Our Binance Overlords Bitcoin SV Delisting is scary for Cryptocurrency
Binance, the world's largest crypto exchange, announced the delisting of Bitcoin SV (BSV) Monday after CEO and founder Changpeng Zhao decided he had had enough of counterfeiting of fake Satoshi, Craig S. Wright. Within a few hours, Kraken and Shapeshift followed.
You have to travel far and to find someone who is gullible enough to defend Craig Wright at this point, but it is a matter of doing so by writing off BSV on a whim, Binance has proven to be a more dangerous and harmful power in the crypto game than Bitcoin SV could ever have been.
Binance's CZ Delister Bitcoin SV
Accompanied by a tweet from CZ with the words & # 39; Make the Right Case & # 39 ;, Finished Binance this official announcement describing BSV's removal from the exchange. The announcement says:
"… At Binance, we periodically consider each digital resource we list to ensure it continues to meet the high standard we expect. When a coin or token no longer meets this standard, or the industry changes, we a more thorough review and potentially delist it. "
This statement is very different from the one tweeting by CZ a day earlier, posting his own personal – not technical – reasons to remove BSV.
CZ said :
"To be clear, I do not choose pages on technology. We let the market do it. I am against fraud, like lying to being someone. As such, it is my strong opinion that: Craig Wright is fraud. "
To be clear: I do not disagree with that claim at least. I am against non-elected government figures who carry power in a relentless way. As such, it is my strong opinion that Changpeng Zhao is a tyrant.
BSV: A case for defense
So Binance's CZ is "against fraud, like lying to someone". I admire the feeling, but do not appreciate the hypocrisy. Why doesn't CZ use the same logic for Tron CEO Justin Sun? Craig Wright told a great lie; Justin Sun tells a thousand little ones, but Binance continues to work with Tron – a situation possibly aided by the $ 3 million donation donated by Justin Sun last year.
Today, BSV has thumbs down by CZ, which coin will it be tomorrow? Open any crypto forum on the internet and you will see many people making the case that Cardano is nothing but an elusive scam. The same goes for XRP, Dash, EOS … etc. Why doesn't CZ give judgment on these coins? (Give it some time, maybe he will).
In a tweet from April 12, CZ gave another reason for BSV's removal – namely that BSV / BCH hardfork caused great pain to the crypto industry by causing BTC's value to fall.
He said :
"I don't usually like to get involved in debates, choose pages, etc. But this goes too far. I also didn't like the fact that the fork caused BTC to fall below $ 6k, which caused pain to many in the industry. "
Bitcoin Cash Holders Beware!
A story about Shenanigans: DigiByte bribe Saga
The problem with CZ that takes moral stance against Bitcoin SV is that he inevitably invites moral judgment over himself. Binance is no stranger to controversy.
This [201459026] Twitter thread from October 2018, with screens, shows how a Binance representative allegedly required "pay-for-play" from the DigiByte (DGB) layer. When the DigiByte team member asked how much the listing fee was, the answer was, "What is your budget?"
The following screen appears to show the Binance rope that refers to an evaluation fee, explaining that if DigiByte did not "pass the evaluation fee", they would not be listed on the exchange.
Furthermore, CZ was caught in a jam, as shown here when he apologized from Jared Tate in a direct message exchange, just to deny it the next day. Tweets of CZ have since been deleted.
Fake Binance Coin Volume
On top of all this, there is some evidence that Binance regularly inflates the trading volume of its own Binance Coin (BNB), as well as coins launched via Binance Launchpad.
These data from Bear Market Valuations show the discrepancies between Binance Coin's reported volume and what common market signals suggest it should be.
If Binance Coin reported volume was real, it would represent a higher daily turnover than any other major trading asset. (Volume obtained from trusted exchanges as designated by Bitwise).
The same goes for Launchpad tokens, such as Celer Network, which showed comparable trading volume to Bitcoin despite no sign of interest shown on Google Trends
Med This in mind makes it difficult to take CZ's moral stance against Craig Wright at face value.
The danger of centralized exchanges
Binance remains king among crypto exchange – and that's the point. Changpeng Zhao regularly cares for the good picture; The industry leader, boldly pushing cryptocurrency into [please complete cliche].
Returning to the deletion message would be nice if Binance could stand by its own words when it announced:
"We thank you for your support as we continue to build the crypto system in a way that promotes openness and long-term, sustainable growth. "
Such transparency does not exist, and given that the Kraken and Shapeshift exchanges followed Binance's leadership in the wake of delisting, is a sign of a" crypto system "where any coin apparently can be blacklisted at any time . I sold my BSV coins as soon as I could figure out how to split them, but shouldn't the coins have a chance to defend themselves in the free marketplace of (bad) ideas?
No More Kingdoms [19659013] I leave you with this quote by Ethereum creator Vitalik Buterin from last year, where he expressed his distrust of the power that centralized exchanges use. Buterin said:
"We can really remove this stupid king who makes the power that these centralized exchanges have, where they have this ability to decide only which tokens grow by deciding to list them and then Added these crazy $ 10 million to $ 15 million listing fees. The more we can get away from that world and into something that actually satisfies the blocking values of transparency and transparency the better. "
"We can really remove this stupid king who makes the power that these centralized exchanges have, where they have this ability to decide only which tokens grow by deciding to list them and then Added these crazy $ 10 million to $ 15 million listing fees. The more we can get away from that world and into something that actually satisfies the blocking values of transparency and transparency the better. "
Binance, notes.
Disclaimer: The views expressed in the article are only those that belong to the author and do not represent, or should be attributed to, the CCN.
