Exclusive: Coinbase rules against listing Bitcoin SV, allows withdraws only - learn why...

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It took 3 months, but CoinBase is finally allowing users to withdraw any Bitcoin SV (BSV) they earned from holding Bitcoin Cash during the fork.

If you have any, you should have an e-mail from Coinbase now with instructions on how to withdraw the BSV to somewhere that does support it - Coinbase has decided that won't be them.

I spoke exclusively with one of my contacts inside of Coinbase to find out why they decided against giving BSV an exchange listing.  This is someone high enough up to have a role in the decision making process, and they agreed to give me 'the blunt truth' if I do not include their name and emphasize that this is not an official company statement on the issue.

I was told:

"Honestly if you asked this a couple months ago I may have said we 'likely will' add it to the exchange, or at least CoinBase Pro.

But as we evaluated it, it seemed like 90% of  BSV mentions in the press were part of articles covering something erratic its founder was doing or saying. Almost any article that mentions Bitcoin SV also includes something or someone that Craig is 'going to war' with and if that's not the theme, it's an article about Craig lying, like his 'I'm Satoshi' stunt.

All that aside an analyst here also believed that the historical trading data on BSV showed patterns that in his opinion looked like supporters emotionally buying, and haters organizing 'coordinated dumps'.

As our engineering teams finished up the backend allowing people to access their BSV we had all these factors to take into consideration: It's already down to half the price of Bitcoin Cash, Craig seems willing to run it down to $0 on this bad-press tour, and the market data is erratic. The decision that followed was no surprise."


In closing adding;

"Do we need to feature 3 coins that have split our community into 3 groups arguing over which one is 'the real' Bitcoin?

I remember when Bitcoin Cash was launching I had a lunch meeting with the CEO of a massive Silicon Valley company (you know who this is, everyone does).  He asked me 'What is this Bitcoin civil war I read about yesterday?'.

After explaining and answering questions his whole attitude changed - he was in disbelief that someone could even legally pull off Roger Ver's campaign to devalue the real Bitcoin, along with his ownership of Bitcoin.com where he was selling his new coin simply as 'Bitcoin'.

It was like in the span of 10 minutes this respected person in tech went from taking cryptocurrency serriously, to seeing it as bunch of crazy kids with a lot to figure out."


So the forked coin of a forked coin didn't work out, who could have guessed? I'm not a Bitcoin maximalist by any means, and I believe it's very possible another coin will one day overtake the original Bitcoin.

That coin will not be Bitcoin Cash or Bitcoin SV - those will go down in history as nothing more than the experiments which established a rule:a coin cannot be replaced by a new one using it's name.

There's 1 situation where this does work, take a look at Ethereum and Ether Classic. Why? Because the creator of the first version was behind the new version. Without this people only see one person trying to destroy and take over someone else's creation - that will always be met with hostility.

Any new coin calling itself Bitcoin will never have this essential endorsement from the original creator, unless the real Satoshi comes back, too bad he's dead. Yelling at people that the original coin they hold isn't 'real' and the one you made is simply does not work.

Share your thoughts on all of this with, Tweet @GlobalCryptoDev

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM

San Francisco News Desk

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