Binance (BNB) Monetary Policy Slammed By Trader Tone Vays

News
Wed, 06/17/2020 - 14:42
Vladislav Sopov
Prominent crypto trader and analyst Tone Vays frequently bashes altcoins, their issuance and investment prospectives. Today BNB is in his scope
Cover image via twitter.com
Contents

Today, Binance (BNB), a world-leading cryptocurrency exchange ecosystem noticed in a celebratory tweet that the initial version of the Binance white-paper was released three years ago. Also, the exchange team revealed some statistics to illustrate what the Binance team has achieved so far.

How to add value to BNB

Binance pointed out that the price of BNB is currently at around $16.34 and the current market capitalization of this token exceeds $2.54B. Nowadays, 20.1M BNB have been burned, which is equal to $543M.

Also, Binance pointed out the enormous ROI of the BNB token that surpassed 16,240%.

Vocal Bitcoin (BTC) evangelist Tone Vays decided to congratulate the exchange in a very special way. He outlined that the true sense of token burning is expanding the profits of the Binance team itself.

Image via Twitter

According to him, the concept of transactional mining, i.e. of periodically destroying a significant part of the token's circulating supply, adds value to the 'insane' BNB riches that are still controlled by CZ and his team.

Initially, BNB was printed out of thin air, and, therefore, has no real-world utility, Mr. Vays concluded.

Not a utility token

Some commenters on Mr. Vays' Twitter post argued and reminded each other that BNB is used for significant trading fee discounts for Binance traders. Thus, it is a textbook example of a utility token. Demand for it is boosted by increasing interest in its service.

The analyst responded that it is nothing but a facade of an unregistered security offering of highly speculative assets. 

If it wasn't, he outlines, this model would have been adopted by top real-world corporations:

If this use case made sense you would get a discount from  @amazon by paying in $AMZN stock or  @Google would pay me more $ in $GOOG stock for my @YouTube channel.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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