The Domino Effect of Mass Delisting Bitcoin SV by the Cryptocurrency Industry

The US-based cryptocurrency exchange Kraken has announced that it will be delisting Bitcoin SV (BSV). Kraken launched a poll on Twitter in which over 70% of the participants backed the sentiment that BSV should be removed.

Here are the poll results:

This move makes Kraken the latest addition to the increasingly growing list of exchanges that are turning against Bitcoin SV. On April 15, 2019, Blockchain.com announced they would be removing support, stating:

“After careful consideration, we have determined to end all support of BSV within the Blockchain Wallet by May 15, 2019.“

Binance, which were the first majore cryptocurrency exchange to delist the “toxic” coin, published a list of reasons why they would no longer be offering the coin, two of which were “Evidence of unethical/fraudulent conduct” and “Contribution to a healthy and sustainable crypto ecosystem.” Since Binance’s announcement, the price of Bitcoin SV has fallen by over 20 percent.

Satowallet exchange has also pulled their support for BSV, tweeting (@thesamuelben):

The $BSV saga has shown how unified the #crypto community has become. Satowallet @SatoWallet stands for what’s right CZ @cz_binance , and we will discontinue support for $BSV. It’s time we start cleaning up the crypto community. #Satowallet #BSV Withdrawals commence immediately!

ShapeShift CEO Erik Voorhees has also said he will stand in support of the crypto community and delist Bitcoin SV within 48 hours from the ShapeShift platform. A real domino effect is in force now with crypto exchanges around the world banding together to delist the rogue cryptocurrency. The UK-based cryptocurrency trading platform Bittylicious also joined the movement yesterday.

So why the sudden solidarity? Why is the crypto world turning its back on Bitcoin SV? Craig Wright is an Australian computer scientist who claims to be the Bitcoin creator (and even took a few shots at Ethereum recently), Satoshi Nakamoto. Satoshi presumably created Bitcoin in 2008 and disappeared a few years later, while his true identity remaining anonymous during his time on the project. The cryptocurrency industry does not believe that Craig Wright is Satoshi and many believe he is a fraud and a scam artist who is manipulatively encouraging people to buy Bitcoin SV by exploiting the name.

Craig maintains that he is Satoshi, but he has failed to provide any proof that he is. Craig claimed he could prove he was Satoshi by copying some pre-existing signatures out of the blockchain and verifying them. This was proved to be a hoax, repeatedly. Many in the crypto industry are rightly concerned that Wright managed to receive financial rewards for convincing people he is the real Satoshi.

Wright wrote in his website:

“I believed that I could do this. I believed that I could put the years of anonymity and hiding behind me. But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I cannot. When the rumors began, my qualifications and character were attacked.“

This is a fascinating positive development in the cryptocurrency industry, which is unfortunately fraught with frauds and scams. It’s highly encouraging to witness how finally the industry stands up united against deceit and exploitation.