To celebrate reaching 2,000 subscribers on his Bitcoin SV YouTube channel, Joshua Henslee did a three-part Ask Me Anything episode in which he answered a broad range of questions about Bitcoin, digital currencies, and blockchain technology. The following is a summary of part three.
Is the digital euro CBDC project on Bitcoin SV a serious project, or is it a PR stunt?
The viewer who asks this question mistakenly assumes that one digital euro would give one BSV and an absolute minimum price equal to a euro. Henslee begins by correcting this, stating that it would equal one satoshi unit and not one BSV.
Henslee does think the project is serious. He knows the people behind the project and says they are “go-getters.” He reminds us that there’s no guarantee of success, but he believes that the people involved are truly trying to make it happen and are working on it, so it’s not just a PR stunt.
What do you think about hypberbitcoinization?
Henslee says he has always subscribed to Daniel Krawisz’s theory on this, meaning that hyperbitcoinization is inevitable as all the incentives line up. Once again, he states his belief that Bitcoin is the best money ever invented.
What do you think about open vs. closed apps?
Henslee says that he prefers openness as it attracts developers. He likes that one ledger and one chain encourage openness, giving the example of the Show App! On BSV. For him, the dream of all this is developers working on whatever they want on an open protocol.
What kind of products do you see LiteClient being adopted in first?
Henslee reiterates his position that only miners should be running nodes as it’s too burdensome for apps to run. LiteClient will help apps keep track of transactions relevant to them. He admits that he hasn’t looked too much into it as LiteClient is beyond what he needs to run his own apps. However, he thinks it will help services that generate lots of transactions.
At what price point does BTC enter a death spiral? How will it play out?
“We could see that shortly here,” Henslee says. In his view, if it gets much beyond miner profitability, miners will switch off. He says that a major crash could do it, triggered by something like a Tether implosion. He believes BTC devs will pull shenanigans to save the project even if it goes against their stated principles. Henslee says they’ll do anything except increase the block size to get themselves out of a mess.
What are your thoughts on Jack Dorsey’s Web 5.0 idea?
“This web 5.0 thing is a total LARP,” Henslee answers. He says it’s totally absurd and asks how we got to web 5.0 when we don’t even know what web 3.0 is. He reminds us that the Lightning Network is trash and will never work. Therefore, any idea based on it is dead in the water. He likens Dorsey to a dog barking over a fence that will not ultimately do anything.
Can you give your take on BSV volume as a technical indicator? Can Tether pairs still be significant? Are OG whales contributing to the BTC/BSV pair?
In Henslee’s view, the rising volume is an indicator, and he finds it fascinating that as the digital currency markets meltdown, the BSV price is rising against BTC and BCH. For him, it doesn’t matter that it’s not going up by a lot since it’s still an indicator that things are changing. He speculates that there could be some selling of BTC as whales hedge and says that the chart looks like someone is slowly accumulating BSV.
What would it take for you to disavow BSV and return to BCH? Is there anything that would convince you Dr. Wright is not Satoshi? What are the greatest strengths and weaknesses of the BCH community?
Henslee begins by pointing out that his original decision to go down the BSV path was the willingness to return to the original protocol. Therefore, BCH would have to do the same. He can’t see a scenario where he leaves BSV unless it is hijacked.
Addressing the question about Dr. Wright, Henslee says that he dismissed him initially, but after looking into it in detail, he’s convinced he is Satoshi Nakamoto. He questions why nobody brings a lawsuit against Dr. Wright for being an alleged fraud.
Turning to the final question from this viewer, he says that the greatest weakness of BCH is scaling.
Can you give short, medium, and long-term BTC and BSV price predictions? Do you think Dr. Wright is selling thousands of coins?
Henslee restates his position that the current crash will be “really bad” for BTC. Looking at the macroeconomy, he sees the crash as long-term damaging and sees BTC potentially going to $3,000 with an ultimate price of zero.
“If BSV is successful, BTC will go to zero,” he says. Giving his thoughts again on BSV’s long-term price, Henslee says $50,000 to $100,000 is feasible and possibly much higher. In the short term, which he defines as a few years, he sees BSV at $1,000 or more per coin.
Does he think Dr. Wright is selling thousands of coins? “Potentially,” he says, noting that after the Kleiman v Wright case, he has the freedom to do so.
How will the BSV tsunami happen? What will the trigger be?
For Henslee, the micropayments capabilities will be the thing that drives BSV adoption. When they see people earning passive income on apps like Haste Arcade and Duro Dogs, there will be a rush into the ecosystem.
If replay protection is removed, will it be possible for BSV to theoretically orphan BTC?
“Yes, it would be,” Henslee answers directly. However, he says he doesn’t think it will happen.
In his view, when BSV starts gaining significant ground, e.g., when it hits $1,000 and has 5-10% of BTC’s hash rate, he expects all kinds of guns to come out on the BTC side, including hard forks, protocol changes, and more social engineering. “They won’t go down without a fight,” he says.
Are there any projects outside of BSV that are of interest to you?
Henslee answers that he keeps an eye on Axie Infinity. He likes the concept, even if he doesn’t like the art. He emphasizes that he’s interested in video games, but he’s frustrated that they choose to launch on unscalable blockchains like Ethereum.
What’s the NFT situation like on BSV?
This viewer says he’s not interested in art but is interested in the practical implications of NFTs. Henslee smiles, agreeing that utility NFTs are his interest, too.
He mentions things like Gopniks, which holders derive benefits from, as well as the NFTs in games like Duro Dogs, which are digitally ‘alive.’ Likewise, he talks about access tokens to access PDF files and other exciting utility NFTs on Bitcoin SV.
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