Why I think calling on exchanges to de-list coins is a footgun

2019-04-13T14:46:54.000Z Honest Cash

Recently, some in the crypto community have been calling on a well-known exchange to de-list Bitcoin SV (BSV), after the exchange's CEO publicly threatened to de-list it.

I don't think that it's wise for us to join those calls, and I'll give you a few reasons.

1. We are harming the functioning of the free market in doing so by limiting the places where people can sell that coin. Chances are if you don't like the coin, there will be others like you, and you're essentially depriving them of one more place to exchange their coin for something they believe has more value. Do we want to throw sand in the gears of the crypto markets, or do we want people to have options and be able to act on what they believe is best for themselves at any particular time?

2. It's futile because there will always be some exchange popping up to take those trading fees. In this case, two new markets announced themselves as supporting BSV and being more than happy to take away the trading fees of the exchange that was threatening to de-list it.

3. I remember the days when people called for exchanges not to list a big block Bitcoin in the case a fork happened. If the shoe is on the other foot, do we behave the same? What will you say when, after BSV is de-listed, people turn their attention to BCH, screaming 'scam!' in the same way they've done up to now, and calling for it to be de-listed too? If you have been paying attention, this is already happening in the exact same threads where the BSV issue is being discussed.

I'm not trying to make an argument from fear here, nor am I saying that the exchange in question shouldn't be completely free to make whatever decision it deems best for its business.

The way the free market works is that people are free to offer what they want. If you don't like the shop (either because of what it has or what it doesn't have), go elsewhere, or if there's nowhere else to go, set up your own (or let others know of your need) if you think the market could be served by it.

That's my 2sat, thanks for reading :-)

Responses


RE: Why I think calling on exchanges to de-list coins is a footgun

by @phmadore

I did see people talking about "BCH next," but the thing is, BCH is just too popular. It's a different class of coin. Roger Ver doesn't represent it so much, and he's been quiet lately anyway. Binance might be the only real exchange listing BSV, honestly, if you look at their markets. The rest might be false volume. Something has to be done to punish CSW. I don't know if punishing everyone who uses BSV is the best idea, but still.


RE: RE: Why I think calling on exchanges to de-list coins is a footgun

by @freetrader

I agree BCH is much more popular and in a different class as far as some important criteria, at least to me, are concerned.


Now the "exchange wars" around the trade of BSV have kicked into high gear, but the fallout will hit BCH to a certain extent, as I predicted.


And predictably, it is BSV-loyalists SBI who fire the first shot, as reported here

https://twitter.com/Coin_and_Peace/status/1118103107500535808


Exchanges de-listing coins that don't meet their criteria is still part of the functioning of the free market, but we need to remember that so are exchanges which decide to retain such listings.

Let us not descend into a mob mentality similar to what we, supporters of on-chain scaling back when it was not popular but derided and censored, experienced from the other side back in past times.

Instead, what's going to get us ahead is building a strong cryptocurrency ecosystem, where people can experiment even if we disagree with their choice of tech or governance.