CZ: We are seeing ATH in terms of system traffic. Higher than Dec 2017

LGBX

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Quote from: cryptomaniac_xxx on August 18, 2020, 04:17:25 AM

As per CZ's tweet.

https://twitter.com/cz_binance/status/1295391650554867713?

It seems that we are somewhat along the beginning of the market bull run, comparable to 2017 as per CZ. Definitely a sign of things to come. Needless to say, this 2020 will end in a bang, but a new all time high will more likely hit 2021-2022. So hang on to your BTC.

I would say is already a bull market, since we have seen a lot of coins going up x20 in term of USD price. Maybe is not as big as the 2017 was, but is here in my opinion.
As for the Binance CEO tweet I think the traffic is the result of Coinmarketcap acquisition since he promotes his exchanges in there heavily.
This can be confirmed by his own statement: “CoinMarketCap has more users than any other product in the crypto space,” Zhao said. “Even though their money generation mechanism is not as strong as Binance, they do have the users – it’s a very valuable platform.” (source: coindesk.com)

pooya87

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Quote from: tranthidung on August 20, 2020, 12:50:57 AM

Quote from: pooya87 on August 19, 2020, 11:48:19 PM

he owns an altcoin exchange which even though has bitcoin markets too they are mainly against tether and generally Binance as an altcoin exchange has no effects on bitcoin and is not an indication of its future.
not to mention that the increased traffic can very well be because of all the altcoin pump and dumps that have been heating up lately and will disappear soon too.

The tweet of CZ does not provide too much details. Higher but how higher the traffic is compared to 2017 traffic stat? The traffic statistics between two time points should also be standardized with total registered/ active users on Binance at the same time.

If the total users on Binance in Dec. 2017 is 1 million, eg. and now it is 2 million. It means the users has doubled but the traffic now is only 1.5 fold than 2017's traffic, it does not make much sense.

i believe that this ambiguity is intentional and i like what @mk4 pointed out above, this looks like another publicity stunt to me too. CZ has taken advantage of similar situations in the past to advertise Binance many times before.
BTW i think in 2017 Binance wasn't that popular and didn't have that much customers to begin with. it was mostly in the second half of 2017 when the previously #1 exchange started scamming its users that Binance grew (users migrated form the scammer to a new exchange that hadn't scammed yet).

Kakmakr

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Every ATH (All-time-high) was linked to some significant event... and the 2017 all-time-high was linked to the ICO Boom at the time. So let's ask ourselves this question : What significant event happened lately to justify bigger trading volumes? The only significant thing that has happened, was the spike in the Ethereum price and Bitcoin recovering to levels above $12 000 again.

So, in theory ...if some Ethereum traders are selling for a profit and buying bitcoins ...then this sudden increase in the trading volume would be explained. Also take note that the previous all-time-high showed massive spikes in trading volume on MOST exchanges, not just one or two of them. Wink

Let's be vigilant for possible market manipulation and hype in social media, because that only attract speculators to the Bitcoin market and we know how that ends. (Hint : 80%+ drop in the Bitcoin price since 2017) Roll Eyes

https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/

tranthidung

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Quote from: pooya87 on August 19, 2020, 11:48:19 PM

he owns an altcoin exchange which even though has bitcoin markets too they are mainly against tether and generally Binance as an altcoin exchange has no effects on bitcoin and is not an indication of its future.
not to mention that the increased traffic can very well be because of all the altcoin pump and dumps that have been heating up lately and will disappear soon too.

The tweet of CZ does not provide too much details. Higher but how higher the traffic is compared to 2017 traffic stat? The traffic statistics between two time points should also be standardized with total registered/ active users on Binance at the same time.

If the total users on Binance in Dec. 2017 is 1 million, eg. and now it is 2 million. It means the users has doubled but the traffic now is only 1.5 fold than 2017's traffic, it does not make much sense.

pooya87

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Quote from: Shasha80 on August 19, 2020, 06:58:51 PM

If what CZ said is correct, it is possible that later this year we should be able to see that ATH prices can be achieved.

he owns an altcoin exchange which even though has bitcoin markets too they are mainly against tether and generally Binance as an altcoin exchange has no effects on bitcoin and is not an indication of its future.
not to mention that the increased traffic can very well be because of all the altcoin pump and dumps that have been heating up lately and will disappear soon too.

