Craig Wright’s persistence to affirm that he is the real Satoshi Nakamoto apparently has no end. Recently, Crypto-twitter in majority went against Wright’s claim, and a #WeAreAllHodlonaut movement began which had Chanpang Zhao, Charlie Lee, Justin Sun, and many other crypto influencers backing the campaign.
However, Wright went on to file a defamation suit against the person with the twitter account @hodlonaut because of his consistent rebuffing of Wright’s claim.
Craig Wright is one of the lead proponents of the Bitcoin Satoshi Vision (BSV) cryptocurrency which was forked from Bitcoin Cash (BCH) in 2018. Hence, it is apparent that Wright’s at this point of time in the market is to reduce the popularity of Bitcoin (BTC) and Bitcoin Cash (BCH) by claiming Satoshi’s Vision to be his own. Moreover, following Craig Wright’s claim, anyone in the world can claim himself to be Bitcoin, and we’d have to believe it?
However, the secret to Satoshi’s identity also lies the unified ledger that he invented which can be verified easily enough as well.
A Simple Solution to the Identity Verification Issue
Binance CEO, CZ gave a very simple solution to prove the identity of Satoshi Nakamoto,
“The real Satoshi can digitally sign any message to prove it. This is as simple as breathing for him/her. And we have the pub key. Until then, everyone is Satoshi, except Craig Wright!”
Given below the address of genesis block which was first rewarded the Bitcoin from the mining process.
Furthermore, on 12th January 2009, Satoshi Nakamoto also made a transaction where he transferred 10 BTC to a computer programmer, Hal Finney who was the first to download the Bitcoin [BTC] software.
Senders Adress: 12cbQLTFMXRnSzktFkuoG3eHoMeFtpTu3S
Receivers Address (Hal Finney): 1Q2TWHE3GMdB6BZKafqwxXtWAWgFt5Jvm3
Therefore, the real Satoshi Nakamoto only needs to send a message to any Bitcoin address in the world and his identity can be verified from this address as the private key of the address is unique and secure.
It’s been ten years since the inception of Bitcoin and the identity of the creator is still unknown. Since Bitcoin is a decentralized system of payments and a store of value, the anonymity of its creator often acts as a USP for Bitcoin. Nevertheless, the alias ‘Satoshi Nakamoto’ is ubiquitous in the crypto-sphere. Hence, if Satoshi Nakamoto decides to come forward and reveal his/her identity, it would cry havoc in the world.
Do you think Craig Wright will be able to resurrect this address and prove that he is the real Satoshi Nakamoto?
The post How To Prove the Real Identity of Satoshi Nakamoto, the Creator of Bitcoin? CZ Suggests appeared first on Coingape.
Whale Alert, a Twitter handle that provides information on large crypto transfers, posted a tweet pertaining to the transfer of Binance Coins [BNB] from Binance to an unknown wallet. This particular transfer soon caught the attention of Binance’s Changpeng Zhao.
Whale Alert is a well-known Twitter handle that tracks large cryptocurrency movements to and from exchanges, and wallet transfers. It tracks top cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], XRP, Tron [TRX], EOS, and Stellar Lumens [XLM]. The page also provides information on the top 100 ERC20 tokens.
The tweet in question was about the transfer of 28,888 BNB, approximately $514,643 from Binance to an “unknown wallet.” The tweet read,
To this, CZ tweeted that the transfer was, in fact, a donation to Binance Charity from Crypto.com Chain, a platform that allows users to buy, sell and pay with crypto. He said,
“This is a donation from @cryptocom to @BinanceBCF, no strings attached. Many thanks to @Kris_HK @bobbybaocrypto for the generous donation! More follow up tweets/posts to come, about these good hearted people! I wish @whale_alert could add Binance Charity addresses. “
Source: Whale Alert
Soon after, Kris Marszalek, CEO of Crypto.com Chain, explained the reason behind the donation, stating that CZ’s keynote at Deconomy was a “powerful message” that needed to be “heard by the entire community.”
At the conference, CZ announced that 1 BNB donated would equate to 66 days of school for a kid supported by Binance Blockchain Charity Foundation. The CEO of Crypto.com Chain said,
“We’re all very fortunate to be in position to give back & it’s our responsibility to do so. Donate now!”
