In a previous video, Joshua Henslee said that users should closely watch BSV in the next seven days. One thing he referred to was what he called ‘the decoupling’ of BSV from the wider digital currency industry that now appears to be happening.
An uptick in usage on the blockchain and more
Henslee begins by saying he’s noticed an uptick in usage on the BSV blockchain. This is legit usage—real transactions—by his reckoning. They came from apps like Haste Arcade, Duro Dogs, and his own apps. His Handcash wallet is “blowing up every day.”
Also, sentiment in the BSV space is improving. Henslee previously made videos on how negative the view was, but now he’s seeing it improve as usage grows. He also notes that Kurt Wuckert Jr. has gotten through to Peter Schiff on some level in a recent interview. These are all good signs.
Binance is next—What does it mean for the industry?
Henslee references Binance as the next domino to fall in the ongoing ‘crypto’ catastrophe unfolding. He points to recent comments made by Binance Chief Changpeng Zhao about how bank transfers are slow and note that Sam Bankman-Fried made similar comments not long ago. Henslee takes this as an ominous sign.
What about the $6 billion of withdrawals Binance has handled? Henslee notes two things; first, the coins being withdrawn are not real currencies (they’re worthless tokens), and second, they aren’t worth anything close to $6 billion in reality.
“We’ll see what happens to Binance,” Henslee says, noting that things might be fine, but if history is anything to go by, they’re probably not.
The decoupling and what it means
What is decoupling? Henslee notes that as the prices of digital currencies continue to plummet, BSV is gaining slowly and steadily. It’s gaining against both USD and BTC, which is noteworthy because it means BSV is not following the rest of the space.
Henslee notes that, as we get into a normal interest rate environment, the speculative era will die down, and the truth will come out; the tech was supposed to be used. The true utility will survive, and the rest will get purged, just as happened in the Dot Com era. That bubble was also full of scams and ridiculous valuations, but ultimately, Amazon and Google grew out of it.
“Logic is fundamental, and eventually, it’s going to take over. That’s what we’re seeing,” Henslee says.
Henslee looks back to the beginning of everything. He says that when Satoshi Nakamoto released Bitcoin, he had no idea whether it would succeed. He didn’t print tokens—everything was done by proof-of-work mining. Allegedly, he mined many bitcoins early on, but it involved effort, equipment, software, and real work.
Compare that to what’s going on today with VCs minting tokens and allocating to themselves. It’s not nearly as complex, and it doesn’t take the same level of work Satoshi had to put in.
BSV is the closest thing to what Nakamoto launched, and it’s the thing that has truly stood the test of time. Endless coins and blockchains have come and gone, yet Satoshi’s original Bitcoin remains and is still the best. It’s not something that was created on a whim to cash in on a greed fest—it was meticulously designed and planned over the years, and it will stay the course and survive because it was forged out of work and determined effort to create a better world.
Key takeaways from this Joshua Henslee video
- Joshua Henslee has observed an uptick in on-chain transactions on the BSV blockchain. He has also noticed a turnaround in sentiment as optimism returns to the ecosystem.
- Henslee thinks Binance will be the next domino to fall in the ongoing digital currency market meltdown. He admits he could be wrong about this, but when he reads the signs objectively, he doesn’t think it looks good.
- BSV is decoupling from the rest of the industry, and the worthless tokens that have for too long had a greater market cap than it. It’s steadily climbing as the market melts down around it.
- Henslee says that Satoshi’s original Bitcoin will stay the course and win out because it was properly designed and thought out. Unlike many competitors, it wasn’t designed to cash in on a craze. Instead, it was made to be used and to bring real value to the world.
Watch: The BSV Global Blockchain Convention panel, The Future World with Blockchain
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