To celebrate the milestone of reaching 2,000 subscribers on his Bitcoin SV YouTube channel, Joshua Henslee agreed to do an Ask Me Anything session, sharing his thoughts on a wide variety of topics. This is a summary of part two, which you can watch through the video above.
What price will BSV be if it gets all of BTC’s hash rate?
Henslee reminds us that if that happens, it means BTC is gone. He feels that, eventually, what happened with the BTC price will happen with BSV, but there’s no ceiling this time. While BTC has a ceiling based on how many dollars people will put in, BSV can create infinite value.
According to Henslee, Bitcoin—now restored as BSV—will be the soundest money in human history; it’s the ideal money. Therefore, a price per coin of at least $50,000 is likely in the longer term.
I heard RUN (protocol) would be open source. How important is it that protocols are open source?
Henslee says it is definitely important. He reminds us that Ethereum’s ERC20 standard is open source and that many others on BSV are. According to his logic, people need to be able to tinker with it and understand how it works, and open source protocols are the best way to achieve that.
How is ‘code is law’ related to the misunderstanding of SPV?
Henslee says this is the biggest misunderstanding of them all. He says that with SPV, it only tells you a transaction was valid in the past—it doesn’t tell you it wasn’t spent in an unconfirmed way.
On Bitcoin, SPV means the spender is signing and handing over something. If the funds aren’t there or have been double spent, there’s intent to commit fraud; therefore, the law applies. This is a hugely important thing that is misunderstood by most of the industry.
With all the court cases looming, what is the probability that Dr. Craig Wright will fork BSV?
Henslee states clearly that the chances of this occurring are almost zero. He points out a contradiction in this narrative; critics claim Dr. Wright is an incompetent fraud, scammer, and liar but likewise claim he is a 4D chess genius who will be able to deceive the entire justice system to get legal orders to reassign Satoshi’s coins to him. Of course, these two things cannot be true simultaneously. Likewise, he asks why there would even be a Bitcoin fork. For him, this idea is rooted in a misunderstanding of the Bitcoin system.
Henslee admits he has some reservations about courts rerouting coins, but he believes that if someone can legally demonstrate that coins were stolen from them, they should be able to get them back. He reminds us that this only means that existing laws and regulations apply to Bitcoin, not that governments have somehow co-opted it.
What’s your take on the court cases coming up?
Henslee reminds us that there are a few cases, and he doesn’t want to talk about McCormack or Hodlnaut ones because he views them as a waste of time. He hopes Dr. Wright wins them, but wants to see things move on and the focus return to building on Bitcoin.
For Henslee, COPA is the big case that matters most. He reminds us that COPA came after Dr. Wright on this one and that it involves some big players aiming to force him to prove he is Satoshi Nakamoto once and for all. He believes Meta joined COPA because they can’t proceed with some of the things they want to do because of Dr. Wright’s many patents related to blockchain technology. He finds it hypocritical that BTC maxis and others market themselves as against the system, yet at the same time, they celebrate when massive Web 2.0 companies come after Bitcoin’s inventor.
What will the price of BSV be by 2030?
Henslee gives a random price prediction of $2,500. He doesn’t elaborate on this and asks the audience not to meme it or remind him because he could be wrong.
Do you think BSV can be hijacked if it becomes the most used electronic money, similar to BTC?
Yes, Henslee says it can if people don’t wise up and use it. However, he says it can’t really happen if people use it appropriately with single-use addresses and transact in small amounts without using exchanges. There are ways to make Bitcoin transactions more private, but it has to scale and have incredibly low fees to make them feasible.
What do you think of the following statement by Dr.Wright? Is it a sin to HODL? Why is Satoshi the biggest Bitcoin holder?
Dr. Wright once said, “At the end of the day, we own a lot of Bitcoin…I want Bitcoin not to go up to $10k or $100k, but to be worth millions per Bitcoin.”
Henslee reminds us that Dr. Wright said many things in 2017 that he would not say today. He acknowledges that calling people out for holding Bitcoin while sitting on the Satoshi stash is hypocritical. However, he points out a distinction between holding and saving. Holding is hoarding to sell, whereas saving is holding to spend. Cashing out is what causes the infamous volatility in the digital currency markets, whereas spending Bitcoin directly will not.
If you have terabyte-sized blocks every few minutes, you’ll have to add millions of hard drives a year to store the blockchain. Couldn’t this be sabotaged by storing useless stuff on-chain?
Henslee reminds us that fees are attached to all of these transactions. Nodes will only index and process it if they’re getting paid to do so. They can also prune unless paid to store it. Nodes can also reject transactions, so there’s no risk of sabotage, as nodes will always earn enough fees to buy more hard drives. He doesn’t see sabotage as a problem because the fees should be both prohibitive to a potential saboteur and will earn the nodes enough profits to keep processing the transaction for as long as they wish.
When will people start releasing simple coding apps for invoices, WordPress plugins, etc., for BSV?
Henslee puts the dearth of existing apps like this down to a lack of serious entrepreneurs and businesspeople in the space. He notes that people are still primarily speculating on the coin. He believes these use cases will come as BSV apps like HandCash are taking steps in the right direction and that a BSV WordPress plugin is a huge business opportunity for someone.
Does anyone control or own the BSV blockchain? Is it decentralized? What power do the Bitcoin Association and CSW have over the blockchain?
Henslee reminds us that nobody owns it and nobody controls it. While patents may be enforced against businesses that infringe those patents on other blockchains, that won’t happen if they build on BSV. nChain has said it will not use patents against people building on BSV. Likewise, Dr. Wright, holding lots of BSV coins, has an economic incentive to get people building on the blockchain to allow them to use his intellectual property.
What are your thoughts on CSW saying he wants to run other digital currencies on BSV, including ETH and BTC?
Henslee says it would be trivial; BTC is a subset of BSV full of horrible features. The 330k transactions a day on BTC would be easy for BSV. However, he says that running Ethereum on BSV is impossible because it’s fundamentally different.
“Ethereum is a single-threaded world computer” that does not scale and will never scale, he reminds us.
By contrast, Bitcoin scales because of the UTXO model, meaning a miner can process a transaction without checking any other transactions. Henslee says that the bottom line is that Ethereum doesn’t work and won’t even work on Bitcoin SV.
What’s the best cold storage solution for BSV?
In his final answer, Henslee agrees with Dr. Craig Wright’s suggestions to get wallets and download them to old smartphones that are disconnected from the internet, then store your money on those.
He also reminds us not to store coins at a single address and to split them up. Keeping them all in a single wallet is a huge risk and is a honeypot for hackers and thieves.
Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:
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