This was followed by CZ pointing out the price surge of Crypto.com Chain coin [CRO]. He said,
“Not sure if related, but http://Crypto.com coin (CRO) is up 28% today while most of market is down. Maybe people are enlightened by your hard work, generosity, and noble purpose.”
According to CoinMarketCap, at press time, the cryptocurrency was trading at $0.0932 with a market cap of $440.49 million. The trading volume was recorded to be $3.63 million and the coin witnessed a surge of over 14% in the past 24 hours and 81% in the past seven days, a massive hike despite the majority of the market treading in the bear market.
To this, Kris Marszalek said,
“It was down when the whole market was up, so maybe there is some cosmic justice in here lol. Or, which I think is more likely, it’s your 300,000 followers learning about $CRO for the first time. Thank you for the shoutout, now let’s go back to building & delivering for our users!”
The post Crypto.com Chain surges by 81% over 7 days; CEO attributes it to Binance CEO’s followers appeared first on AMBCrypto.
Source: AMB Crypto
Bitcoin breaks below the $5000 level as the bearish pressure continues to mount. While Euphoria has again gripped the market, Binance CEO, Changpeng Zhao, feels that the buying volume post the bullish candle on 2nd April on Bitcoin is indicative of the buying intentions that were waiting for BTC to make a move.
Moreover, some analysts also reaffirm that the crypto-investors haven’t seen an actual ‘bubble burst’ yet. The total market capitalization of the dot com bubble was about 6-7 times higher than the total market capitalization of the cryptocurrencies during 2017 spike. Hence, upside in the long-run is an absolute certainty.
Why Some Analyst Are Not Buying This Bounce?
However, Vinny Lingham, leading Bitcoin/Crypto analyst and founder of the CivicKey coin cryptocurrency maintains his bearish stance in the short term. According, to him, “there is absolutely a chance that $3000 is possible.” He too suspects that a single large order of exceptionally huge volume triggered this bull run and he is “not buying this bounce right now.”
He would wait for the Bitcoin price to cross $5700-$6200 resistance level before being convinced that the bear market has ended. He recently tweeted that:
“That said, if we can break $6200 for BTC, it will likely mark the start of another major bull run and could run hot and high..”
Moreover, Billionaire Investor, Richard Heart feels capitulation period would being again and the break below $5000 is on the cards; According to him, it is probably “the beginning of the end.”
He also stated that “Futures market don’t believe in this rally,” the premium on 90 days future on CME is around 30%. Hence, institutional investors are not likely expecting a bull run anytime soon.
Highlighting the Technical aspects, Heart mentioned that the twelve 12-hour RSI of Bitcoin is at the highest level of all times. Moreover, the daily RSI is also above 85. Therefore, according to him, any buy orders now is “likely to get rekted by 30%.” He also mentioned about the ‘fake out’ that was experienced during the last bear market of 2015 as well.
However, another leading trading and CNBC host, Ran NeuNer is still bullish on Bitcoin, as the recently tweeted,
“This dip doesn’t concern me. The same fundamentals that were there 48 hours ago when everyone was bullish are still there. It would be naive to imagine that the market would go up in a straight line. My view, we have seen the worst & it’s up from here albeit with bumps along the way.”
Moreover, Richard Heart also mentioned that if the period of the investment in Bitcoin exceeds more than three years, it would surely turn out to be profitable.
Will we see $3000 levels again? Was the move last week a potential bull trap or the bear market is behind us already? Please share your analysis with us.
The post Is this the beginning of the end? Billionaire Bitcoin Investor Expects a 30% Dip appeared first on Coingape.
The issue of fake data in the cryptocurrency space has been prevalent for a long time now and many proponents and luminaries in the space are trying hard to combat it. Bitcoin [BTC], the largest cryptocurrency in the space, has been at the center of many controversies involving fake trading volumes and exchanges manipulating the trade counts.
The latest news related to such events was pertaining to Binance’s Chief Executive Officer [CEO] Changpeng Zhao, who commented on Binance’s position at number 8 on the list of cryptocurrency exchanges, according to CoinMarketCap. He tweeted:
“This is getting a little out of hand. The exchanges above fail to realize:
CREDIBILITY is the most important asset for any exchange!
