To celebrate the milestone of reaching 2,000 subscribers on his Bitcoin SV YouTube channel, Joshua Hensley agreed to do an Ask Me Anything session, sharing his thoughts on a variety of topics. This is a summary of part two, which you can watch via the video above.
What is the price of BSV if all the hash rate of BTC is obtained?
If that happens, Hensley reminds us, that means BTC is gone. Eventually, they hope that what happened with the BTC price will happen with BSV, but there is no ceiling at this time. While BTC has a ceiling based on how many dollars people put in, BSV can generate infinite value.
According to Hensley, Bitcoin—now rebranded as BSV—will be the best money in human history; This is ideal money. Therefore, a price of at least $50,000 per coin is likely in the long run.
I heard that RUN (protocol) is open source. How important is it that protocols are open source?
Hensley says it’s certainly important. He reminds us that Ethereum’s ERC20 standard is open source, and so are many in BSV. According to their logic, people should be able to tinker with it and understand how it works, and open source protocols are the best way to achieve that.
How is ‘Code is Law’ related to the misconception of SPV?
Hensley says this is the biggest misunderstanding of them all. They say that with SPV, it tells you that the transaction was valid in the past – it doesn’t tell you that it hasn’t been spent in an unverified way.
In Bitcoin, an SPV means that the spender is signing and handing over something. If the funds are not available or have been spent twice, there is intent to defraud; Therefore, the law applies. This is an important topic that is misunderstood by the majority of the industry.
With all the court cases approaching, Dr. What is the probability that Craig Wright forks BSV?
Hensley makes it clear that the chances of this happening are almost nil. He points out a contradiction in this narrative; Critics Dr. Wright claims to be an incompetent cheat, con man and liar but also claims to be a 4D chess genius who is able to trick the entire justice system into getting legal orders to return Satoshi’s coins to him. Of course, these two things cannot be true at the same time. Accordingly, they ask why there would be a Bitcoin fork. To him, this idea is rooted in a misunderstanding of the Bitcoin system.
Hensley admits that he has some reservations about courts returning the coins, but he believes that if someone can legally prove that the coins were stolen from them, they should be able to get them back. This means that they remind us that existing laws and regulations apply to Bitcoin, not that governments have somehow co-opted it.
What do you think about court cases?
Hensley reminds us that there are some cases and he doesn’t want to talk about McCormack or Hoddlenot because he sees them as a waste of time. He is Dr. He hopes Wright wins him over, but wants to see things move forward and return attention to building on Bitcoin.
For Hensley, COPA is the most important case. On this Dr. He reminds us that COPA came after Wright and included some big players aiming to force him to prove once and for all that he was Satoshi Nakamoto. Blockchain Technology Dr. He believes that Meta joined COPA because he couldn’t pursue some of the things he wanted to do because of Wright’s many patents. They hypocritically find that BTC Maxis and others market themselves against the system, but at the same time, they celebrate when massive Web 2.0 companies come after Bitcoin’s inventor.
What will BSV cost by 2030?
Hensley offers a random price prediction of $2,500. He doesn’t explain this and asks the audience not to remind him or not to remind him because he might be wrong.
Do you think BSV can be hijacked if it becomes a widely used electronic money like BTC?
Yes, says Hensley, it is possible if people don’t use it wisely. However, he says that won’t really happen if people use it appropriately with single-use addresses and transact on a small scale without using an exchange. There are ways to make Bitcoin transactions more private, but to make them viable it has to scale and have incredibly low fees.
What do you think about the following statement by Dr. Wright? Is it a sin to HODL? Why is Satoshi the biggest bitcoin holder?
Dr. Wright once said, “At the end of the day, we have a lot of Bitcoin… I want Bitcoin not to go to $10k or $100k, but to be worth millions.”
Dr. Hensley reminds us that Wright said many things in 2017 that he wouldn’t say today. He admits that calling people to sit on Satoshi Stash and hold Bitcoin is hypocritical. However, he points out the difference between holding and saving. Holding means accumulating to sell, while saving means holding to spend. Monetization causes notorious volatility in digital currency markets, but Bitcoin is not directly spent.
If you had terabyte-sized blocks every few minutes, you would need to add millions of hard drives per year to store the blockchain. Can’t it be spoiled by chaining useless things?
Hensley reminds us that all these transactions have fees attached to them. Nodes only index and process if paid. They can cut unless paid to collect it. Nodes can reject transactions, so there is no risk of sabotage, because nodes always earn enough fees to buy more hard drives. They don’t see vandalism as a problem because the fees should be prohibitive for potential vandals and the nodes make enough profit to process transactions for as long as they want.
When will people start releasing simple coding apps for BSV like invoices, wordpress plugins etc?
Hensley puts the lack of existing apps like this down to a lack of serious entrepreneurs and business people in the space. He notes that people are still speculating primarily on coin. He believes these use cases will come as BSV apps like HandCash are taking steps in the right direction and the BSV WordPress plugin is a huge business opportunity for anyone.
Does anyone control or own the BSV blockchain? Is it decentralized? What authority does the Bitcoin Association and CSW have on the blockchain?
Hensley reminds us that no one owns it and no one controls it. While patents can be enforced against businesses that infringe on those patents on other blockchains, that won’t happen if they build on BSV. nChain said it will not use patents against people who build on BSV. Likewise, Dr. Wright, by holding enough BSV coins, has a financial incentive to build on the blockchain to allow people to use his intellectual property.
What are your thoughts on CSW saying they want to run other digital currencies on BSV including ETH and BTC?
Hensley says this is trivial; BTC is a BSV subset full of awesome features. 330k transactions per day in BTC would be easy for BSV. However, running Ethereum on BSV is impossible because it is fundamentally different, he says.
“Ethereum is a single-threaded world computer” that doesn’t scale and never will, he reminds us.
In contrast, Bitcoin scales due to the UTXO model, meaning a miner can process a transaction without verifying any other transactions. The bottom line, says Hensley, is that Ethereum doesn’t work and Bitcoin doesn’t either on SV.
What is the best cold storage solution for BSV?
In his final answer, Dr. Hensley agrees with Craig Wright’s advice, then put your money into them.
They remind us not to store coins in a single address and split them. Keeping them all in one wallet is a big risk and a honeypot for hackers and thieves.
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