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24 March 2023
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Jimmy Song Proclaims “Evidence” That Bitcoin SV IS A Scam, But Will It Deter Anyone From Using It?

Jimmy Song Proclaims “Evidence” That Bitcoin SV IS A Scam, But Will It Deter Anyone From Using It?

Jimmy Song is a well-known name in Bitcoin development and is also known to the industry as an entrepreneur. A few days ago, he decided to try and enlighten the community to show why Bitcoin SV is a scam, in his opinion. As many people remember, Bitcoin SV was the Bitcoin Cash fork, which both Calvin Ayre and Craig Wright have supported.

Ever since Bitcoin SV was even announced, Song has been an aggressive critic. Even before the hard fork, he remained in opposition of Bitcoin Cash as a whole, even debating with Roger Ver months ago about the fundamental issues that he was with the BCH philosophy. With its centralized nature, Song believed that this is not what the creator of Bitcoin would have had in mind, claiming that it is like having cash on the blockchain.

During the livestream, Song did not deter from his original stance, adding, “Bitcoin is clearly, clearly, a scam.”For him, there are three major factors that make this statement true.

  1. Craig Wright is a scammer, and everyone knows it.
  2. Bitcoin SV lacks substantial development activity.
  3. Both Craig Wright and Calvin Ayre have exhibited “peculiar” behavior.

Craig Wright was known, during the hard fork, for promoting the SV blockchain, but he has not been trustworthy in the past. He has even claimed to be Satoshi Nakamoto, the creator of Bitcoin, but he has not proven it and there’s been many articles that have broken down the numerous reasons why his claims are false. He’s even been called a “serial fabricator” by Wikileaks.

Song elaborated,

“He (Craig) is a known scammer; he has never produced a signature as Satoshi … He has not coded anything; he says ridiculous stuff. He uses only social signaling, he does not 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.”

The second argument that Song brings up is against the project directly. With the small amount of activity, which is a generous word for what has been going on within Bitcoin SV, is basically just used for speculation, without offering any kind of solution to any crypto problem. There is yet to be any evolution or community involvement, beyond the claims of Wright.

Continuing, Song said,

“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.”

The final point that Song drives home is the odd behavior that Wright and Ayre are displaying. The twosome were the two big supporters of this side of the hard fork, but their lack of action leads Song to believe that they are involved in paying off influencers and developers to act as if they support the project.

Without any real evidence, Song adds,

“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 to control their own money and they had enough of own ego to think that people just follow them.”

Even with how reputable Song is in the industry, it does not look like he attacked the project with enough vigor or facts, instead turning to the people in his criticism. Furthermore, the shadiness of Wright does not necessarily mean that the Bitcoin SV project is unreliable. There are many comments in the video posted of these statements, which users took as an opportunity to discredit Song instead.

One counterargument came from user “Fomo Erektus,” who broke down his own rant into three points as well, addressing each of the three reasons. In his criticism of the first point, the user said, “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.”

On the second point, Fomo Erektus said,

“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.”

The third argument was simple and even claimed that Song himself had no support behind his argument. It said,

“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.”

Realistically, just like every other cryptocurrency, investors have to decide their investment path on their own. Even though both Ayre and Wright have unfortunate actions in their history, nothing has been set in stone yet.


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