Jimmy Song, a well-known Bitcoin developer and entrepreneur, did a live stream a few days ago explaining why he considered Bitcoin SV, the Bitcoin Cash fork promoted by Craig Wright and Calvin Ayre, to be a Scam.
Mr. Song has been a profound critic of Bitcoin SV from the very moment of its announcement, however even before its birth; he was one of the biggest voices against Bitcoin Cash, the altcoin from which it originated. A few months ago, on the Blockchain Cruise, Song held a debate with Roger Ver, in which he shared the reasons why he opposes the BCH philosophy. He argued that BCH was fiat on a blockchain, it was extremely centralized, it was somewhat toxic and not at all what was envisioned by Satoshi Nakamoto
Following that same viewpoint, on the live stream, Song addressed his followers saying that “Bitcoin SV is clearly, clearly, a scam” and then went on to elaborate on three important reasons behind his thinking:
Reason 1: Craig Wright is a Kown Scammer
The first reason Jimmy Song gave against the project was that the person who promoted it, Craig Wright, has not proven to be a trustworthy individual. Craig has managed to get media attention because of his claims to be Satoshi Nakamoto, but he has never been able to prove it.
Recently, Wikileaks called Wright a “Serial Fabricator,” explaining several tactics used by Craig to try to trick users with little technical knowledge, such as signing with public keys or altering old posts in blogs and forums:
“He (Craig) is a known scammer; he has never produced a signature as Satoshi … He hasn’t coded anything; he says ridiculous stuff. He uses only social signaling, he doesn’t provide any proof of anything, and the guy has been a con artist for a very long time. That by itself should make you very hesitant about Bitcoin SV.”
Reason 2: There’s almost no development activity around Bitcoin SV
This argument directly criticizes the Project. For Jimmy Song, the little (if any) activity around Bitcoin SV demonstrates that it is practically an instrument for speculation and not a crypto focused on offering its users functional solutions to real problems. The crypto does not seem to evolve or involve the community in its development.
Song commented that the apparent aversion of the team behind Bitcoin SV for open source development generates a danger for its users. He also emphasized that there is no sign of progress or evolution since “it’s all based on the Word of a con artist (Craig Wright).”
“If you look at their GitHub, They’ve done nothing in the past two months … They are not really trying to fix anything … They apparently have some sort of private development … They are not into open source. It’s anything but a secure protocol.
At some point I expect them to release a full node software or something like that that is straight up malware”
Reason 3: The behavior of Craig Wright and Calvin Ayre Is “Peculiar”
In this regard, Jimmy Song explains that Craig Wright and Calvin Ayre, the two main heads behind the Bitcoin Cash fork, have taken a course of action that does not lend credibility to the project. He mentions that from his point of view it is very probable that both are paying other influencers and developers to support this project, although he clarifies that he cannot prove it since there is no conclusive evidence of this:
“They wanted control basically, and they were threatening … I mean, it’s a completely crap vest with Bitcoin ABC, but the fact that they continued to fight and used their money trying to try to pop up this useless coin … it should tell you .. they wanted control their own money and they had enough of own ego to think that people just follow them”
Is It Enough to Call Bitcoin SV a Scam?
Despite the merits of Jimmy Song’s arguments, comparing his Livestream with the debate held in front of Craig Wright, it seems that he failed to attack the project and took the easy way by attacking the people behind it.
Whether Craig Wright is reliable or not, does not mean that the Bitcoin SV project is reliable or not. Comments to the video used precisely this flaw to discredit Mr. Song’s statements. Although YouTube comments show several BSV supporters defending Craig, one of the most interesting counterarguments was that of the user “Fomo Erektus,” who said the following:
“This is garbage.
To point 1: CSW is a “known scammer” in the BTC echo chamber. In the real world this verges on libel. Where are the victims? When has he ever been convicted of anything? But that’s not even the real issue here. The real issue is guilt by association. BSV is cryptographically secured; you don’t have to trust Craig Wright to use it.
2) Pay attention. nChain is focused on creating a microservices-based mining node which will process orders of magnitude more transactions than the current node software. This is public information. The protocol is not at risk. It’s being locked and TeraNode will be protocol-compatible with the legacy implementation.
3) Craig and Calvin used their own money in support of SV and you would like us to view that with suspicion? In what universe is “put your money where your mouth is” considered bad? You have literally not made one single substantiated claim in this whole video. You’re an embarrassment.”
Ultimately, the decision about whether to trust BSV depends on each user. While the actions of Craig and Calvin are not ideal, the project ranks 11th in the global market cap, and its destiny has not yet been written.