Blockchain.com, one of the oldest non-custodial wallet services on the web, has decided to #delistBSV. While the official note on the subject offers no justification or reasoning, Blockchain CEO Peter Smith posted a few Tweets earlier today which indicate the philosophical drive for the decision.
Smith told CCN:
“We added support for close out (only) transactions (i.e. sell, send) for BSV in January and encouraged users to sell or take their BSV to another platform. We felt it was important to respond to users requests to enable access to their BSV tokens, and build a limited way to do so without a long-term commitment to BSV. “
Officially, though, Blockchain.com informs users that there will be no support in their wallet for Bitcoin SV in the coming days.
We’re invested in the long-term health of the crypto ecosystem and are mindful to support cryptocurrencies that are reliable, safe, and convenient. Since January we’ve offered limited support for Bitcoin Cash SV (BSV) and have been closely monitoring activity of the BSV network since the hard fork in November. After careful consideration, we have determined to end all support of BSV within the Blockchain Wallet by May 15, 2019.
BLOCKCHAIN TELLS USERS TO SWAP BITCOIN SV FOR OTHER CRYPTOS
The company outright encourages people to sell their Bitcoin SV for another token, without specifying Bitcoin, Bitcoin Cash, Litecoin, or the myriad of markets that are bound to seem some outflow as a result of the recent delisting campaign by exchanges and vocal users.
If you have BSV, we recommend simply swapping it for another crypto in the Blockchain Wallet or sending your tokens to another service.
They provide specific instructions on shedding Bitcoin SV. According to the tweets above, this has always been the goal of Blockchain’s use of the token – when the split initially happened, Bitcoin Cash users of Blockchain.com were immediately vested with airdropped Bitcoin SV. While users could have claimed their coins by exporting their private keys, expediting the process was apparently customer service decision.
Bitcoin SV is already on the chopping block at Binance and ShapeShift. Kraken is widely expected to follow suit, after a massive response to its Twitter inquiry.
Over 70% of voters polled called Bitcoin SV “toxic.” Huobi and other exchanges are also under pressure to follow Binance and ShapeShift’s lead.
CHOPPY SEAS AHEAD FOR BITCOIN SV?
Bitcoin SV took an immediate 9% nosedive following the news of the Binance delisting. Liquidity for Bitcoin SV could be in deep despair. Canadian billionaire Calvin Ayre believes Binance’s delisting was “illegal.”
Coinbase and Gemini, two of the top regulated exchanges in the US, have never listed Bitcoin SV. Coinbase users complained about their BSV until the custodial wallet service eventually released it. The the top US retail exchange has never listed it as part of a trading pair, however.
Gemini strictly follows the guidance of the New York Department of Financial Services, and as such only has a minimal array of coins. Binance, on the other hand, has more pairs and markets than Coinbase Pro, Kraken, ShapeShift, and virtually any other centralized exchange you can name. Its broad and smooth support of altcoins might be the secret of its meteoric success.
