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Thinking Aloud Binance’s Decision to Delist Bitcoin SV

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Satoshi&Co Daily Crypto Newsletter

April 16 · Issue #161 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as short (but great) conversations with leading crypto industry participants at our newly-launched website www.satoshiand.co

Source: xkcd
Source: xkcd
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%.
Source: coinmarketcap.com
Source: coinmarketcap.com
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. A comparison of top 10 cryptos on coinmarketcap across two different points in time is instructive.
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.
Meanwhile in Crypto Wonderland....
“More Exchanges to Delist Bitcoin SV”
Japanese financial services giant SBI Holdings will delist bitcoin cash (BCH) from its virtual currency exchange in June 2019, Cointelegraph Japan reports on April 16. SBI Virtual Currencies has now officially announced its plans to delist bitcoin cash — a cryptocurrency created from a hard fork of bitcoin (BTC). Bitcoin cash is the first hard fork of the major cryptocurrency, created in August 2017. In turn, bitcoin SV is a hard fork version of bitcoin cash, and is led by self-proclaimed creator of bitcoin, Craig Wright. The move comes amid news of several major crypto trading platforms delisting BSV. Yesterday, top exchange Binance officially announced it will delist BSV and cease trading on all trading pairs for BSV as of April 22.
“Rakuten Opens Registrations for its Crypto Exchange ”
Rakuten, the Japanese equivalent of e-commerce giant Amazon, announced that it has opened registrations for its cryptocurrency exchange, in a recently released press release. According to the statement, account registrations for trading cryptocurrencies on the company’s Rakuten Wallet were now open. However, to avail the service with ease, the user should be a member of the Rakuten Bank, a part of the Rakuten Group. Users registered with the bank will have the liberty to sign up using a web application, while others will have to go through multiple layers of authentication.
“France to Urge The EU to Adopt its Crypto Regulation”
France will push for the European Union to adopt a regulatory framework on cryptocurrencies similar to the one it brought in last week at a national level, becoming the first major country to do so, French Finance Minister Bruno Le Maire said on Monday.  The French parliament last week approved a financial sector law that included rules aimed at tempting cryptocurrency issuers and traders to set up in France by giving them some official recognition, while ensuring the country can tax their profits. The French government’s new cryptocurrency bill - the first of its kind adopted by a major nation - will allow firms that want to issue new cryptocurrencies or trade existing ones to apply for a certification.
“Sirin Labs Lays Off Employees”
Bitcoin‘s price might have risen lately, but blockchain startups are still reeling from the bite of the bear market. Sirin Labs, the firm behind the “world’s first blockchain phone” has confirmed 25 percent of its workforce has been let go. Sirin Labs, which released the $1,000 FINNEY smartphone last November, revealed 15 of its 60 employees have been laid off after sales failed to meet expectations, Globes reports. The firm also denied earlier rumors indicating Sirin Labs had trouble paying its employees, noting staff had now been reimbursed for March, and would be paid by “tomorrow” for April.
Crypto Twitter Pick
Travis Kling
The Euro went into circulation in January 2002. BTC went into circulation January 2009.

The Euro is *seven* years older than BTC.

Look at whats going on with the EUs monetary policy right now. Look whats going on with BTC.

Which one do you really think is going to last longer?
What We Are Reading / Listening To
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