Bitcoin Cash [BCH] community lashes out at Poloniex over BCHABC ticker symbol

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)”

Source: Twitter

Source: Twitter

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?”

Source: Twitter

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 to promote “Bitcoin” Cash? They are adults making it simple for everyone else.”

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