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Bitcoin Satoshi Vision Price Surges Another 19%, Why?

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FO6E3842CAC44 - Bitcoin Satoshi Vision Price Surges Another 19%, Why?

Bitcoin Satoshi Vision price surges another 19 percent since the recent surge but crypto analysts don’t have a reason why. So in today’s altcoin news, we try to understand why.

The BSV-to dollar ratio increased by another 19 percent today and established a new, fresh intraday high at $194.90 on Huobi crypto exchange. That led the pair to get a new 23-day rise by more than 260 percent, adjusting the year-to-day gains to more than 150 percent in total. Over the past 24 hours alone, Bitcoin Satoshi Vision price recorded gains up to 11.57 percent against the US dollar and at the same time, the digital asset appreciated at least 13 percent gains against Bitcoin as its main rival as the downside correction began.

In the meantime, the crypto market cap increased by another $41 million and is now standing at $3.751 billion. Over the past 24 hours, the adjusted timeline recorded more than $844 million worth of volume in Bitcoin SV-enabled markets. However, the Tether stablecoin USDT appeared to have taken some beating the most by Bitcoin SV after it posted around 49-percent of the net BSV daily volume.

The crypto analysts are not sure what caused the new surge in price for this altcoin. They stated that the value of BSV increased by up to $2.5 billion since May 20. The first upside break appeared in the wake of the fake hype. For example, Dr. Craig Wright who is the founder of Bitcoin SV project earned a copyright claim over the bitcoin whitepaper but it seems like this have little impact on the price surge for BSV.

The co-founder of Bitcoin SV mouthpiece CoinGeek Calvin Ayre predicted the event as proof that Wright is the real Satoshi. The BSV-to-dollar exchange rate surged by more than 118-percent on the day. Nevertheless, the press release issued by the Copyright Office later made clear that they did not verify Wright’s claim.

As reported in the latest cryptocurrency news, there was a fake, impersonated Chinese news website attempt for Coinbull and was trying to spread false information that Wright has transferred 50,000 BTC from the wallet belonging to Satoshi Nakamoto to binance which is an exchange that earlier delisted Bitcoin SV. The false alert prompted that the price of BSV will jump aggressively and will establish its all-time high at $254.

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Bitcoin SV News

Crypto Supporters Boycott Wright’s Blockchain Conference Attendance

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The crypto supporters and prominent members of the community announced to be boycotting Wright’s attendance on the London Blockchain Conference by not coming to the event at all as we are about to read further in the blockchain news today.The CC forum on Blockchain, digital innovation, and AI starts in London and Craig Wright is one of the scheduled speakers and he will show up on the conference as the true inventor of the number one cryptocurrency. the crypto supporters won’t attend the conference because they refuse to give credence to his claim that he invented bitcoin. The event is moderated by Max Studennikoff and despite Wright, on the panel, you will be able to see Brock Pierce, Tone Vays, Bobby Lee and Nouriel Roubini. Wright received a lot of negative attention for having claimed that he is Satoshi Nakamoto who invented Bitcoin and what is worse, the event even credits him by asking him what was the purpose of the Bitcoin whitepaper.Also, a lot of prominent figures decided to fight against this decision and even the official page of BitMEX on Twitter posted a reminder of court rulings and fraud accusations against the self-proclaimed BTC creator. Another popular figure that will attend the event is the founder of Litecoin, Charlie Lee who said:
‘’Many of us pledged not to attend a conference that invites faktoshi. Yet you still plan to share the same stage with him. Shame.”
Tone Vays is also a popular crypto analyst and commentator and he has defined himself as the Bitcoin maximalists but being featured on a panel with Wright caused a huge backlash from the crypto community. A lot of the people criticized Vays for accepting the invitation to speak alongside Wright. He did boycott another conference back in May held in New York saying that he found the concept of a ‘’Bitcoin conference by shitcoiners hypocritical as we reported in the previous crypto news.’’ Vays claims that he didn’t know Wright was coming to the panel until the last moment but he also pledged to defend Bitcoin against scammers. He also said that he is the last Bitcoin maximalist standing and that not going to the conference will bring nothing good for the attendees.
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Bitcoin SV News