If an exchange fakes their volumes, would you trust them with your funds?”
Zhao, more popularly known as CZ in the cryptocurrency industry, also took a sly dig at the wrongdoers in the industry by stating that the “secret” for the health of the industry depends on the exchanges not hurting themselves.
Many users also commented on CZ’s post, with the CEO agreeing with Alen Salamun, a cryptocurrency enthusiast’s, tweet. Salamun had stated:
“People still don’t know you can fake any email address simply by changing the From: field. So they have absolutely no clue you can easily fake exchange volumes by 0 fee inside exchange trading….”
Many people in the space have also been appalled by Binance’s number 8 position on the charts, with some claiming that the drop is due to the “epidemic of wash trading occurring to inflate volume”.
CZ’s disappointment and criticism comes in the wake of reports claiming that 95% of reported Bitcoin trading volume was fake. The report, dated March 20, was created by Bitwise Asset management who informed the US Securities and Exchanges Commission [SEC] of the apparent manipulation of figures in the cryptoverse. The report stated:
“Despite its widespread use, the CoinMarketCap.com data is wrong. It includes a large amount of fake and/or non-economic trading volume, thereby giving a fundamentally mistaken impression of the true size and nature of the bitcoin market.”
The post Binance CEO CZ attacks exchanges with fake trading volume; claims ‘credibility’ is most important appeared first on AMBCrypto.
Source: AMB Crypto
Exchanges have faced a tough time since the onset of the crypto-winter. However, as an investigation by The Tie suggests, some exchanges have taken to faking trading volumes and attracting users to their platform.
The Tie tweeted the report of their investigation, a report that concluded by stating very few exchanges did not fake trading volume, while most of the exchanges faked trading volumes. Most of the users’ go-to page for info about cryptocurrencies and exchanges was CoinMarketCap. Hence, exchanges listed on CMC faked volume to attract more users to its platform.
The Tie fetched the number of web views using Similar Web, and divided the same with the trading volume reported by these exchanges. This gave the reported volume per visit. To create a standard for comparison, The Tie selected Binance, Coinbase Pro, Poloniex, Gemini, and Kraken, and calculated the weighted average of trading volumes, which amounted to $591, per web visit.
The obtained figure, $591, was then multiplied with web views, which gave the expected volume of the exchanges. Comparing this to the reported volume provided proof of how exchanges fake their trading volumes.
The attached report showed the same. Some of the culprits, according to The Tie’s report, included BitMAX, Lbank, BW, and ZBG. In fact, the investigation found that the expected volume was lower than 1% of these exchange’s reported volume.
The Tie stated,
“When we divided the top 100 exchanges’ expected by their reported volumes, we found that 59% of exchanges’ reported volumes were over 10 times higher than what we would have expected had they similar volume per visit to Coinbase, Binance, Kraken and others.”
The chart attached below shows the same, with the bars colored in red indicating the exchanges whose reported volume was double the expected volume. Exchanges with a better ratio of reported and expected volume were colored in green.
Source: The Tie | Twitter
Binance CEO, CZ, retweeted The Tie’s report, and commented,
“Why do exchanges fake volumes?
@CoinMarketCap is highest traffic website in our space, and biggest referrer for all exchanges. Ranked high on CMC has benefits for getting new users. BUT at the expense of DESTROYING CREDIBILITY with pro users. Many forget the later part.”
The post 60% of the world’s top 100 crypto exchanges fake trading volumes, says The Tie report appeared first on AMBCrypto.
Source: AMB Crypto
The last couple of days have been quite fruitful for crypto markets. With a dump last week and a whole seven days of consolidation many expected further losses. This didn’t happen and markets rallied again, led by one or two solid performing altcoins. Binance Coin has been among them as it breaks $2 billion market cap and flips Tether to take seventh spot.
Binance Coin Boosted to Ten Month High
The last time BNB was over $15 was in early June 2018. Since then it has dumped to a low of $4.50 in mid-December before surging back to currently levels. It has been one of the top performing altcoins of 2019 and has made a staggering 150% this year alone.
BNB prices YTD. Coinmarketcap.com
This week Binance Coin has pumped 50% from under $10 to over $15 which has pushed its market cap over $2 billion for the first time since the big crypto peak in January 2018. This epic performance has enabled BNB to flip both Tron and Stellar in the market cap charts. Yesterday it also conquered Tether and has taken seventh spot.
