Cryptocurrencies & Platforms

Bitcoin SV is a Complete Scam, Says Ethereum Co-founder

Ethereum co-founder, Vitalik Buterin, in an interview on the Hardcore Crypto channel on YouTube, spoke bluntly on his view of Bitcoin SV (BSV), calling it a “complete scam.” Buterin spoke on a variety of topics, including the burgeoning area of decentralized exchanges and the delisting of BSV from Binance, which on one had “arguments in favour of it”, but on the other showed “a centralized exchange wielding a lot of power.”

Buterin was quite forthright in his description of BSV, but also spoke of the underlying problems with the fact that an exchange can decide to delist a token of its own volition, 

Obviously BSV is a complete scam, but the delisting from Binance – that was interesting. There’s arguments in favour of it, but then there’s also arguments that this is a centralized exchange that’s wielding a lot of centralized power.

He also mentions the large trading fees imposed by Binance and that they “influence which coins win and lose by choosing trading pairs.” These are common criticisms, and some of the biggest motivators for the push towards decentralized exchanges.

Buterin has criticized Bitcoin SV many times before, once calling it a “pure dumpster fire.” He has also criticized centralized exchanges, hoping that the advent of decentralized exchanges would finally remove control from centralized exchanges which, if they were to fail, would cause serious problems for investors and the market. Buterin has said before,

We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.

Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

Share
Published by
Abhimanyu Krishnan

Recent Posts

Is A Silicon City Tech Giant Behind BlockDAG Network As Its $11.4M Presale Outcasts Floki Inu Price Surge Amid BOME Fluctuation

With Floki Inu's next bull run approaching, investors are closely monitoring its innovative token burn…

2 weeks ago

BlockDAG Becomes Top Crypto Investment Choice with $9.9M Presale, Beating Fantom & Apecoin

BlockDAG (BDAG) has continued to stand out with its innovative presale strategy, offering early investors…

3 weeks ago

Render and Dogecoin Price Predictions Defy Expectations As BlockDAG Emerges as the Highest ROI Crypto for 2024

As we venture into 2024, the crypto market is brimming with potential for unprecedented growth.…

3 weeks ago

Solana’s 20% Trading Spike Sparks BlockDAG Presale Interest While Memeinator Presale Reaches Edge

This analysis contrasts the flourishing momentum of BlockDAG coin's presale against the backdrop of the…

4 weeks ago

CryptoGames Review: Bitcoin and Altcoin Casino

Ever wondered what it is like to experience the extravagant casino vibes in the comfort…

2 years ago