Boneheaded new crypto consensus view – BSV’s price appreciation is a ‘pump and dump’

The post originally appeared on the Unbounded Capital website and we republished with permission from its author, Zach Resnick.

We have seen a narrative emerge which has been exuberantly adopted by the broader crypto community – that Craig Wright and Calvin Ayre are leading a ‘pump and dump’ where they will take advantage of the recent price appreciation by exiting their positions and walking away with hundreds of millions of dollars. This theory was propagated in an increasingly familiar manner. Someone tweets something of dubious validity and then an army of crypto “publications” echo that tweet and each other. What starts out as a speculative, self-contradictory twitter rant morphs into the mainstream crypto take because the leading publications do not act with high journalistic standards or integrity.

I understand why many people don’t think Craig is Satoshi. The sheer amount of misinformation on the topic has created a herd mentality difficult to shed even for those of us that identify as contarians. Until doing a significant amount of diligence, Unbounded Capital believed, like so many others, the crypto consensus, that Craig Wright is a fraud.

However, even if one thinks Craig didn’t create Bitcoin, the math behind a pump-and-dump just doesn’t make sense. Consider Craig and Calvin’s other massive investments in the BSV ecosystem. Craig Wright’s company nChain is a sizable operation which has invested a minimum of tens of millions of dollars into creating the largest Bitcoin patent portfolio in the world with close to a thousand filed and hundreds granted. Calvin, already a billionaire with questionable motive to orchestrate a legally risky pump and dump, has invested likely hundreds of millions into BSV mining and the businesses building on BSV. The massive investment of time and money by these leading figures in BSV reads much more like a long term bet on the power of Bitcoin as originally designed than a pump and dump scam.

As I tweeted earlier this week, when you already know the answer, it’s amazing how the mind can find a narrative to support it. I’m excited for what will be the increasingly crazy mental gymnastics from people that think it’s a forgone conclusion Craig didn’t create Bitcoin. 

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