Bitcoin Developer Jimmy Song: “Delisting coins is satisfying short term, but ultimately bad”

Stellar Lumens (XLM) Gets Listed on Coinbase Pro Following XRP

The issue of Binance delisting Bitcoin SV (BSV) and the Craig Wright controversy has flooded the media in the last few days, and the crypto community has been polarised on the subject. Jimmy Song, a notable figure in the industry has also voiced his thoughts on the matter.

In a tweet on 17 April, Song said delisting coins for personal reasons may bring immediate gratification but has long term, negative impacts on the ecosystem. In his opinion, this action gives the impression that exchanges can do and undo, which is not true.

Although Binance cited incompetence as its motive for delisting BSV, it is quite obvious that it was in a bid to hit back at Craig Wright, the creator of the coin. This makes it a personal fight rather than a decision taken to better the experience of users on the platform and is therefore bad for the crypto space.

Another exchange Shapeshift also took a step to delist BSV shortly after Binance did and it was expected that Kraken would follow suit because of its Twitter poll which found over 75% of respondents moving for BSV to be delisted. Unsurprisingly, Kraken has finally delisted the coin, clearly stating its reason as misconduct and unethical behavior exhibited by the BSV team.

Meanwhile, another exchange PayBito gave a press release on 17 April stating its decision to list BSV. This is coming precisely at the same time the Kraken delisting news was released.

The exchange cited BSV’s cheaper transaction, higher scalability than BCH its rival as its motivation for listing the coin. It also listed many other qualifying criteria such as a good team of developers and compliance to regulations, the same features Binance claims the coin lacks and the reason for delisting.

Also on 16 April, a Japanese cryptocurrency exchange SBI Virtual Currencies announced its decision to list BSV. Apparently, the exchange has a working relationship with BSV and may have taken the step to help BSV get back on its feet after the devastating effect of Binance’s action on the price of the coin.

BSV lost 20% in a 24 hour period while BCH gained significantly to lead the top gainers on the market. The trend is gradually changing though with BSV currently having a loss of just over 1% while BCH is at a loss of over 2%. The next few days will be important in determining what happens to the two rivals based on choices made by other exchanges.

What's Your Thought On This ?, Let Us Know In the Comment section Below.
♥Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram