BTC Miners Gross More In A Day Compared To BCH And BSV’s Combined Annual Earnings

This came on the heels of public controversy around BSV’s Craig Wright claims to be Satoshi Nakamoto, the Bitcoin creator. Later on, in May, Craig …
BTC Miners Gross More In A Day Compared To BCH And BSV’s Combined Annual Earnings

Bitcoin Cash (BCH) and Craig Wright’s Bitcoin SV (BSV) miners receive more than four times less in transaction fees within a year compared to what their progenitor, Bitcoin (BTC), miners’ receive in one day.

Bigger Doesn’t Always Mean Better

After Bitcoin Cash (BCH) split from Bitcoin, it increased its block size limit from Bitcoin’s 1MB to 8MB and later to 32MB. Subsequently, BSV increased this limit to 128MB after its hard fork from BCH.

These enormous block sizes were posited in a bid to reduce the transaction fees and boost faster payments. Currently, both BSV and BCH are capable of conducting faster and cheaper transactions than Bitcoin but are lagging behind in terms of miners’ earnings in transaction fees.

Shakepay noted that Bitcoin miners raked $540,000 in transaction fees in a day whilst BCH and BCV miners earned $130K combined within a period of one year.

“On July 31st, Bitcoin miners earned $540K in tx fees. In the last *12 months* BSV and BCH miners have only earned $130K in tx fees. Combined.”

In a day, Bitcoin (BTC) records over $500,000 in transaction fees whereas Bitcoin Cash (BCH) miners receive less than $200k in transaction fees as cited by a bitcoin partisan by the name Deater Bob (Awyee Bitcoin) on twitter. In April, five months down the line after the hard fork from Bitcoin Cash, BSV miners were still making losses.

Notably, bitcoin’s 500,000 daily transaction fees are tremendously low compared to payment behemoths such as Visa. Therefore, BSV and BCH have a long way to go before their miners can pocket considerable earnings.

Bitcoin SV and Bitcoin Cash’s Achievements And Reputation Remain Lackluster

Bitcoin (BTC) receives a lot of attention from retail and institutional investors due to its stellar price performance and mass adoption, unlike BCH and BSV which barely get noticed. As we reported, according to Square -which is the primary way retail investors’ access bitcoin (BTC) – BTC’s transactions hit an ATH of $125 million on the platform.

Also, much like the huge disparity with transaction fees, the median transaction value of BTC on a daily basis surpasses that of BSV and BCH combined by a substantial margin, as per data from BitInfoCharts. This means that in a day, the value of BTC’s transactions transcends that of BCH merged with BSV.

BSV’s reputation is often a mare’s nest. On April 15, 2019, Binance crypto exchange announced that it had delisted Bitcoin SV. The announcement read in part:

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. (…) Based on our reviews, we have decided to delist and cease to trading on all trading pairs for the following coin on 2019/04/22 at 10:00 A.M UTC. Bitcoin SV (BCHBSV)”

This came on the heels of public controversy around BSV’s Craig Wright claims to be Satoshi Nakamoto, the Bitcoin creator. Later on, in May, Craig Wright hit below the belt, making ludicrous allegations about Binance and Tether saying:

“Right now, 30% of Binance money funds women in prostitution; 30% of Binance and Tether funds women in slavery.”

Shortly afterward, large crypto exchange platforms such as Kraken, Blockchain.com, and Shapeshift followed suit, delisting BSV.

While BSV and BTC were intended to be improvements from the Bitcoin Core (BTC) ecosystem, unfortunately, they are still dwarfed by BTC leaving many pondering whether the chain split was really necessary.

What’s Your Thought On This?, Let Us Know In the Comment Section Below.


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Bitcoin.com CEO and Bitcoin Cash {BCH} dreamer Roger Ver heaves a sigh as Judge rules in his …

Roger Ver is a well-known investor and trader who is known for raising his voice in favor of BCH. Recently, he had appeared in a video by Bitcoin.com …

Roger Ver is a well-known investor and trader who is known for raising his voice in favor of BCH. Recently, he had appeared in a video by Bitcoin.com where he spoke of how supermarkets are accepting payments in the form of BCH tokens. A Justice of the High Court of England and Wales has turned down a libel suit that was launched against Ver.

Craig Wright was the one who lodged this lawsuit against Roger. Craig is famous for his claims of being the real “Satoshi Nakamoto”, even though he has systematically failed in providing proof of his identity. Once he had even lied about his degree of education.

