Poloniex, a United States-based cryptocurrency platform, announced margin trading and lending support for Bitcoin Cash [BCH] and Bitcoin Satoshi Vision [BSV], on its Twitter handle on 11th April 2019.
The coins are paired with Bitcoin [BTC], the largest cryptocurrency by market cap, for margin trading. This trading service would be available only for the platform’s non-US customers, with a 2.5x leverage. With this new addition, the total tokens supported for margin trading on the platform amount to fourteen, including top coins such as Ehereum [ETH], Litecoin [LTC], and XRP.
The exchange said in a blog post,
“Like the other assets available for margin, BCHABC and BCHSV are also now available for lending. That means customers holding BCHABC and BCHSV can lend it to other customers and earn interest (set by the market)”
In simple words, margin trading refers to trading with leverage/borrowed money on an exchange platform. A trader can choose to open either a long position or short position with the leverage provided by the exchange. With this trading service, the exchange makes a profit by charging interest on the borrowed coins once the position is closed.
This news was, however, criticized by several members from the Bitcoin Cash community, on social media platforms such as Twitter and Reddit. The problem was with regard to the ticker symbol of Bitcoin Cash as the coin on the exchange was listed as Bitcoin Cash ABC [BCHABC]. This, in turn, resulted in the community asking the exchange to change the coin’s ticker symbol to Bitcoin Cash [BCH].
Elidan123, a Redditor, said,
“How can anyone take crypto seriously when you got exchanges ran by kids, changing names and making up logos?”
Nevertheless, this was also followed by the Bitcoin community questioning their rage. Dontcarenope, another Redditor, said,
“What do you mean? People’s in this sub [r/btc] try daily to change a certain coins name, to fit some stupid made up backronym and/or an arbitrary ticker of all things.”
e3ee3, a Reddit user, said,
“Why do you kids use “Bitcoin” Cash and “Bitcoin” SV when they are not Bitcoin? Why do you have a similar official logo with the exact same symbol? Why do you use r/btc and bitcoin.com to promote “Bitcoin” Cash? They are adults making it simple for everyone else.”
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Bitcoin Cash is ‘stupid’ and Roger Ver is a ‘scammer,’ claims Blockstream’s Samson Mow
In the latest edition of Magical Crypto Friends, Blockstream’s Samson Mow, CSO of Blockstream, criticized Bitcoin’s fork coins and their influential proponents.
Whale Panda, one of the most popular influencers in the crypto-ecosystem, addressed a myriad of subjects on the episode. One such subject was Bitcoin Cash [BCH] reversing a malicious entity’s transaction via a 51% attack. He started out by addressing the much-hyped fork coin attack and said,
“.. after the hard fork someone claimed the segwit coins and two [mining] pools and colluded took them for themselves to redistribute them to righteous owners”
Countering the former’s use of the term “righteous owner,” Samson Mow, who has been critical of Bitcoin Cash, took a shot at the community and added,
“How do you even know who owned them? [..] they just they gave the coins back under the rule of Finders Keepers”
According to Whale Panda, the attack highlighted how vulnerable the Bitcoin hard fork coin is to attacks. Following the statement, Mow called Roger Ver, CEO of Bitcoin.com and popular BCH enthusiast, a “scammer,” adding that the “only thing that matters is that BCash is stupid.”
He further explained that the entire reversal of transactions was possible in BCH because of “low hashrate” and would not have happened in Bitcoin Core [BTC]. Agreeing with Mow’s statement, Charlie Lee, creator of Litecoin [LTC] said,
“.. that’s true because if Bitcoin Cash, really does like die from this they can just go back to mine Bitcoin and they wouldn’t really lose their cash cow, right. Their miners won’t be worthless, but if they did this on Bitcoin and really hurt Bitcoin’s value, it’s gonna hurt their profitability by quite a bit.”
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