Big Reaction to BSV Boycott, Is It Good For The Crypto Industry?

Big Reaction to BSV Boycott, Is It Good For The Crypto Industry? 1

The crypto community could be described as a cliquey band of tech enthusiasts deeply loyal to their own projects or favored coins. When something divides them, the reaction is usually as volatile as the markets themselves, and this is exactly what has happened since Binance blacklisted Bitcoin SV.

BSV creator, Craig S. Wright, has made few friends in the crypto community of late. His constant claims to ‘Satoshidom’ have riled some of the biggest players in the industry and one of them recently reacted drawing opinion from all who are involved in the emerging ecosystem.

Binance boss Changpeng Zhao has been engaging in a ‘tweet war’ with Craig Wright for over a week now and it finally came to a head when his exchange pulled the plug on BSV yesterday. The move was hailed by some industry leaders as great step forward for the industry, but others were not so enthralled.

IOHK chief and Cardano co-founder, Charles Hoskinson, was quick to the mark with the digital fist pump instantly calling for others to follow;

US based Kraken exchange is also mulling the shun while ShapeShift CEO Erik Voorhees was also quick to join the movement when he sided with CZ and announced the delisting of BSV from his own platform;

Some of the responses however took the other side of the digital divide;

“Erik, I’m a fan of you, & shapeshift. I’m also not a fan of faketoshi. He’s a fraud & bully. But this action by you smacks of PayPal cutting off Wikileaks. As a BTC maximalist I dont like it. It goes against what BTC stands for.”

Even crypto warlord John McAfee waded in with his view on it, rightly pointing out that it had gone too far;

Those taking the opposing view did not necessarily do so because they were fans of Wright or BSV, it was more of a kick in the pants for decentralization as some pointed out. Crypto proponent analyst Alex Krüger made the very good point that these exchanges actually profit handsomely from listing altcoins;

Craig Wright has been labeled a bad actor in the space for some time now and many consider BSV a scam. Whether a company that derives profits from trading commissions has the right to directly influence the future of other crypto projects is the big question. Binance has just become the judge, jury, and executioner for BSV.

Whether right or wrong, the decision has once again polarized the crypto community with more tribalism and markets have suffered. $6 billion has been lost overnight and BSV has shed 25% since the Binance announcement. It seems at times the big players in this ever evolving ‘game of coins’ often forget who the real enemy is.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin28,825 0.43 % 2.97 % 5.13 %
Ethereum1,734.2 0.85 % 9.88 % 14.31 %
Tether1.001 0.00 % 0.10 % 0.05 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB293.86 1.48 % 7.57 % 4.48 %
XRP0.3941 0.49 % 1.99 % 6.54 %
Binance USD1.000 0.11 % 0.19 % 0.34 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana40.52 2.42 % 13.22 % 22.57 %
Dogecoin0.07722 0.41 % 5.17 % 11.32 %

Bitcoin (BTC) $ 28,927.00
Ethereum (ETH) $ 1,745.80
Tether (USDT) $ 1.00
USD Coin (USDC) $ 1.00
BNB (BNB) $ 297.22
XRP (XRP) $ 0.395898
Binance USD (BUSD) $ 1.00
Cardano (ADA) $ 0.456862
Solana (SOL) $ 40.39
Dogecoin (DOGE) $ 0.077318