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After four years, Binance actually relisted BSV

Jaleel加六and others2Authors

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Four years have passed since the resolute delisting of BSV to the launch of a 50x leverage contract.

Author: Jaleel, Joyce, BlockBeats

Editor: Zhang Wen, BlockBeats

The price of the ancient cryptocurrency Bitcoin SV (BSV) has experienced multiple ups and downs this year, reaching its highest point of the year on October 20th. The most direct reason for this impressive increase may come from Binance's announcement earlier today about the launch of BSV 1-50x U perpetual contracts.

It is not a new thing that the price of cryptocurrency has increased significantly after being listed on Binance, as Binance is now undoubtedly a giant in the trading platform industry. However, when "Binance" is associated with "BSV", the community will first think of the announcement of BSV delisting released by Binance four years ago.

Compared to the widespread influence of the number "4" in the cryptocurrency industry today, CZ was not too well-known in the crypto community at the time. Binance had only been established for two years, and BNB's market capitalization had just entered the top ten globally, so it could not yet be called a trading platform giant. However, CZ was often actively involved in community discussions at the time. When faced with Craig Wright's claim to be Satoshi Nakamoto, CZ angrily tweeted and delisted BSV from Binance, claiming it was a contribution to the blockchain ecosystem.

At the time, CZ's decision to delist BSV was seen as "very opinionated" by the community, and received a wave of positive reputation and attention. However, no one expected that four years later, Binance would launch BSV contracts with leverage of up to 50 times.

Craig Wright and BSV: The True and False Debate of Satoshi Nakamoto

In 2017, developers who supported large blocks initiated a hard fork of Bitcoin, creating Bitcoin Cash with a block size of 8 megabytes. The Bitcoin community officially split into two factions. Those who supported small blocks continued to maintain the original Bitcoin blockchain, while those who supported large blocks created a new Bitcoin Cash blockchain.

After the first fork, BTC and BCH developed separately, but it is clear that "forking only happens 0 times and infinite times". In November 2018, one year later, BCH, which had experienced a hash war, was hard forked again into BCH ABC and BSV.

Interestingly, Craig S. Wright, the founder of BSV, has been claiming to be Satoshi Nakamoto in various public occasions, and has been promoting this even more after the fork. During the 2018 Deconomy conference, Craig Wright was invited to participate in the "Bitcoin, Controversy over Principle" panel, and during his speech on the Lightning Network, he was bluntly called a fraud by Ethereum founder Vitalik Buterin.

Regarding the controversy over whether Craig Wright is truly Satoshi Nakamoto, there is still no definitive answer to this day, as he has not provided conclusive evidence.

Most community members believe that since Craig Wright cannot provide any on-chain activity as evidence to prove himself as Satoshi Nakamoto, this is a carefully orchestrated hype and scam.

However, four years ago, BlockBeats conducted an interview with Craig Wright, during which he stated that he did not care about how others mocked and questioned him. He has 871 patents and 1500 papers, and will continue to strive forward. He also reiterated that Bitcoin is not anonymous, but rather private, and revolves around government regulation.

At the same time, in some interviews, Craig Wright demonstrated his technical expertise and knowledge when expressing his views and opinions on blockchain technology, earning him the title of "the person closest to Satoshi Nakamoto in terms of technical ability".

CZ was also a member of "we are all hodlonaut"

Craig Wright claims to be Satoshi Nakamoto, while the crypto community was spreading the "Bitcoin Lightning Torch" experiment, which sent a Bitcoin transaction of 100,000 satoshis (the smallest unit of Bitcoin, equal to 0.001 BTC) through the Lightning Network. The recipient of the transaction then added 10,000 satoshis and sent it to the next participant, and so on. If the amount included in the torch before it fails is larger than last year, it indicates that the network has grown.

The momentum of the 'Bitcoin Lightning Torch Relay' has attracted many well-known figures, including financial giant Fidelity Investments, LinkedIn co-founder Reid Hoffman, Lightning Labs engineer Joost Jager, and Twitter co-founder Jack Dorsey. Today's 'crypto elites' CZ and Sun Yuchen have also participated in the experiment.

Craig Wright's aggressive promotion of himself as Satoshi Nakamoto has naturally caused resentment and dissatisfaction among participants in the "Bitcoin Lightning Torch Relay," who believe that Wright's behavior is undoubtedly damaging to the credibility and valuable encryption spirit of Bitcoin.

The initiator of "Lightning Torch Relay", Hodlonaut, often mocks or denies CSW, which has angered CSW. On April 12, 2019, CSW claimed that he would sue Hodlonaut and publicly offered a reward of 70 BSV (about $5000) to collect Hodlonaut's personal information.

Under pressure, Hodlonaut deactivated his account, but this instead became a catalyst, causing anger in the BTC community. Those who previously opposed CSW spontaneously formed an alliance. Many people changed their Twitter nickname to Hodlonaut and changed their profile picture to Hodlonaut's former avatar in support of "We are all Hodlonaut". Some members also started fundraising for legal aid for Hodlonaut. CZ was also once a member of "We are all Hodlonaut".

Removing BSV is a contribution to the blockchain ecosystem

At that time, CZ had just emerged in the encryption community and was not too well-known. However, he fully expressed his tough attitude by publicly criticizing Craig Wright on Twitter and warning that if he continued to claim to be Satoshi Nakamoto, Binance would delist BSV. This was CZ's resistance to Craig Wright's threat to sue Hodlonaut.

"Craig Wright is not Satoshi. Anymore of this sh!t, we delist!" CZ made a tough statement. This Twitter post has attracted a lot of attention, and CZ's behavior has been described as a "threat to delist BSV."

As the CEO of Binance, CZ's statements are bound to affect the market on his trading platform. He has revealed in multiple interviews that he does not want to interfere with market behavior, but regarding this statement, CZ said, "I am not on the technical team, but I am against fraud. Before the signature, everyone is Satoshi Nakamoto, except for Craig Wright."

On April 15th, following its previous warning, Binance officially delisted BSV. In the announcement, several factors were mentioned as considerations for the token delisting, including "contribution to the entire blockchain ecosystem".

Surprisingly, after the announcement, the market price of BSV plummeted by 12%, dropping to the 13th place in terms of market value. However, BCH rose in response. Although more than just Binance delisted BSV during the same period, no one expected CZ's clear and firm attitude, which undoubtedly increased Binance's influence in the community.

At the same time, the BSV community thinks this is a good thing, while you are a practitioner in the encryption industry.

Binance's Choice: From Delisting BSV to Launching 50x Leverage Contracts

Four years ago, what drove Binance to decide to delist BSV was their firm stance on speaking out for the cryptocurrency community and upholding the principle of "Do the right thing". Four years later, Binance has launched BSV contracts with leverage of up to 50x, which caused the price of BSV to surge nearly 30% in just two hours.

Someone commented that "BSV is the real Bitcoin, and CSW is undoubtedly the real Satoshi Nakamoto." Although such views are more of a joke or satire, the narrative in the currency circle has changed significantly, and CZ is no longer keen to express his attitude.