AN OPEN LETTER TO CZ_BINANCE

[Cryptoobiobi]

AN OPEN LETTER TO CZ_BINANCE

Dear Cz,
I wish to appreciate all the efforts you have put in place so far to ensure that Binance exchange has a pride of place among cryptocurrency exchanges.  Binance current ranking in coinmarketcap.com is a proof of your good team, effective marketing strategy, qualitative services, security and innovation.
Another great step which the Binance exchange havetaken which I applaud is the launching of the Binance Launchpad which helps to raise funds for new startups and list their tokens subsequently. The IEOs conducted such for Bread and Gifto in 2017 were successful, including the recent ones BitTorrent and Fetch Ai, all these were sold out in less than no time and the tokens were listed accordingly.

However, as you may have noticed, most IEOs conducted were sold off in less than 3 minutes with only a microscopic few being opportune to purchase these tokens. Many of your customers who have a lot of Bnb in their wallets were unable to buy and this is bad. The real idea should be for as many wallets as possible to possess these tokens, adopt, store and trade them; thereby raising their volumes. Instead only the whales are able to buy these tokens and control the prices to their advantages.

It is clear that Binance is a great exchange that heeds to the yearnings of its users, and that is why the Binance team has come up with the lottery system and aswell cut down the BNB holding eligibility from100 BNB to 50 BNB. This is good and I intend to see how it goes with Mattic as it will certainly go better than the others. With this system, it is clear that more customers will take part in the IEO purchase and that is better, but to me not the best option.

Considering the current BNB price, 50 BNB is worth approximately $1,000. Therefore with 50 BNB being the minimum BNB holding required to qualify for the lottery, only the whales can afford these. We all are working towards cryptocurrency adoption by all and sundry; rich or poor; black or white; etc. Therefore, it is better that all BNB holders are given chances to take part in the lottery, but greater chances given to higher BNB holders, by this, majority of interested BNB holders can take part in the IEO purchases.

I have a better option if you don’t mind. I suggest that all BNB holders are given the opportunity to make an IEO purchase proportional to a certain percentage of their BNB holdings. Interested BNB holders will be asked to fill a form indicating the number of BNB such intends to use for the IEO purchase. This should not be more than maybe 40% of their BNB holdings. Upon indication of interest, such BNB holders may be required to transfer the BNB to Binance’s wallet before the IEO and the tokens are reserved for them. Unclaimed tokens can now be sold to the public, any BNB holder who wants more at this level can partake in the unclaimed tokens sales. By this all, interested BNB holders will be able to own the tokens without hassles. This is quite efficient.

I believe that the Binance team will look into my position on this matter and come up with a great IEO sales and distribution method where all BNB holders will take part without hassles.
You can contact me for more details.

Godspower

What is your take on this piece guys? Do you have any suggestions or criticisms?

[bisdak40]

I think you should post this on Binance twitter account or Telegram group if you really want that your sentiment be heard.

I doubt that someone from Binance team visit Bitcointalk.

[digit]

I think you should post this on Binance twitter account or Telegram group if you really want that your sentiment be heard.

I doubt that someone from Binance team visit Bitcointalk.

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

[Cryptoobiobi]

I think you should post this on Binance twitter account or Telegram group if you really want that your sentiment be heard.

I doubt that someone from Binance team visit Bitcointalk.

Lets lend our voices to this matter, the world is watching, people are reading, even Binance reps. Great fires start small. We need a change in the system

[bisdak40]

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

Good to know ^^ that.

Lets lend our voices to this matter, the world is watching, people are reading, even Binance reps. Great fires start small. We need a change in the system

Binance's IEO is improving buddy though i think they need more improvement but at the moment they are better that Bittrex's IEO.
Hope Binance's rep will got to read this thread and consider improvements in the future to bring back investor's trust into crypto.

[vit05]

Great suggestion. Better than change the amount of Bnb necessarily. Because lower the amount will not change enough for mostly people. But I think the clear intention with this was having people holding Bnb. Binance has made bnb become some kind of store of value with this. And the price have go up after they announced those requirements.

[bL4nkcode]

I just tweet this link and tagged cz, I wonder and hopinghe if he will respond  

[jamalaezaz]

I think you should post this on Binance twitter account or Telegram group if you really want that your sentiment be heard.

I doubt that someone from Binance team visit Bitcointalk.

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

I don't think so. bitcointalk is no more the primary crypto source. that time gone man.

[Cryptoobiobi]

I just tweet this link and tagged cz, I wonder and hopinghe if he will respond  

I have sent a copy of this to their support aswell.. thanks a lot boss, leets make this change happen

[Cryptoobiobi]

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

Good to know ^^ that.

Lets lend our voices to this matter, the world is watching, people are reading, even Binance reps. Great fires start small. We need a change in the system

Binance's IEO is improving buddy though i think they need more improvement but at the moment they are better that Bittrex's IEO.
Hope Binance's rep will got to read this thread and consider improvements in the future to bring back investor's trust into crypto.

