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The Tulip Trust By Craig Wright Boosts The BSV Price By 25%

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The development of the ongoing legal dispute that involves Craig Wright has led to him submitting 428 documents to the plaintiffs and the legal counselors marked the paper ‘’Tulip Trust III’’ as confidential. The developments led the BSV price to skyrocket by 25% as we are reading further in the bitcoin cash news.

The price of the altcoin surged on Friday when the self-proclaimed Bitcoin creator provided the plaintiffs the documents with details about the trust that holds billions of dollars worth of bitcoin. The legal counselors marked the Tulip Trust documents as confidential and their decision raised suspicions that Wright was involved in the mining of the first batch of bitcoin along with Dave Kleiman. The BSV-to-dollar exchange rate established a new intraday high of $150.68 and the gains happened despite the low performance across the top ten cryptocurrencies:

“I’ll probably get sh** for this, but wow, BSV kicking a$$. Up considerably from where it was just a short while ago.”

The district court in Florida last year ordered Wright to pay more than 500K in bitcoin to the Ira Kleiman, the brother of the late Dave Kleiman after they found Wright guilty of stealing the funds through forgery. The controversial Craig Wright said that he and Dave locked all of the funds in a Tulip Trust that was digitally encrypted and added further that he had no access to the Trust since all of the information about it he will obtain on January 1, 2020:

 “As I’ve explained in court proceedings, I believe I will receive information in January 2020 that will enable us to identify coins I mined into my companies in 2009 and 2010, but cannot be certain that all of that information will in fact arrive.’’

A few days before the date, Wright told Bloomberg in an interview that the bond courier was supposed to deliver him the details of the Trust, never arrived. His comments sparked criticism from the crypto users and many called him a liar and a scammer. By filing the document in the court with the Tulip Trust name, the Bitcoin SV founder raised the possibility of having information about the lost coins. If they exist, he can prove that he was indeed a part of the team that invented bitcoin.

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Bitcoin SV News

Bitcoin SV Needs Peer-To-Peer Transactions And Here’s Why

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Bitcoin SV needs
Bitcoin SV needs peer-to-peer transactions since the real ones are actually rare on the network despite being embedded into the whitepaper almost 12 years ago. Let’s find out more in the Bitcoin SV news today. Nowadays, almost all of the applications transact like User-Full node-Miner-Application. This means that a user ends their transaction to the full node that potentially runs on the cloud server. The full node relays the transaction to a miner and the miners then queue up the transaction to put in the next block which is called ‘’zero-conf’’. The application then queries some of the full nodes before interpreting the transactions and gathering data on the platform. This approach is inefficient and can bring failure. The false narrative that was pushed from the start of the BTC Core that the individuals have to run their own nodes, led to users building on top of Bitcoin SV to develop their applications dependent. The lack of scale eventually led to this type of architecture to persist and made the application developers complacent. Along with the Genesis upgrade, there are still no tools that make it possible for the users to take full advantage of the Bitcoin SV network in full so this has to scale in the near future. Scale can occur suddenly with the announcement of the HER project at the CoinGeek so the applications have to prepare. There is a possibility that an application exists with inefficient architecture which can become not usable and obsolete so Bitcoin SV needs to make a few changes. Peer-to-peer transactions offer much better user experience and streamlined applications for service providers. For example, Twetch SDK uses this method so a user can make a simple HTTP request to the server and Twetch then broadcasts the transaction on the users’ behalf. This approach is much faster since it can show the data instantly from the transaction on the site without having to process a long time which will reduce risks. Also, Twetch can moderate the content before it is sent to the network so it doesn’t have to accept it right away what the Bitcoin SV network determined as valid.
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Bitcoin SV News

Bitcoin SV Adds 19% In One Day, Going From $256 To $305

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Bitcoin SV needs
The altcoin market was bleeding red yesterday and the altcoin news and rumors showed that the situation is like that for every coin. One of the most injured coins was BSV as it lost double-digit percentage points and fell to a new intraday low at $256.66 yesterday. Today, however, the situation has changed and Bitcoin SV adds 19% to its price, again breaching the $300 mark and now trading at $305. As a reminder, BSV traded at $382.70 last week during its best days and this level is still far from the current price. However, adding almost 20% in one day is definitely worth a celebration for the bulls and traders who have BSV in their portfolios. As Bitcoin SV adds 19% in one day, we can see that the latest cryptocurrencies news show nothing but gains. Today is a good day for traders and there is a lot in terms of profit taking. While yesterday the news left traders under the impression that coins could be under the risks of further bearish crackdowns, today is a different day. Part of the reason why Bitcoin SV adds 19% after it slipped overwhelmingly yesterday can be laid in the altcoin market bust. Speaking of, this bust included many altcoins such as Ethereum, XRP, Bitcoin Cash, Litecoin and more than 5,000 other crypto assets which fell in tandem to register a $23.84 billion crash in the last three days. Bitcoin SV (BSV), for instance, lost around 24% alone against the top cryptocurrency. This is how Bitcoin regained part of its lost dominance over the crypto market despite slipping itself by around 8% within the same timeframe. BTC's dominance jumped from 61.3% to 63.6% in three days, showing how bad altcoins bled at the time.
“Early signs of a bullish reversal on Bitcoin Dominance. Altcoins will be destroyed if this gets back up to 68 – 70% again,” said market analyst Elixium.
https://twitter.com/VentureCoinist/status/1229086503827116033 All of these comments from analysts come as Bitcoin SV adds new percentage points to its price. Technicals aside, other catalysts also played a major role in driving the BSV prices down. There were reports about unconfirmed transactions on the Bitcoin SV blockchain which spiked dramatically, leading to its network's mempool rising by 400 times. https://twitter.com/verretor/status/1226084073036275712 The low trading volumes, thin order books and other factors made BSV prone to crashing further. Still, the cryptocurrency is in a good position now and that is worth mentioning.
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Bitcoin SV News

