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How BSV Beats BTC: Craig Wright Resurfaces on X

How BSV Beats BTC: Craig Wright Resurfaces on X

DailycoinDailycoin2024/09/02 21:12
By:Dailycoin
  • The U.K. High Court ruled that Craig Wright is not Satoshi Nakamoto.
  • Craig Wright resurfaces on social media with a new X account.
  • Wright maintains that BSV is the real Bitcoin.

The identity of Bitcoin (BTC) creator Satoshi Nakamoto remains one of cryptocurrency’s greatest mysteries. No conclusive evidence supports any of the various theories. Despite numerous claims over the years, Nakamoto’s true identity continues to elude the community.

In a recent ruling, the U.K. High Court decisively removed Craig Wright from the list of contenders, finding that he had fabricated evidence in his claim to be Satoshi during the COPA vs. Wright case. Undeterred by this setback, Wright resurfaced on social media, posting under the new account “S Tominaga” on X, continuing his efforts to promote Bitcoin Satoshi Vision (BSV).

Craig Wright Takes the High Ground

Since July, Wright has shared a range of content via his new X account , including philosophical quotes, reflections on the COPA case, and critiques of BTC, such as it straying from its original role as a payment system.

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In a recent post, Wright stepped up rivalries between BSV and BTC, expressing strong expectations for BSV “to win.” Despite being outmatched on every possible metric against BTC, Wright framed BSV’s victory as coming from its moral superiority to BTC.

I don’t merely wish for BSV to win; I expect it to.

BSV was not born from a desire to compete but from the conviction that it could redefine what is possible. It is my creation, not for the sake of victory, but for the sake of the idea it embodies – a means of truly distributed…

— S Tominaga (@CsTominaga) September 2, 2024

According to Wright, BSV’s emphasis on payments, as highlighted by features like micropayments and advanced scaling, positions it as the true Bitcoin. He contended that these attributes are more important than traditional measures of commercial success, emphasizing BSV’s principled approach.

BSV Down Bad Against BTC

While Wright emphasized that principles and ideals outweigh metrics, the market has already largely determined BTC as the true Bitcoin. 

The BSVBTC trading pair, which reached a peak of 0.05348 in January 2020, equivalent to 19 BSV per 1 BTC, now requires approximately 1,416 BSV to buy a single BTC, marking a 99% decline in value.

How BSV Beats BTC: Craig Wright Resurfaces on X image 0 BSVBTC on a weekly chart, per Trading View

Moreover, BSV appears to be losing traction among users. Active addresses on the BSV network recently dropped to 171k , a significant decline from the 4.8 million seen in December 2020.

Despite these challenges and the reputational blow dealt by the COPA case verdict, Wright remains committed to promoting BSV. The project is set to introduce its Chronicle upgrade in Q3, aiming to enhance scaling capabilities with a targeted 1.1 million transactions per second throughput.

On the Flipside

  • Wright has appealed the result of the COPA case.
  • The BSV founder is also challenging a Worldwide Freezing Order on his assets filed by Peter McCormack.
  • Despite the U.K. High Court‘s verdict in the COPA case, some still believe Wright created Bitcoin.

Why This Matters

While Wright has stepped back from claiming to be Nakamoto, he remains steadfast in believing that BTC is not the true Bitcoin.

Wright expressed his intent to appeal the COPA case verdict.
Craig Wright Vows to Appeal Damning “Not Satoshi” Verdict

Investors shun Bitcoin in favor of gold as economic factors bite.
Bitcoin Struggles as Investors Seek Safety in Gold

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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