“Corner the Market”, Explained by an Old Excerpt of Satoshi Relates to BSV

Tarulika Jain by Tarulika Jain - 07:36 AM Jan 15, 2020
“Corner the Market”, Explained by an Old Excerpt of Satoshi Relates to BSV

According to analysts, the hiked price of BSV can lead to the situation of “corner the market” as explained by Satoshi in the old excerpt. The infamous altcoin, Bitcoin SV is making a dramatic move as it has reported 143 per cent gains on a single day. The reason for the increase is considered as the speculation about the fact that Craig Wright has possibly gripped the key to the 1 million BTC, which is deemed to be held by Satoshi Nakamoto only. 

BSV and Craig

Bitcoin Satoshi Vision is an altcoin that was split from Bitcoin Cash (BCH) after splitting from Bitcoin. Bitcoin SV is considered a second-degree hard-fork Bitcoin (BTC). Craig Wright, the CEO of BSV as well as leading bitcoin SV proponent, claimed to be Satoshi. The latest developments in the lawsuit against Wright can be considered to be deciding factor in hiked prices of Bitcoin SV.

  BSV chart

“Corner the Market”

The old excerpt of Satoshi says:
What the OP described is called “cornering the market”. When someone tries to buy all the world’s supply of a scarce asset, the more they buy, the higher the price goes. At some point, it gets too expensive for them to buy any more.

It’s great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell
Satoshi Nakamoto addressed the situation of “corner the market” which is being faced by many digital assets firm due to Wright. According to an old excerpt, Satoshi explained that for cornering the market, huge capital is needed. He further stated that if someone tries to purchase all the world’s supply of a scarce asset than the price will rise. But at some point, the assets will be held by some people though the prices skyrocket and refuse to sell.

Klieman vs Wright Case

The claims were legally filed in the pending Klieman vs Wright Case, running in the district court of Florida. In return, Wright has submitted the document containing a list of around 16000 BTC addresses. He also stated that he has a “Bonded Courier” in possession of keys which will be delivered at the end of the month. Still, the complete details regarding the unlocking of addresses were not given. In the past, Wright was accused of producing forged documents and making various other flawed claims. Nonetheless, even a 1% certainty of his claims being valid can create uproar in the market, according to Bitcoin News.

Analysing Price Hike of BSV

According to the CoinMarketCap, BSV almost doubled in the past 24 hours, which resulted in a gain of 96%. The community is delighted about the price jump, but sceptics are considering pump and dump.

But the analysts asserted that still colossal capital is needed by BSV to corner the market. Though the three-fold rise is noticed from the beginning of the year, which is presently at $456 but still the situation discussed by Satoshi is far.

About The Author
Tarulika Jain

Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.

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