Kelvinid

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Quote from: Shasha80 on August 19, 2020, 06:58:51 PM

If what CZ said is correct, it is possible that later this year we should be able to see that ATH prices can be achieved.
So it is more interesting to keep track of price movements in the market, and we should also start collecting gradually
some potential coins from now on. When it turns out that at the end of this year, ATH prices can be achieved, we can
enjoy big profits.

We can be hopeful about that but never expect too much. It never says that because of heavy system traffic we are about to think Bullrun, this it only means that trading volume and the number of traders are massively increasing but not the price itself.
What CZ says means that he encourage people to use Binance nothing more.

Of course, Binance did something grateful and this achievement could be of some big consideration to choose.

Shasha80

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If what CZ said is correct, it is possible that later this year we should be able to see that ATH prices can be achieved.
So it is more interesting to keep track of price movements in the market, and we should also start collecting gradually
some potential coins from now on. When it turns out that at the end of this year, ATH prices can be achieved, we can
enjoy big profits.

CaVO32

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Quote from: mk4 on August 18, 2020, 10:15:14 PM

Quote from: TravelMug on August 18, 2020, 09:28:01 PM

But CZ shouldn't tweet it though, I mean its pretty obvious as the price is really on the $12k now despite the pandemic around. So I would agree that he is like promoting bitcoin and his exchange and wanted to remain on top of the food chain.

It's pretty much just social media publicity. We all know that there are a lot of people holding cryptocurrencies that have been waiting for a bull run for a while now, and such tweets will most definitely give these bagholders more confidence; ending up with CZ gaining a good number of likes and re-tweets. Heck, he could lie about it and it wouldn't matter because there's no way for us to know for sure if it's a fact or not anyway.

and well.. he surely did get what he was probably expecting:

And we will see more likes and re-tweets of that. But actually such move will be good in the crypto community. As noncrypto users will take a second look and may further dig more about crypto and later on end up as avid crypto user. That means CZ is also paving the way for crypto adoption. So whether it is a bluff or not, in some way, it gives confidence to the crypto community. Because we need educated crypto user rather than user who is jumping on the hype without a clue of what's going on.

kawetsriyanto

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Could something big really happen later this year? Alright, let's see, especially Shizu said that. Indeed, so far there have been many predictions stating that there is a bullrun that surpasses the previous ATH. but I don't think it will happen this year. it's just that, we'll see the future because it's still August. Of course, everybody will expect for this after a long time period. So, this is the time for buying more coins when the price is still at this rate? Be better to make analyis again in order not to panic

DarkDays

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Is that in relative or absolute terms?

I've seen CZ state on numerous occasions that the Binance matching system and front end servers have been upgraded to handle more load.

Presumably this increased bandwidth stacks up over time, so unless there has been a truly dramatic increase in usage, Binance should still be able to handle the load.

Either way, I don't think network traffic is a guaranteed indicator of a bull market, as load also increases during bearish sell-offs too.

mk4

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Quote from: TravelMug on August 18, 2020, 09:28:01 PM

But CZ shouldn't tweet it though, I mean its pretty obvious as the price is really on the $12k now despite the pandemic around. So I would agree that he is like promoting bitcoin and his exchange and wanted to remain on top of the food chain.

It's pretty much just social media publicity. We all know that there are a lot of people holding cryptocurrencies that have been waiting for a bull run for a while now, and such tweets will most definitely give these bagholders more confidence; ending up with CZ gaining a good number of likes and re-tweets. Heck, he could lie about it and it wouldn't matter because there's no way for us to know for sure if it's a fact or not anyway.

and well.. he surely did get what he was probably expecting:

piebeyb

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I have done analysis and predictions that are often laughed at by other people here, I have said that history will repeat itself where the market will be bullish again after the bitcoin halving and it will move for 1 to 2 years, to be precise nearing the end of 2020 also next year 2021, but coming back to people who believe in that because before the market was bullish when the bitcoin halving 2016 and then to 2017, I think CZ made that tweet because he believes in that history too

TravelMug

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Quote from: Pffrt on August 18, 2020, 04:11:21 PM

That's a good sign no doubt. We may see another ATH in near future. I have also seen a lot of newbies are entering into the market in different social media platforms I'm active in. May be it's because of the recent price pump. However, it would be interesting to watch the data comparison, had he shared.

