What's your take on refunding 800 BNB that are effectively burned?

bobyhodob

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Quote from: quarkfx on September 20, 2020, 12:14:19 AM

Quote from: ampu on September 12, 2020, 10:51:22 PM

The amount of $ 20,000 is small for a CEO of a large trading platform like Binance and they know how to keep their image in the eyes of the community.
As far as I can see, the money was lost so let it go, just pay back $ 20,000 is okay.

amount might be small but what is the point in decentralisation, it lost because of negligence by bnb holder
everyday there are many mistakes and lost fund is happening and no one cares much for that
just cz wants to create a good image of himself at this hard time and he wont keep doing that any further

The founder of the Binance exchange has such a strong sense of growth that he tried to trigger a decentralized exchange but I think the exchange that is currently operating is still very good to use and still has a high volume so it is more cost-effective than having to change the exchange platform.

rahmathidayat93

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Quote from: Crypto_lion on September 18, 2020, 10:56:22 PM

I think it's good on binance part that they went ahead and agreed to refund the amount to the person but then again if it is done for one person shouldn't it be done for all others as week ?

Yes, if they had already done it for one person, then they would obviously have done it for everyone in the future, unless there were some other considerations which they carefully scrutinized.

r32godzilla

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I highly disagree with this decision. Would someone pay for mistakes that all of us made? When we lost Bitcoins, Ethers, and other cryptocurrencies? Why Binance is making from cryptocurrencies something that is common in banks? Oh, you made a wrong transaction? We will solve it! But, what happens when the bank starts to have a problem? Wink

quarkfx

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Quote from: ampu on September 12, 2020, 10:51:22 PM

The amount of $ 20,000 is small for a CEO of a large trading platform like Binance and they know how to keep their image in the eyes of the community.
As far as I can see, the money was lost so let it go, just pay back $ 20,000 is okay.

amount might be small but what is the point in decentralisation, it lost because of negligence by bnb holder
everyday there are many mistakes and lost fund is happening and no one cares much for that
just cz wants to create a good image of himself at this hard time and he wont keep doing that any further

Yogee

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Quote from: Crypto_lion on September 18, 2020, 10:56:22 PM

I think it's good on binance part that they went ahead and agreed to refund the amount to the person but then again if it is done for one person shouldn't it be done for all others as week ?

I edited the main post to include the latest announcement from Binance. Try to follow the discussion next time so you won't look like spamming. Just two posts above you, tvplus006 already mentioned it and the answer to your question answer is there.

Quote from: FaucetKING on September 18, 2020, 11:01:40 PM

...... The blockchain and the decentralisation means that we as humans can't have an effect on the blockchain, we have no right to misuse it and we aren't capable of doing so. If CZ has the right to remove a balance from the burn amount then he could even remove another amount for him and his friends too, this ain't a game either play your cards well or just get out of the cryptocurrency world. If that happens, we are not talking about decentralisation in the binance ecosystem.

The days that blockchain is meant for decentralization is over I suppose. Some companies today have privatized blockchain to use it in their own system.

When it comes to Binance blockchain, CZ has showed us once again that he controls it. He can do whatever the fuck he wants to BNB.

FaucetKING

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Talking in a humanic way, they should respond to the guy asking for help because 20k$ can change a life and it can also cause the death or the hunger of a whole family. Responding to my inner feelings as a human being, i'm up for the refund of the coins.
Professionally, i'm against that. The blockchain and the decentralisation means that we as humans can't have an effect on the blockchain, we have no right to misuse it and we aren't capable of doing so. If CZ has the right to remove a balance from the burn amount then he could even remove another amount for him and his friends too, this ain't a game either play your cards well or just get out of the cryptocurrency world. If that happens, we are not talking about decentralisation in the binance ecosystem.

Crypto_lion

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I think it's good on binance part that they went ahead and agreed to refund the amount to the person but then again if it is done for one person shouldn't it be done for all others as week ?

