The past few weeks have seen the crypto market crash, rise and crash again. That being said the markets are currently green across the board. It was suspected that the Bitcoin Cash hard fork was a contributing factor for the market to crash. The hard fork resulted in two new viable chains which include Bitcoin Cash (following on from the Bitcoin Cash ABC protocol) and Bitcoin SV (this follows on from the Bitcoin Cash SV protocol).
It was previously announced that tokens of the Bitcoin Cash ABC protocol are listed on Kraken as Bitcoin Cash. Nevertheless, Kraken will also support tokens of the Bitcoin Cash SV protocol under the designation Bitcoin SV.
It’s worth noting that because Bitcoin SV doesn’t meet Kraken’s usual listing requirements it should be seen as a high-risk investment. There are several warning signs which traders should be aware of including:
- “No known wallets supporting replay protection (be careful!)
- No support in major block explorers
- Miners apparently subsidized or operating at a loss
- Representatives threatening and openly hostile toward other chains
- Chain’s survival may be mutually exclusive with other chains
- Supply is temporarily constrained because of limited wallet support
- Some large holders have indicated they’d be dumping everything ASAP
- Kraken has done only very minimal code review”
Custodial losses taken on because of attacks originating from nChain or its affiliates will be socialised amongst all holders of Bitcoin Cash SV on Kraken. Because of the volatile state of the network and the threats that have been made, there is no guarantee of perfect custody for BSV.
A few FAQ’s have been posted on Kraken’s blog, some of which have need to know answers:
What time will Kraken use to determine how many BSV I receive?
“We will use the time that the last common block before the fork was mined, which was 2018-11-15 17:52 UTC. We will look at the BCH balance you had at this timestamp and add an equal amount of BSV to your balance (so if you had 10 BCH at this time, you will end up with 10 BCH and 10 BSV).”
When will BSV come online?
“Kraken will credit client accounts with BSV and launch BSV trading at approximately 15:30 PST today, November 18th, 2018. The BSV order books will come online first, then accounts will be credited with BSV a short time later.”
You can find out more on their blog here:
What are your thoughts? Let us know what you think down in the comments!