Though some may disagree, the crypto world is often a breeding ground for heated debates. The groundbreaking promise of blockchain tech frequently leads to varied interpretations, inciting discussions and disagreements across different crypto factions.
One notable dispute arose between Bitcoin enthusiasts and followers of other digital currencies against Bitcoin Satoshi’s Vision (BSV), largely provoked by actions from the project’s key figures, Calvin Ayre and Craig Wright, who claims to be Satoshi Nakamoto.
The conflict reached a critical point when exchanges started dropping BSV en masse this week. they would be delisting BSV in an overt show of disapproval.
Kraken Responds to Community, Drops BSV
On Monday, the San Francisco-based Kraken In a surprising move, Kraken took to Twitter to ask whether it should delist Bitcoin Satoshi’s Vision. The poll came on the heels of Binance’s decision to drop BSV, rapidly gaining attention within crypto circles.
Within hours, the poll had tens of thousands of respondents, a majority of which voted for Kraken to either delist the renowned yet controversial Bitcoin fork. And earlier today, the poll closed, with 71% of 70,000 crypto stakeholders voting for the removal of BSV support. Kraken made good on its promise just hours later, posting the following tweet and blog post This highlights an important point: investors ultimately have a voice in the fate of their preferred trading platforms.
The community has spoken. Kraken is removing BitcoinSV. https://t.co/8lSUfEYUYr #delistBSV
— Kraken Exchange (@krakenfx) April 16, 2019
In an open post, Kraken announced that the motives of the BSV leadership don’t align with the ethos of crypto, which is about creating a freer financial world. The startup condemned Bitcoin SV’s practices as contradicting the movement for decentralized systems and financial freedom.
Kraken pointedly criticized Craig Wright’s assertions regarding his identity as Satoshi and the subsequent legal challenges, considering the notices sent to figures like Vitalik Buterin and Peter McCormack as 'the straw that broke the camel’s back.' Satoshi Nakamoto Starting April 22nd, new deposits of Bitcoin SV will be stopped, trading will halt by April 29th, and the full delisting will conclude on May 31st, according to Kraken’s firm statement against unethical actors, fiercely criticizing Wright and his team for their threats against crypto innovators.
While Kraken's move to phase out the cryptocurrency is significant in its own right, it’s part of a broader trend of BSV removals announced in recent times.
Not the First Time an Exchange Delists... And Likely Not the Last
It was also unveiled that they too would be distancing themselves from BSV. They commented that the crypto doesn’t meet the required quality standards, and delisting is set for April 22nd, barely a week away. Shortly after Binance's announcement, other projects in the crypto sphere started following suit.
As reported by Blockonomi on Monday, Binance , the world’s largest cryptocurrency exchange Erik Voorhees, a prominent figure known for resisting authority and leading the quick-exchange platform ShapeShift, declared their alignment with Binance. He stated publicly that within two days, ShapeShift will no longer trade Bitcoin Satoshi’s Vision.
Blockchain.com, a leading wallet service, also echoed this stance, as its CEO, Peter Smith, informally announced via Twitter that BSV support would wrap up in the coming month, urging users to explore other venues for their transactions.
The momentum is building as further recognized exchanges and support companies may soon detach from BSV. Some are dubbing this as the 'domino effect' of BSV delistings.
The mounting opposition within the community has certainly not favored BSV's market performance. At the time of this writing, BSV's value has dropped by 3.5% over the past day, while mainstream coins like Bitcoin and Ethereum have increased by 3%. The crypto asset now trades at $57.5, a noticeable decline from its $71 valuation before Binance's sudden decision.
BSV Reels In Delisting Spree
Bitcoin Cash (BCH) emerged stronger amid the backlash against BSV. As Binance broke the news, many moved their BSV holdings into Tether's USDT or human coupled BCH, driving a noticeable uptick in its price.
Interestingly, Bitcoin Cash I've been delving into cryptocurrency topics since 2013, and my insights have featured in top-tier industry outlets like LongHash, NewsBTC, and Decrypt. When not writing, I contribute to HTC’s EXODUS team, and I hold a small investment in Bitcoin. Feel free to reach out at [email protected].