With a further 16% gained over the past 24 hours BNB is now less than $200 million in market cap away from Bitcoin Cash. It truly is a train of the crypto world at the moment, no such bear market going on with this one. Traders on twitter are now calling a top and are looking for the pullback to take profits.
#BNB $BNB Congrats to all that took this call. Approaching first target of consolidation break. Watching Market structure, I see a potential retracement to previous local highs after target is reached for further confirmation of the big break we are all looking for.-Patience- pic.twitter.com/540lVvMPND
— Crypt J (@atradesdaily) March 6, 2019
Binance appears to be one of the few companies bucking the trend and feeling no ill effects from the crypto winter. Maverick boss Changpeng Zhao seems to have taken the lead over Justin Sun for twitter use as it is a constant stream of updates on his channel. He is a huge advocate for crypto adoption and there is always the fact that more Binance users equals greater profits.
The world’s largest crypto exchange by volume has recently received a boost from the government of Argentina which has agreed to invest in early stage blockchain startups backed by the venture arm of the exchange. In an announcement this week, the country’s Ministry of Production and Labor said that it will match investments of up to $50,000 into every Argentinian blockchain project that receives funding from Binance Labs. Head of Binance Labs Ella Zhang clarified;
“One clarification to the terminology ‘match investments’ means grant. It’s a pure grant initiative to support local founders. Government WON’T take any ownership or equity. We really appreciate the strong support from Argentina government to @binance & @BinanceLabs !”
There has also been progress with the Binance decentralized exchange (DEX) which launched on test net two weeks ago. Binance Coin is effectively the fuel for the exchange which allows users to have full control of their wallets and private keys.
Binance Coin seems unstoppable at the moment which is a testament to the resilience of the industry and proof that a solid project and foundation for a token will send it to the moon.
Image from Shutterstock
The post Why Has Binance Coin (BNB) Surged 150% to a Ten Month High? appeared first on NewsBTC.
Source: New feedNewsBTC.com
Binance recently delisted a couple of altcoins from its cryptocurrency trading platform. One of the reasons why Binance delisted these coins, it claimed, was that these coins did not meet the exchange’s standards. This decision by Binance faced a lot of criticism and created a misconception in the community. The CEO of Binance, Changpeng Zhao, addressed this issue in his latest Ask Me Anything [AMA] video.
The CEO said that he wanted to clear the air about the delisting of Salt, Substratum, Modum, Wings, and CloakCoin and the delisting of other coins in the future. CZ stated,
“Delisting has to be done… When we list projects we go for certain number of criteria and overtime certain projects might fall below their standards, when they do we have to delist them. The standard is pretty clear.”
Referring to the 2017 article, “Binance Listing Tips,” Zhao also asked people to check the criteria a project should maintain to remain listed. He further added that there were many reasons which are considered before a project is delisted, and one of them was to check whether the project had product years after the ICO, or not.
Touching on the insider information leak, CZ said,
“We don’t give early notices for delisting, we don’t give three warnings, because when we do that the project team will have much earlier notice of when they will get delisted and some of them might even short their own coins. We keep very tight control over the information flow.”
CZ continued, saying that prices of such coins don’t see huge movements before delisting, but only after delisting, implying that Binance was doing a good job of keeping the flow of information under control.
The CEO also advised the project team to maintain contact with Binance and keep the exchange updated about the progress of the project. He also mentioned that delisting hurt not just the project, but Binance as well.
A Twitter user @JBTheCryptoKing commented,
“You are awesome for doing this.
@cz_binance, appreciate you answering my questions and looking forward to trailing stop losses”
The post CEO Changpeng Zhao defends Binance’s recent delisting of altcoins appeared first on AMBCrypto.
Source: AMB Crypto
Tron foundation closely worked with Binance to launch BitTorrent Token [BTT] and conduct airdrops. Recently, the founder and CEO of Tron Foundation, Justin Sun and the founder and CEO of Binance, Changpeng Zhao shared some insights about the current market, in an interview with Huoxing24, a Chinese news portal.
