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Author Topic: Danger that awaits few coins  (Read 697 times)
Ken_terrance
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January 06, 2020, 07:43:20 AM
Merited by tk808 (1), Ferris419 (1)
 #1

I'm here to clear few facts about some crypto coins, i will start with exchange tokens, people are getting things mixed up when it comes to real use case, many thinks once a coin has a real use case it's a must buy well this is for you, let me start with binance, i love the exchange simply because of the seriousness of the team and CEO himself i believe that's why they made it this far but im not 100% sure about bnb token because it's use case ends on the binance exchange, outside the platform it's nada,  i belief any good real use case should be for the public but bnb token is limited in this area, everything about bnb ends on it's exchange.

My second point is pointing towards Proof of Stake coins, we all love earning with no big hassle like POW coins but at the same time have you ever think that apart from the POS ability what is the use case of the token or coin itself? Many keep making this mistake that once a coin has staking ability it's the best, this is why many POS coins loses value while you are holding them to get your reward annually.

I believe that POS ability is just a +, assuming the use case of a coin is for means of payments either with many merchants or so and the coin still has staking ability makes more sense than a coin with just staking ability alone, please be wise with the ways you define your real use cases

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January 06, 2020, 08:22:57 AM
 #2

Every project has a different goal and industry, you can not expect all of them to make it as a global payment system. Let's say a pharmaceutical token based project, the project is limited only to buy the medicine and in this area. Does that mean, this token is bad? no, because this is what they are aiming for.
Proof of Stake is a consensus, the use case depends on the project itself. Why people love it?
It is because it is cost effective compared to POW in running the blockchain, you can get a passive income from holding it, the majority POS project are faster in term of transaction speed compared to POW.



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January 06, 2020, 09:50:31 AM
 #3

Basically you can call that POS reward just like a dividend to the hodlers and that makes we can call POS coins like security as it's also sharing the dividend to the holders. But i agreed with you in this case as POS has nothing to do with utility purpose of the coin. Not so many developers understand it very well about what means of utility.
When you build a platform but your coin is not needed a part of the operation in your platform and that will be a garbage coin in the future.

I guess you have a good criticism for POS coin.

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January 06, 2020, 10:27:52 AM
 #4

I'm here to clear few facts about some crypto coins, i will start with exchange tokens, people are getting things mixed up when it comes to real use case, many thinks once a coin has a real use case it's a must buy well this is for you, let me start with binance, i love the exchange simply because of the seriousness of the team and CEO himself i believe that's why they made it this far but im not 100% sure about bnb token because it's use case ends on the binance exchange, outside the platform it's nada,  i belief any good real use case should be for the public but bnb token is limited in this area, everything about bnb ends on it's exchange.

My second point is pointing towards Proof of Stake coins, we all love earning with no big hassle like POW coins but at the same time have you ever think that apart from the POS ability what is the use case of the token or coin itself? Many keep making this mistake that once a coin has staking ability it's the best, this is why many POS coins loses value while you are holding them to get your reward annually.

I believe that POS ability is just a +, assuming the use case of a coin is for means of payments either with many merchants or so and the coin still has staking ability makes more sense than a coin with just staking ability alone, please be wise with the ways you define your real use cases

About that BNB, why should it have a use case outside the platform? Until people code dapps for that bep2 platform it's just coin for decentralized exchange.
I don't understand your point on POS, it's just another way of mining and dilutes the supply same way as POW, how does it effect to price comes back to the supply and how fast does it rise.

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January 06, 2020, 10:53:23 AM
 #5

I'm here to clear few facts about some crypto coins, i will start with exchange tokens, people are getting things mixed up when it comes to real use case, many thinks once a coin has a real use case it's a must buy well this is for you, let me start with binance, i love the exchange simply because of the seriousness of the team and CEO himself i believe that's why they made it this far but im not 100% sure about bnb token because it's use case ends on the binance exchange, outside the platform it's nada,  i belief any good real use case should be for the public but bnb token is limited in this area, everything about bnb ends on it's exchange.

My second point is pointing towards Proof of Stake coins, we all love earning with no big hassle like POW coins but at the same time have you ever think that apart from the POS ability what is the use case of the token or coin itself? Many keep making this mistake that once a coin has staking ability it's the best, this is why many POS coins loses value while you are holding them to get your reward annually.

I believe that POS ability is just a +, assuming the use case of a coin is for means of payments either with many merchants or so and the coin still has staking ability makes more sense than a coin with just staking ability alone, please be wise with the ways you define your real use cases
Once their is a complete coin that will define to what you are talking about then other projects will just die in no time as there is no use for them already as the complete coin with real use case is already there.

