Bitcoin SV, Battling Its Delisting On Some Exchanges, Still Has True BelieversApril 24, 2019
These are tough times for Bitcoin SV, the spin-off that is backed by the controversial Craig Wright, one of the largest personalities in cryptocurrency.
Bitcoin SV was recently delisted from Binance, Kraken, and Shapeshift. The reasons for doing so were murky, but undoubtedly traces back more to personal conflicts between the founders of those companies than anything else.
Block Tribune posed a few questions on the situation to Jimmy Nguyen, founding president of the Bitcoin Association, which advances the BSV ecosystem.
BLOCK TRIBUNE: Why should we believe Bitcoin SV has a future after the delistings?
JIMMY NGUYEN: Exchange listings provide trading marketplaces, but a coin’s true usage is not in trading. Bitcoin SV has a very strong future because it is focused on building real usage and real value. First, it is the only blockchain project with a massive scaling plan which is needed for big business use and long-term success. Second, the best application developers from the Bitcoin ecosystem have moved to BSV and are creating exciting new applications on the BSV blockchain, precisely because they recognize the value of a stable protocol and massive scaling. And third, BSV will receive the benefit of nChain’s significant patent portfolio, with approximately 700 patent applications worldwide, which cover many intellectual property assets favorably provided for usage on the BSV blockchain. These factors will create real world utility, by real businesses, and create real value in BSV in the long-term.
The exchanges which delisted BSV did so out of personal dislike of Craig Wright, not because of any technical issues with BSV’s network, which is growing in real world utility. In fact, the BSV network is stronger now than when Binance, Kraken and many exchanges listed it after last November’s hard fork of the BCH network. More mining pools have joined the BSV network; more wallets, applications and services support BSV; daily average block size has increased due to lifting the OP_Return data limits and creative new uses made by developers of that increased data capacity; and technical development of BSV continues to advance with massive scaling.
Furthermore, when one door closes, other new doors open. A new exchange – Float SV from long-time Bitcoin executive Jack Liu, formerly of OKEx – accelerated its launch in order to support BSV. Float SV is the model for the future, using BSV as the base currency, and committing to list only tokenized real-world assets. And Calvin Ayre just announced on April 22 a significant investment (in the millions) in DRIVE Markets, an institutional exchange, in the forex market. DRIVE Markets will be launching DRIVE Pay, a global payments network that will used the BSV blockchain as its anchoring ledger and BSV coins as a bridge or intermediary currency to enable liquidity. That will drive very big business onto BSV, and demonstrates how we are focused on building real world usage, by real businesses, of the BSV blockchain.
These are just some of numerous business developments happening with BSV, and more will be coming soon. These business developments show that BSV is working to win the long game, not a short term game focused on cryptocurrency prices on casino-like exchanges, which now are mostly driven by speculation rather than real value.
BLOCK TRIBUNE: Are the big personalities involved part of the problem?
JIMMY NGUYEN: Personality clashes led to the current controversy with the BSV delisting by some changes. CZ at Binance and Jesse Powell at Kraken obviously did not like Craig Wright or actions taken by Craig to invoke legal remedies against people he feels have defamed him (NOTE: Craig Wright filed a lawsuit against the #LNTrustChain initiator, and bitcoin proponent Peter McCormack).
But just like everyone else, Craig has a right to pursue legal remedies. That should not be the basis for a delisting decision, which should instead be focused on whether a token satisfies objective, technical criteria.
It sets a terrible precedent for the cryptocurrency industry for an exchange to use its CEO’s personal dislike of a coin’s individual supporter as a basis to make delisting decisions. What if one day Vitalik Buterin or Charlie Lee took personal actions that offended an exchange CEO? Should that be the basis for delisting Ethereum or Litecoin? Obviously not, and cryptocurrency enthusiasts should not be cheering a precedent which can make all cryptocurrencies vulnerable to easy market manipulation and heavily influenced by just a few people at notable exchanges who can exercise their power against anyone they do not like. Whether you agree with Craig Wright’s personal legal actions or not, those issues are for a court of law to decide – not crypto exchanges.
BLOCK TRIBUNE: What are you doing to steady the boat?
JIMMY NGUYEN: Even though it obviously had an impact on the market price for BSV, the delisting drama will one day be just noise. It all comes down to building a great platform and great products on top of it. So we get back to work and we build – to massively scale the BSV blockchain, to work with companies to build great applications on BSV, and to make BSV clearly the best blockchain for enterprise applications.
BLOCK TRIBUNE: What would you tell investors at this point?
JIMMY NGUYEN: Remember why you believed in Bitcoin in the first place, and see that Bitcoin’s vision is only fulfilled with Bitcoin SV. I always tell people to invest in projects which they believe have long term value, and don’t focus on trying to generate short term profits. If you believe in Bitcoin and building long term value, you believe in BSV.
BLOCK TRIBUNE: What’s next for Bitcoin SV?
JIMMY NGUYEN: Massive scaling is the focus for this year. Bitcoin SV is building the capacity for not only today, but the future. As a global ledger, the use cases are endless. If we were to consider Bitcoin SV against Visa as a payment system, Bitcoin SV can handle close to 800 transactions per second. Today, Visa and MasterCard handle close to 1,700 transactions per second (15 million transactions per day). In July, we will increase the default block cap from 128MB to a massive 2 gigabyte (2000 megabytes) size. This can handle 14,000 simple payment transactions per second. Our future scaling plans will provide transaction throughput far exceeding anything in existence today by removing the block size limit. This demonstrates the ability to handle more than just payments.
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