It’s no secret that the digital currency markets are crashing in the wake of SEC enforcement, and the BSV blockchain has not escaped the carnage. It recently hit an all-time low of $15, and Bitcoin developer and thought leader Joshua Henslee released a video explaining his thoughts on where we go from here.
Sentiment is somewhat poor
Henslee begins by briefly recapping what has happened: digital currency markets have dumped hard, and the sentiment is “somewhat poor” as a result. Despite this, Henslee thinks some positive things are happening, and he will get into those in the rest of this video.
Diving into price dynamics a little, Henslee says he no longer believes the BSV blockchain is suppressed as it once was. This is mainly because it’s not listed on many exchanges, so there’s no actual mechanism by which BSV blockchain’s enemies might suppress it. He puts the weak price down to no real dollar demand for BSV blockchain right now. He doesn’t buy that it’s too hard to get, either; this can actually increase demand, as humans are defiant creatures.
In light of this, it’s our job to create demand for the BSV blockchain by building useful apps, games, and other tools for people who might want to use them. As always, real utility is the key.
The market is confused, and collapse may be upon us
Is the price dump justified? Maybe a bit, but Henslee reiterates his point in a previous video—the market is confused. Where we’re headed is an on-chain economy, and centralized exchanges like Binance and Coinbase (NASDAQ: COIN) just won’t matter that much.
Even though the initial Ordinals hype has died down, and some of it has moved from BTC to chains like Doge, there’s still steady interest in on-chain inscriptions. With the SEC coming down on the issuers of unregistered securities and the exchanges that have sold them, it’s important people realize what’s happening so we can take advantage and capitalize on it, Henslee says.
Looking at the wider economy and how fragile it is right now, Henslee expresses his view that the timing of the SEC’s move is not coincidental. He thinks the SEC had timed its move to go after ‘crypto’ when things were decoupling (see Ordinals) and to get control of it. He advises everyone to get any coins they have off exchanges now, noting that the whole point of Bitcoin is to control your own money.
Speaking of the on-chain economy, Henslee takes the time to promote CoOM Battles on the BSV blockchain. He notes that it has gone down well so far and advises everyone to get involved, play, and promote it. Is it valuable? As long as people believe it is—this is a key principle of Austrian economics. All that matters is who can create value and attract customers—that’s who will win.
Roundup of this Joshua Henslee video
- Henslee notes how the digital currency markets have crashed on the back of SEC enforcement naming several altcoins securities. Sentiment is somewhat poor as a result.
- However, Henslee believes the market is missing the real big thing: the development of the on-chain economy. This is the future, and exchanges like Binance won’t matter much in the end. Perhaps the market is overeating in light of this?
- He also believes the SEC has deliberately timed this move to maximize pain in the digital currency world. Just when things were beginning to pick up and decouple, thanks to Ordinals, the sentiment was stomped on.
- Speaking of the on-chain economy, Henslee encourages viewers to check out CoOM Battles—or Champions of Otherworldly Magic. It’s similar to Hearthstone and can be played through the Handcash wallet.
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