Justice Matthew Nicklin of the Queen’s Bench Division stated, “…the court has no jurisdiction to hear and determine the action. The action will be struck out.” Wright was allegedly defamed by Roger Ver, but Nicklin doesn’t agree with Craig. He also said that this falls under the jurisdiction of the United States, as “only 7%” of the alleged conversation was carried out in England and Wales.

The Judge is also unsure about trusting the statements made by Wright, saying they are “speculative”. It seems that jurisdiction plays a huge role when its a matter concerning law and order. Although, we should also note that Craig is facing flak for allegedly forging the signature of the late scientist Dave Kleiman. This isn’t the first time Wright has been thrust into the spotlight for the wrong reasons.

Bitcoin Cash is ranked at #5 on coinmarketcap, beneath Litecoin and is currently in the green zone. A bump rate of 0.70% was noted in the course of the past 24-hours. The supply has 17,924,550 BCH tokens circulating as of this moment [reminiscent of the Bitcoin supply]. The total market cap of Bitcoin Cash is $5.831 billion.

Bitcoin SV was born after a hard for of the Bitcoin Cash chain took place in November last year.

About Post Author

Aditya Chatterjee

A specialist in comics and cryptocurrencies with an inclination towards DASH and Cardano. I have an innate desire to be a seasoned trader in the near future. Analyzing candlestick charts is a personal hobby.

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UK Judge Dismisses Craig Wright’s Libel Lawsuit Against Roger Ver

In May, Craig Wright, an Australian computer scientist who claims he is Satoshi Nakamoto – the creator of Bitcoin – sued the owner of Bitcoin.com for …

A UK judge has dismissed Craig Wright’s libel suit against Roger Ver due to lack of jurisdiction.

In May, Craig Wright, an Australian computer scientist who claims he is Satoshi Nakamoto – the creator of Bitcoin – sued the owner of Bitcoin.com for calling him a fraud and a liar in a YouTube video.

Libel Suit Pertained to One YouTube Video and Two Tweets

Specifically, the claim references a video posted by Roger Ver “to a YouTube account held by bitcoin.com on or around 15 April 2019,”  a “tweet containing the YouTube video which was posted on the Defendant’s Twitter account on 3 May 2019,” and a “reply to the Twitter Posting which was also posted on Twitter on 3 May 2019 by a third party.”

The judge presiding over the case, the Honourable Mr Justice Nicklin of the Queen’s Bench Division, stated:

For the purposes of the present application I need not set out the contents of the videos about which the Claimant complains. It suffices that I set out the defamatory innuendo meaning that the Claimant says these publications bear: “The Claimant had fraudulently claimed to be Satoshi Nakamoto, that is to say the person, or one of the group of people, who developed bitcoin.

Due to Roger Ver not being domiciled in the United Kingdom, the judge asserted that his court would only have jurisdiction over the claim should be Wright be able to show that England and Wales is the most appropriate place to bring the action. In order to ascertain such, the court was required to “consider all the jurisdictions where the defamatory statement has been published.”

The court also raised concerns pertaining to “libel tourism” – as Ver was served the legal notice whilst visiting the United Kingdom (UK) on a short trip. Judge Nicklin highlighted that the “Service of the Claim Form on the Defendant whilst he was within the jurisdiction is important; it meant that the Claimant did not require the Court’s permission to serve the proceedings.“

Judge Rejects Claim Based on Lack of Jurisdiction

In examining the purportedly libellous media, the court found that 23.2% of the YouTube video’s viewers were based in the United States, compared to just 5.3% of UK-based viewers. Additionally, 35.5% of subscribers following the Bitcoin.com channel that hosted the video are based in the US, compared to 7.7% of UK-based subscribers. Similarly, 29% of subscribers following the Twitter account in question were US-based, compares to just 7% of followers hailing from the UK.

As such, Judge Nicklin found that “The evidence clearly demonstrates that the most substantial publication of the statements complained of is in the U.S. It is common ground that, of the global publication, only some 7% took place in England and Wales.” He concluded:

The Claimant has not satisfied me that England and Wales is clearly the most appropriate place to bring his action for defamation over the publications complained of. In consequence, the Court has no jurisdiction to hear and determine the action. The action will be struck out.

