Bitcoin SV [BSV]: Delisting BSV eased artificial price manipulation, claims Bitcoin.org Co-owner

Bitcoin SV [BSV]: Delisting BSV eased artificial price manipulation, claims Bitcoin.org Co-owner

Weeks after bitcoin SV [BSV] made the news for its delisting episode, BSV and its founders have made headlines once again.

Craig S Wright, spearhead of the BSV project and self-proclaimed Satoshi Nakamoto, filed for copyright registration with the US Copyright Office to legally identify himself as the author of the original whitepaper. Wright’s action, despite having little legal weight, pumped BSV’s price by over 100 percent in an hour.

This major BSV pump, on the back of an alleged unsound claim, invited the opinions of many prominent members of the crypto-community. Some even dwelt on the ‘artificial’ manipulation of the cryptocurrency’s price. One among those to take note of this pump was Cobra, Co-owner of bitcoin.org and Bitcointalk.org, who stated that this pump was an aftereffect of the delisting dilemma.

Back in April, Wright and Calvin Ayre had sent out a host of legal notices to several top cryptocurrency influencers, including the likes of Peter McCormack, Roger Ver, and Hodlonaut, following their “defamatory” comments on Wright’s claim of being the creator of bitcoin. This pushed several exchanges to delist BSV, citing the camp’s “bullying” behavior.

Cobra tweeted,

“Delisting BSV from the major exchanges only made it easier for its “leaders” to pump and artificially increase its value on shady exchanges with less real volume and inadvertently made price discovery more difficult.”

Several exchanges such as Binance, Kraken, Shapeshift, Bitforex, and Bittrue had delisted BSV. Post this exodus, Ayre announced the creation of a “bitcoin SV-based exchange,” titled FloatSV.

The ‘BSV based exchange’ added that it would be partnering with OKEx, the Maltese exchange and one of the few to not delist BSV.

It should be noted that OKEx does not have the best record, when it comes to trading volume. According to a report by The Tie, only 5.94 percent of OKEx’s expected volume corresponded to its reported volume. Binance, in the same report, saw 78.82 percent of its expected volume matching the reported figure.

Given the absence of BSV being subjected to “price discovery,” at the hands of “real” exchanges, as the Bitwise report put it, the recent pump in the coin’s price could be due to its association with ‘native’ exchanges and ones riddled with volume inaccuracies, as attested by the bitcoin.org co-owner.

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Published at Thu, 23 May 2019 02:29:15 +0000