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Bitcoin SV delisted – forking hell or heavenly self-regulation?

Binance is large and well-respected cryptocurrency exchange. Yesterday, it announced that it would delist Bitcoin SV (tickers: BCHSV, BSV) because it “no longer meets” the Exchange’s standards.

F*rking creates new cryptocurrencies

Public cryptocurrencies are all open source and you may reuse the source code without restriction. Therefore if you don’t like the technical direction a project is taking you can copy the code, make the changes you want and release it under a new name. This is called “forking”.

The first fork to get the public’s attention was the fork of Bitcoin in August 2017 that produced Bitcoin Cash. This goal of this new chain was to reduce the cost of Bitcoin transactions by using larger blocks. While the Bitcoin and Bitcoin Cash teams would both argue that in the long-run their coins will do everything a user wants in practice this resulted in two coins with two different use cases.  Bitcoin is optimised as a secure digital store of wealth (“digital gold”) and Bitcoin Cash is optimised for transactions (“digital cash”).

It must also be understood that technologists are people and that different cryptocurrency teams have very different cultures and human networks. The Bitcoin Cash team soon had its own civil war between those who wanted to retain 32MB blocks and those who would increase the size to 128MB.

The first camp called their software Bitcoin ABC (Ajustable Blocksize Cap) and was lead by the entrepreneur Roger Ver and the miner Jihan Wu. The second camp led by Craig Wright called their software Bitcoin SV short for “Bitcoin Satoshi’s Vision”.

In November 2018 the Bitcoin Cash split and a hash war resulted which was won by Bitcoin ABC. Bitcoin SV continued on its own path with its own new ticker BSV.

People Matter

In their press release Binance say they assess many different factors including,

    • Commitment of team to project
    • Level and quality of development activity
    • Network / smart contract stability
    • Level of public communication
    • Responsiveness to our periodic due diligence requests
    • Evidence of unethical / fraudulent conduct
    • Contribution to a healthy and sustainable crypto ecosystem

The Bitcoin SV team is led by Craig Steven Wright who has claimed to the Satoshi Nakamoto who published the first academic paper on Bitcoin. The cryptocurrency community had given little credence to his claim and nicknamed him Fake Satoshi.

Self Regulation

Here at CRYPTOSTAR.MONEY we are great believers in self-regulation as the only realistic way forwards. Decisions about cryptocurrencies are complicated and the situation is constantly changing. Therefore we believe that only those who are actually working in the industry and have a stake in its success can regulate it.

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