The Past and Present of BSV Token
BSV (Bitcoin SV) originated in November 2018, forked from Bitcoin Cash (BCH), led by Australian scientist Craig Wright and Canadian billionaire Calvin Ayre.
The project was packaged as the true Bitcoin 'restoring Satoshi Nakamoto's original vision,' emphasizing super-sized blocks, unlimited scalability, and extremely low fees, intended for use as a global electronic cash system, attracting a large number of supporters at one point.
During the bull market from 2019 to 2021, BSV peaked at $491, with a market cap exceeding $20 billion, and the community of users and miners expanded rapidly, being regarded as an important branch of the Bitcoin family.
However, upon closer examination, the project has obvious controversies and characteristics of a Ponzi scheme: High return temptations: Claiming that large blocks can achieve unlimited TPS, micro-payments, and large-scale applications on-chain, attracting users to believe BSV is the 'true Bitcoin' with huge long-term return potential.
Recruitment mechanism: Highly reliant on Craig Wright's self-proclaimed identity as Satoshi Nakamoto, using lawsuits, propaganda, and community splits to gather a cult-like following, forming a centralized support group.
No actual value support: Ecological development is slow, genuine DApp and user growth are far below expectations, mainly relying on identity controversies and marketing to maintain hype, lacking an independent economic model and demand-driven elements.
The most shocking part: In 2024, the UK High Court officially ruled that Craig Wright is not the inventor of Bitcoin and has engaged in evidence falsification. Subsequently, the price of BSV plummeted over 90%, dropping from a high of $491 to around $18, with a market cap evaporating by over $18 billion.
Several mainstream exchanges (such as Binance, Kraken, Coinbase) successively delisted BSV trading pairs, with liquidity nearly exhausted, leaving millions of holders and early supporters deep in losses, and community trust completely collapsed.
The inevitable reason for the demise of such projects lies in: excessive reliance on personal identity controversies and concept speculation to maintain value. Once the legal truth is exposed and exchanges collectively delist, concentrated selling pressure and a broken capital chain make price collapse only a matter of time.
Investing requires caution, rationality is key, and protecting your assets is the ultimate principle.
Did you believe BSV was the 'true Bitcoin' back then? Do you still hold it now? Share your experiences in the comments and stay alert!
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