This article will be my investment thesis on BSOV with today's date being 3/31/21. I am not a financial advisor and do not take responsibility for any losses. I have been bullish on BSOV for close to two years since late June 2019, admittedly less bullish during some periods than others! I was the 100th person in the Telegram chat and a nice British guy sent me my first 100 BSOV stack for free. It felt really nice that a stranger who I had never met just sent me crypto for free to get my feet wet. The community welcomed me with open arms and I was able to educate myself on the system of mineable tokens with awesome guys I could go back and forth with. Being new to mineable tokens in 2019, I learned so much about the value in the block reward and arbitrage gains made by miners. BSOV suffered from sell pressure constantly we used to call the seller the “one-cent man” as a joke because he kept dumping on the price below one-cent. It was every day, miners mine and send to DDEX plummeting the market. The moment there was $1000 in order book value it was gone in a month from the generation of new units. With that said, the constant mining, the constant sell pressure, there were moments I will never forget when large buy orders swallowed up all the sell orders; it showed me that a mineable asset can go from nothing to something if a community of people bootstraps the system with value. Life experiences like this cannot be taught in education because it’s simply impossible to do. I am grateful for this experience and see a huge value in decentralized cryptocurrency when a community of committed people decides to back an asset. Below is a chart about my view of the historical price action of BSOV :
The chart above shows our first top to $.08 in August 2019, then a 99% capitulation in November 2019 to less than $0.00045. I am not going to lie this was disheartening! But then in October boom, it was like a fish on. Thousands of dollars bought BSOV on the DDEX and pushed the price. That was the point when I could see the beauty in decentralized systems when a group of committed community members works together to help an asset. At this point, each block was less than a $.30 transaction fee so around $.006/ BSOV. New Years' Eve 2020 was epic! We had a whale who was swallowing up the mined BSOV tens of thousands at once and time locking them at a price of $.01-$.11/ BSOV. The most selfless move a holder could do in a space known for getting cash-grab people who needed money yesterday looking for a quick buck. The rally was fun, but the rational side of me knew if more units are created, the price is bound to go back down… and it did. Another 90% drop to $.0066 one year ago today 3/31/20. This was when we saw BTC below $5,000 and ETH in the low $100’s. In my opinion, to value a crypto asset you need to know where it has been and what it has gone through. The next over 90% drop came from the high in July 2020 of $.16 to a low in November 2020 of $.008. The price to confirm the mint function on the ETH Mainnet during this period was around $.006-$.05/ BSOV. The price plummeted in this correction not only from the miners, but it was also negative sentimant. Everything was rising other than BSOV like YFI, BTC, and ETH. The capital appreciation was not there so people sold during this time period for other coins. The story above shows three over 90% corrections in the historical price of BSOV. Early adopters have had plenty of time to sell at a profit and many have which is totally natural. Currently, we are in a correction from a high of $.36 on Resfinex and $.23 on Uniswap. The prices today are below:
The cost to mine 1 BSOV is currently range-bound between $.40-$1.50. This is why I am bullish on BSOV now more than ever. We are not going to see miners dump to profit you know why, because they simply can’t! The next 90% correction would be from the high $.36 to $.036. The only way this happens is not from mining, but from whales dumping. At this point, with the ETH fees so high it doesn’t seem like the cost to mine will come below $.036 anytime soon.
The only threat is from people who own a lot of BSOV at the current moment to drop the price to $.036. I have managed to get a nice stack over the past almost two years and have no intention of selling. I look at it as the ride is just starting! I think BSOV is a free ride at the current price based on this information that the supply simply cannot be undercut at these prices and positive sentiment is fueling BSOV holders to do nothing as the coin intends. The snowball effect is what opened my eyes to how cool BSOV was in the beginning and the foundation is there for the BSOV snowball to start growing even faster. On Uniswap anyone 24/7 can exchange over $600 at a 2% spread. Uniswap is allowing the snowball to grow with more and more people able to convert their fiat value into BSOV. A video on how to buy BSOV with Uniswap has been made and it is very straightforward:
My prediction is liquidity will hit over $100,000 and the price will be over $.25 by 12/31/21. A 90% correction is highly unlikely and if you disagree I would be happy to hear your argument. I hope you guys and gals enjoy the thesis and see the same value in BSOV as I do!