Topic: PSA: Get your Bitcoin off any exchange supporting "BSV" (due to insolvency risk) (Read 1473 times)

other interesting facts.
of the markets of presumed $$... majority is tether not actual $$
its USDT not USD

so they are not trading in and trading out actual fiat much.
they are just using arbitrage tools to cycle funds in circles to boost volume

Looking at https://coinmarketcap.com/currencies/bitcoin-sv/markets/ and sorting by volume % and then by name to check how many trading pairs they have it looks like 4 exchanges, MEXC, Upbit, Changelly PRO and
IndoEx hold 50%+ of the volume. Some others, like CoinEx do not even hit 1/10 of 1% of the market.

Still wonder how and why these smaller ones bother unless they are as discussed earlier just using API calls to someplace and do not even bother having their own synced wallet or anything else.

-Dave

As noted in BitMEX's tweet I linked to above, the biggest ones are Robinhood, Bittrex, Bitfinex, and KuCoin, although you can still see a full list on Greg's opening post on this thread or here: https://coinmarketcap.com/currencies/bitcoin-sv/markets/

The same reason they list and support any such shitcoin - as long as there are people willing to trade it, then centralized exchanges are willing to host that activity in order to cash in on the trading fees.

How many serious CEXs are there that still have Faketoshi altcoin listed? We know that for some of the famous CEX CEO logic is not the strongest virtue, but why do they still support such a project? Maybe they think that Faketoshi will not sue them like he is doing to others these days...

So, looks like BitMEX have given up trying to keep tabs on what the hell is going on with BSV.

After noting on November 14 that BSV was releasing a hardfork client to allow CSW to unilaterally start seizing coins which belong to other people, they attempted to monitor for such activities by running two version of the BSV software. They then on November 23 announced they were giving up trying to sync the ridiculously bloated blockchain and therefore cannot monitor for coins being seized or chain splits.

And looks like Bitfinex is starting to notice the effects of BSV being a complete mess: https://www.bitfinex.com/posts/868

I wonder how other exchanges are going to handle the fact that not only can coins start being seized, but apparently they can't even monitor for chain splits if this happens. Surely delisting has to happen soon?

A bit more then that since it would only be 50% :-)

Eliminating the people trading it, there is an ass for every seat so to speak so if you try to sell something people will buy it.

What I still don't get is the fact that after this last fork they are putting out that exchanges are not dropping it.

With this for they can now confiscate coins that belong to anyone, including exchanges clients. Even if the exchange did nothing wrong but they decide *these* coins are now ours poof go those coins. How can you operate like that?

Up until they released the code this entire thread, although accepted as true was for the most part an academic discussion. Well, it's no longer academic it's here.

If you have coins on an exchange that has not dropped BSV, or announced their dropping it some advice:

https://www.youtube.com/watch?v=_Uvcra0Gnus

-Dave

BSV is a stack of cards ready to tumble

BSV is not a coin with actual real world services or a large hashrate to secure that network.
the businesses wrapped around BSV are not real collateral backed to evaluate them in real money terms to any high degree

BSV is a stack of cards ready to tumble

firstly, the trade volume
there is the ability to fake volume
(for simple demo)
its only trading at ~$40. ($55m VOLUME(as read by someone else recent days average))
 meaning 2 idiots probably could swap the same $20 back and forth between each other (using a bot) 2.75m times a day  = 31 times a second
only swapping the same 0.5bsv:$20 between each other to create this fake trade volume


secondly faking BSV businesses valuations
EG (im using dummy numbers for easy demo explainer)
let say BSV had access to all 19m of its bsv coins.

BSV is saying its entire business partnerships are worth more then 760m(circ cap) whilst only $20  (only $20 in entire BSV reserves in my demo) is traded of real fiat between BSV'ers.

then those businesses are also not holding portions of BSV as real reserved collateral. meaning their business valuations are not actually backed let alone by the coin, but then no fiat reserves to back the coin
which those business are not actually holding

lets explain this simply

imagine company A only has 1m bsv coins. that business then claims its worth $40m(coin*price). even though there would be (demo above) only $20 real fiat in the BSV ecosystem.

that business offers out say 100m of shares/tokens where only one share/token is bought for say $10
creating that business valuation of $1bilion..($10 fiat * 100m shares)
 even though the actual fiat in the BSV (demo number) ecosystem is only $30 now (disclaimer dummy numbers for demo explainer of hypothetical scenario)

yep you see it in sharktank/dragons den TV shows.
business enters the tank/den.. asks for only $100k hard money for 5%
the dragons/sharks laugh and say "do you really think your company is worth $2m(even though company has no cash and is only seeking $100k)


because the BSV ecosystem of CSW companies only service each other in a incest game of sharing their own genepool of 'collateral'
those BSV services/companies.. are a stack of cards ready to fall

where the real hard fiat does not match the BSV cap and bsv business valuations

..
oh and i have not even got to the hashrate yet
650petahash (0.65exa)
is 0.25% of bitcoin hashrate

yep it only needs 0.25% of bitcoiners to pool jump to BSV pool to 51% BSV network

edit to respond to below (in jest/humour)
bitcoin is 270exa, which 0.25% is 675peta
51% attack of 650peta BSV is 663peta required

0.25% of bitcoin is a 52% attack essentially.. so my math is good

I mean it’s obvious that they are not smart, which means they could do all kinds of unexpected stuff and that’s fine, we shouldn't really expect them to do anything that requires even a slight bit of thinking. They may or may not do this, I am not saying they will do it, all I am saying is that something that will put them in SEC's crosshair doesn't seem too unlikely to me, it would be totally possible and it will definitely happen.

