Binance criticized the Bitcoin SV (BSV) project a year ago. They now comprise most of that network’s hash rate.
A few weeks after the launch of the Binance Pool, they are already the largest mining group working on the Bitcoin SV (BSV) network. This is striking as they had been among the main critics of this BTC fork until very recently.
Bitcoin Association President’s Comments on BSV
Jimmy Nguyen, President of the entity behind Bitcoin Satoshi Vision, stated that this situation was “a little too ironic”. Binance is now the largest validator on the BSV network, after having excluded it from the list of the exchange.
The data speak for themselves, and Nguyen considers that actions are stronger than words.
In April 2019, Binance removed Bitcoin SV from the list of cryptocurrencies available for trading within the exchange. They explained that it did not meet certain standards.
For the president of the Bitcoin Association, the project meets the standards, when Binance chooses it to be so.
The data showing that Binance Pool comprises the bulk of BSV’s network computational power emerged a few days ago.
The 7-day moving average still indicates that this mining group represents less than 20% of the total hash rate.
Reason behind Bitcoin SV’s Exclusion
Just over a year ago, Binance excluded Bitcoin SV from its listing, simultaneously with Kraken and ShapeShift. They did it in protest against the behavior of Craig Wright, one of the main proponents of the cryptocurrency.
On repeated occasions, this character has been the cause of great controversy in the cryptocurrency ecosystem. He proclaims himself to be Satoshi Nakamoto, but with no strong evidence, which some members of the community have refuted.
Wright recently threatened to sue those people who called him a fraud. Despite this, it seems that they did not take it very seriously once again.
Changpeng Zhao, CEO of Binance, was one of the first to write on Twitter, which Craig did not like. He said:
“Anyone who supports BSV, from a technological perspective, should be attacking the fraudulent Craig Wright, who is poisoning your community.”
Debate between Both Sides
CoinGeek creator Calvin Ayre, a billionaire sponsor of Bitcoin SV, noted that Binance’s move to become the fork’s biggest miner is an attempt to put pressure on the price, and even protect the Binance Coin token.
The points of view confront each other, with quite distant extremes. However, no one wants to be a mediator, since they do not have much in common, except for the defense of a currency with good technological developments.
Despite the bad news around Bitcoin’s second-largest fork, it has earned its place in the top 10 and continues to defend it after nearly a year and a half of life. Its long-term future is unclear, but it still has room to move forward.
Anything can happen in the world of cryptocurrencies. The fact that Binance is now supporting Bitcoin SV, after having criticized it, can only mean that this crypto asset has great potential for investors.
By Alexander Salazar