BNB has tokens for each Altcoin - page 2.

crzy

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Quote from: seoincorporation on June 29, 2021, 10:16:27 PM

Thanks for sharing your point of view guys, its nice to see how you see this topic and how for some users is totally normal.

The issue here is the market capitalization, Binance tokens of the altcoins have the same market cap as the altcoins, and for me, that's like making money from nowhere, that's why for me this is a nasty move. The tokens should create their own market cap, and not make a copy/paste from the other coins markets. I think this is the main issue.

We’re using the BSC network and it’s good for them to take advantage of this to introduce more options that works for both parties and that’s how business works mate. You create a project, you create your own altcoins and then you introduce something in the market that will use the altcoin you created, this is how brilliant Binance team are and that makes them valuable.

viananda2525

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Quote from: Sayeds56 on July 04, 2021, 04:59:10 AM

Quote from: terrorJR on June 28, 2021, 01:52:16 PM

as 3 countries have decided to block the Binance exchange for regulatory reasons, the impact on the coin itself is obvious, so when the price of Bitcoin, Cardano, and some other cryptocurrencies, BNB did not recover. so when the Bitcoin Crash continued it was clear that BNB coin became the crypto being the crypto with the lowest buying volume including Tokens under the BNB network.

It is true that many counties are blocking Binance exchange but we didn't notice any major negative impact of this news on BNB Price. Binance has done wonderful job during the past 4 years to create use case of its BNB coin. We like it or not but now it is alternative of Ethereum network becuase its fee is very low. Every other new project is being launched on Binance smart chain. Binance has become too big now so it won't die easily.

So far there is no negative impact to binance coin price due this fud. Binance as best crypto exchange in market have many cooperation with several local government and even binance advisor was former officer in America. i know there will bargaining with the countries who issued blocking binance operation.

Sayeds56

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Quote from: terrorJR on June 28, 2021, 01:52:16 PM

as 3 countries have decided to block the Binance exchange for regulatory reasons, the impact on the coin itself is obvious, so when the price of Bitcoin, Cardano, and some other cryptocurrencies, BNB did not recover. so when the Bitcoin Crash continued it was clear that BNB coin became the crypto being the crypto with the lowest buying volume including Tokens under the BNB network.

It is true that many counties are blocking Binance exchange but we didn't notice any major negative impact of this news on BNB Price. Binance has done wonderful job during the past 4 years to create use case of its BNB coin. We like it or not but now it is alternative of Ethereum network becuase its fee is very low. Every other new project is being launched on Binance smart chain. Binance has become too big now so it won't die easily.

seoincorporation

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Thanks for sharing your point of view guys, its nice to see how you see this topic and how for some users is totally normal.

The issue here is the market capitalization, Binance tokens of the altcoins have the same market cap as the altcoins, and for me, that's like making money from nowhere, that's why for me this is a nasty move. The tokens should create their own market cap, and not make a copy/paste from the other coins markets. I think this is the main issue.

cabron

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Quote from: FinneysTrueVision on June 29, 2021, 07:41:10 PM

It can be confusing because they don't call these tokens Wrapped LTC, they just call them LTC. All these wrapped tokens are centralized and managed by Binance but there is also other versions managed by other companies like tDoge and vBTC. For trading purposes people want to have exposure to the price of BTC and other popular coins so this is a good solution. The problem is that sometimes these coins can lose their peg, which is currently the case for tDoge and tBTC.

It's decentralized so there will be no stopping teams from creating synthetic assets. WETH and WBTC have been like doubling the supply count, WBTC for instance is like adding 21M more coins and then this vBTC as well.

I'm not going to be surprised if there are scams out there that work as synthetic BTC and ETH which the team could just grab real BTC from the investors, wBTC and wETH are actually attracting when you are addicted to Defi.

FinneysTrueVision

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It can be confusing because they don't call these tokens Wrapped LTC, they just call them LTC. All these wrapped tokens are centralized and managed by Binance but there is also other versions managed by other companies like tDoge and vBTC. For trading purposes people want to have exposure to the price of BTC and other popular coins so this is a good solution. The problem is that sometimes these coins can lose their peg, which is currently the case for tDoge and tBTC.

zonefloor

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this is a really nice move. Because it is not limited to a single network. Also, I can't say whether it will happen or not, in case ETH disappears tomorrow, the same subbases will continue on the BSC network. Or it can continue on various bases. But be careful when sending to exchange platforms in this regard. They can cause problems if you cross-post to some exchange platforms.

ene1980

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Quote from: seoincorporation on June 28, 2021, 12:46:17 PM

But here the issue is, they have created a token for each altcoin, and from my perspective, that's a nasty move because for sure there is a lot of people holding these tokens and thinking they are holding real altcoins.

