Editorial 29 November 2018

Calvin Ayre

Is it a type of fraud to use the Bitcoin name if you are no longer Bitcoin?

If you have a restaurant and you advertise all you can eat crab meat dinners and you serve a type of white fish pressed into crab sticks this would be considered a type of fraud. I cannot understand how exchanges, wallets and payment processors can get away with calling Segwit BTC and ABC BCH a form of Bitcoin and not also be committing a type of consumer fraud as the general public does not know that these platform no longer use the Bitcoin technology or economic model.

Bitcoin was born an adult. Satoshi Nakamoto himself said this when he posted this in 2010, early in Bitcoin’s life:

“The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.”

The thing that makes Bitcoin Bitcoin is its amazingly genius economic model enforced by the core design of its technology. If you change the core technological design, this changes the economic rules and what you have is not bitcoin. This has now happened a number of times and there are all sorts of charlatans out there using the Bitcoin name and not being bitcoin. The exchanges who then sell the unsuspecting public a token as bitcoin when it’s not really bitcoin are responsible for the losses that they are all now suffering as the world starts to understand that there is only one bitcoin and that is the only platform that uses the oritional economic model and technical enforcement and that is what is now called Bitcoin SV.

I think someone in the US who has suffered losses from this kind of exchange fraud should consult with lawyers and see what remedies are available to them in law.

In the mean time the original bitcoin, now named Bitcoin SV for Satoshi Vision, is the only platform that scales and therefor has utility as sound money and is the best place to retreat to to preserve value in your crypto portfolio.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

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