I am satisfied on what is happening right now so other serious team still has a chance to develop the best coin/token that will satisfy the users to its best. Unlike any other currencies that didn't satisfy the users yet like bnb,ETH,btc and etc. as they have lackings in their own.

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January 06, 2020, 12:01:28 PM
 #6

You are right about what you said. Although other friends want to tell about "great" bnb, we all know that there is no bnb without binance. On the other hand, the crypto market is used for speculation, except that there are very few cryptos in the market that meet the criteria you are looking for. In today's market, the best coin is the coin that provides more money.

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January 06, 2020, 12:34:53 PM
 #7

A success of coins comes from a successful project no matter how useful if is. BNB and Binance is a great example, BMB didn’t make any difference with other coins and BNB is just a utility coin without a major usage out of Binance and yet, we can see that BNB is still on the top 10 coins and that is because of a good exchange which is the Binance.
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January 06, 2020, 12:48:39 PM
 #8

This is real fact that many will still not accept, if binance stop working today it's the end for bnb token, take a look at bitcoin or dogecoin, these type of coins survive without any need of team updates because they are decentralized, even if their team dies the coins will live on, it's a different thing with bnb token

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January 06, 2020, 01:51:14 PM
 #9

You got a point there but still some coins with good use cases do well and POS and POW coins give dividends and also more of privacy we needed in blockchain. They are good too.

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January 06, 2020, 01:53:28 PM
 #10

I'm here to clear few facts about some crypto coins, i will start with exchange tokens, people are getting things mixed up when it comes to real use case, many thinks once a coin has a real use case it's a must buy well this is for you, let me start with binance, i love the exchange simply because of the seriousness of the team and CEO himself i believe that's why they made it this far but im not 100% sure about bnb token because it's use case ends on the binance exchange, outside the platform it's nada,  i belief any good real use case should be for the public but bnb token is limited in this area, everything about bnb ends on it's exchange.

My second point is pointing towards Proof of Stake coins, we all love earning with no big hassle like POW coins but at the same time have you ever think that apart from the POS ability what is the use case of the token or coin itself? Many keep making this mistake that once a coin has staking ability it's the best, this is why many POS coins loses value while you are holding them to get your reward annually.

I believe that POS ability is just a +, assuming the use case of a coin is for means of payments either with many merchants or so and the coin still has staking ability makes more sense than a coin with just staking ability alone, please be wise with the ways you define your real use cases

We all know the fact that a lot of coins have no long term utility whatsoever. That is common knowledge.

Unfortunately though with the way that the market is set up, it is set up in a way where it rewards short term risk taking in which certain coins with absolutely no or little value in the long term could and have seen significant growth. This could include the tokens that you're talking about, whether PoS or exchange tokens.

At the end of the day if you're looking at long term stuff, obviously you want to avoid them. But it doesn't necessarily deter people from investing in the short term.

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January 06, 2020, 02:19:02 PM
 #11

BNB still is useful though, you can't expect people to dump if since its being used by traders for less fees in the platform. You would want to pay binance with BNB than BTC but this isn't just traded in their own platform its also on other exchanges. Some may say its actually a centralize token but you can't find more users despising it.

Real use case of the coin sometime only appear when merchants already accepts it. I have no idea what TRX use for up to now but then the dapps I guess makes its use case. With more players to the TRON dapps, TRX will be valuable, it will be bought by players.


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January 06, 2020, 02:26:00 PM
 #12

I'm here to clear few facts about some crypto coins, i will start with exchange tokens, people are getting things mixed up when it comes to real use case, many thinks once a coin has a real use case it's a must buy well this is for you, let me start with binance, i love the exchange simply because of the seriousness of the team and CEO himself i believe that's why they made it this far but im not 100% sure about bnb token because it's use case ends on the binance exchange, outside the platform it's nada,  i belief any good real use case should be for the public but bnb token is limited in this area, everything about bnb ends on it's exchange.

My second point is pointing towards Proof of Stake coins, we all love earning with no big hassle like POW coins but at the same time have you ever think that apart from the POS ability what is the use case of the token or coin itself? Many keep making this mistake that once a coin has staking ability it's the best, this is why many POS coins loses value while you are holding them to get your reward annually.

