Joshua Henslee on Hyperbitcoinization

Hyperbitcoinization is a solved problem, Joshua Henslee explains why

Getting your Trinity Audio player ready...

In a recent video, Bitcoin thought leader and developer Joshua Henslee shared his thoughts on why hyperbitcoinization is a solved problem. He also shared how many in the BTC and BCH camps are beginning to realize that the ideas in BSV were correct all along.

YouTube video

HODlocker has changed the game

Henslee begins by repeating something he’s said a lot in recent weeks: HODlocker and all of its upcoming features have changed the game. He believes that had it existed before the Bitcoin chain split, we’d already be using Bitcoin as money to a much greater extent.

Reflecting on the idea that there was a top-down conspiracy to take over Bitcoin, such as the Mastercard (NASDAQ: MABitcoin conspiracy, Henslee says he’s no longer sure of that. He thinks it may just have been power-hungry individuals who manipulated the narrative and socially engineered consensus. Ironically, some of them are now talking about reactivating opcodes, increasing the block size, etc.

These individuals may have simply manipulated upvotes on Reddit and taken over other Web2 platforms. Had this required them to lock up their coins, it likely never would have happened. Using systems like HODlocker, trying to manipulate things this way would require people to buy the coins and hence pump the price of BSV.

Touching on one of the common attacks on BSV, that the “market has decided” based on the idea that BTC is $30,000+ and BSV is still under $100, Henslee says that $30,000 is chump change compared to what it would be if the split had not occurred.

The way forward

The only way things will work going forward is if the block size is unlimited, all of the original opcodes are reactivated, etc. In other words, only BSV will allow for true hyperbitcoinization to occur. Henslee believes the people in BTC already understand these things.

With the ability to lock coins to show support for ideas, the future direction of things could become a lot clearer. For example, Henslee thinks the ability to lock coins to signal support for a given token protocol could help quickly identify where everyone should be spending their time and energy.

Circling back to price for a moment, Henslee says that if BSV even increases to four to five percent of BTC’s value, it’s going to cause problems none of us can imagine. There’s a limited amount of total hash power, and a lot of it switching to BSV would cause major issues for the BTC camp.

Slowly but surely, people are finding their way and realizing the BS they’ve been fed. Despite all of the short-term distractions, the future looks bright for BSV.

Summary of the Joshua Henslee Video

  • HODlocker has already changed the game, but new features such as NFT listing will make it even more valuable. Finally, Bitcoiners have a way to signal support for ideas via the opportunity cost of locking coins.
  • Henslee believes that had such a system existed before the Bitcoin network split, it may not have happened at all. The social engineers who orchestrated it wouldn’t have been able to manipulate things in the same way.
  • The only way forward is BSV—the original opcodes restored, the block size limit lifted, and the power of Bitcoin fully unleashed. Had it been left this way, we’d already be using Bitcoin as money to a much greater extent than we already are.

Watch: What is the state of the Bitcoin & blockchain space?

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.