Home News Bitcoin Bitmain Chief Jihan Wu’s Tweet About ‘Selling Bitcoin Cash SV’ Leaves Investors...

Bitmain Chief Jihan Wu’s Tweet About ‘Selling Bitcoin Cash SV’ Leaves Investors Mystified

November 19, 2018 12:09
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Source: Bitcoin Exchange Guide
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Last week was a very interesting week as the bitcoin cash fork finally went through. As per the last reading, Bitcoin Cash (ABC) which is backed by Roger Ver was reading four blocks ahead of Satoshi Vision which was being backed by Craig Wright.

The announcement on the portal Coin Dance said, “Coin Dance is now able to declare that both active chains will continue to be permanently split into the foreseeable future. The majority of businesses in the cryptocurrency ecosystem are now using Bitcoin Cash (BCH) to refer to the chain maintained by miners operating in consensus with the latest implementations from Bitcoin ABC, Bitcoin Unlimited, Bitprim, Bitcoin XT, bcash, and bchd.”

“A number of exchanges have added support for the Bitcoin SV chain under the Bitcoin SV (BSV / BCHSV) name but general app support is currently very limited. Expect to see announcements made from each of the major companies in the Bitcoin Cash ecosystem that clarify which chain(s) they will support going forward.The Bitcoin SV community believes that dedicated hash is the key mechanism used for building network consensus. The Bitcoin Cash community believes that miners, developers, businesses, and individuals should all have a voice on future protocol changes. Over time, we will see which of these two viewpoints ends up getting us closer to that dream of building digital cash for the entire world.”

In the midst of all this, Jihan Wu posted a cryptic message on November 17 stating, “I am wondering when I can deposit my BSV token into exchange to sell.”

A lot of people took that to mean that SV was going straight for the dumpster as no exchange in their right mind would list SV, but as we know that is not truly the case. In the run up to the fork, many exchanges such as Binance, WazirX, Zebpay had announced their support.

A user on Wu’s Twitter feed said, “Every time one person sells SV, another person is purchasing it. Trading means volume. More volume means more interest. The best way to kill a coin is to just forget about it. If it never trades it will get delisted. If it gets delisted, eventually even miners will stop trying.” Acquiescing his point another user stated, “Noted, & in theory that makes some sense on a small scale, however Jihan Wu held a massive amount of BCH, so if he sells all of his BSV tokens, there would not be enough buyers and the BSV price would plummet to near zero. That would not support BSV.”

However, if users were to check out his timeline before the cryptic tweet, it is quite apparent that he would be supporting ABC over SV. This present tweet can only mean that, he had a bought a particular amount of SV (probably due to fear of missing out or FOMO), and now that the verdict is in favour of ABC or as it will hereforth be known, Bitcoin Cash, Wu wishes to dump his SV.

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