The Drama of Bitcoin SV

Welcome, welcome to One Minute Crypto! I’m your host, Chronos, and today I want to
give my thoughts on the recent drama around Bitcoin SV, a fork of Bitcoin Cash. Recently, the CEO of the major exchange Binance
announced they are delisting the coin, as its founder, Craig Wright, threatens bitcoiners
and generally acts like a bully on social media. Following suit, both Shapeshift and Kraken,
two other large exchanges, have also announced they will delist it, and all this drama has
caused the price of Bitcoin SV to crash by about 15%. I have two thoughts on this. First of all, the fact that a coin can be
so damaged by a handful of exchanges like this is not good. The blockchain is all about decentralization,
so the more power these centralized exchanges have, the more the entire industry is at risk. I really hope we can distribute this power
in the future by using decentralized exchanges that run on the blockchain. Second, the price crash has Bitcoin SV trading
at just over 1% of the price of bitcoin, and that’s a dangerously low price. Why is this dangerous? Well, Bitcoin SV uses the same mining algorithm
as Bitcoin, so miners can actually just switch back and forth at any time. This means that if just one or two percent
of bitcoin miners decide to switch to SV, they will probably be able to overwhelm its
other miners and perform a 51% attack that lets them reverse recent transactions. This puts any exchange that still trades Bitcoin
SV at risk, as their deposits could be reversed by an attacker. Due to this weak security, it looks to me
like the future is not bright for Bitcoin SV. What do you think? Post your comments below the video. I’m Chronos. Thanks for watching!


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