Crypto-Twitter felt a sense of triumph when Binance and other Exchanges like Kraken and Shapeshift decided to De-list Bitcoin Satoshi Vision (BSV). Moreover, this the first time that a split between ideas resulted in delisting rather than opting for another ‘Fork.’
John McAfee tweeted on the issue:
“If BSV was his true vision then either Satoshi is the worst communicator in the world, or Craig Wright, Calvin Ayre and BSV are frauds.”
However, what feels like a unanimous decision was actually influenced by one Exchange’s immediate decision. The price of the delisted token fell by 21% in hours of the announcement. Hence, there were many users on the BSV chain who suffered losses which also might have been oblivious of the claims on Satoshi’s identity; not many people outside the crypto-community knows lead proponents of cryptocurrencies.
Centralization of Exchanges an Alarming Issue
Furthermore, BSV proponents have claimed that delisting was a violation of the right of free speech for Craig Wright. While Crypto-Twitter is united against Wright’s claims and the delisting, there is another alarming issue addressed by industry leaders.
Vitalik Buterin, the co-founder of Ethereum also noted on the issue:
“…I agree #DelistBSV is not a free speech violation for a different reason: exchanges are already selective so listing is active promotion, not “just letting the market play out man”
Binance is the largest Exchange in the world, and it is centralized. In fact, CZ can influence the price of any cryptocurrency by just ‘threatening to delist.’ Moreover, we have often seen how the listing of cryptocurrencies on Exchanges create a short term ‘pump and dump.’ It was evident with the ‘Coinbase effect‘ too where just anticipation of listing on Coinbase would drive the price of a cryptocurrency.