- In an interview, OKCoin CEO defends its controversial trading suspension of BSV and BCH.
- Craig Wright’s recent legal threats prompted the suspensions.
- OKCoin CEO says BSV and BCH should stop “hiding behind” the Bitcoin brand.
San Francisco-based cryptoexchange OKCoin announced on Friday that it will suspend trading of (BCH) and (BSV)—two of (BTC)—starting March 1.
OKCoin CEO Hong Fang said the suspensions aim to stop the “malicious misinformation war” waged by self-titled Bitcoin creator Craig Wright, who spearheaded the development of BSV, and by others influential in the development and promotion of BSVand BCH.
“You cannot just let the bad guys roam out there and say nothing,” Fang told Decrypt, in apparent reference to Wright and others active in the the BSV and BCH whom she refused to name.
But OKCoin’s move is also an effort to protect Bitcoin, she said.
Fang told Decrypt that BSV and BCH should stop “pumping the campaign of ‘Oh, [Bitcoin] is not a store of value,’” at a time when “the free money printing is getting a lot of attention and macroeconomic viewpoints are attracting more people into Bitcoin as a store of value.”
BSV and BCH, both of which claim to be the ‘real’ Bitcoin, confuse novice investors and chip away at its trillion-dollar reputation, Fang said.
But people influential in the development and promotion of BSV and BCH, who spoke to Decrypt, question OKCoin’s motives in suspending trading of the coins.
Coins going their own way
BSV and BCH are two coins that emerged from major hard forks of Bitcoin. In crypto, hard forks occur when users of a blockchain split from the rest of the network to create a new one, usually over some disagreement.
Forked networks often come with new features and coins. Bitcoin Cash, the Bitcoin fork launched in 2017, modelled itself after the conviction that Bitcoin should become a kind of digital cash. To make the network fast enough, BCH developers increased the Bitcoin block size.
Bitcoin SV, or “Satoshi’s Vision,” increased that block size even further, making it, in the eyes of its creators, even Bitcoin-ier. “Satoshi” refers to Bitcoin’s pseudonymous creator, Satoshi Nakamoto, whom Craig Wright, BSV’s founder, professes to be. His claims are widely rejected, including by Fang.