Justin Sun discussed the possibility of a retracement from the bearish trend in cryptocurrency prices. When asked about the future of Bitcoin in 2019 and its chances for a market breakthrough, Sun said,
“I think it is already the bottom, and the bear market is over. From now on for three to five years, it is now an absolute low. For this year, I think Bitcoin will fluctuate between $3,000 and $5,000. The opportunities for market breakthroughs this year include the explosion of the DApp ecosystem, the large-scale application of the lightning network, and the three major opportunities for BitTorrent’s 100 million users to enter the cryptocurrency market.”
On the other hand, CZ admitted that he was unable to predict the future price of the coin. He added that the future will have faster development of blockchain technology and believed that the digital currency will not disappear, but will spread. The duo went ahead to discuss the test-launch of the JPM Coin and were positive about its implementation. CZ said,
“JPM Coin has made a positive contribution to the entire blockchain industry, hoping it will drive Wall Street to popularize the entire blockchain application.”
Meanwhile, Sun called it a landmark for financial institutions. The CEO of Tron foundation added,
“JP Morgan Chase is a landmark event for mainstream financial institutions to enter the blockchain. I personally think that the top financial institutions such as Goldman Sachs, Citigroup and Morgan Stanley will start to enter the blockchain industry. Different from the previous financial institutions to invest in the industry, this time is a real launch, which is of great significance for the large-scale application of blockchain.”
The post Tron’s Justin Sun says Bitcoin has already hit the bottom and the bear market is over appeared first on AMBCrypto.
Source: AMB Crypto
In a recent interview with cryptocurrency and blockchain enthusiast, Ivan Liljeqvist, Changpeng Zhao aka CZ, the founder and CEO of Binance, spoke about listing and delisting coins on its platform, the standards to be met and above all, the launch of DEX.
Binance, which is essentially a centralized entity, is all set to step its toes into the DEX space after releasing its first version. Talking about supporting decentralized exchange without even being one, CZ said:
“I think we have listed no less than seven decentralized exchange coins”
CZ also admitted that any one of them could easily disrupt the centralized system run by them. He highlighted the aspects of security, ease of use and freedom rather than setting decentralization, as the goal of his work.
Talking about DEX’s profitability, CZ asserted:
“DEX may not generate a lot of revenue for Binance.com because the nodes will be decentralized and we don’t own most of them. But it is likely to increase utility and hence the value of the Binance coin and we still have decent number of Binance coin ourselves.”
CZ further said that DEX, which is a unique offering of the centralized exchange, is technically fully decentralized. He said:
“Users hold their own private key and the network never has access to the key.”
He also revealed that the mainnet runners for the DEX have not been decided yet. However for the testnet, all the nodes will be run by them in order to understand its workings.
The all-new DEX will be using Binance Chain to render instant transaction confirmation for a similar trading volume.
Earlier, the exchange had announced that their native Binance coin [BNB] will be moved to the Binance Chain, which was previously trading on the Ethereum blockchain.
Subsequently, other tokens might also move into the chain. Speaking further about the process, CZ stated:
“You can issue token, you can trade them, submit your proposals to get your coin listed on the DEX and the nodes will vote for you.”
Over 8 tokens have confirmed their migration into the Binance Chain from ERC 20.
Binance CEO CZ has previously been criticized by the community for removing coins from the exchange. To this, CZ responded by saying:
“Because we are centralized we will have to take on the responsibility of selecting projects and working with projects to list them. Basically, we want a listing of projects with a large number of users, good products, good communication with the community, consistent improvements and active developments.”
Other reasons for delisting include limited technical resources and security issues, said CZ. He finally concluded by saying that he believes that listing more coins for an exchange ‘is not the best market strategy’.
The post Binance CEO announces launch of its first Decentralized Exchange Testnet appeared first on AMBCrypto.
Source: AMB Crypto
Binance [BNB] token has been observing a good run since its launch as it climbed up the CoinMarketCap list and entered the top 10. Binance’s CEO, Changpeng Zhao has repeatedly expressed himself on the success of the coin and the future of Binance and cryptocurrency world. Changpeng Zhao also known as CZ, in a YouTube’s Venture Coinist interview, said that the crypto’s killer app is already here.