Yes dear, I equally ackowledged the improvement, however, it was not the ultimate solution to the problem. I have made a better, more lasting solution. If this solution is followerd, bro, you will certainly feel the change. Other exchanges as well will adopt this change and its just a win win for all

[Yara1]

Nice write up at list you suggested measures for an all inclusive operation and  usage of the BNB because the maximum limit set for the lottery is really killing and at that only the minority few that own such huge amount of the BNB will be able to take part in the lottery which is very unfair to all.

[Cryptoobiobi]

Nice write up at list you suggested measures for an all inclusive operation and  usage of the BNB because the maximum limit set for the lottery is really killing and at that only the minority few that own such huge amount of the BNB will be able to take part in the lottery which is very unfair to all.

You are righ bro. The aim of this writeup is to solicit for a fair treatment for all, its somewhat lobe-sided to give priviledge to the whales alone. They keep getting richer while the prawns and Tilapia keep getting poorer. Fair treatment is all we ask for

[joniboini]

Did you really believe Binance believes in decentralization, fair opportunity and things like that? I don't think so. They need to make profits, kill competitors, and if possible conquer the exchange world. So they will do anything as long as it keeps the BNB pump continue. Not necessarily bad but if you hope Binance to give plebs a chance to get rich, that's wishful thinking imo.

IMO, the WorkLock by NuCypher is a better solution if you aim for decentralized distribution model and strong community support.

[UserU]

If a faucet scammer manages to create an account here to reply my thread, I'm not surprised if CZ manages to do the same, provided he stumbles across this one.

[Cryptoobiobi]

If a faucet scammer manages to create an account here to reply my thread, I'm not surprised if CZ manages to do the same, provided he stumbles across this one.

In this crypto space, almost everything is possible. I have twitted this post on my twitter and facebook pages, tagging Cz. I know certainly he will read this thread one way or another. Whether he fails to consider the suggestion is at his discretion, however, we cannot keep silent with injustice and unfair treatment in a supposedly decentralized system

[gentlemand]

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

Nah. Tons of people are long gone and will never come back. Tons never arrived here in the first place and started elsewhere. No vital discussion happens here any more. That'll be on more focused platforms.

As for Binance, I'm never going to trust an exchange that has its own coin to promote.

[1Referee]

I don't think so. bitcointalk is no more the primary crypto source. that time gone man.

I wish you was right on that one, but the shitcoin part of this forum is still very much alive and kicking. Almost every new coin or token will have its ANN thread opened up here to gain more traffic. I have seen it myself that people ridicule projects for not having an ANN thread here. That to me seems like Bitcointalk is still the place to be for everything related to altcoins and tokens.

As for OP's letter to Binance, I do appreciate the effort, but I am sure that CZ won't care much unless we get a large number of people to back it and voice their concerns when it comes to IEO's.

[r1s2g3]

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

Nah. Tons of people are long gone and will never come back. Tons never arrived here in the first place and started elsewhere. No vital discussion happens here any more. That'll be on more focused platforms.

As for Binance, I'm never going to trust an exchange that has its own coin to promote.

That's become a very different topic but those people who are trusting that exchange should get the fair chance.

I have seen it myself that people ridicule projects for not having an ANN thread here. That to me seems like Bitcointalk is still the place to be for everything related to altcoins and tokens.

The advice you get in this forum by the community for free is much more valuable and accurate then the "paid" expert outside. If somebody is not posting is ANN here , I will assume it as ignorance about crypto community or that project do not want to be screened here.(possible scam)

[jamalaezaz]

I don't think so. bitcointalk is no more the primary crypto source. that time gone man.

I wish you was right on that one, but the shitcoin part of this forum is still very much alive and kicking. Almost every new coin or token will have its ANN thread opened up here to gain more traffic. I have seen it myself that people ridicule projects for not having an ANN thread here. That to me seems like Bitcointalk is still the place to be for everything related to altcoins and tokens.

As for OP's letter to Binance, I do appreciate the effort, but I am sure that CZ won't care much unless we get a large number of people to back it and voice their concerns when it comes to IEO's.

they do create threads. but they never get any traffic from here. not at least what they were getting 1 year ago.

[ankit10]

there are binance staff on bitcointalk, they just don't post as binance reps.  everyone who is anyone in crypto uses bitcointalk or at least reads it.

Nah. Tons of people are long gone and will never come back. Tons never arrived here in the first place and started elsewhere. No vital discussion happens here any more. That'll be on more focused platforms.

As for Binance, I'm never going to trust an exchange that has its own coin to promote.

People talk and discuss much on new things and later they try to get benefits from those things. Same is here in Crypto world when Bitcoin comes in light, people were talking about Bitcoin and technology but now they are making money only not focusing on utilizing technology and expanding it. Maybe I am wrong, but this is what I think about it.

For Binance, tagging them on Twitter and asking people to do the same will be more effective than here.