Bitcoin SV (BSV) took serious criticism in 2019 — which led to its delisting on multiple exchanges, particularly Binance. However, this may have allowed it to scam pump easier in 2020.
Joe007 (@J0E007), a self-proclaimed ‘proto-Bitcoin Whale’ who has topped Bitfinex’s leaderboard, usually provides Twitter with insight on the inner working of the cryptocurrency world, from a whales perspective. Just recently, he claimed that Binance’s trading numbers were not what they seem, as reported by BeInCrypto.
However, Joe007 has now come with a controversial opinion which, on closer inspection, seems to be correct. It’s his opinion that delisting BSV actually made the recent scam pump easier for Craig Wright’s Bitcoin knockoff. “Much easier to pump [a sh*tcoin] on 3rd rate exchanges with low liquidity,” he writes.
This pump was in no small part possible exactly because BSV was delisted from most major exchanges. Much easier to pump shitcoin on 3rd rate exchanges with low liquidity. #UnintendedConsequences
If you recall, Binance delisted BSV after the Craig Wright drama escalated last year. The exchange claimed that the BSV project was doing ‘irreparable damage’ to the industry and was mass-threatening to sue critics. At the time, the delisting generated much support. Kraken also delisted BSV then and Coinbase refused to even trade it.
However, this strategy may have backfired in the long-term. As Joe007 points out, the other exchanges that delisted may have inadvertently helped Bitcoin SV. Bitfinex’s refusal to delist BSV may have also made the scam pump seen yesterday much harder. Although the exchange took significant criticism for its refusal to delist, it seems that this was the correct strategy in the long-term.
By NOT delisting $BSV and providing margin market for it, @bitfinex facilitated price discovery and made pumping $BSV more difficult and costly. Following the crowd, even with the best of intentions, has #UnintendedConsequences https://t.co/DlBBV2dCLP
— Joe007 signals·alerts·funds are scams, all of them (@J0E007) January 15, 2020
However, it should be noted that Joe007 is a known Bitfinex whale and the exchange remains his platform-of-choice. So, it is not particularly surprising that he would come to Bitfinex’s aid.
As of now, Bitcoin SV (BSV) trading pairs top Bitfinex in volume. The BSV/USD trading pair alone has $130M at the time of writing — with the exchange experiencing an all-around trading volume boost.