CZ noted the success of Tron’s BitTorrent Token [BTT] launch as a sign that ICOs will return and remain a powerful new way for companies to raise money. CZ said:
“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than write the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.”
He also said that if we look past this, raising money on the blockchain, blockchain fundraising, is a killer app which has many advantages and impactions to entrepreneurs, reported Daily Hodl. For this to happen, CZ informs that there is a need for best entrepreneurs and legit projects while making sure that the token economics makes sense. CZ added:
“So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.”
As per the CEO, entrepreneurs are going to build the crypto industry and this could be instrumental for the cryptocurrency industry at large. CZ affirms that it will not only be the crypto industry who will be using this application but also other platforms. CZ concluded saying:
“The projects we support go through very detailed due diligence, and we want to make sure those are all legit, proper projects. Not every project will be successful in the end because there are many other factors that can cause startups to fail.”
The post Binance CEO Changpeng Zhao: Crypto’s killer app has arrived appeared first on AMBCrypto.
Source: AMB Crypto
CZ, the CEO of Binance has once again paid attention to users and added a feature that allows the purchase of XRP directly through credit cards via Binance.
Binance added the feature of buying cryptocurrencies via credit cards on January 31, 2019, but the feature was limited to cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC]. However, the community of users on Binance requested CZ for including XRP with the newly released feature.
CZ pulled through and added the feature to Binance and users can now purchase XRP via credit cards. The much-awaited feature is a result of Binance’s partnership with a payment processing company called “Simplex”.
This will help users to directly buy cryptocurrencies without going through the hassle of buying from a different exchange and then transferring it to the required exchange.
A Twitter user, @XRPcryptonation tweeted:
“A friend of mine tried to buy xrp on Binance with a credit card last night and it wasn’t available yet. Checked this morning and it is now live. You can purchase XRP with your debit or credit card. 3 for $1 but not for long baby! #xrparmy #xrpcommmunity”
CZ retweeted the same with a comment:
“XRP purchasing using a credit card is working now. Slowly but surely.”
This is not the first time CZ has surprised users by abiding by their wishes with respect to the addition of new features to Binance exchange. XRP was added as a quote pair after a Twitter user had tweeted CZ.
CZ replied to the above saying “careful what you wish for” and surely enough, the cryptocurrency was added as a quote pair on Binance as a Christmas gift to the XRP community.
@sixinbrian, a Twitter used commented,
“Might as well max all the credit cards for when the bubble pops right?”
On the other hand, a user @projectsunltd had some strong words for the feature and said,
“Sorry Binance, I usually recommend your exchange. I cannot recommend your direct purchases with credit card. The fee is ungodly. That same BTC if purchased $4000 would yield $140 in fees! VS.. @UpholdInc at the same purchase and market rate would yield $42 in fees.”
The post XRP: CZ surprises users by allowing purchase of token directly through credit cards via Binance appeared first on AMBCrypto.
Source: AMB Crypto
Binance Coin [BNB] is performing stunningly considering the top 10 cryptocurrencies which are barely coping up with the correction after the recent rally. The BNB/BTC pair is almost at its previous all-time high, and breaching its all-time high is a matter of “when?” and not “if”.
As seen below, the one-day chart shows how BNB coin is rallying without a stop, breaking two patterns [falling wedge and ascending channel pattern].
The falling wedge that was being formed was broken when the price slipped above the wedge pattern on December 3, 2018. This rally has been in continuation ever since the formation of the second pattern, ascending channel pattern.
The prices for BNB broke this channel on February 5, 2019, signaling a bullish move further ahead. The spike for BNB coin is continuing as it touches the BNB/BTC all-time high price which was formed in mid-2018.
The volume for BNB shows a phenomenal increase, supporting the rally to new all-time highs. The price of BNB/BTC is at 0.00264 BTC; the body of the new price candle has successfully breached the all-time highs.
However, the wick of the present price candle [that has not yet closed] at 0.0026862 BTC and is slightly lower than the wick of the all-time high [0.0026544 BTC].
The Relative Strength Index is also showing massively overbought indications as it is reaching the 80-line.
The BNB/BTC is very high, as people are excited about BNB’s pump. People are expecting the margin trading option to be implemented on the Binance exchange soon.
In addition to the above, CZ’s recent tweet can also be speculated as a reason for the rally.