Bitcoin SV Mentions On Twitter Got Down By 87% Since May

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Bitcoin SV mentions got quite a bit down on Twitter since the May highs and it seems that the project is losing contact with the core crypto audience as we are about to read in the Bitcoin SV latest news.The crypto researchers at the TIE found that the cryptocurrency suffered one of the worst Bitcoin SV mentions on twitter. The volumes on twitter about the crypto project dropped by more than 87 percent since the May highs marking an all-time low. This downhill move reflected the social media users showing that they are quietly losing interest in the cryptocurrency which is further visible in the price performance of the BSV altcoin.The ninth-largest cryptocurrency by market cap dropped by more than 75 percent against the US dollar between June 22 and September 25 and the performance against the major cryptocurrency was similar. The BSV/BTC instrument during the same period dropped by more than 76 percent showing that the traders parked their BSV capital to other crypto assets and fiat currencies. At the core of the surplus losses, it’s the founder of the project Craig Wright. The self-proclaimed Satoshi Nakamoto lost a lot of credibility before the hardcore followers after the Florida court judge savaged him for lying under oath. Judge Bruce Reinhart who was hearing the case against Wright’s involvement in creating the deceased partner Dave Kleiman explained that Bitcoin SV founder forged the documents to steal millions of dollars worth of Bitcoin. He ordered Wright to give back all the bitcoins which is believed that were mined during the early years of the cryptocurrency. Wright responded that he couldn’t produce bitcoin without Dave’s signatures saying that they remain locked inside a so-called Tulip Trust. The Judge wrote:
“Dr. Wright’s demeanor did not impress me as someone who was telling the truth. I completely reject Dr. Wright’s testimony about the alleged Tulip Trust, the alleged encrypted file, and his alleged inability to identify his bitcoin holdings […] Dr. Wright’s story not only was not supported by other evidence in the record, it defies common sense and real-life experience.”
Bitcoin SV’s followers supported the project because they believed Wright was the real Satoshi Nakamoto as explained in the latest cryptocurrency news before.
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Bitcoin SV News

Bitcoin SV Improves Results Despite Craig Wright’s Court Defeat

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Bitcoin SV improves the results and makes better returns than the rival assets this Friday despite the fact that the founder of the cryptocurrency Craig Wright lost the battle in court as we are reading further in the coming altcoin news.The BSV-to-dollar exchange rate was trading more than 4 percent higher on 24-hour adjusted timeframe according to the data coming from CoinMarketCap. In comparison, the benchmark cryptocurrency surged a decent 1.14 percent while the gains of Ethereu, Binance Coin and Bitcoin cash were below the one percent. Bitcoin SV improves its movement and is now looking stronger against Bitcoin as well. The BSV-to-BTC exchange rate increased to 2.94 percent in a 24-hour timeframe. The move uphill shows that the speculators are moving into altcoins because they fear that bitcoin will extend its downtrend after breaking below the psychological support of $10,000. As they did, Bitcoin SV registered the largest intraday upside movement against bitcoin and it was only beaten by a few other altcoins that closed as much as 26 percent higher against Bitcoin.The intraday recovery occurred despite Craig Wright losing in the courtroom against the estate of his deceased former partner David Kleiman. The plaintiff stated that Wright forged documents in order to steal half of the bitcoins he and Kleiman mined over a period of a few years. Wright denied that there was ever such partnership between them. The US district court in Florida ruled that Wright had illegally acquired half of the bitcoin mined and half of the intellectual property held by Kleiman. The Judge ordered Wright to return more than 500,000 Bitcoin to Ira Kleiman- the brother of the deceased. Judge Reinhart stated:
 “During his testimony, Dr. Wright’s demeanor did not impress me as someone who was telling the truth. When it was favorable to him, Dr. Wright appeared to have an excellent memory and scrupulous attention to detail. Otherwise, Dr. Wright was belligerent and evasive.’’
As noted in the latest cryptocurrency news previously, Wright appeared in an interview later in which he stated that he tried to play mind games with bitcoin investors. The critics refuted his statement saying that he doesn’t even have the money to give to the Kleiman’s real estate.
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Bitcoin SV News

Bitcoin SV Hardfork Event Will Increase The Blocksize to 2GB

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Bitcoin SV Hardfork
Bitcoin SV hardfork event that should happen on Wednesday, it supposed to expand the network’s blocksize up to 2000 megabytes or 2GB as we can read in the latest cryptocurrency news today.The project which is associated with the self-proclaimed Satoshi Nakamoto-Craig Wright, will not only increase the block size but will boost the price of the number one cryptocurrency, at least this is expected by some traders and analysts. The Quasar network was not expanded today however and the new 2GB blocks were not allowed on the network as the majority of the miners are not going with the consensus blocksize of $512MB. In a report issued earlier this month, the Bitcoin SV project lead Steve Shadders stated that the hardcap which is the maximum blocksize that a node is allowed to accept will be removed in February 2020.
 “Hard cap: Is the maximum sized block that a miner will accept as valid. This is the setting we intend to remove entirely in the Genesis upgrade next February.”
The removal of the hardcap of the Bitcoin SV project will not really lead to a ‘’blockchain bloat’’ mainly if the demand for block space is even lower. When the lower price of BSV is combined with the seemingly limitless space will open the chain up to ‘’spam attacks’’ and the network will still have to determine whether or not an abundance of micro-transactions will actually have a very negative effect on the performance.Shadders noted that the majority of the miners are now saying that they will only accept the 512 MB blocks starting today despite the Bitcoin SV hardfork. The increasing blocksize is the most important component of both Bitcoin SV and Bitcoin Cash and with their initial break with their parent companies, both of the parties established their own scaling roadmaps.As noted in the altcoin news previously, one of the fears that surround large block sizes is the aspect of centralization which is a state in which a network is controlled by one or two entities only. Mining becomes very expensive and the amount of storage that is required it a very important consideration. The centralization is a major risk that all of the blockchains face because it creates a single point of failure which will defeat the purposes of the blockchain and censorship resistance.
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