Why Exchange Delistings Are Irrelevant - When You're Bitcoin
If you've spent any length of time in the crypto community, you'll notice one thing: it loves a drama. And there's no more dramatic melting pot of all its different identities and opinions than Twitter. This week's drama was big even by crypto Twitter standards, resulting in fraud accusations, lawsuits and the eventual delisting of Bitcoin SV from popular exchanges like Binance and Kraken. The question is, though: Does it matter?
I'm saying no, it doesn't. Here's a few reasons why.
The Raging Cesspool of Social Media
Twitter is where everyone gets thrown in together. Sure, there's Reddit, but crypto projects there are divided into their various subs, and anyone expressing contrarian opionions on a regular basis usually gets banned by mods. On Twitter everyone's in the room, and you only have 280 characters (and about two seconds) to grab everyone's attention. Humor is an advantage, but most people couldn't be funny even if a grand piano dropped on their head. That makes it perfect for trolling, but not so great for reasoned discourse that actually changes anything. Which is why it's so popular for political debates.
If crypto Twitter had a real life analog, it would be a high school lunch room. With alcohol and knuckledusters. And everyone is wearing a Mexican wrestling mask. And with all the teachers bound, gagged, and locked in the storeroom. Oh, and there's also billions of dollars and the future of the world economy at stake.
Needless to say, the real business of crypto doesn't take place on Twitter. It's probably not happening anywhere that's accessible to the curious beginner, so it's like a level you must pass before you get to fight the more powerful guys and eventually the Boss.
Some Bosses will scrap on Twitter for the fun of it, but you won't defeat them there because they have better places to go when it all gets tiring. They only care if a Twitter spat bleeds over into the real world... which brings me to the next point.
I'm saying all this because Bitcoin SV's multi-delisting appeared to spring from a Twitter skirmish that escalated and went nuclear. But it represents a deeper, more fundamental struggle for Bitcoin's soul that has raged on for years.
A Brief Recap of the Situation
If you're reading this you're probably familiar with the basics: Craig Wright, who also happens to be Satoshi Nakamoto, got tired of people calling him "Faketoshi" and "fraud" on social media. Meanwhile, major BSV backer Calvin Ayre got tired of Twitterers calling him a child molester. (How dare they take real offense at such playful banter?) These two crypto Bosses, realizing that such accusations could have real-world repercussions resulting in anything from severe financial/reputational loss to criminal investigations, threatened to launch real libel suits against anyone who repeated the claims.
Twitter being Twitter, this prompted hundreds to repeat the claims... repeatedly. Wright and Ayre, breaking with Twitter tradition, took the fight to Boss Level and actually sued. Reality hit the trolls hard, and they cried foul. Some remained defiant, while others deleted their comments, or their entire accounts. In a show of solidarity that was more likely due to longstanding offline crypto Boss allegiances than anything said on Twitter, Binance, Kraken and ShapeShift announced they'd no longer trade BSV. Gemini weighed in with the ballsy statement that it had never listed BSV in the first place.
The immediate impact was a sudden drop in Bitcoin SV's unit price -- from over $70 to $55. Rival crypto projects cheered and gloated, twitch-traders groaned, while some in the BSV community hurled insults back and vowed to take vengeance.
Then, after the mushroom clouds drifted away, everyone noticed something: Bitcoin SV hadn't been destroyed. It wasn't even substantially damaged. Developers went back to work building its essential infrastructure, Craig Wright continued to post philosophical articles on Medium and Calvin Ayre went back to his yacht to taunt the masses by living well. Jimmy Nguyen's suit didn't even get creased.
Delisting Is a Crisis for Penny Tokens, Not Movements
That's not to say the fight is over. The next round will be fought by expensive lawyers, which someone will end up paying for. But a few crypto exchanges delisting BSV does not represent a final victory for anyone.
You see, crypto exchanges (as they exist now) are a short-term phenomenon. Bitcoin is a long-term game. At best, trading platforms represent only a snapshot of current sentiment, not the long-term game projects like BSV is playing. Prices change, exchanges come and go, and for every one that delists a popular token there are others who'll happily take their business. FloatSV is busy doing exactly that, and no doubt others will follow. Huobi, Poloniex and Changelly never delisted.
But even that is only relevant in the short term. Exchange listings are important mainly to obscure or short-term tokens -- digital avatars for projects seeking quick dollar profits and fleeting glory. Exchanges have real power over those assets, but not over those representing fundamental shifts in the way humans interact and conduct business. Bitcoin (BSV) is more than just its token, or its token's price. You can't delist an entire, passionate movement. In a hundred years no-one will remember BSV was delisted, or who delisted it.
"To think some people thought they could destroy Bitcoin with a Twitter war," future folk will say.
"What's Twitter?" their kids will reply.
The gloating from the anti-BSV crowd reflects the short-term thinking that infects crypto communities. It reveals an attitude that's still rooted in a dollar mentality; the idea what Bitcoin exists only for the dollar value gains you can extract from it. But Bitcoin is not about dollars... it's about Bitcoin.
Even the "HODL" phenomenon, while masquerading as long-term planning, is also part of that. In a way it's understandable, since fiat prices are something the masses can relate to whether they understand how crypto works and why it exists, or not. If you're dreaming of something other cashing out in a few years (or decades) then you're doing it right. Please dive deeper.
Bitcoin represents something we're only just learning to comprehend. Only a small number of people have a notion of where it's all heading, and we should listen to them.
Jump on the train! This blockchain's big enough for everyone. I'm still on Twitter... for now ;)
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