Yogee

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Quote from: tvplus006 on September 18, 2020, 05:31:20 AM

Binance released a new announcement today: https://www.binance.com/en/support/articles/7bcf4da5671d44a0a5118c2277773bb4 according to which BNB coins will be returned to those who lost them when working with Binance Smart Chain. These refundable BNB coins will also be compensated from the amount that is subject to quarterly burning.

"Binance is introducing the BNB Pioneer Burn Program, a new initiative that aims to help eligible users who lose tokens as part of mistakes they made while trying out the newly-launched Binance Smart Chain. Under the BNB Pioneer Burn Program, Binance will cover users’ losses for accepted cases and count the lost tokens under our quarterly BNB token burn activities instead".

This announcement was to make official what we've been talking about here but with more details and specific conditions.

Even though one condition says "loss due to an honest mistake", there will always be people who will treat BNB as testnet coins since it's hard for Binance to verify "honesty". They will be refunded as long as they will meet other conditions. They have loads of BNBs to burn anyway and they can mint at will to refund "lost" pegged or wrapped tokens.

They're doing everything to increase user base right?

tvplus006

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Binance released a new announcement today: https://www.binance.com/en/support/articles/7bcf4da5671d44a0a5118c2277773bb4 according to which BNB coins will be returned to those who lost them when working with Binance Smart Chain. These refundable BNB coins will also be compensated from the amount that is subject to quarterly burning.

"Binance is introducing the BNB Pioneer Burn Program, a new initiative that aims to help eligible users who lose tokens as part of mistakes they made while trying out the newly-launched Binance Smart Chain. Under the BNB Pioneer Burn Program, Binance will cover users’ losses for accepted cases and count the lost tokens under our quarterly BNB token burn activities instead".

imstillthebest

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Quote from: AlexAtom on September 15, 2020, 01:42:33 AM

What smart contract is the sender sent to ? If the smart contract is on Binance's control, i think the coin will be able to be sent back to him.
But if the guy sent the coin to the burn address, even CZ won't be able to send the coin back to him.
CZ is humble and low profile, he asked the community about the decision instead deciding alone.

didnt you read the first post . it says it was send to binance chain but cz never said that it can be recovered so i assume that its not really recoverable even if we say that the smart/chain was owned by binance . if the guy send the coin to other address that werent related to binance then the coin wont be returned to him . cz could have pay the guy straight but the reason why he ask the public is because maybe he was planning to send some of bnb that is suposed to be destined to burned .

Kotone

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Quote from: ampu on September 12, 2020, 10:51:22 PM

As far as I can see, the money was lost so let it go, just pay back $ 20,000 is okay.

I think CZ will refund it. We already know how much money he is making and we could say that the loss funds can be attributed to their quarterly burning also. So it might be a good chance that the guy mistakenly send will be refunded. Its not that much for CZ anyways.

AlexAtom

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What smart contract is the sender sent to ? If the smart contract is on Binance's control, i think the coin will be able to be sent back to him.
But if the guy sent the coin to the burn address, even CZ won't be able to send the coin back to him.
CZ is humble and low profile, he asked the community about the decision instead deciding alone.

FinneysTrueVision

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Quote from: tvplus006 on September 13, 2020, 04:44:05 AM

Quote from: xOdiumNostrumx on September 13, 2020, 02:55:14 AM

I mean, I guess its a noble to give this guy a refund, but at the end of the day, it comes down to the question if this is really a principled thing to do. They will "refund" this guy, but what will happen to the next one that makes the same mistake? I am pretty sure this is not the first time this thing happened with BNB, so what about refunding mistakes from the past? They opened a Pandora box with this decision.

A few days ago, there was a similar situation when a user transferred 1 million USDT tokens to the wrong address. And these USDT were returned to the user by Tether. https://www.somagnews.com/defi-user-who-lost-1-million-usdt-got-his-money-back/ And this practice will be solved in the future in a similar way. We must accept the reality that cryptocurrency is centralized, with the exception of BTC.

