What about the remaining BSV in Binance’s wallet after 2019?

What is Binance doing with the remaining bitcoin assets in customer accounts after it takes BSV offline in 2019?

The main goal of the “take down BSV” move was to remove BSV from the digital asset landscape altogether, but that goal was not achieved. In fact, its ecosystem continues to (move) forward, along with a wide variety of services and innovative ideas that other blockchains haven’t seen in years.

How did Binance handle the remaining bitcoin assets in customers’ accounts after taking BSV offline in 2019?


What about the remaining BSV in Binance's wallet after 2019?

Based on some recent news posted online, we wondered if the company had liquidated and returned – or just kept – the funds.

We became curious about this after seeing the following messages posted on Twitter & Reddit.

What about the remaining BSV in Binance's wallet after 2019?

Binance’s standard response to customers asking about their missing funds appears to be related to the April 2019 announcement or, in other words, just (user) bad luck.

While we acknowledge that Binance did publicly announce in April 2019 that it would take BSV off its list and stop supporting (user) withdrawals a few months later, we sent a request to the company’s media enquiry desk with the following questions.

Are there many Bitcoin SVs that have not yet been withdrawn (by users) after the (withdrawal) deadline in 2019?

What does Binance do with the remaining BSV assets, e.g., are they sold to someone else, e.g. BTC, or are they still frozen in the (relevant) Binance account?

Almost a week (of time) has passed since we asked these questions and still no answer from Binance …… or any response. This, as well as the response received by the customer (mentioned above), suggests that Binance does not see the need to give any further explanation on this matter.

Only a few months passed between the announcement of Binance’s plan to take BSV off the list in 2019 and the termination of the transaction. Since then, there has been little mention of BSV on the company’s tech support Twitter account or blog. it is likely that many customers with BSV missed the announcement and left a significant amount of BSV in their Binance wallets.

If anyone has any further information on this, we would be happy to hear (in this regard).

Kraken took down BSV together with Binance, which gave customers a month to withdraw BSV before completely “liquidating” it and converting it to BTC at the average market price after 6 months …… and charging a mandatory 10% fee.

Again, the response amounted to a “you’re unlucky, you lost your assets” statement – because the “reality” mentioned by Kraken’s representative was created by the company’s own decision. own decision to create it.

The ‘Take Down BSV’ campaign reveals the truth about how the digital asset industry works

The main goal of the “take down BSV” campaign was to remove BSVs from the digital asset landscape altogether, but that goal was not achieved – too many exchanges realized that BSVs are still too popular to ignore, and they are happy to take on additional business that the parties who took them down do not want. want the extra business.

It’s likely that the limited trading options on popular platforms, combined with the industry media’s aversion to covering BSV (an aversion that is often comical), has dampened BSV prices over the past two years. Whether the lack of short-term gains has improved or hindered BSV’s long-term growth remains a contentious issue.

But BSV has not gone away; in fact, its ecosystem continues to (move) forward, along with a wide variety of services and innovative ideas that other blockchains haven’t seen in years.

BSV’s survival (amidst much flak) has prompted others to take a fresh look at it. Some who take a more analytical approach to investing in digital assets questioned why an exchange would deliberately take down an asset that was (at the time) in the top 10 in terms of market capitalization. There are no security issues with the BSV network and the technology is working exactly as it was promised.

The only BSV losses worth (one’s) attention came from the accounts of (those) exchanges that chose to take down BSV.

Thus, the decision to downgrade and the attempt to delegitimize BSV was clearly purposeful. Many people involved in the digital asset space come here because of a distrust or lack of confidence in the existing financial or political system and the opacity that covers up any collusion (behavior) between the two. (But they) have seen digital asset exchanges and industry media engage in behavior similar to that (of the financial or political system), which has led them to turn to revisit BSV.

While the blockchain industry prides itself on pushing for freedom and the nobility of the underdog, it has proven itself to have the same ability as the (certain) organizations it seeks to overthrow, namely the ability to engage in manipulative behavior and to conduct behind-the-scenes deals that benefit its allies. It’s another case of “meet the new boss, but the new boss is the same as the old boss” (i.e., the new boss does the same thing as the old boss), just as the revolutionaries in history embraced human rights and freedom of expression, and then both were limited once they gained a little power.

Over the past decade, exchanges have been the most profitable companies from the digital asset boom and bust cycle. After billions of dollars started rolling in (toward them), they now pay only token lip service to the ideas they originally marketed.

If people like Dr. Wright dared to use the trial system to make corrections, their leaders would be screaming in protest, but (these leaders) are ignoring the fact that their own clients have suffered financial losses and have no answer or option to exercise recourse in disputes.

These actions, and the fact that BSV has proven itself to be working exactly as it promised, are the reasons why the “take down BSV” campaign did not cause the original Bitcoin (BSV) to disappear. On the contrary, the continued existence of BSV has led strict builders to investigate it (and the exchange’s behavior) more closely.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-about-the-remaining-bsv-in-binances-wallet-after-2019/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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