Why BSV is $33—Joshua Henslee shares his view

Getting your Trinity Audio player ready...

Over the weekend, Bitcoin influencer and developer Joshua Henslee released a video expressing his frustration at how things are going in the BSV ecosystem. He explained why he thinks BSV is $33 and how things can change.

Henslee begins by noting that the price of BSV is stuck in and around $33. He points out that Ordinals, a BRC-20 token on the BTC network, will soon be worth more than BSV, which he calls “sad.” Given this development, he thinks he was wrong and that BTC will not go to zero, even though it took someone hacking it to bring utility to the network.

Henslee strongly expresses that he thinks creating patents and not enforcing them is wrong. He says it has brought zero value to BSV so far. The focus should be on acquiring customers who want to use BSV applications rather than creating patents that either can’t be enforced or nobody is interested in enforcing. Those interested in hearing both sides of this debate should check out the debate between Dr. Craig Wright and Stephan Kinsella below.

It has been repeatedly pointed out that the best tech doesn’t always win, and Henslee says he’s beginning to wonder if that might be true in BSV’s case. He says it looks like it’s dying, and the only way to turn things around now is for independent developers to build something people really want.

Henslee doesn’t buy the “excuses” that it’s too difficult to buy BSV or that there’s a conspiracy against it, pointing out that he and other gamers jumped through hoops to play early video games because they were so good. However, it has to be noted that Joe DePinto, who co-founded Haste Arcade, has said in previous interviews that acquisition does drop off when it comes time to buy BSV to play the games, so clearly, there’s something to the point that players find the process of acquiring BSV complicated or confusing.

Of course, this doesn’t mean there isn’t a campaign against BSV—there clearly is. However, social engineering, delisting, and other attacks may actually be working.

Henslee then turns to mining on BSV, noting that there are only two miners, and it’s becoming centralized. He says that there needs to be three, something even Dr. Craig Wright has said before, and the way to attract more miners is for the coin price to increase and for applications to drive more fees in each block.

Despite all of this, Henslee says that it’s clear people are seeking an alternative to holding dollars and fiat currencies, and BSV can give them this. He’s just frustrated that it isn’t happening and that the killer app hasn’t been built yet. He acknowledges that it isn’t all negative—people are building, HandCash is going in the right direction with an NFT marketplace, and BSV is still the most scalable blockchain.

Hopefully, things will change, but Henslee has yet to set expectations for the immediate future.

Summary of this Joshua Henslee Video

• BSV is stuck in and around $30. This is partially due to delisting and attacks, but Henslee says it’s time to stop making excuses and make it increase by creating apps people want to use.
• Henslee isn’t feeling too optimistic about the situation, saying that the strategy of creating patents and attracting corporates hasn’t worked so far. He wants to see a grassroots approach with apps built by independent developers take off organically.
• Despite the current negative situation, Henslee sees some good things happening. People are building on BSV, HandCash is creating an NFT marketplace, and more. Things could still turn around, but history teaches us that the best tech doesn’t always win.

CoinGeek Conversations with Kurt Wuckert Jr: Bitcoin needs more salespeople