Topic: Binance to Sue the Block and raises 200 bitcoins to fight fud. (Read 281 times)

Binance is livid with it’s reputation taking a hit due to yesterday’s fud news which claimed that it’s Shangai offices were raided, and has decided to teach the Block a lesson by suing them for spreading fud news.

It’s pertinent to note that Binance CEO and Justin have decided to contribute total of 200 btc to fight fud, though there’s no clarification on how they’ll use these funds.

Now many will wonder what did sites like the block gain when they spread such fud news, well the answer is simple Traffic, their article went viral, advertisement revenues etc. In my opinion news sites should avoid sharing fud news articles, and especially articles that can damage an entire industry like we saw yesterday when bitcoins prices dropped $1000 in a matter of few hours.

While many members are able to spot fud news some are not able to spot it so how can we tackle the fud news, and help bitcoin users outside this forum because it’s high time we stopped these fud news from going viral.

Sources:

https://bitcoinist.com/binance-to-sue-the-block-for-damaging-the-exchanges-reputation/

https://mobile.twitter.com/cz_binance/status/1197720622681321472

I'm very glad that Binance is interested in fighting FUD.  FUDs are the major contributors of panic and fear in the entire crypto ecosystem. I just hope that this action of Binance will not be a short period action to increase their users on their platform. Nobody in this world does anything without having a main motive behind their actions. Fighting the spread of FUDs will help newbies and others trust the use of cryptocurrencies without having doubts and fear.

Binance is livid with it’s reputation taking a hit due to yesterday’s fud news which claimed that it’s Shangai offices were raided, and has decided to teach the Block a lesson by suing them for spreading fud news.

It’s pertinent to note that Binance CEO and Justin have decided to contribute total of 200 btc to fight fud, though there’s no clarification on how they’ll use these funds.

Now many will wonder what did sites like the block gain when they spread such fud news, well the answer is simple Traffic, their article went viral, advertisement revenues etc. In my opinion news sites should avoid sharing fud news articles, and especially articles that can damage an entire industry like we saw yesterday when bitcoins prices dropped $1000 in a matter of few hours.

While many members are able to spot fud news some are not able to spot it so how can we tackle the fud news, and help bitcoin users outside this forum because it’s high time we stopped these fud news from going viral.

Sources:

https://bitcoinist.com/binance-to-sue-the-block-for-damaging-the-exchanges-reputation/

https://mobile.twitter.com/cz_binance/status/1197720622681321472

Nah, I don't think that Binance should go on this route. CZ already know the state of crypto journalism and I don't think that it will improved in the next coming years.

I think it's just the Binance owners just having a fit over people being journalists, there was nothing wrong with the recent articles that were published by the Block, and a lot of other websites, and calling it "FUD" just seems like they think their community is stupid.

I don't agree with their recent business practices - Binance hasn't been very aggressive with their exchange and the services they offer, instead, all their time seems to be spent covering up stuff that happens with them, and it just seems like a huge waste of time.

If we go on the conspiracy route - what if CZ made an agreement with The Block so they publish that article so Binance can come up as heroes who fight against FUD? We can't know that so that's why, personally, I don't watch the news too often and I never trust them until I validate them on many sources. If this situation is not just theatre, great for CZ. 

Binance is livid with it’s reputation taking a hit due to yesterday’s fud news which claimed that it’s Shangai offices were raided, and has decided to teach the Block a lesson by suing them for spreading fud news.

I wonder why binance didn't put even a single bitcoin to investigate their recent hack?  

Had 100 bitcoins being used to find the hackers, I'm sure a lot of their customers could have gotten their money back.

Binance is livid with it’s reputation taking a hit due to yesterday’s fud news which claimed that it’s Shangai offices were raided, and has decided to teach the Block a lesson by suing them for spreading fud news.

It’s pertinent to note that Binance CEO and Justin have decided to contribute total of 200 btc to fight fud, though there’s no clarification on how they’ll use these funds.

Now many will wonder what did sites like the block gain when they spread such fud news, well the answer is simple Traffic, their article went viral, advertisement revenues etc. In my opinion news sites should avoid sharing fud news articles, and especially articles that can damage an entire industry like we saw yesterday when bitcoins prices dropped $1000 in a matter of few hours.

While many members are able to spot fud news some are not able to spot it so how can we tackle the fud news, and help bitcoin users outside this forum because it’s high time we stopped these fud news from going viral.

Sources:

https://bitcoinist.com/binance-to-sue-the-block-for-damaging-the-exchanges-reputation/

https://mobile.twitter.com/cz_binance/status/1197720622681321472

So it's more of a 'he said she said" here. Take your pick, read and see who's telling the truth here. Anyways, the damage to the market has been done.

...can damage an entire industry like we saw yesterday when bitcoins prices dropped $1000 in a matter of few hours.

On Thursday we reported that the exchange’s Shanghai office had been shut down, and that an eyewitness source had likened the shutdown to a police raid. Binance denied both of those details in numerous tweets and in statements to other media outlets. In light of the unusually vociferous backlash over the story, I thought it would be worthwhile to dive into the claims made by Binance, our anonymous sources, and additional reporting conducted over the last 24 hours.

What about the "raid"?

In our original report, we cited an eyewitness who told us that, prior to one of the offices shutting down, police had conducted an investigation of the premises. When we reached out to Binance about the supposed "police raid" and they denied it ever happened, their denial was included in the report.

The eyewitness is a Binance employee who we cannot identify because we agreed to communicate “on background” - that is, to be quoted only as an anonymous source. This person has been a reliable source to The Block for the past several months, and has accurately confirmed multiple stories related to Binance. Following our initial reporting, another source corroborated that officials had visited one of the offices prior to the shutdown. Still, following publication, other vetted sources have questioned the veracity of the word "raid," as used in the report.

We've updated our previous story — and headline — to reflect this ambiguity.

Done properly and in good faith, protecting sources’ anonymity is essential for getting parts of a story that otherwise would remain in the dark out of fear of reprisal. The Block stands by its reputation for carefully vetting sources, anonymous or otherwise. We also stand by the reporting in our original story, which further reporting has shown to be accurate.

This isn't the first time we've faced a gauntlet of criticism for our reporting, and it won't be the last. That's simply table stakes when you report on matters that well-moneyed and powerful companies would just as soon see buried. At the end of the day The Block will continue to objectively cover the digital asset space, warts and all, without fear or favor.