@heyibinance, a Twitter user commented:
“the sun is always behind the storm. So is the coin price. #bitcoin #BNB”
“I am holding BNB for at least 8 to 10 years so I don’t really care what the price is from month to month.
What matters is Binance continues to win more market share through innovations and provide top quality services to their customers. The price usually takes care of itself.”
The post CZ’s Binance Coin [BNB/BTC] close to breaching all-time highs; bulls take charge appeared first on AMBCrypto.
Source: AMB Crypto
The CEO and Co-Founder of Binance, Changpeng Zhao, popularly known as CZ, elucidated on the upcoming Binance decentralized exchange, during an interview with Boxmining at Binance Conference. He also spoke about whether the DEX will have the same number of ERC20 token enlisted.
He started by speaking about Binance having both centralized and decentralized exchanges, and whether the two would be seen competing in the market. Here, CZ outrightly stated that there would be no competition between centralized exchange and decentralized exchange. He further classified exchanges into three types: fiat-to-crypto centralized exchanges, crypto-to-crypto centralized exchanges and DEX.
CZ stated that fiat-to-crypto exchanges cannot be decentralized because of the hurdles that would be caused by banking institutions and then, on the other side there are people who prefer crypto-to-crypto centralized exchanges because of factors such as high-liquidity, security and speed. He said:
“Most of the guys in the core community are heavy power users and they’re loud, they speak more and they want to use DEX. So we see that not really competing, we’re just offering different solutions to different people and we always let the user choose and we let the market choose.”
The CEO of the largest exchange platform went on to say that the market is currently choosing centralized exchanges over decentralized exchanges, as they are much bigger. However, he added that everyone is already aware of the fact that decentralized exchanges “will be the future”.
This was followed by CZ speaking about whether the Binance DEX will have the same number of assets like the ERC20 tokens. Here, he stated that the decentralized exchange will have much more coins enlisted as there is less control and it is decentralized. He further added that Binance chain is a native chain, and people can issue their own tokens on the chain. He added:
“So some of the ERC20 tokens may convert to the Binance chain tokens and we already have confirmation on a number of large projects. We’re doing that they have to migrate completely from Ethereum on to Binance. So basically if you’re only using ERC20 as a token, there’s no real reason for you to stay on Ethereum. With Binance chain, you’ll get one second transaction confirmation and one confirmation is final.”
CZ even claimed that the chain is much faster and that the transaction fees are cheaper. He added that there are a lot of advantages for the token projects to move from Ethereum to Binance, which also integrates a native DEX.
The post Ethereum-based tokens may convert to Binance chain tokens, says CZ appeared first on AMBCrypto.
Source: AMB Crypto
While New Zealand based cryptocurrency exchange Cryptopia has gone offline after suffering a security breach, industry leaders call out ‘crypto enthusiasts’ to focus more on Decentralized Exchanges to avoid losses.
DEX creators take full advantage of Cryptopia fall, DEX once again hot topic
The latest tweet of Changpeng Zhao, CEO of Binance trolls the recent catastrophic hack suffered by Cryptopia as a way to advertise ‘Binance Decentralized Exchange’. His tweet notes ‘store coins yourself or move to DEX’.
Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves. https://t.co/Ci4ux9I3VD
— CZ Binance (@cz_binance) January 15, 2019
Not everyone is on the same page
However, his first statement ‘Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself’, have discouraged many of his followers at the first context. Nevertheless, many enthusiasts also commented depressingly, one of such Twitter account (username – WhalePanda) who shares updates on the crypto industry has voiced it as ‘a horrible advice’ by exchange owners. Along with him, Pierre Rochard who seems ‘strong advocate for digital currency’ responded to CZ’s tweet, stating ‘surprising to see Industry leaders’ spread bad info.
“You fight hackers yourself, and guard from losing [password] yourself. Computer breaks, [2fa] gets lost.”
More individual exchange accounts have been hacked than individual wallets.
Disappointing but not surprising to see “industry leaders” spread bad info. https://t.co/xX4MJJhBUJ
— Pierre Rochard [⚡️] (@pierre_rochard) January 15, 2019
Following many of such responses, CZ later clarified his intention and missing words. He made it clear that his intention of an early tweet was to advertise Binance DEX, unfortunately, it didn’t, henceforth he added another tweet, explaining;
Some people seems to misread this tweet. It lists 3 options. It does not say which option is better than another, as that depends on each persons security skill, preference, fund allocation, etc.
