The future of BSOV is very speculative at this point with many in the community calling it “dead”. Today, 9/5/21, there is over $300 at the 2% depth on Uniswap and the price on Resfinex appears to have caught up to this liquidity pool. Since reaching $.20 on Uniswap, the amount of sell pressure has overpowered the amount of buy pressure plummeting the price. Basic laws of supply and demand with supply increasing and demand decreasing, this is a one-two punch on the price. The beautiful thing about this process is once someone has sold that is the end of the game for them unless they want to buy back in or mine more (which at these gas levels will not be profitable). The total float outside of the Time Lock Contract and burn wallet is less than 2.5 million tokens. BSOV has been around for over two years now with many 90% drops but never has it had this much stagnation in the number of units being produced. In my opinion, the reason so many units were produced in such a quick period of time is because of one line of code:
This was the single biggest issue with the math in the contract. An adjustment of 50% up is not much when the initial target is so easy. This creates a lack of true upward adjustments, yes the difficulty goes up if more blocks are mined in that given time frame than should, but my point is it is negligible. The only way the contract would truly adjust to the amount of hash rate is with more and more adjustments. The math is such that it takes more doubles to get to where you should be because the initial value is too easy for the tech used in hashing. Mining with a three-board FPGA on this contract for any token difficulty less than one million is like bringing a drone to a knife fight. Now with ETH fees too high, the ability to create units at a cheap cost has been gone for a long time. Bloxy shows the number of units in circulation over time:
In conclusion, the future of BSOV depends on the community and the amount of buy pressure on the asset. With the total float decreasing every on-chain transaction, the storyline of BSOV is coming to fruition. The goal of BSOV is to be a “store-of-value”. This value needs to come from people who are willing to bootstrap the micro-economy. $.05/ BSOV and 2.5 million float, the market cap is $125,000. Will it go up or down? That is up to us.