Bitcoin SV (Satoshi’s Vision) delistings and controversies. What is the story?
Bitcoin SV (Satoshi’s Vision) delistings and controversies. What is the story?
What is Bitcoin SV?
Bitcoin SV, which stands for Bitcoin Satoshi Vision, is the the fork of Bitcoin Cash that came to existence on 15th of November where some members of the Bitcoin Cash community were unhappy with a certain feature included in the suggested upgrade.
The BSV chain leader is Craig Wright, who claims to be Satoshi Nakamoto. Wright is one of the major media figures involved in the famous Bitcoin Cash hash conflict along with Roger Ver who is the main force behind Bitcoin Cash.
The main changes behind the Bitcoin SV are increasing the the block size of BSV is 128MB to majorly scale the network and allow more transactions to be performed. They are also trying to decrease the transaction cost which is lower than Bitcoin and Bitcoin Cash.
What is the controversy?
There has always been a lot of hostility between Bitcoin SV and Bitcoin Cash and there also was a lot of controversy surrounding Bitcoin SV.
The most controversy is behind Bitcoin SV Craig Wright, who has been creating controversy by claiming he is Satoshi Nakamoto. So far he hasn't provided any definite proofs that is the case and has been challenged by several public figures.
Wright has been threatening to sue to people that say that he is not a Satoshi Nakamoto. For example he tried to sue crypto podcaster Peter McCormack and Ethereum co-founder Vitalik Buterin. Wright accused McCormack and Buterin of defaming him when they called him “a fraud” and said he was lying when he says he’s Satoshi Nakamoto.
What is the result?
As predicted majority of the cryptocurrency community disagreed with his decisions and Bitcoin SV was also affected as a result.
This resulted in Bitcoin SV being delisted from several significant exchanges: It has been removed from Binance, Shapeshift, Kraken (after a pool conducted on their exchange)
Due to controversy the price has decreased significantly:
Conclusion
Bitcoin SV is still listed on other exchanges like BitForex, BitMart, OKEx, HitBTC and Huobi so the project is not dead.
However due to toxic behaviour of Craig Wright and the fact that Bitcoin SV doesn't really offer anything over Bitcoin or Bitcoin Cash (and other payment cryptocurrencies)
It can be argued whether exchanges like Binance or Kraken have too much power (basically delising can affect the price very significantly) but that's a whole new conversation
However I do think that due to toxicity of the founder of the project and the fact that Bitcoin SV doesn't offer anything special I wouldn't recommend investing into Bitcoin SV.