Topic: AN OPEN LETTER TO CZ_BINANCE - page 2. (Read 345 times)

Lets lend our voices to this matter, the world is watching, people are reading, even Binance reps. Great fires start small. We need a change in the system

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

I think you should post this on Binance twitter account or Telegram group if you really want that your sentiment be heard.

I doubt that someone from Binance team visit Bitcointalk.

AN OPEN LETTER TO CZ_BINANCE

Dear Cz,
I wish to appreciate all the efforts you have put in place so far to ensure that Binance exchange has a pride of place among cryptocurrency exchanges.  Binance current ranking in coinmarketcap.com is a proof of your good team, effective marketing strategy, qualitative services, security and innovation.
Another great step which the Binance exchange havetaken which I applaud is the launching of the Binance Launchpad which helps to raise funds for new startups and list their tokens subsequently. The IEOs conducted such for Bread and Gifto in 2017 were successful, including the recent ones BitTorrent and Fetch Ai, all these were sold out in less than no time and the tokens were listed accordingly.

However, as you may have noticed, most IEOs conducted were sold off in less than 3 minutes with only a microscopic few being opportune to purchase these tokens. Many of your customers who have a lot of Bnb in their wallets were unable to buy and this is bad. The real idea should be for as many wallets as possible to possess these tokens, adopt, store and trade them; thereby raising their volumes. Instead only the whales are able to buy these tokens and control the prices to their advantages.

It is clear that Binance is a great exchange that heeds to the yearnings of its users, and that is why the Binance team has come up with the lottery system and aswell cut down the BNB holding eligibility from100 BNB to 50 BNB. This is good and I intend to see how it goes with Mattic as it will certainly go better than the others. With this system, it is clear that more customers will take part in the IEO purchase and that is better, but to me not the best option.

Considering the current BNB price, 50 BNB is worth approximately $1,000. Therefore with 50 BNB being the minimum BNB holding required to qualify for the lottery, only the whales can afford these. We all are working towards cryptocurrency adoption by all and sundry; rich or poor; black or white; etc. Therefore, it is better that all BNB holders are given chances to take part in the lottery, but greater chances given to higher BNB holders, by this, majority of interested BNB holders can take part in the IEO purchases.

I have a better option if you don’t mind. I suggest that all BNB holders are given the opportunity to make an IEO purchase proportional to a certain percentage of their BNB holdings. Interested BNB holders will be asked to fill a form indicating the number of BNB such intends to use for the IEO purchase. This should not be more than maybe 40% of their BNB holdings. Upon indication of interest, such BNB holders may be required to transfer the BNB to Binance’s wallet before the IEO and the tokens are reserved for them. Unclaimed tokens can now be sold to the public, any BNB holder who wants more at this level can partake in the unclaimed tokens sales. By this all, interested BNB holders will be able to own the tokens without hassles. This is quite efficient.

I believe that the Binance team will look into my position on this matter and come up with a great IEO sales and distribution method where all BNB holders will take part without hassles.
You can contact me for more details.

Godspower

What is your take on this piece guys? Do you have any suggestions or criticisms?