I want to know what does the community thinks about this move from Binance.

I am not happy with the way in which Binance is controlling the market, imagine them getting into trouble and all they do is file for bankruptcy and move on while billions will be lost to the end customer and we have seen many instances in the past and hopefully they are not a ticking time bomb in the cryptocurrency market space that is going to change everything, but i feel that they are going to mess up everything somewhere.

livingfree

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Quote from: electronicash on June 28, 2021, 06:08:41 PM

Quote from: livingfree on June 28, 2021, 05:20:15 PM

That is a tactic of theirs so that people will buy on their BSC network and everything has to be traded first with their own token made for each altcoin.

It's just that CZ knows how to make a strategic move so that it can increase the demand for his tokens on his own network.

very strategic and i think it should have been done by other platforms too like the TRX and ADA. for ADA i believe they are on the way to be doing this while their smart contract is already up. they've already had deals with ERC projects actually. crosschains and tokenbridges will make it possible for all these platforms to have interoperability.

I hope that other platforms won't create their own but just follow what CZ has done so that there's synchronization and there won't be that much wrapped tokens made by other platforms.

But maybe we'll see the other wrapped tokens made by other platforms and can easily be exchanged through those cross chains and bridges.

bryant.coleman

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Quote from: smartaction on June 29, 2021, 12:08:52 PM

It is also real litecoin but it is in BSC Network. You can check on binance deposit option or withdraw option. You will get 3 type of Network for LTC. LTC Main Blockchain Network, BEP2 Network (BNB Main Network) And BEP-20 (BSC) Network.

The LTC that is available in BEP2 and BEP20 are not the real LTC coins, right? My understanding is that they will be the tokens issued by Binace against LTC. Although the value will be the same, it is slightly more riskier. I had bad experience with exchanges several times in the past. I know that Binacne is having an excellent reputation, but I would still be wary about trading and owning these tokens. But in case of Litecoin, I can understand. It is not easy to store LTC in some of the online wallets that are freely available.

smartaction

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It is also real litecoin but it is in BSC Network. You can check on binance deposit option or withdraw option. You will get 3 type of Network for LTC. LTC Main Blockchain Network, BEP2 Network (BNB Main Network) And BEP-20 (BSC) Network.

AhmadM

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Quote from: seoincorporation on June 28, 2021, 12:46:17 PM

If you want to buy the real coins you need to swap for BNB then deposit that on binance.com and then trade for the real coins.

If I remember correctly Binance exchange also supports deposit BSC network for those altcoins you mentioned earlier, what you need to do is just select the appropriate network when generating deposit address, then you can immediately withdraw it in its native blockchain or trade it with other coins.

Quote from: seoincorporation on June 28, 2021, 12:46:17 PM

But here the issue is, they have created a token for each altcoin, and from my perspective, that's a nasty move because for sure there is a lot of people holding these tokens and thinking they are holding real altcoins.

The existence of pegged or wrapped tokens isn't new. Furthermore, lots of them already spread in the current market, I think it kinda wrong if we blaming Binance because of this. It's the fault of people who didn't understand what they are doing such as hold and thought its the real one

Ararbermas

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Probably the real reason why they just use that technique is to assure every holder that own token from them will trade only on their exchange which is binance.com because if they didn't do that way, seems very unacceptable that knowing you use their service when swapping to different assets but you will trade it other exchanges.. So in my opinion perhaps that's the reason why they choose that way just to keep those who owned token from them.

pinoycash

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The idea itself is not new, but in fact it can create difficulties for a new user to understand what exactly he is buying a token or coin. For users with extensive experience in this area, this gives a lot of opportunities, but there is also a big bad news against this background, too many scams and similar projects.

This is the some of the major flaws in crypto market, without proper understanding and knowledge on the token or coin newbies are buying it can lead to scam or worst losing his money.

Before, this type stories always pop's out on facebook how someone bought a token on pancake and cannot sell it back, Only to know that he bought a different token or a copy cat token.

unusualfacts30

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there are a lot of other exchanges that do this. Wrapped token can bring a lot of value to the token by giving it more exposure. drawbacks is you are not trading real tokens by more of a void of a token that exists in bsc. Wrapped tokens have been around for a very long time and some people like trading them.