I don't think that Binance will share the information though, too much to give specially for their competitors. Of course, as crypto is beginning to be in major news, more newbies are going to FOMO similar to 2017 massive price increased.

But CZ shouldn't tweet it though, I mean its pretty obvious as the price is really on the $12k now despite the pandemic around. So I would agree that he is like promoting bitcoin and his exchange and wanted to remain on top of the food chain.

Pffrt

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That's a good sign no doubt. We may see another ATH in near future. I have also seen a lot of newbies are entering into the market in different social media platforms I'm active in. May be it's because of the recent price pump. However, it would be interesting to watch the data comparison, had he shared.

milewilda

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Quote from: cryptomaniac_xxx on August 18, 2020, 04:17:25 AM

As per CZ's tweet.

https://twitter.com/cz_binance/status/1295391650554867713?

It seems that we are somewhat along the beginning of the market bull run, comparable to 2017 as per CZ. Definitely a sign of things to come. Needless to say, this 2020 will end in a bang, but a new all time high will more likely hit 2021-2022. So hang on to your BTC.

Im not really that much being attached to news but CZ wont give out information if it didnt really reach out in terms of system traffic.From that piece of information then we can really picture out
that there would be something that will happen in next months or on this year since it did really compare that 2017 bull run but well it isnt an assurance and people shouldnt really be that careless
for them to get FOMO'ed but at least these words can already give out some hints that we are possible heading there but as an investor always take precautionary measures so that you wont
get burned.

minairia3

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Quote from: Kemarit on August 18, 2020, 05:57:40 AM

It is just me or someone has a feeling that CZ is somewhat sending a subliminal message with that tweet. LOL.

Aside other influential social twitter users. Cz is one of the composef funny tweets that somehow affect the markets. I remember that when he announced the next IEO on binance with a tagged of #DefiIEO the price of bnb surges. But now there is an incident of malfunction on the binance network during the time he tweeted it probably to change the issue and migrate to the market sympathy. He knows when to do a life saving move for his exchange.

bitsurfer2014

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Quote from: gentlemand on August 18, 2020, 05:54:01 AM

How big were Binance at the end of 2017? They were still pretty new then.

I can imagine there may be bursts that are bigger than then and then it'll fall back. There'll be more people lurking who are inspired to join in with brief runs.

Binance's huge trade volume to date is evident of this high system traffic hence the reason why CZ got so excited to tweet about it and that maybe he is implying something that might occur similar to the December 2017 event.

https://coinmarketcap.com/rankings/exchanges/

Quote from: Kemarit on August 18, 2020, 05:57:40 AM

Will be interesting to see the breakdown of numbers though, specially coming from exchange as big as Binance. Where is the traffic coming from? how many "new" traders are signing and making at least one trade? I remember when Binance started their exchange in 2017, newly launch prior to the break out run. They need to shutdown their site because of the enormous numbers of sign-up and their system has been overload.

I doubt Binance will ever share those kinds of data to the public since they treat them as sensitive information and such disclosures might even benefit their competitors.

rhomelmabini

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System traffic since we are on the pandemic, remember it isn't over yet. Hanging out to some selective alts are good choice too, 1000x or more are really juicy. Hope CZ provided more info on that tweet even a comparison as he stated.

tbct_mt2

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Quote from: cryptomaniac_xxx on August 18, 2020, 04:17:25 AM

It seems that we are somewhat along the beginning of the market bull run, comparable to 2017 as per CZ. Definitely a sign of things to come. Needless to say, this 2020 will end in a bang, but a new all time high will more likely hit 2021-2022. So hang on to your BTC.

What I see from the tweet? If one person are fomo and currently get losses because of fomo, let keep holding the asset and wait for later recovery. I meant if the asset is not from scam project and the bought price is not at x10, x100 (like YFI - I am sorry you will get loss) from the bottom. The full bull market will help almost all project recover well from bottoms and they will do set up higher peaks soon.

Don't scare too much and panic too much if you are currently get paper lost. Be confident, hold tight and get your capital back. If you are lucky, you even will be able to enjoy some profits.

ChiBitCTy

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It’s great to see such strong adoption despite the fact that bitcoin is currently “slow” and “expensive”.

I’m curious how you came to the conclusion that bitcoin won’t reach ATHs until 2021 or 2022 ?

Topic: CZ: We are seeing ATH in terms of system traffic. Higher than Dec 2017 (Read 348 times)