What I do not understand is that how could people believe these people. Craig Wright showed what kind of person he has long time ago, and even knowing full on well and have information on it, why would anyone trust and invest into this?

I may stand corrected Dave - I'm reading unconfirmed chatterings that both Bittrex and Robinhood depend on Blockchair, and so may be delisting BSV when Blockchair does. I checked the Bittrex site here (https://global.bittrex.com/status) and they currently list their BSV wallets as "inactive". Perhaps the dominoes are starting to fall...

No no no. They might have enough hashrate, but they don't have the password to the right Twitter accounts to use the Proof of Tweet algorithm.

I pointed out above that Coinex was still active BUT since they are closely linked with ViaBTC I assumed that they were using their block explorer. And they had a low confirmation rate.
Thinking about it, Via dies have enough SHA hashrate to do whatever they want to the BSV blockchain if they wanted to. So if they had a reorg that caused them to loose coins they could always 'fix' it.

But, I also asked and nobody replied as to what number of confirmations other exchanges were using. If they were at some very high number, then even with the re-orgs and stalls it might have not mattered.

Kind of like back in 2017 when some exchanges were waiting on 500 confirms for BCH before they changed the DAA.

-Dave

Even if a miner sets up a block explorer (idea: they're running a node anyway), it's still a bad business model, because the mining simply subsidizes the explorer; there's nothing of value that it provides in return.
That's why there literally cannot be a meaningful, long-term business model for a BSV explorer. The discrepancy between the cost to run it (expensive hardware) and the ad money it can generate (low interest, few BSV users who use block explorers) completely disincentivizes it. As we already determined, this is not by accident.

Blockchair's BSV explorer has already had times where it has shown no new blocks for several days, while other block explorers have been dozens or even hundreds of blocks ahead (albeit with every block explorer you check either at different heights, or at the same height but showing different forks). Although it seems to have caught up now, any exchange which was solely relying on Blockchair would have had to suspend their BSV deposits and withdrawals for over a week now.

Here is what the lead developer of Blockchair had to say a few months ago:
Junk data that nobody cares about and nobody is interested in using. Sounds about right.

Well, if they go into that territory then the SEC will be all over their ass, because they are keen on regulating these kind of price manipulations as evidence of a security. Talk about a legal battle you can't win. 

Best that happens if they go down that route is BSV gets banned in the USA.

Eventually this shitcoin will either join its thousands of friends in the altcoin graveyard or turn into something similar to PayPal where users have to sign up on their centralized website, hand over their money to receive a shitcoin which they also keep. By then due to BSV not being listed on any exchange, they would have full control over the price and they can manipulate it to make money like if there are more cashouts they decrease the price and increase it when there are more deposits...

BSV and EOS that will be limited will cause the assets of these coins to be vacuumed, even though they have been around for a long time, old coins are starting to have a few lyrics that make it difficult to develop, especially as you said in the future BSV does not need blockchain this will eliminate them clearly and they will take  advantage of that reason.

I mean... If they wanted to go down the route of easily enforced court-ordered forfeiture, it's was a pretty poor design choice to include one to begin with.  

I'm guessing that since they make their money from selling API access and other services that the cost of keeping the BSV chain up and running and on the correct fork is now costing them more then it's generating.
As I said a few posts up, as soon as a business is no longer making money with a coin it's gone if there is a cost to keeping it up and running.



If they know which, if any, exchanges are not using their own node(s) but puling from Blockchair then they could know that as of November 7th they are going to have to stop supporting BSV.

-Dave

Not an exchange, but it looks like Blockchair will stop supporting BSV (and EOS) in about 2 weeks. You are shown a banner at the top of the page whenever you try to use the BSV explorer with the following text:

Can't say I blame them when on any given day there are about 5 different chain tips to try to pick from until Proof of Tweet kicks back in and the BSV gods dictate which chain is the One True Chain^TM.

Also, looks like CoinGeek might know something we don't and are running preemptive damage control. https://coingeek.com/bsv-doesnt-need-exchanges/
Next up: BSV doesn't need a blockchain.

The high-fee miner seems to mine when BSV is more profitable, so we should see them oscillating on and off now unless the BSV price crashes a fair bit-- $40 might be enough to make them stop but it's a pain to calculate how much gain they're getting from gaming the difficulty update algorithm so they might keep going with prices even lower than that.

I assume you've seen his commentary on the advantages of living in Antigua, so that's not likely!

He seems to have learned to stop posting so many images of his questionably young looking entertainment in public.

The American-style happy ending now would be:

• BSV attacks don't stop, all exchanges delist it (too risky)
• People panic sell, price goes to 0
• CSW loses next court case(s) based on hodlonaut precedent
• Ayre goes to jail for suspicious materials on his PC; i.e. no more cash flow for CSW

We would never hear from him again..