Bitcoin developer Joshua Henslee released a new video. In it, he talks about the recent XRP ruling, BSV price action, and what’s generally happening in the ecosystem.
The recent XRP ruling
Henslee kicks things off by acknowledging that he hasn’t been releasing as many videos recently. He says it’s due to the sound in his new place, and he’s working on that to ramp up the pace again soon.
The proof-of-work blockchain space is quiet right now, he says. Some of that is due to a shift in focus with the recent XRP ruling. He says he finds that interesting, and he agrees with the judge. Clearly, they didn’t want to touch the secondary sales of XRP between unknown parties, but they did rule that when Ripple sells XRP to institutions, it’s a security.
Henslee thinks that courts shouldn’t even have to rule on this. In an ideal world, people would buy and sell what they want, and it would be on the buyers and sellers to do their due diligence. Of course, the Securities and Exchange Commission (SEC) takes a different view, and that’s how this and similar cases got started.
Can the SEC and other regulators ultimately tame the Wild West that is the digital currency industry? Henslee doesn’t think so. It’s global in nature and is too big for anyone to get to grips with.
1 satoshi fees, unity on BSV, and what users want
Speaking of laws and court cases, Henslee gives his opinion that the various lawsuits, such as COPA versus Wright, won’t ultimately change things in the market. The only thing that matters is creating products and services on the BSV blockchain that people want and which can’t be created elsewhere.
Pivoting to 1 satoshi fees, Henslee says these are a great thing—he has revised his initial position on them. Fees are now 1/30,000th of a cent, and this solves all onboarding issues for BSV blockchain apps. While miners won’t make much, they weren’t doing so anyway, and bringing on 30,000 customers for a cent is worth it.
On the topic of users and apps, Henslee says that they want to make money. Nothing else draws them in quite like that prospect. This is proven by the fact that NFT collections on the BSV blockchain are much more popular with users than other apps, including his own, which he deems failed. He says there’s an undeniable link between the recent on-chain trading and the BSV blockchain price increase.
Ultimately, Henslee still sees a schism within the BSV blockchain community. Some people want to dictate what Bitcoin is for, and some say it’s for anything anyone can think of. Value is subjective, and nobody has the right to tell anyone else what is or is not valuable. We have to unite and get on the same page, and once we do, there’s no other blockchain that stands a chance.
“Serve the people who are already here,” Henslee says. For now, forget those that aren’t using the blockchain. Just as you don’t try to sell your house to someone in India (unless you’re there), we should focus on the existing market.
Takeaways from this Joshua Henslee video
- Henslee agrees with the judge in the recent XRP ruling. Clearly, XRP tokens are securities, but it’s more difficult to determine what’s what when one user sells to another.
- Although regulatory crackdowns rage on and prosecutions ramp up, Henslee doesn’t believe any government or regulator can tame the Wild West of the digital currency industry.
- Henslee has revised his initial position on 1 satoshi fees. He now thinks they are a good thing and can help solve various problems, such as onboarding customers to BSV apps.
- He still thinks that the primary reason people are interested is to make money. The popularity of NFTs on the BSV blockchain and other on-chain trading proves that beyond any doubt.
- Rather than focusing on bringing new people into the BSV ecosystem, Henslee thinks we should focus on serving those who are already here. This is the path to growth, and the rest will take care of itself in time.
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