSV support.
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If someone visiting this forum actually think to invest on/buy BSV, i'll provide two more reason why BSV is terrible choice.
1. BSV have Coin Confiscation Mechanism with vague detail. BitMex explain it in detail which can be seen on BSV Hardfork – Security Considerations (https://blog.bitmex.com/bitcoin-sv-hardfork-significant-security-risks/).
2. In past few years, many services such as BitMex (https://twitter.com/BitMEXResearch/status/1258144884009193478), Coinbase (https://www.coindesk.com/markets/2023/11/07/coinbase-ending-support-for-bitcoin-sv/) and Blockchair explorer (https://github.com/Blockchair/Blockchair.Support/issues/1045#issuecomment-1504229868) partially/fully drop BSV support.
Let's add one more!
The hashrate of BitcoinSV is right now somewhere in the 900 Petahash range!
Which means that a single miner like Riot would be able to mine in one day enough blocks to re-write the chain for the last 14 days.
Bitcoin SV suffered 7 reorganizing attacks all mitigated not by the community but by a centralized authority, so if you're really unlike and do a withdrawals when one of those will happen then you're done for, your tx never happened and you're coins where never sent!
Imagine you're gambling when using a bank, if the you're unlucky your deposit is forfeit and all the data is erased along with your money and account!
Would you deposit money in such a bank? Or would you accept payments from ti knowing they might evaporate next day?
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@Stopmix since you mentioned hashrate, it's also worth to mention currently 3.45 EH/s (3450 PH/s) hashrate is available to rent on Nicehash[1] while BSV hashrate is only about 862 PH/s[2]. Although to be fair, the attacker probably need to run his own miing pool and run BSV full node which have high system requirements[3].
[1] https://www.nicehash.com/my/marketplace/SHA256ASICBOOST (https://www.nicehash.com/my/marketplace/SHA256ASICBOOST)
[2] whatsonchain . com
[3] node.bitcoinsv . io/sv-node/system-requirements