Binance Chain is Failing and Letting Down Tokens

[ariyzt]

i don't understand why people hating binance chain for this chase, is this really binance fault , or just the tokens are really bad?. Also i never heard about that token with bad falling price when launch on binance chain. I think its all depend on the token developer is they can handle the price on market , they price woudn't fall that bad

[enhu]

I am confused here.

Is this Binance fault or these companies are bad?

Probably so.  Up -99% is really something they didn't see coming. They were too loose-tight in accepting all these token migration and I guess the teams of these projects took it hard to the edge like they are exiting. I don't recognize most of the tickers listed. The voting system and validators can clearly be manipulated by the community supporting a coin.

[MikeyVeez]

The best strategy is to buy coin before being listed on Binance DEX (in a hype) and after trading start selling them all.

[Ucy]

Poor statistics in what sense? In terms of price or quality of the projects listed? Most of these projects are not known at all unfortunately. I wonder how decentralized,  permissionless, censorship resistance, and attractive they are? Guess lack of these features could easily contribute to price decrease

[carodupuis]

Do you really have to blame Binance for everything? You also have to blame them because the tokens that were listed had a negative returns? Yes their own personal token is doing fine, but that doesn’t mean that other tokens should do well at the same time, just because they were listed on one of the biggest exchange doesn’t mean they will do well. Their performance depends on their devs, and how they promote their coin. Has nothing with Binance.

[BryanK]

Why do you immediately begin to panic. This is a normal business that can fail. I believe that Binance is a very promising exchange that moves the crypto industry forward.

[Chemcrier]

Every exchange does this, price reduction is normal especially when all those tokens pumped greatly when Binance Dex listing was announced, corrections are normal and I find it a disturbing trend if something this mundane would be published

[masterrex]

Whats the big deal about that failing token price. Being listed in Binance DEX or CEX is not a guarantee to make any listed coin/token a hundred percent success rate! Its not like that the market still dictate the price then supply and demand is the main factor and its nothing to do with Binance listing.

[Khuongcute2503]

Binance’s mainnet called Binance Chain was released to much fanfare this year. With numerous tokens now on its books, it is now time to get a good reading on its success. Unfortunately, for CEO Changpeng Zhao, Binance and the tokens listed on the Chain, it does not make pretty reading.

The analysis of Binance’s Chain came from Chinese company, Caijing on Chain. The company analysed 37 projects which had been listed on the project. The company found that many of them have poor statistics.



What was most shocking from the report was that the vast majority had an extremely negative return on investment (ROI). The biggest declining token is eBoost (EBST), with its opening price of 0.033BNB falling to 0.00022745 BNB, a decrease of 99%. Other poor performers were BLOC platform token, MDAB, who had an opening price of 0.02 BNB with the current offer at 0.00074 BNB, a decrease of 96%.

These exceptionally bad ROI’s were not an anomaly. Infact, just ten of the 37 tokens saw a positive return of investment. This has to be a serious concern for a major exchange and company like Binance. Yet, despite this, Zhao and Binance will be sitting pretty as their own native token appears to be doing well, despite the failure of the tokens listed.

Other investors have lashed out at Binance’s latest initial decentralized offering (IDO) for their DEX, decentralized exchange. Some investors have called it a scam and fraudulent.  @Babaganush111 sent a tweet, saying:

“Hi @cz_binance! today i got scammed at Raven Protocol IDO. At 9:00  i see 404 error, after DEX page loaded, after a second set price exact 0.0005 BNB which is huge scam every people think that 0.00005 BNB (because i FCFS and you and you don’t have time to check). I lost 40 BNB”

CZ responded saying that the decentralized offering was different to the IEO and this meant it was not under their control so sometimes these things can happen. Speaking at an event, he said:

“IDO is very different from IEO (first trading platform release). IDO is not under our control, we actually It has zero control and zero participation……If you are involved in IDO, you need to make sure that you understand all the rules and how DEX works, and what its technology is all about. You must rely on yourself, all should be very cautious. IEO is completely different.”

https://www.youtube.com/watch?v=xXmYxN8g2TQ&t=1s

Binance’s BNB flying high as others fall

So what about the token’s listed on their Launchpad? Clearly Binance is profiting from this exposure and usage of the token alongside others, but it does not appear to be a two way street. How long will this last for before smaller tokens start to look elsewhere? Let us know in the comments.

Source of article: https://www.bitcoin-original.com/binance-chain-is-failing-and-letting-down-tokens/

Binance is monopolizing the market. They do everything to increase BNB prices but don't really care much about other projects and the rights of their ecosystem participants.

[beerlover]

Binance chain was never about improving some sort of blockchain system or even building a good system that would be competition to ethereum or even any other coin that ICO's would get high. Binance chain as created so that new coins that will come up will use binance instead of any other exchange and binance will make money from the first day.

It will of course continue to trade but we are talking about millions of dollars here, how much does an IEO get funded? 100 million? Sometimes, and when it does 1 million goes to binance team because they want it from you, this is not official but they do request it from the teams, I have been in one and they did. Plus when its listed they will start getting millions of dollars from fee's because on the first day of IEO gets listed everyone sells the tokens they have. It is just a money making machine for them, that's it.

[cichaescut]

In fact Binance can do what they want. Everybody were so glad and screamed that Binance is the best exchange ever. They have created a monopoly and are now the biggest exchange in crypto world, so no wonder that they are doing such manipulations.

[Absolutep]

Now everyone should understand that big names don't make big returns in crypto, crypto itself is kind of weird, no one can predict the outcome.

[guoyu78]

I think it is still quite early to judge if Binance chain will be a failure or not, many people are still use to Ethereum smart contract, and only few people are using Binance chain, and the reason why Binance is even lucky to see people that much is because of their IEO, I think most projects that wants to raise funds now are now considering IEO which majority of them prefers to go on Binance platforms.

We need to still give some little time before we conclude anything about their chains, although I have been quite skeptical about them of recent, I think they don’t need to get involved in too many projects at the same time, they need to focus on one first and make it a success before engaging on another one. When you have too many diverted attentions, there is no way you can become perfect on any of them, I think they need to pick whatever project they are working on one after another.

[aemma]

Although I don't know much about all these projects but I know most migrated from other blockchains to Binance chain and it might for volume and nothing more. Also, most might not even had a working product etc. In my own opinion I think it a project should be clear on what they want, even listing on Binance chain doesn't mean investors will be running after them, what most investors cares about is use case not a project running after one blockchain or the other to gain volume etc.

[Kings5050]

Is it really Binance fault? They only presented a blockchain where projects can list while it's left for those projects to fulfill what they promised to their investors. So I think it is not right blaming Binance. Rather let's check those projects and see what they have been able to develop all this while, this is what determines the value of any project and not the blockchain they are listed on.

[letyouearn]

Binance is creating a strong hype around their projects and helping to promote crypto all over the world. That's a very positive effect in summary I think, they are doing well.

[#Darren]

This is what happens if you are going towards the hype wave, because during the last several months BNB rose quickly and a lot of projects changed to their blockchain. Cannot wait to see ETH for 2k USD and their faces who changed from ERC-20 tokens.