Bitcoin developer Joshua Henslee gave his thoughts on why all digital currencies are going to zero and Bitcoin SV (BSV) is going to $5 in his latest YouTube video.
Utility is the only true driver of long-term value
Henslee begins by pointing out that, so far in the digital currency industry, the prices of tokens have been driven entirely by speculation. There’s no fundamental value in any of it.
“When you take away the speculation, is there anything there?” Henslee asks. He notes that we speculate on many things like corn, wheat, sugar, and other commodities, but they have fundamental value aside from speculation. If you take away the derivatives of these things, they can still be used for something.
By contrast, most digital currencies do not have such value, Henslee says. Most of them don’t do what they claim they can, and their long-term value is zero. People don’t use them for anything and often can’t due to technical limitations, so if you take away price speculation, they are totally worthless.
Henslee notes that with BSV, the usage is going up even though the price is decreasing. For him, this is typical of the “clown world” we live in now. He challenges viewers to look at other coins and ask if there’s anything we need them for or can spend them on.
The truth is starting to come out, and things are getting ugly
Speaking briefly about recent events surrounding the Granath vs. Wright trial in Oslo, Norway, Henslee says that “the demon is baring its fangs.” He touches on how an online lynch mob targeted CoinGeek’s Kurt Wuckert Jr. for his honest, factual coverage of the trial and for continuing to tell the truth about Bitcoin.
“When you see this sort of stuff happening, you know you’re running up against the truth, he says.
These same people are obsessively focused on BTC’s token price and will defend it by any means necessary, but they’re completely ignoring the tech behind BSV and how it will change everything. Giving examples of how BSV can transform the space, Henslee mentions BitChat, Slashplay, and some of the other micropayment capabilities of BSV.
“The reason they’re sh*t scared of Bitcoin is because it destroys all of these silly business models that have plagued the internet for the last 20 years,” Henslee says. He reminds us how Meta (NASDAQ: META), Twitter (NASDAQ: TWTR), and others are going after Dr. Craig Wright in a futile attempt to save their business models because of what he created.
BSV can create exponential value
Henslee reflects on when he first got into Bitcoin and how BTC advocates justified Replace By Fee (RBF) by claiming that instant zero-confirmation transactions are bad.
“The reason they say that is because it does work, and it’s great,” he reminds us.
Reflecting on his BSV balance, Henslee says that he probably did 200 transactions recently. Despite that, his balance went up. He mentions that he’s getting pennies in and spending probably 20 satoshis at a time, so his credit is steadily growing despite being an active BSV spender.
Henslee reflects on how, over time, the value distributed is potentially exponential with many users like this. He says that as the fees get lower and we start doing more stuff, we start understanding the true potential of BSV.
Key takeaways from this video
- Most digital currencies are worth zero. They have no utility, and outside of price speculation, they can’t be used for anything.
- Despite the price of the BSV token going down along with the rest of the market, the utility of the BSV blockchain is increasing every day.
- As hardcore BTC maximalists begin to see the writing on the wall, they’re resorting to ugly tactics such as attacks on prominent BSV personalities.
- BSV will have revolutionary implications and will make instant micropayments possible on a global scale. We’re beginning to see the first glimpses of that potential now.
Watch: The BSV Global Blockchain Convention presentation, BSV Blockchain: A World of Good
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