Nov 21, 2018 06:51 UTC
Mar 18, 2019 at 12:28 UTC
Bitcoin Cash SV in Hot Waters After Self Block Recognition, Faces Delisting From Major Exchanges
Bitcoin Cash SV (BCH SV), the HardFork of Bitcoin Cash (BCH), has been marred into controversies even before its inception on November 14th. The founder Craig Wright often referred to as ‘faketoshi’ invited more flak and criticism after it recognized two of its Blocks.
In a decentralized system like blockchain, it’s next to impossible for someone to recognize their block. Emin Gun Sirer, a professor at Cornell University, went hard after the BCH SV and its founder for maligning the blockchain and crypto world with their never-ending antics. He even advised people to opt against the fraudulent altcoin as their end may be nearer than many expected.
Despite the technical setup that suggests bullishness is possible, there's not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. pic.twitter.com/MVxlN8ttO1
— Willy Woo (@woonomic) January 5, 2019
Emin Gun Sirer further explained the dangers of self-block recognition and how it is against the basic idea of Blockchain Decentralized technology.
“More The miner who overwrote block 557301 was the same miner who overwrote it in the first place. BSV have no idea what they are doing. You all knew this. Don’t invest with a conman. Not much else needs to be said on this front. This should not be possible in a decentralized system. You can only invalidate your own block and create a new tail if you’re the majority miner. BSV is a centralized coin.”
The Block recognition had everyone outraged as many exchanges have already put BCH SV on a short lease unless the currency proves otherwise on the trade market. Mr. Sirer is of the belief that BCH SV developer team are not aware of the consequences of such a false move. He explains,
“Their blockchain’s tail just got rewritten, as if someone ripped out the last few pages and wrote over them. This is an indication that their system parameters are outside the safety envelope of their network. In short, they don’t know what they’re doing.”
Is Delisting on the card?
The war of words before the November 15 hard Fork gained BCH SV some momentum upto the fork. However, many experts were critical of the development team beforehand, as they tried to take a different roadmap then the designated one. The prices of the majority of the cryptocurrencies had fallen significantly in the past week, however, BCH SV dive was almost double at 61% loss than its competitor BCH ABC which fell by 31% in contrast.
Also Read: Bitcoin ABC wins the Hard-Fork Race
After recognizing two of its block which should not have happened in the first place, BCH SV faces the fear of delisting from major Exchanges. Kraken, a famous crypto Exchange has warned the investors regarding BCH SV and many irregularities surrounding it. One of the spokespeople said,
“Bitcoin SV does not meet Kraken’s usual listing requirements. It should be seen as an extremely high-risk investment. There are many red flags that traders should be aware of. Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV,”
Looking at the troubles, BCH SV has caused from the time of its Hard Fork; many won’t be surprised if the cryptocurrency gets blacklisted from almost all of the Exchanges lately. The general public is already ill-informed on the topic of cryptocurrencies and blockchain. Crypto community cannot afford the cockiness of a few to destroy the legacy and potential it has for future.