Topic: [BNB-SPECU] Binance Coin - page 5. (Read 3511 times)

Carte de la répartition "mass adoption" du bnb.

https://www.reddit.com/r/binance/comments/ch9gcs/bnb_mass_adoption_map/

$23M USD equivalent of $BNB, burned from the Binance Team allocations.  The only time we "spent" the Team BNB allocation.  I will talk a bit more about that in my live AMA, in about 10 min or so.

8th Binance Coin Burn: From the Team BNB Allocation
Fellow Binancians,

Today, on behalf of the Binance team, I am announcing that we will give up all of our BNB allocations and contribute them towards our commitment to burning a total of 100 million BNB. This commitment starts during today’s quarterly burn, during which 808,888 BNB (currently worth US$23,838,000) is being burned.



This move means the following things:

1. According to the Binance whitepaper, 40% of the total BNB supply (80,000,000 BNB, currently worth about US$2,400,000,000) was allocated to the Binance team, as a reward to the work they have put into building the Binance ecosystem. But now, we are giving that up, and we will contribute this to the BNB burn. We are doubling down on our mission to exchange the world and spread the freedom of money.

2. With this change, we'll still burn BNB based on trading volume on Binance per quarter. But this time, the Binance team has given up our token allocation. We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first. All US$2,400,000,000 of it!

3. The eventual total supply of BNB will still be 100,000,000 BNB. The current total supply of BNB is 189,000,000 BNB, which means that 89,000,000 BNB still need to be burned. The team will burn off the 80,000,000 BNB team allocation first, and the remaining 9,000,000 BNB will be burned by Binance.com exchange.

The burning schedule and frequency will be the same as before. Here’s the breakdown of the past burn sessions.



To recap, this is equivalent to the Binance team allocating 0 BNB to ourselves from the original supply. All BNB we have are either earned through our services or bought with our own money.

That said, the Binance team will likely continue to be some of the largest holders of BNB, as most of Binance’s revenues are in BNB, and we are paid in BNB. These are BNB we earned, and not just taken from the ICO allocation.

While we raised US$15,000,000 worth of crypto during our ICO for operational costs. That US$15,000,000 equivalent in BNB two years ago, which is now worth US$4,200,000,000. On top of that, the Binance team is letting go of $2,400,000,000 worth of value, will burn it, to reduce supply.

This shows that the Binance team is not money-driven. We are here on a mission. Let’s work together to increase the freedom of money.

- CZ

Human communication is error-prone.

Team allocation (already allocated) will ALL be burned, at the same schedule as before. There is no possibility (or worries) of team's allocation being sold/dumped on the market.

ie, the team took 0 BNB from ICO allocations, 0 "pre-mine".

Ngl, this says team tokens will be burnt instead of conducting buybacks, not clear whether profits will actually be used to purchase team tokens. Think further clarification is required

Wait... Just so it's clear. You guys are going to use 20% of profits (every quarter) to "buy back" BNB that you already own and then burn it??? So not only are you burning your own tokens but you're actually paying for them. Sheesh...