Decentralized finance isn't so decentralized when there are central authorities that can undo mistakes.

qiwoman2

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Let's hope when and if the guy gets refunded he doesn't go and dump it all and does at least something good with it. 800 BNB won't exactly crash the market if they are refunded and it will show Binance and CZ in a good light as well and not just as a money making machine. I got a little bit of BNB parked in savings at the moment to get some free BELLA, so hope BINANCE do more incentives like this for us hodlers and savers and hope the guy get's his 800 BNB back.

GatotKaca

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burning is the main way to increase the price of coins in the market because the total supply becomes less and coins are becoming scarce on the market
As far as I know coins that have a little total supply will be easier to increase and I think BNB is doing the right thing

tabas

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CZ is kind. If they were able to return the funds from the hacking on their exchange. This $20,000 isn't going to cost that much.
He's asking to gain the sentiment of the community and I commend him if he'll refund the poor guy who did the honest mistake.

tvplus006

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Quote from: Dana888 on September 13, 2020, 04:04:35 PM

Quote from: tvplus006 on September 13, 2020, 04:44:05 AM

Quote from: xOdiumNostrumx on September 13, 2020, 02:55:14 AM

I mean, I guess its a noble to give this guy a refund, but at the end of the day, it comes down to the question if this is really a principled thing to do. They will "refund" this guy, but what will happen to the next one that makes the same mistake? I am pretty sure this is not the first time this thing happened with BNB, so what about refunding mistakes from the past? They opened a Pandora box with this decision.

A few days ago, there was a similar situation when a user transferred 1 million USDT tokens to the wrong address. And these USDT were returned to the user by Tether. https://www.somagnews.com/defi-user-who-lost-1-million-usdt-got-his-money-back/ And this practice will be solved in the future in a similar way. We must accept the reality that cryptocurrency is centralized, with the exception of BTC.

Why did you decide that it is not decentralized? The fact that a person is sitting on the other end of the wire and has the ability to send you tokens back does not mean that everything is completely contralatable. Do not forget that you primarily interact with people, which means that the human factor will always affect the processes that are taking place.

It is these examples that we see with the return of BNB and USDT that show us that the cryptocurrency is not decentralized. I used to know and was sure that no transaction can be returned, now I see that I was wrong. If the transaction is canceled, we see that the cryptocurrency becomes similar to the national digital currency.

Wexnident

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I suppose there was nothing wrong with refunding it. I mean, the man himself asked for help, and the issue was an honest mistake, no illegal actions were done, and seeing as CZ has the ability to return the man his funds plus nothing would really be lost with doing as such, why not? $20k is a huge amount no matter what, and simply ignoring someone you could've helped without much issue seems arrogant.

Quote from: Yogee on September 13, 2020, 10:17:15 PM

Sure the success of the coin depends on the success of Binance exchange and of CZ as the head but I doubt they had any idea that CZ will tweak the burning mechanisms that was already in place when the native BNB was announced.

People seems okay because 800 is just a small amount compared to the circulating and total supply. If this happened to be at least a million, I bet the reaction would be different.

Well, if it were going to have a huge influence on BNB itself, naturally people would start talking. But on the other hand, if CZ were to tinker with it but no negative influence really happens to coin owners I doubt they'd actually take a stand.

minairia3

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I think they should refuns it. Its only a personal help that knowing the guy made an honest mistake. We all knew that having a human error in cryptocurrency is not on the exchange fault but he should have conscience knowing that he already knew the reason. Misinformed is a bad thing and its really hurting to see that kind of scenario. I know CZ will refund it.

shoreno

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Quote

it hard to believe that it's that easy to change BNB's supply. I mean, they should just stick to burning BNB's they originally planned

the way they plan of burning the coin is already an act of manipulating the supply but whats shocking with that . they arent the only one that do this but others are also increasing the coins supply if not decreasing it .

why not use another coin to refund the guy if its really a big deal but im not sure if the guy will agree easily because he also think that bnb price can rose more once burning of supply happened or binance can pay more , estimate to what have the lost bnb have growned .

Topic: What's your take on refunding 800 BNB that are effectively burned? (Read 509 times)