BSV fundamental analysis, this coin has no future
craigwright.net/blog/law-regulation/what-is-censorship-resistance/
Craig Wright’s blog post tells everything essential.
"Bitcoin is not designed to stop government from freezing bitcoin, and it is not ‘censorship-resistant’. Bitcoin is public. What Bitcoin does is work within the rule of law. Any court action or government and law-enforcement move to freeze and seize bitcoin will be public. When such actions are performed against criminals, few people will see them as a problem. If a totalitarian, controlling government decides to do so, a record is left immutably—for all time and for all people in the world to see. It is thus how Bitcoin counters bad actors. It allows change, but change through sunshine. Bitcoin does not stop people from freezing transactions, it stops them from using illicit money at scale.
The thing with strong encryption is that even governments cannot decrypt a file without the key.
Bitcoin is not encrypted. Transactions sent on the Bitcoin network are propagated and recorded as clear text. As they are clear text, all UTXOs can be seen, monitored, traced, and acted upon. As the source of all transactions, the input transaction, remains clear text and is easily viewed, it is simple to apply existing rules of following and tracing money and enact court orders for freezing and later seizing bitcoin."
In his idea, funds can be frozen and confiscated from people. If there is a possibility to freeze funds, it is not immutable ledger anymore! First he says bitcoin is immutable ledger, then he says funds can be frozen. So absurd. So, actually BSV is not immutable ledger, it is not censorship-resistant. From fundamental perspective, BSV will never be "plumping" of global payment network. Plumping of payment network cannot influence in how much and to whom funds will be sent, plumping of payment network must be only plumping!
Craig Wright’s blog post tells everything essential.
"Bitcoin is not designed to stop government from freezing bitcoin, and it is not ‘censorship-resistant’. Bitcoin is public. What Bitcoin does is work within the rule of law. Any court action or government and law-enforcement move to freeze and seize bitcoin will be public. When such actions are performed against criminals, few people will see them as a problem. If a totalitarian, controlling government decides to do so, a record is left immutably—for all time and for all people in the world to see. It is thus how Bitcoin counters bad actors. It allows change, but change through sunshine. Bitcoin does not stop people from freezing transactions, it stops them from using illicit money at scale.
The thing with strong encryption is that even governments cannot decrypt a file without the key.
Bitcoin is not encrypted. Transactions sent on the Bitcoin network are propagated and recorded as clear text. As they are clear text, all UTXOs can be seen, monitored, traced, and acted upon. As the source of all transactions, the input transaction, remains clear text and is easily viewed, it is simple to apply existing rules of following and tracing money and enact court orders for freezing and later seizing bitcoin."
In his idea, funds can be frozen and confiscated from people. If there is a possibility to freeze funds, it is not immutable ledger anymore! First he says bitcoin is immutable ledger, then he says funds can be frozen. So absurd. So, actually BSV is not immutable ledger, it is not censorship-resistant. From fundamental perspective, BSV will never be "plumping" of global payment network. Plumping of payment network cannot influence in how much and to whom funds will be sent, plumping of payment network must be only plumping!
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