Most importantly, it is an ad for the #BinanceDEX. My bad for not making it clear.
— CZ Binance (@cz_binance) January 15, 2019
DEX is not a panacea – Kraken’s Jesse Powell
Similar to CZ, Jesse Powell who is the co-founder of Kraken cryptocurrency exchange has also cautioned public citing Cryptopia hack. Jesse Powell commented on Peter’s tweet and spoke against CZ advertising DEX. Jesse stated ‘DEXes are not a panacea’ and asks to ‘look at the DAO’.
PLEASE do not store more coins on an exchange (including @krakenfx) than you need to actively trade. Use @LedgerHQ or @Trezor. DEXes are not a panacea — look at The DAO. Open source just means exploits will be discovered sooner (probably not by good guys). 🙏 https://t.co/LmzhtCjpM0
— Jesse Powell (@jespow) January 16, 2019
Meanwhile, Crypto Market Drops Slightly following the hack news
The estimated loss of $2.5 to $3.5 million from the recent Cryptopia’s hack has spread out the negativity across the market. As such, the crypto market gets in red zone again – Bitcoin by losing 1.75 percent, XRP with loss of 1.63 percent, Eth by declining 5.70 percent over the past 24hrs. Besides these, other cryptocurrencies are also declining eventually.
Image source – https://coinmarketcap.com/
No doubt the event of hacking has once again boosted the debate of security of user funds and it will be interesting to know is DEX an answer to this.
The post Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack appeared first on Coingape.
Cryptocurrency exchange industry is crowded with a number of players. But two names that clearly stand out of the lot are Binance and Coinbase. While, for everyone, the first impression of the relationship between the two would be that of competition but CZ, the founder of Binance, has cleared the air around it by reiterating that the two exchange are not competing but co-existing.
CZ feels the market is large enough for coexistence
Coinbase and Binance have been two flag bearers of the cryptocurrency industry. They have left no stone unturned to gain market by adding new coins and services for the crypto enthusiast, traders, and investors. While both operate in the same industry and cater to the same market, according to Binance founder there is still no competition.
Recently a Twitter user named “The Crypto Dog” put up tweet stating that the battle for crypto is set between Binance and Coinbase in 2019 – 2020.
2019-2020: the battle for $crypto is set between @binance and @coinbase
Who do you align with? Choose carefully.
— The Crypto Dog📈 (@TheCryptoDog) December 17, 2018
CZ took notice of the tweet and reverted that the crypto market is yet very small and nascent and is still pretty far away from saturation for competition to spike up. According to CZ, even though Coinbase and Binance had a lot of overlaps they still operate with a very different strategy/ product/geography/even tweeting style. According to CZ, Brian Armstrong (founder of Coinbase) and himself chatted regularly on how they both can contribute to growing the industry together like in the case of USDC
Doesn't have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC. https://t.co/whTALqXhNt
— CZ Binance (@cz_binance) December 18, 2018
This is not the first time CZ has faced this question about competition and everytime his answer has been in support of co-existence than in favor of competition.
In August 2018, CZ was interviewed by Fortune where he had broken down the current state of the industry. Citing the ongoing efforts from both a regulatory and technological standpoint, CZ emphasized the relationship between major exchanges is far more harmonious than many might expect. He was quoted saying
“In developed markets, there’s more money to be made but more regulation and it’s saturated with competition. We don’t want to compete with Coinbase and [Winkelvoss-owned] Gemini. The strategy there requires lots of lawyers and lobbying.”
Interestingly then CZ had shared that Binance is less interested in competing with Coinbase in the U.S. market, preferring to instead focus efforts in places like Malta where he wanted to promote decentralized financial systems directly with heads-of-state.
CZ seems to right in his approach because he envisions to grow the market rather than battle competition and stunt the growth. For CZ, the priorities are set- to grow together and make the world a better-decentralized world
Do you think CZ is true to his words or is this just a social media gimmick? Do let us know your views on the same
The post Binance and Coinbase Will Not Compete but Coexist Says CZ appeared first on Coingape.