Ethereum creator and thought leader Vitalik Buterin calls BSV a scam

In a recent interview with Youtuber Hardcore Crypto, Vitalik shared his thoughts on Bitcoin SV, Binance and decentralized exchanges, etc. Bitcoin SV forked from the Bitcoin Cash chain back in November last year and has been a subject of controversy. It’s front runner Craig Wright who is a self-proclaimed Satoshi Nakamoto has threatened libel lawsuits against critics and also recently filed a copyright for the Bitcoin whitepaper.

Vitalik is obviously not a fan of Craig, the duo has clashed several times previously where he even called Craig a “Fraud”, in the recent interview he said:

“Obviously BSV is a complete scam, but the delisting from Binance – that was interesting. There’s arguments in favor of it, but then there’s also an argument that this is a centralized exchange that’s wielding a lot of power.”


Binance wields a lot of power

After Craig Wright filed lawsuits against podcaster Peter McCormack and Crypto Twitter personality Hodlonaut, several exchanges including Binance and Kraken delisted Bitcoin SV from their platforms. While most fans cheered the move some warned about the centralization of power among exchanges like Binance.

Binance has hopped from country to country taking advantage of regulatory arbitrage in Crypto, the Malta-based exchange has seen tremendous success in its user base and trading volumes making it the largest exchange in the world.

There have been allegations against Binance over taking advantage of this power by charging high listing fees, promoting utility tokens through IEOs, etc.


Vitalik says:

“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”

Vitalik famously said in a Tech Crunch interview last year that he wishes centralized exchanges to burn in hell. He thinks that decentralized exchanges are a viable alternative where the private keys are controlled by the users instead of custodians, he says:

“I’m sure you’ve heard my comment last year about wanting centralized exchanges to burn in hell as much as possible! I do really want decentralized exchanges to succeed.”

While the idea of decentralized exchanges sounds good, there are several challenges like UI/UX, onchain scaling, insurance, etc that have made adoption of DEXs difficult. Many projects like 0x, Uniswap, etc are working on solving these problems and have gained a decent amount of adoption in the recent past.

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