Bitcoin SV users seemed very excited about the CoinGeek Live conference.
Active addresses and the number of transactions on the Bitcoin SV network have seen staggering growth in the two days ahead of this week’s CoinGeek Live conference in New York.
Jimmy Nguyen, Chairman of Bitcoin Association
The number of active Bitcoin SV addresses increased from 110,000 on September 28, to 947,400 yesterday.
That’s a staggering 761% growth in the two days ahead of CoinGeek Live, which kicked off at 9am on September 30, New York time to October 2.
The spike in active addresses has sparked astonishment on Crypto-Twitter. Bitcoin SV opponents Craig Wright and Arthur van Pelt, re-posted SirToshi’s chart to draw attention to the fact that Bitcoin SV managed to break through the Ethereum network in the midst of the DeFi boom. He said sarcastically:
“Seems reasonable. I think organic growth. It has nothing to do with CoinGeek Live that I bet on.
Bitcoin influencer ‘Holdlonaut’ replied with an emoticon facepalm.
Transactions on the Bitcoin SV network have more than doubled over the same period, from 715.6 thousand to 1,751 thousand yesterday. That was 145% growth in the 48 hours prior to the conference. Meanwhile, the average transaction value decreased by 2/3 over the same period.
However, it is possible that the spike is just a coincidence as the network sometimes sees some unusual activity. Active addresses soared to more than 1 million shortly on June 24, and transaction volumes soared to $ 5.5 million on July 10.
The CoinGeek Live Conference is primarily an online event and features speakers including nChain’s controversial leader, self-proclaimed Satoshi Nakamoto Craig Wright, Bitcoin Association President Jimmy Nguyen and Fundstrat Global’s managing partner Thomas Lee.
In his opening speech, Jimmy Nguyen said that Bitcoin SV had incentives to discourage bad behavior and noted that Bitcoin’s whitepaper initially mentioned the word “honest” 15 times.
As reported by CoinGeek, Bitcoin SV currently processes more than 2,800 transactions per second on its main network and is aiming for 50,000 transactions per second in the near future. The upcoming Teranode enterprise-class protocol aims to have a 1TB transaction block.
Jimmy said that Bitcoin SV is “the basic set of rules for the entire network and is reinventing the internet”.
In some related news, the Supreme Court of Norway has rejected the appeal of Craig Wright’s jurisdiction. Plaintiff Satoshi tried to sue Hodlonaut for defamation in the UK but will now have to go through Norwegian courts.
Hodlonaut said the court awarded him $ 6,000 in other costs over $ 60,000 in costs that were awarded.