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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