In other Craig Wright legal news, the counsel representing the Kleiman family in their $10 billion lawsuit against Wright has sought to question Ramona Watts – Craig Wright’s wife, Andrew O’Hagan – the author of the book The Satoshi Affair, and Rober MacGregor – a business associate of Wright’s.

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Dr. Craig Wright gives stellar performance at FT Alphaville Vaudeville in London

Making the marquee and headlining the show was nChain Chief Scientist Dr. Craig Wright, also known as the man behind the Satoshi Nakamoto …

The Financial Times (FT) recently put together a unique show that was described as “an experimental theatrical journalism one-night experience in London brought by the Financial Times Alphaville team.” It was put together with the help of BBC documentary filmmaker Adam Curtis and saw participation by several high-profile individuals. Making the marquee and headlining the show was nChain Chief Scientist Dr. Craig Wright, also known as the man behind the Satoshi Nakamoto moniker. His presentation on Bitcoin was short, direct and to the point, as well as a little ominous.

Wright has become more than a little disappointed with what has happened with Bitcoin. He points out that cryptocurrency was intended to be transparent and wasn’t meant to fight government. He states, “It Creates. It builds. But I don’t want the other version.” The other version is a reference to what SegWitCoin (BTC) had become when it was first introduced — a dark web, digital black market that allowed for illicit drug deals, kiddie porn and general illegal activity.

He adds, “I don’t want to have something that people want anonymous; that people want to bypass everything: to live outside society.” (1:46)

Wright also asserts that it isn’t fair that people are allowed to scam individuals like false prophets, promising ridiculous returns that will be offered in no time, but only providing results that leave investors and crypto enthusiasts empty-handed.

Because the Bitcoin concept has been bastardized by certain projects like BTC, Wright has said that he will be donating $8 billion worth of cryptocurrency in 2020. All of the money will go to education projects — none will be put on the crypto markets, which could lead to crashes. The funds will be used where they’re most needed, making people smarter.

As Wright wrapped up his presentation, he made a reference that, when viewed with the intent to donate $8 billion to charity, could be interpreted as a desire to completely remove himself from the crypto ecosystem, although he didn’t state that he was going to step away, nor was there any stronger indication that this is a possibility. In the end, Wright left a trailing “And if that means I give up” statement for the audience to interpret, adding, “The only example I can set is to do it.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Judge Rules for Roger Ver in Craig Wright Libel Lawsuit

Wright has also lodged a libel suit against podcaster Peter McCormick, and previously threatened to sue ethereum creator Vitalik Buterin and …

A judge has struck down a libel lawsuit against Roger Ver, an early bitcoin investor, that was filed by Satoshi Nakamoto claimant Craig Wright.

Wright alleged that Ver defamed him in a YouTube that was published in mid-April, in which Ver denounced Wright’s claim to be bitcoin’s anonymous creator, Satoshi Nakamoto. The video was also circulated on Twitter.

According to court documents published Wednesday, Judge Sir Matthew Nicklin said Wright has not supplied sufficient justification that the trial should be overseen by the High Court of England and Wales. Citing both Wright’s international reputation and bitcoin’s global community, the court found that there was “no objective evidence” Wright’s reputation in England was harmed.

The price of BSV over the last 90 days via CoinDesk data.

Related:Craig Wright’s Wife Could Testify Under Oath in Ongoing Kleiman Trial

“The evidence clearly demonstrates that the most substantial publication of the statements complained of is in the US,” the court determined. Accordingly, only 7 percent of the video’s audience was based in the United Kingdom, per the documents.

Furthermore, the court found “there is no evidence at all of any actual reputational harm that the Claimant has suffered as a result of any of the defendant’s publications.”

Since claiming authorship of the bitcoin white paper and its initial launch and development, Wright has denounced the cryptocurrency and its current set of developers. Additionally, following a controversial fork of the bitcoin blockchain that create bitcoin cash in 2018 — an action endorsed by Ver — Wright announced his own forked currency, bitcoin SV, which stands for Satoshi Vision.

Wright’s suit against Ver isn’t the only litigation he has pursued against critics. Wright has also lodged a libel suit against podcaster Peter McCormick, and previously threatened to sue ethereum creator Vitalik Buterin and computer security entrepreneur John McAfee.

Related:Crypto Genius or Fake? The Craig Wright Saga Explained

High Court photo via Shutterstock

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