Bitcoin SV Data Shows Volumes Are Heavily Manipulated

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Bitcoin SV needs
The Bitcoin SV data shows that the volumes for the cryptocurrency are heavily manipulated as per Timothy Peterson at the Cane Islands Alternative Advisors' recent findings which we are reading more about in the Bitcoin SV news. Bitcoin SV, led by the self-proclaimed Satoshi, Craig Wright, seems to have been heavily manipulated in its transaction data according to a report by Coinmetrics. Bitcoin SV data shows a lot of inconsistencies and controversies since its inception not only because it was created after the messy split of Bitcoin Cash blockchain but also because of the involvement of Craig Wright and Calvin Ayre. Looking at the data, Timothy Peterson noted that the average transaction time for the BSV chain is smaller than 1/10th of a cent. Also, the network currently reports that it handles around 700,000 transactions of the smaller transactions each day. The median transaction value for BSV is less than 1/10 of one cent. This is economically meaningless since Txns have soared to 700K/day which means that there are hundreds factional cent txns that are processed daily. This can also lead to two conclusions which means BSV is used to process almost a million micro-payments each day which eclipses the volume of the Lightning Network or the volume is being spoofed to fake activity bots. There are about 40,652 active BSV wallets which means it is highly unlikely that the transactions are genuine. Craig Wright claimed to be the anonymous creator of Bitcoin and for years he has been called out for that because he was unable to provide decent evidence to substantiate his claims and much of the proof he has provided has been discredited. With new data showing that the transactions are being faked on the chain, it also questions just how much usage the chain actually has. Most of the on-chain transactions on BSV came from the single weather app with as much as 96 percent of transactions from this one app. Bitcoin SV claims have a lot of apps but it seems that only the weather app is used at all. This app usage is weird as well and it is not that Bitcoin SV users are obsessed with the weather which is why the community called an intelligence test for the rest of the community because of the poor reputations of the supporters.
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Bitcoin SV News

Why Did Bitcoin SV Plunge By 40% From Its $450 High?

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Aside from the latest Bitcoin news which show that BTC is aiming at $9,000 next, there were many other altcoins seeing greens in this new rally. If you were following the news last week, you probably know that Bitcoin SV (BSV) was a major topic of discussion. But why did Bitcoin SV became a hot topic besides from exploding higher to a high of $440 - in a rally of 200% in only three days? As fast as this asset has rallied, so it has collapsed. This is something that many investors were afraid of - and something that happened. At press time, the third largest chain with "Bitcoin" in its name is down 18% in the past 24 hours and keeps on tumbling down. This is all in a period when Bitcoin is still growing and the ETH news show increases of up to 4% on the day. So, why did Bitcoin SV crash 40% from its local peak? With a current price of $264, BSV is definitely far from what many expected for its short-term trend. The crash certainly coincided with the news that Craig S. Wright - the primary proponent of BSV and a coder and entrepreneur who claims to be Satoshi Nakamoto - does not currently have access to a BTC stash he purports to have. BSV proponents even said that he will use the stash to dump BTC and promote their version of the chain. All of this has led to uncertainty on the market. As to why did Bitcoin SV fall, the controversial founder of the coin is the main person to blame for that. A report for Decrypt shows that Wright does not have the private keys which can be used to access the billions of dollars worth of BTC that Satoshi Nakamoto likely mined when he was one of the only Bitcoin users. One popular cryptocurrency analyst called Nicholas Merten (who is also the founder of the DataDash YouTube channel) argued that the recent surge in the altcoin may be based on questionable market activity - and thus may not last. https://twitter.com/Nicholas_Merten/status/1217196786663686145 All in all, many still don't know why did Bitcoin SV fall so much. However, the recent rally in the popular altcoin was definitely one based on emotion and not on rational thought.  
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