Binance delisting Bitcoin SV (BSV) is forcing other exchanges such as Kraken and Shapeshift. Let's take a look at the implications of this unprecedented move for the world's largest exchange.
"Satoshi's vision" should see it coming
Yesterday, Binance, the largest volume volume bitcoin exchange, announced it was deleting Bitcoin SV (BSV) in a breathtaking move. CEO Changpeng, CZ, Zhao, cited non-compliance with high standards and pulled the plug on the Altcoin, which claimed to be the "original" Bitcoin.
CZ issued a warning for the first time last week after BSV financiers Craig Wright and Calvin Ayre threatened to sue a member of the Bitcoin community for libel.
"Craig Wright is not Satoshi," Zhao replied. "Even more of that sh! T, we delist!"
Bit the sh! T continued to flow. Ayre and several other supporters of the BSV even urged the CEO to go over the threat that Binance called "a fraudulent bucket shop".
Finally, Binance dropped the bomb on Monday, the CZ said was "the right thing to do".
The news was received with great praise by online commentators. Ayre was outraged vocation the movement "illegal".
Kraken will probably list SV next
As Bitcoinist Last week, co-founder of Morgan Creek, Anthony Pompliano, reported on all major exchanges that BSV "lost" on May 1.
But as Binance pulls the trigger much earlier, other companies are already following suit.
Blockchain announced that the support will be discontinued by May 15. "After careful consideration, we decided to discontinue all of BSV's support within Blockchain Wallet until May 15, 2019," they wrote.
Shapeshift also jumped on the train much earlier, erasing the Altcoin.
"We stand with the sensations of Binance and CZ" wrote CEO Erik Voorhees.
We decided to remove Bitcoin SV from Shapeshift within 48 hours.
Meanwhile, Bitcoin Barter Kraken has shown that he also considers taking action. A public poll asked if BSV should be removed.
With more than 61 thousand respondents, the result suggests that Kraken will be the next major exchange that drops the BSV. Overwhelming, more than 70 percent said that Kraken should cancel the Altcoin declaration and said, "Yes, it's poisonous."
Interestingly enough, Kraken may have more reasons to remove BSV. As Bitcoinist Last December, UnitedCorp reported that the deal was sued for alleged plots to abduct Bitcoin's cash network after a hard-fought hard-kick spawning BSV.
4 reasons why Binance will benefit
Ultimately, the decision to remove the BSV could be an advantage for the world's largest exchange for many reasons.
First, the BSV trading volume on the platform was negligible. With Binance, which supports hundreds of old coins, depositing such a small-denomination coin will not harm their business.
In fact, the number of actual BSV users is even overshadowed by bifurcated rival BCH. Despite the handling of miners, the hathrate is 1.6 percent of Bitcoin. In addition, Bitcoin SV price 00 Immediately after the news, he plunged by more than 20 percent and showed his tough market presence.
Secondly, delisting binance has brought much of the street credit community. By removing a coin that was synonymous with lawsuits, fraud and "faketoshi", the exchange sets a precedent for industry self-regulation.
Third, Binance is established as the de facto leader among the stock exchanges. Through his warning, the CEO has shown that he will defend his principles as expected from a true leader.
Fourth, BSV is now a pariah. This means that other stock exchanges that * do * not decree lose credibility in the eyes of the public and further strengthen Binance's position.
This will also prevent the exchange of questionable Bitcoin forks in the future.
– Tyler Winklevoss (@tylerwinklevoss) April 15, 2019
Will clearing BSV benefit from Binance in the long run? Share your thoughts below!
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