Dovey Wan, a prominent crypto analyst from China, cites that Bitcoin SV [BSV] protocol has a strong following in China and even Japan.
The possible reason for the big fan following could be with the bunch of people who believe in Craig Wright being Satoshi Nakamoto. While the fact has been contested in court, where he has been found submitting false documents.
Majority of the crypto-community is content with the anonymity of Nakamoto. Moreover, without any comprehensive proof and given Craigs’ reputation in the crypto community only a small section of western crypto players believe in his claims.
Nevertheless, according to Dovey, “BSV has a pretty strong cult following in China” She also tweeted,
Japan has a pretty big cult following of BSV … too, which is not making sense to me at all as if I’m a local Japanese, I will firmly stick to the belief that Satoshi Nakamoto is a proud Japanese figure for sure
This is where BSV Gets its’ Fire From
Recently, CoinGeek also held a Blockchain Conference in Beijing, China that had over 200 attendees. Jimmy Nguyen and Craig Wright were one of the leading speakers at the conference. Wan notes on the widespread following that,
its recent local summit is VERY eye-opening 🧐
The backers of the cryptocurrency has planned conferences all around the world, next in London in 2020. The efforts, however, do not seem to go with the mainstream crypto. Dovey Wan further says,
The development of our belief system got super long feedback loop, an ill-logical but well-told story can grab solid mindshare too
An organism without self-correction it’s a cancer
Is the Permissioned Protocol Safe?
Due to the small percentage use and higher degree of miner centralization in in the cryptocurrency with a considerably small market capitalization, at large Bitcoin SV [BSV] is just another altcoin.
Nevertheless, the staunch belief of a few can be dangerous for the industry at large.
According to a Binance update in December, Bitcoin SV mining ecosystem is uneconomic. Moreover, a hard fork scheduled for February threatens to sabotage the entire protocol. Exchanges like BitGo have advised customers to shift to BTC before being adversely affected by the crypto.
Last but not least, many parts of the Bitcoin SV ecosystem is centralized and permissioned, along with their “local Chinese BSV association.” Dovey sighed in the falacy of human nature as she states referring to Bitcoin [BTC],
We all fight for privileges for generations, the exclusive club play is in our blood
“Permissionlessness” is ultra counter-intuitive for most ppl
How do you think the hard fork of Bitcoin will fare in the future? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com