Bitcoin SV Is Faking Its Volumes Reported: Coinmetrics
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Bitcoin SV Is Faking Its Volumes Reported: Coinmetrics

February 1, 2020      Javeria

The CFA and CAIA at Cane Island Alternative Advisors, Timothy Peterson, wrote in a tweet about the recent report of Coinmetrics on Bitcoin SV transaction blaming BSV for wash trading.

According to the Coinmetrics reports, Craig Wright (self-proclaimed Satoshi) led Bitcoin SV have highly manipulated transaction data. Bitcoin SV which is created from a contentious fork has been controversial since the very starting, be it due to the involvement of Calving Ayer and Craig Wright in the project or because of the messy split of the Bitcoin Cash Blockchain.

The median transaction cost on the Bitcoin chain is less than 1/10th of a cent noted Timothy Peterson after seeing the reports. Furthermore, there are around 700,000 transactions comprising of extremely small transactions being processed each day.

Bitcoin SV Wash Trading To Inflate Its Stats And Price

Timothy tweeted on Jan 31, 2020, telling that the median value of BSV, which is less than 1/10 is economically meaningless. He further wrote that transactions as high as 700,000 per day, which signified that each day hundreds of thousands of fractional cent transactions is being processed.

It led to the conclusion that there are almost millions of micro-payments getting processed every day, which even exceeds the volume of Lightning network or the BSV is spoofing its trading volume, displaying false activities. It is impossible to believe that the transactions are genuine because there are around 40K  BSV wallet addresses active only.

The only reason that explains the inflate in $BSV stats is automated wash trades wrote Timothy Peterson in his tweet. 

For years, Craig Wright has been claiming to be Satoshi Nakamoto, the anonymous creator of Bitcoin and been called out every time. All the proof he has provided to substantiate his claims were complete discredited, and there is no conclusive proof provided.

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Javeria
Javeria

Javeria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.