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Kraken: Be careful of “red flags” that Bitcoin SV presents

Cryptocurrency trade exchange Kraken has announced support for both Bitcoin Cash forks, but is offering users a warning of “red flags”.

Kraken, a cryptocurrency trade exchange based in the US, has confirmed that it will be offering support to both Bitcoin Cash forks but it also is warning cryptocurrency users of several issues that the firm has picked up.

Anchorman gif-loaded, the announcement stated:

[Tokens] of the Bitcoin Cash ABC protocol are listed on Kraken as Bitcoin Cash (BCH). However, Kraken will also support tokens of the Bitcoin Cash SV protocol under the designation Bitcoin SV (BSV).

Kraken also pointed out that, although they are supporting both forks, Bitcoin SV (Satoshi’s Version) presents many “red flags” which users should be aware of. According to the exchange, these are:

  • 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”

The hardfork has brought with it several sore points. The current state of the cryptocurrency market has been blamed on the token’s controversial split and the big tokens, such as Bitcoin, Ripple and Ethereum have all faced a wave of red. Bitcoin at the moment is trading at a drastically low $5195,00 USD – the lowest by far that it has hit this year – which is a hefty 7.2% down in day-on-day trading.