Baimovic

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I am also a user of the BSC platform, for now I also often transact using BSC, as quoted above, it seems that only the platform is different but for the price everything is almost the same as other platforms, so we don't have to worry about holding the token, because it is only crosschain if we use it. If you want to sell, you have to exchange BNB, but so far the original tokens I hold in BSC are all safe and the price always follows the original.

apa don

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The idea itself is not new, but in fact it can create difficulties for a new user to understand what exactly he is buying a token or coin. For users with extensive experience in this area, this gives a lot of opportunities, but there is also a big bad news against this background, too many scams and similar projects.

Yes, it is very true, but for new users or beginners, at least understand it before buying tokens or coins, because if we don't understand how to buy tokens or coins, we will fall into a very deep abyss, as well as those with extensive experience, don't be tempted by golden opportunities in front of your eyes, why do I say that, because I've often watched market assets before, in seconds they can change, so be careful in studying this opportunity.

GreatArkansas

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Quote from: Sithara007 on June 29, 2021, 12:00:11 AM

But what about the risk factors? If Binance is holding the coins for us, then there is a chance that these assets can either be stolen or seized. A few years back, Binance hotwallet was hacked and some coins were lost. And there is no guarantee that such a situation will not repeat in the future. And I am hearing rumors about the SEC launching legal action against Binance for sometime. It will always remain like the Damocles's sword. Then another risk factor is centralization. These tokens can be frozen by Binance, if they want to do so.

A lot of rumor that Binance Smart Chain is centralized, not decentralized and if you take a closer look, it's almost copycat of Ethereum, but yet in some use cases, Binance Smart Chain got uses.
Binance Exchange and Binance Smart Chain are different, but yeah Binance Exchange is a big player for Binance Smart Chain (name tells,lol) Without Binance Exchange, Binance Smart Chain is probably not existing.

About the risk factors here since Binance Smart Chain is POS, and there are different validators (https://bscscan.com/validators) and each of them got voting power, if there is one entity or person got the most voting power that's maybe the risk.

Beparanf

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Quote from: Vishnu.Reang on June 28, 2021, 01:46:28 PM

Quote from: Beparanf on June 28, 2021, 12:57:40 PM

It's not a nasty move. It's like BTC to EBTC on Ethereum Blockchain. Since there is a limitation on crosshain of other Blockchain when using DEX, Exchange just introduce a proxy token which the value is pegged to the original coin. The difference is just you can't use the proxy coin function as the original but its still the same for investment purposes. This is move is not only happening on Binance alone but on most blockchain like Waves, ETH and Eos

The Binance equivalent for BTC is Bitcoin BEP2 (BTCB), and not EBTC. Wrapped Bitcoin is another coin that can be considered as Bitcoin equivalent. But eBTC is some worthless shitcoin called eBitcoin, which is worth around $0.50 per coin (I had the misfortune of investing in this coin back in 2017, but got rid of it in 2018). Anyway, I like the idea of creating tokens. In terms of safety, it is no more riskier than keeping your coins in exchange wallets. But the plus point here is that you will be able to save a lot in terms of transaction fees.

If you read carefully my statement, I never said that it was on BSC but rather on Ethereum Blockchain that's why I name it EBTC(Ethereum Bitcoin) for the purpose of discussion. I know Wrapped Bitcoin and you only emphasized without comprehending the whole content of my post. But yeah, There's a lot of shitty token on all blockchain that disguising in BTC. Try to go on waves platform and you will see millions of it that giving some airdrop. Grin

Sithara007

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Quote from: [email protected] on June 29, 2021, 12:06:02 AM

of course, binance can freeze every asset they create with the system they are running. in fact, it also affects BUSD and other assets whose authority is indeed held by binance.
I think in a case like this, there are bound to be people who like it because it uses what Binance has to offer. but some do not like it for reasons of risk as you mentioned.
we will not know for sure whether it will be legalized or not in the future. but for sure if that happens, I don't think an exchange as big as binance will take your money away if there is a freeze for some of the assets in question.

I just mentioned the risk factors, although I know that chances of something like that happening is very remote. I made the post because a lot of people are talking about the lawsuit being prepared by the SEC against Binance. I just hope that Binance will be able to stay out of trouble, unlike what happened to BTC-e/Wex.nz back in 2017-18. For me, these things don't matter much. I use exchanges such as Binance only to swap my crypto (and that too only once in a while). But there are users who store coins in exchange wallets. They need to be cautious.

Topic: BNB has tokens for each Altcoin - page 2. (Read 479 times)