#DelistBSV’s domino effect: Crypto-enthusiasts ask ‘how much power should exchanges have?’
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Binance, the largest cryptocurrency exchange by trading volume, was in the spotlight for taking the decision to delist the currently 14th largest cryptocurrency, Bitcoin SV.
This move had a domino effect, with several other exchanges announcing that they would also be supporting the move by delisting the coin from their platforms. This includes top exchanges such as ShapeShift and Kraken’s Twitter poll on the same. Since then, the coin saw a massive drop of over 28% in its value on the weekly chart, according to CoinMarketCap. In the past 24 hours, the coin has plunged by over 21%. However, this decision made by top-notch exchanges brought up questions pertaining to the control and impact centralized exchanges have.
The #delistBSV series began when Craig Wright and Calvin Ayre served a legal notice to a prominent member in the cryptocurrency space. According to the initial announcement, the first person to receive the notice was a Twitter user, Hodlonuat, as he had previously stated that Craig was a “fraud” for claiming to be Satoshi Nakamoto, the Creator of Bitcoin [BTC]. In this regard, the letter stated that the Twitter user had to issue a public apology to Wright, failing which he would sue him on the “grounds of defamation”.
This, in turn, led to a majority of the cryptocurrency enthusiasts speaking up against Wright and in support of Hodlonaut, with several adding the name to their own display name on Twitter and claiming to be Hodlonaut. This also led to Changpeang Zhao, the CEO and co-founder of Binance, affirming that Wright “is a fraud” and that they would delist the coin if this “sh*t” continued.
Interestigly, the game of serving legal notices did not just end there. Days after the announcement, Peter McCormack, the host of WhatBitcoinDid, and Vitalik Buterin, the Creator of Ethereum, also received a letter issued by Craig Wright and Calvin Ayre. McCormack, as a reply to the legal notice, stated that Wright was “definitely not the person behind the pseudonym Satoshi Nakamoto”.
While a majority of the crypto-enthusiasts stand for #delistBSV, some shared their opinion on the impact that centralized market places had on the cryptocurency space. This included Nic Carter, the co-founder of Coinmetrics, who spoke about the events on his social media handle. He said,
“If fraud from the chief promoters is sufficient reason for a delisting from Binance… almost everything should be delisted. We’re still in the wild west era of cryptocurrency, like it or not totally unregulated, unaccountable exchanges are the kingmakers. I for one am excited for this to change.”
Nic Carter also stated,
“I let out a smirk when I read the news but celebrating this is a bit short sighted. Exchanges are part of a troika (along with coin promoters and coin rankings sites) that all profit by extracting wealth from unsophisticated investors.”
to be clear, Binance was absolutely right to delist BSV because a tiny minority hashrate coin is incredibly insecure and liable to be exploited. but it also does evidence how much power exchanges have
— nic carter (@nic__carter) April 15, 2019
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