Citing data that demonstrates that over 86% of all Bitcoin SV volume originated from just 100 transactions, analyst Kevin Rooke told Twitter that Craig Wright's pet crypto project is a “total ghost town.”
86.4% of all Bitcoin SV volume yesterday came from 100 transactions. The BSV network is a total ghost town.
Despite that, network value is now $4.5 billion, up 300% in the last 45 days.
Totally insane. pic.twitter.com/5xS2qvNsJc
— Kevin Rooke (@kerooke) June 23, 2019
Indeed, the stated purpose of the Bitcoin SV fork is to have the capacity for millions of transactions, making the base layer of the cryptocurrency to be competitive with the likes of Visa or Mastercard. This the reason Bitcoin SV developers want blocks that are potentially gigabytes in size and argue that big data centers should be able to handle the traffic.
Bitcoin SV: Ghost Town or Underrated Crypto Project?
While it may be true that big data centers can handle the transaction volume, people immediately become concerned about the centralization that comes with such a barrier to entry.
Inevitably, it requires a lot of money to run a mining outfit that has to handle potentially thousands of gigabytes per week. You then have to serve them out, which requires even more bandwidth. Nevermind getting synced up with the network in the first place.