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Binance Exchange and the Dubious Case of Listing Policy with Bytecoin (BCN)

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Bytecoin
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Binance is one of the top exchanges in the market, also having its own native token, called Binance Coin, making this platform one of the greatest and most visited exchange markets in the world of cryptocurrencies. Having a coin listed on Binance is thus always a huge deal, but one of the latest listings on Binance cast a shadow on the listing policy on Binance exchange, raising a question about what it takes to get listed on this exchange. Apparently, it doesn’t take much, as BNC, otherwise known as Bytecoin, just got a listing on Binance on May 8th, causing the crypto community to doubt the fairness and decentralization of Binance exchange platform and the requirements needed to gain a listing on this platform. Let’s see what happened to cause such a distress among the crypto community.

Binance Adds Bytecoin (BCN)

Having a coin or a token listed on any exchange is always a great thing, but getting listed on Binance has always been a dream of any coin, given the fact that Binance makes up for one of the top authority market exchanges with one of the largest platforms and with launching its own native coin, called Binance Coin.

What made people doubt the ethics of Binance exchange when it comes to their listing policy was the fact that Binance has just added Bytecoin (BCN) to its list of live trading coins, that way increasing its exposure in a significant way, due to the fact that Binance platform makes up for a high-authority marketplace for cryptocurrencies.

So, what is so wrong about this listing that made crypto community raise doubts about the requirements needed for a coin in order to get listed?

Apparently, Bytecoin is considered to be a fraudulent digital asset, due to several doubts related to the circulating supplies of this coin.

Bytecoin has been among the least trending coins for a long time now, so ever since it was launched as an ICO, BCN has been trading on smaller, less popular and more expensive platforms like Poloniex and Hitbtc.

However, when the coin started to rise quickly while gaining over 69% of gains in the course of 24 hours, Binance seemed to have become interested in listing Bytecoin, although it didn’t take any interest in this coin ever since BCN was first launched as an ICO in 2014.

To get back to the year of its launching, BCN came up as a pretty controversial ICO, as there was a huge story about the case of pre-mining that was enabled for this ICO just before its launching.

Ever since the year of its launching and the story about the pre-mining session BCN completely disappeared from the daily agenda of crypto investors around the globe, while being replaced by the coins that are considered to be more useful or more interesting.

Binance was by far known as one of the exchanges that are careful with picking their listings, with the history of choosing most trending and most popular coins as well as coins and tokens with a bright technological future and massive popularity.

However, it seemed to have dropped its priority to some different levels, as everyone was surprised to see that BCN got listed on one of the biggest exchanges around the globe.

So, everyone started to raise doubts on whether Binance is choosing its listings based on how much is a certain coin worth at the time of the official listing on this exchange market, which seems to be the case with BCN, Bytecoin.

In addition to this question, we are also interested in finding out whether Binance is changing its policy to “All Coins are Welcome” kind of thing, or is the seed of doubt in the story of having Binance choosing its listing based on the price in the case with BCN actually a real deal.

To get back to how dubious this case is, we need to mention that Onchainfx has marked BCN as a scamcoin, where Bytecoin is still listed as a scam on this service – Binance adds it despite this fact?

What made this case even more dubious is the fact that Binance was selling BCN at a price that is considered to be 10 times higher than on any other market exchange, which raises a question whether Binance was trying to get away with a profit out of this strange case of listing, and if so why?

Although the case is still not clear to detail, it is a fact that BCN is a pretty blurry coin, where it is considered that over 80% of the circulating supply is in the hands of a single person or in the hands of a handful of chosen investors that are collecting massive profits this way.

What sealed this deal as a fully dubious case of listing is the fact that BCN jumped for 270% on Binance live trading in the course of only 3 hours, while it was left with a “humble” set of gains of 71% against the dollar.

But, in the end, we should always remember that Binance has the right to list any coin, scamcoin or not, without taking responsibility for investors pumping prices as it was the case with BCN.  That means that the crypto community can only point fingers and make guesses on why Binance listed a coin that was previously marked as a scamcoin.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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