3 reasons why Bitcoin SV (BSV) is flying
If you're hoping for mature and rational explanations for this rise you're going to be disappointed.
- BSV prices have doubled in the last day.
- The pump may have been accentuated by scammers circulating fake news.
- A new BSV tokenisation system may also have impacted prices.
Bitcoin SV prices have gone wild today, almost doubling from about $120 to over $200.
The reason is because Bitcoin SV founder Craig Wright has provided indisputable proof that he is Satoshi Nakamoto.
As CoinDesk reports, scammers circulated a scam message on WeChat.
It reportedly translates to "CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter."
The reason this got so much traction is because the scammers mimicked the layout of Chinese news site CoinBull, which denied posting anything.
"Certain people had maliciously sent out photoshopped Coinbull news alert to spread rumors about Binance and CSW which had bad consequences. We remind our users again not to trust any rumors and not to spread any rumors," CoinBull said on WeChat.
It's a common scam, says Primitive Ventures founder Dovey Wan.
Seems someone did it purposely just around the same time BSV pumped just an hour ago.
Completely fake news but “real enough” to trick many Chinese retails pic.twitter.com/qiWtW6Z8bC
— Dovey Wan 🗝 🦖 (@DoveyWan) May 29, 2019
"The trick is easy and constantly used by many scams - all Chinese crypto media circulate the breaking news via picture as above in WeChat, instead of news link. So anybody can just use the same theme template and photoshop one," she explains.
But that's just one explanation, and maybe you can't attribute the pump entirely to the scam. It may have simply added momentum by occurring around the same time as prices were rising anyway.
A second theory is that the BSV pump was a natural response to the launch of a new BSV tokenisation protocol, which is actually pretty cool. It's almost as easy as the old Ethereum token factory, but also allows for much more nuanced design, such as adding certain token transfer restrictions. BYO oracle.
Coolness notwithstanding, it still doesn't add anything you can't do with other protocols, and it doesn't affect BSV's fundamentals which remain as hazy as ever. Then again, so are Bitcoin's.
The third and most compelling explanation for the rise is that it's sheer price manipulation.
Either way, BSV has been pumping again and there doesn't have to be a reason for it.
Disclosure: The author holds BTC, BNB, ATOM, IOTA at the time of writing.