Binance (BNB) Monetary Policy Slammed By Trader Tone Vays

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Wed, 06/17/2020 - 14:42
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Vladislav Sopov
Prominent crypto trader and analyst Tone Vays frequently bashes altcoins, their issuance and investment prospectives. Today BNB is in his scope
Binance (BNB) Monetary Policy Slammed By Trader Tone Vays
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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.

Tone Vays dismisses Binance Coin (BNB) transactional mining
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.

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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.)

thecryptobuds

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)

thecryptobuds