As the drama continues to unfold with Craig S Wright, Calvin Ayre, and BSV, the cryptocurrency space could face major changes. Major exchanges have begun to delist Bitcoin SV because of the actions of its leaders. The price of BSV has subsequently crashed hard since the announcement by Binance to delist the cryptocurrency.
While the delisting was applauded by most crypto experts, some warned that such actions could cause chaos in the industry. The popular bitcoin developer Jimmy Song has spoken out against delisting BSV, but he still warns against the freewheeling delisting of cryptocurrencies.
“Imagine how a bunch of gullible people would react to a sociopath being shown as a liar. That is how the BSV folk are reacting to Craig being exposed about his claim to be Satoshi. They are horrified about the prospect of being wrong and losing money. #CraigIsASociopath,” song said on Twitter.
But he also made it clear that exchanges should not hold the only key to the cryptocurrency community. He warned that delistings could have an overall negative impact on the crypto world.
Unpopular opinion: Delisting coins is satisfying short term, but ultimately bad. It’s giving the perception that exchanges are king-makers or legitimatizers. They are not.
— Jimmy Song (호들놋) (@jimmysong) April 17, 2019
Song issued these warnings knowing that cries for the delisting of other digital assets would probably follow.
Examples of such outcry have been seen all over social media. Once such example is a petition that has been started on iPetitions.com to delist BCH along with BSV.
The petition’s mission is clearly stated.
“More and more exchanges are delisting BITCOIN SV (BSV), Same should happen for Bitcoin Cash (BCH) since its only causing confusion and its pretty much the same as BSV”
Links to the petition were posted on social media sites and received a variety of mixed reactions. But the top upvoted response on the Reddit post was a plea to pump the breaks on delistings.
“I don’t support Bch but this is a slippery slope. Bsv had it coming but let’s reign it in there for the time being imo.”
But the fever is apparently spreading to some of the big players. We recently reported that BCH was delisted by SBI, the Japanese financial services leader on April 16th.
If the movement to remove BCH from exchanges can spread as much as the urge to delist BSV, it can have a huge impact on the price of Bitcoin align with the rest of the cryptocurrency market. It will be interesting to see if pressure builds to delist other notable cryptocurrencies.