Bitcoin SV drama
9 out of 10 "emerging trends" in the last 24 hours were related in one or another way to the drama we see in Bitcoin SV.
It's a deep and rather complicated topic, going back to the birth of Bitcoin Cash (split of the Bitcoin). And then the further split of Bitcoin Cash itself.
Just few general thoughts and reflections/learnings.
All was good as long as it is about different communities/groups pushing for their vision of what "the real" Bitcoin should be.
Finally, crypto is the way to the freedom (at least the freedom of what one believes to be profitable). And as every participant has financial incentive to pursue whatever he/she believe into - the rest is left for the free market to decide. You are doing the "right" thing - you are rewarded, you are doing wrong - the punishment comes. Sure enough, the definition of "right" is a complex topic. What is right at some point of time (example:ICOs in 2016-2017) isn't that right later on.
Now, things have changed once Craig Wright decided to use "non-crypto" way of protecting his position. Going to the court (or claiming to do so). That was the beginning of the end.
Reaction of the crypto community has been rather devastating, culminating in the Binance announcement of "delisting the Bitcoin SV" - https://support.binance.com/hc/en-us/articles/360026666152
From the "behaviour analyses" point of view interesting here is to observe how the social hype/volume extremely peaked right in the middle of the price crash. Very typical behaviour for the "realisation of the crowd".
(the search query is here : https://tinyurl.com/y5a7ztjp)
Though the claim of C. Wright to go to the court has been made quite some time ago (the full story can be read in this other insight - https://app.santiment.net/insights/read/craig-wright's-bsv-deep-dive-(infographics)-301), it took some time to the market/crowd/price to react properly.
We might see few more price declines on the falling social volume before the bottom will for the BSV will form.
Not a financial advice, of cause. There is a good level of risk that BSV will never recover.
Thanks for reading!
If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!
Never miss a post from socialtrends!
Get 'early bird' alerts for new insights from this author