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Thinking Aloud Binance’s Decision to Delist Bitcoin SV

The essential creed of crypto is built around the foundation of decentralisation, around eliminating middlemen, rentiers and arbitrageurs. Voltaire probably would have approved of crypto when he said “I will disapprove of what you say but I will defend to the death you right to say it”.

The personal battles between the oft-rightly-ridiculed Craig Wright, the self-proclaimed Satoshi Nakamoto – the creator of Bitcoin and a few major figures in the crypto space are escalating to new heights, rather stopping to new lows now. After being denounced on social media as “not the real Satoshi” by many within the crypto community, Craig Wright has taken a traditional legal route by sending notices to all his detractors, accusing them of libel and personal damage. In an interesting turn of events, Binance, which is arguably the biggest centralized crypto exchange out there, decided to ‘punish’ Craig Wright for his errant behaviour by delisting Bitcoin SV – the project which Craig Wright publicly supports. As a result, the price of Bitcoin SV nosedived yesterday by more than 20%.

While Binance’s seemingly knee jerk reaction to delist BSV has received applause from various corners of the crypto community with more exchanges expected to follow suit, it also reveals the ugly side of crypto exchanges where decisions can be purely emotional with little regard to consequences on the broader community. The question that begs an answer is whether Binance and other exchanges are right in their decision to penalise the entire BSV community for the actions of a single person who supports BSV.

Satoshiand.co firmly believes that such unilateral actions by centralized entities go against the grain of crypto, leaving it open to criticisms from traditional paradigms that are threatened by crypto. If BSV has no foundational value it will die out on its own, in the same manner as the 99% of ‘shitcoins’ that came up during the ICO boom and have now disappeared without a trace

The market should decide if BSV is worth having around, not any one individual, even if that individual be CZ of Binance, who by the way is someone that we admire and respect immensely for his contributions.

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By Ramani Ramachandran and Rohit Alluri

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