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Binance (BNB) Supports Controversial STEEM Upgrade, Community Enraged

News
Sat, 05/23/2020 - 14:46
Vladislav Sopov
Binance is embroiled in a conflict between Justin Sun and part of the STEEM community, with Changpeng Zhao acting as the go-between Scilla and Charybdis.
Binance (BNB) Supports Controversial STEEM Upgrade, Community Enraged
Cover image via stock.adobe.com
Contents

Two days after the dramatic STEEM Hard Fork 23, Binance revealed its motivation for supporting the controversial update. Now, some of the most outspoken individuals within the crypto community have threatened the platform with multi-million-dollar legal action

Lesser of Two Evils

Some hours ago, Binance issued a statement explaining the platform's policy in regard to hardforking the STEEM network. This hardfork included cutting the un-staking period from 13 weeks to 4 weeks and blacklisting 65 accounts holding 23.6M STEEM net (ca $5M) by removing them from the blockchain.

As per this announcement, Binance is against this ideology and type of behavior that implements censorship into blockchain systems. Upon receiving the request to support this fork on May 15, 2020, Binance decided not to implement this upgrade.

However, after further analysis, Binance's administration concluded that this denial would violate the rights of STEEM holders as their tokens would be subject to seizure. Thus, Binance after all decided to support this upgrade.

Moreover, Binance will reduce the STEEM trading pairs from three to one in two months.

Community Responds

It's obvious that this wasn't an easy decision to make for Changpeng Zhao (CZ). Some members within the community highlighted that exchanges can be also named as defendants should a class-action lawsuit be filled.

The HIVE community (old STEEM token holders that decided to revolt against Justin Sun) asked CZ to withdraw this decision, outlining its damage to the overall progress of decentralization:

Correction: it’s not zeroing, it’s stealing. You can still reverse this decision. There’s still time. Accepting code that contains criminal activity is not best for Binance long-term health. It’s not good for crypto.

Seasoned investor Ari Paul, Co-Founder and CIO of BlockTower Capital, compared this situation with painful arguments about the block of Bitcoin (BTC), which resulted in its most widespread forks:

On May 23, 2020, CZ released a detailed statement on his position regarding this hardfork. In a prudent and discreet manner, CZ mentioned all the challenges that Binance has faced along the way in its this decision, and concluded that:

If a blockchain gets overly centralized, we should fork away from it. 

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)