Organic growth? Bitcoin SV activity up 761% ahead of BSV conference

Active addresses and transaction counts on the Bitcoin SV network saw unbelievable growth in the two days leading up to the CoinGeek Live conference in New York this week.

Active BSV addresses grew from 110,000 on Sept. 28 to 947,400 addresses today.

That’s an astonishing growth rate of 761% in just two days leading up to CoinGeek Live, which kicked off on Sept. 30 at 9 am New York time and will run until Oct. 2.

The spike in active addresses raised eyebrows on Crypto Twitter. Bitcoin SV and Craig Wright antagonist Arthur van Pelt reposted SirToshi's chart that calls attention to the fact BSV has managed to overtake the Ethereum network in the middle of a DeFi boom. He said sarcastically:

“Seems legit. Organic Growth I think. Has nothing to do with #CGLive I bet’.”

Bitcoin influencer ‘Holdlonaut’ responded with a facepalm emoji.

Transactions on the Bitcoin SV network more than doubled in the same period from 715.6K to 1,751K today. That’s a growth of 145% in the 48 hours leading up to the conference. Average transaction values, meanwhile, fell by two-thirds over the same period.

However, it’s possible the spike could simply be a coincidence, as the network does see some unusual bursts of activity on occasion. Active addresses spiked to over 1 million briefly on June 24, and transactions spiked to 5.5 million on July 10.

The CoinGeek Live conference is mostly an online affair and features speakers including nChain’s controversial chief scientist Wright, Bitcoin Association President Jimmy Nguyen and Fundstrat Global managing partner Thomas Lee.

In his opening address, Nguyen said that Bitcoin SV has incentives to discourage bad behavior and noted that the original Bitcoin whitepaper mentions the word “honest” 15 times.

According to CoinGeek’s report on Nguyen’s address, Bitcoin SV currently processes more 2,800 transactions per second on its mainnet, and is aiming for 50,000 in the near future. The forthcoming Teranode enterprise-tier protocol aims to have 1TB transaction blocks.

Nguyen said that Bitcoin SV is “the foundational rule set for an entire network,” and is “re-inventing the internet.”

In somewhat related news, the Supreme Court of Norway has rejected Craig Wright’s jurisdictional appeal. The Satoshi claimant had been trying to sue Hodlonaut for libel in the U.K. but will now have to go through Norwegian courts.

Hodlonaut said the court has awarded him another $6,000 in costs on top of the $60,000 in costs already awarded:

Supreme Court in Norway today rejected CSW’s jurisdiction appeal, awarding me costs of $6,000 on top of the $60,000 already owed. His perfect loss record is intact. (4 out of 4)The real case will now go forward in Norway where another loss surely awaits him.Welcome to law! https://t.co/Ue4TL4P5gp

— hodlonaut ⚡ (@hodlonaut) September 30, 2020