Thursday, June 20, 2019

Is the Bitcoin SV Embargo Good for the Crypto Space?

In essence, one can describe the crypto space as a group of tech-savvy individuals who are very entrenched into the coins or tokens they feel have potential. Once there’s a conflict between members, the crypto world is shaken, in like manner as the volatility of the market. This crazy volatility is in the form of the action taken on Craig Wright’s coin, Bitcoin SV by Binance exchange.

Craig Wright has sparked up a lot of reactions since his claims that he’s the anonymous creator of the first cryptocurrency, Bitcoin. His assertions that he’s the famed Satoshi Nakamoto have gotten him a few acquaintances in the industry.

For a short while now, Binance CEO has been at loggerheads with Craig Wright over his claims and his cyberspace ‘bullying’. Things finally became heated after Binance delisted Bitcoin SV yesterday. The delisting has received mixed reactions from the cryptocurrency community. Some are commending the move, while others feel Zhao shouldn’t have done that.

Opinions on the Delisting

The co-founder of Cardano, Charles Hoskinson, reacted to the delisting a while after. He encouraged other people in the crypto space to clone Binance’s action. He stated that he was proud of Binance and Zhao and its stance against deception and bullying in the crypto space. He also referred to this conflict as ‘a dark phase in crypto’s history’.

The CEO of ShapeShift, Erik Vorhees, declared that he and his company stood with Binance on their decision. The American startup founder and co-founder of Coinapult also indicated that within two days, ShapeShift would delist Bitcoin SV.

John McAfee, possibly the most followed and most popular crypto bull also weighed in. He noted that Wright’s claims had gone too far and revealed a shocking claim. He said that at least twelve individuals knew the real identity of Satoshi Nakamoto. He also reassured the crypto world that it wasn’t Craig Wright. He then proceeded to attack Wright again asking if he was shameless.

However, some crypto enthusiasts felt that the delisting by various exchanges was not necessary. One user even compared ShapeShift’s delisting of Bitcoin SV to Paypal’s removal of Wikileaks. 

Well known Crypto trader, Alex Kruger also weighed in indicating that exchanges make good money from listing altcoins. He subtly took Bitcoin SV’s side by stating that while exchanges were delisting Bitcoin SV, they should also delist all other ‘useless’ coins.

Effects of Wright’s Claims on the Crypto Space

Craig Wright’s statements have made him a social pariah in the crypto space with several viewing the man and his inspired Bitcoin Cash hard fork, a scam. Binance has drawn the line on Wright’s claims and in doing so, have been established as a significant player in the crypto space. Several are questioning if their decision is right or wrong.

Bitcoin SV’s value has dropped by 25% since Binance announced the delisting and $6 billion had been wiped out of crypto’s market capitalization.  

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