BlockTrades now supporting Bitcoin Cash SV (aka BitcoinSV)

in blocktrades •  6 years ago  (edited)

Bitcoin Cash SV is the fork for Bitcoin Cash supported by Craig Wright, probably best know for his repeated and quite questionable claims to being Satoshi Nakamoto (smh). CW aside, it does appear that Bitcoin Cash SV may have some long term viability so we're adding support for it on BlockTrades as we're not in the business of picking fork winners.

Bitcoin Cash SV pricing varies widely accross exchanges due to deposit/withdrawal issues

A number of well-known exchanges are currently trading bitcoin cash SV without enabling deposits/withdrawals. This means the prices of the coins on those exchanges are likely to diverge from exchanges where deposits/withdrawals are functioning. For examples of this, see here (this is likely to change, so don't expect this link to matter in a few days):
https://coinmarketcap.com/currencies/bitcoin-sv/#markets

But here's a screenshot at this moment:

BlockTrades can only rely on pricing from exchanges with functioning deposit/withdrawal capability

Note that bchsv is trading much higher on Binance (which doesn't allow deposits/withdrawals yet) than on Bittrex (which does). We therefore don't use pricing from Binance, because we consider prices from an exchange without functioning deposits/withdrawals to not accurate reflect real market conditions. Note that coinmarketcap IS relying on pricing from such exchanges when doing it's averaging of the USD price: this means that BlockTrades is currently valuing BCHSV at about 6% discount to the price shown on coinmarketcap at this moment in time.

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I don't see any value in Bitcoin cash SV. I would like to see PIVX, decred and neo in the list of traded exchange pairs.

It's in the top 10 coins by marketcap at the moment, we already supported its "ancestor", plus it's clearly not a security, so it was was a relatively easy decision to add it.

Support for a lot of coins is being delayed till we can separate out US/non-US customers to avoid potential problems if the SEC decides they are securities.

Why do you say it is not a security, is there some guidance out there from SEC or the like?

Yes, there's been plenty of guidance, but it's kind of obvious on the face of it: there wasn't any money raised for bitcoin or the bitcoin cash forks and there's no common enterprise managed by a selected group of people for profit of investors (no investors).

I don't mean to complicate things, but I was just thinking how awesome it would be to have WLS added to @blocktrades. It would make things much simpler for the average user. It's not that I hate Rudex per say, but there are times it does frustrate me a bit.

It might be due to the fact WLS doesn't have much exchanges to trade on and not listed on CMC. For an instant exchange I pretty sure those are some of the simple requirements. Atleast it is Flypme which I am a tokenholder/writer for. Working on getting that steem support there :P
But yeah WLS needs more places to trade but...exchanges require money. Coinex lets "free" listing if 1000 KYC votes and some small amount of tokens are paid. Like a total cost of less than $1000
Just saying my opinion on the matter could be wrong

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Pitching forks leads to pitchforks and torches? :)

I am still wondering how much the uncertainty regarding the future of Bitcoin is leading the current downturn in crypto. I can certainly imagine how it would lead many less adventurous, big investors to pull out based on conservative advice.

Regardless of what people feel about BSV any new channel for adding value to Steem is most welcome!

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I would like to buy some BCV and is it ok to leave it on blocktrades in my account for a while -- my wallet has not yet made provision to store it yet?

We don't, at this time, offer a wallet hosting service where customers can store funds, so you'll need to arrange for a BSV wallet.

Thanks - I am probably on the wrong track if I can't find a way to store it simply. I will hold off and see when my wallet makes it possible. I appreciate your reply

Thank you for your support @blocktrades. I really appreciate it!

...and then you dropped it apparently.
Bye Bye Steemit BlockTrades fraudsters!

We dropped it because most of the exchanges that give us reliable pricing and volume information dropped it, so it was difficult for us to accurately price it. There were also some ethical issues related to the coin's founder (he was throwing around threats of lawsuits left and right, from what I heard).

Also, Steemit had nothing to do with our decision to delist the coin.