I believe that POS ability is just a +, assuming the use case of a coin is for means of payments either with many merchants or so and the coin still has staking ability makes more sense than a coin with just staking ability alone, please be wise with the ways you define your real use cases
If project is legit than proof is stake is good than proof of work. Ethereum turn face to POS when still running POW. During hold coin price also dump by admin. Only Binance exchange can't make this success without Binance blockchain. BNB pumped when BNB coin launched and also Binance Dex.
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January 06, 2020, 02:54:50 PM
 #13

It is true that for now the BNB coins are dependent on the Binance exchange. Logically there is no BNB if Binance is abolished, but in my full opinion this is legitimate and it is unlikely that a team will just let it die, definitely looking for a solution to solve it. BNB coins can be adopted in the future, like buying and selling platforms or the like. it is true that crypto currently requires DEX, but the fact? people prefer the top central exchange, for certain reasons. between POW and POS both have advantages and disadvantages, the problem is that when there is no demand. and keep in mind that those who are superior in technology are the winners.

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January 06, 2020, 03:09:08 PM
 #14

I'm here to clear few facts about some crypto coins, i will start with exchange tokens, people are getting things mixed up when it comes to real use case, many thinks once a coin has a real use case it's a must buy well this is for you, let me start with binance, i love the exchange simply because of the seriousness of the team and CEO himself i believe that's why they made it this far but im not 100% sure about bnb token because it's use case ends on the binance exchange, outside the platform it's nada,  i belief any good real use case should be for the public but bnb token is limited in this area, everything about bnb ends on it's exchange.
It's a mistake to assume that a utility token should be used outside what it was intended to be. People buy BNB because they want to use it inside the Binance exchange for trading discounts and its other uses. They do not expect to use its utilities on other platforms.

Why don't we use BTC for example, what is it's real use case? Can you also used it to avail trading discounts like KCS on Kucoin exchange or BNB on Binance exchange? Can you also use BTC to pay for gas on the ethereum blockchain? Mind you, these altcoins can also be used for P2P payment just like BTC as long as two people agree to it.


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January 06, 2020, 03:47:26 PM
 #15

I agree, for the continuity of tokens in the long run, the pow and the post alone are not enough and there is more concern if it is just hype because if there is no real use case, the tokens will stick on their own market. and worse if the token does not have liquidity, then the token will be stuck and the volume will be difficult to rise.

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January 06, 2020, 04:48:29 PM
 #16

I agree with the issue you are introducing but I'd disagree with the example of BNB. On contradictory, BNB is one of the multiple use currency, one that has much more scope than most of the altcoins. BNB is not only a discount token of Binance, but it also a fuel in BinanceDEX and is also accepted by multiple of merchants like Travelbybit, Aeron, Moeda and many more.

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January 06, 2020, 04:56:36 PM
 #17

Though I don't feel danger for Binance coin, because it's main use case is the world's best crypto exchange itself! Binance exchange has many features, BNB coin will stay until the Binance exchange stays!

I agree with your opinion about POS coin, these really are worthless after a certain time! I have seen thousands of POS coin all of these years, but a maximum of them are dead or scam!

 
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January 06, 2020, 04:59:51 PM
 #18

BNB use cases is only limited and used only on their exchange but compared to other tokens I consider it as a valuable token since Binance is one of the top exchanges out there. There are also some projects who promises token usage and adaption but still lack community support so still ended up dead or their value drops.
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January 06, 2020, 05:10:43 PM
 #19



My second point is pointing towards Proof of Stake coins, we all love earning with no big hassle like POW coins but at the same time have you ever think that apart from the POS ability what is the use case of the token or coin itself? Many keep making this mistake that once a coin has staking ability it's the best, this is why many POS coins loses value while you are holding them to get your reward annually.

I believe that POS ability is just a +, assuming the use case of a coin is for means of payments either with many merchants or so and the coin still has staking ability makes more sense than a coin with just staking ability alone, please be wise with the ways you define your real use cases

It's just a variation of the discussions people used to have back back in 2013. Back then the big thing was to issue an "ASIC-proof" coin that you could mine with your laptop. Just being ASIC-proof was supposed to make the coin so special it had value.

It was designed to appeal the the niche bitcoiners who were into mining - and these new coins are designed to appeal to the niche bitcoiners who are into staking. Neither group is interested in the wider public or in building a genuine eco-system around their coin.

 
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January 06, 2020, 05:11:24 PM
 #20

Though I don't feel danger for Binance coin, because it's main use case is the world's best crypto exchange itself! Binance exchange has many features, BNB coin will stay until the Binance exchange stays!
Isn't that the dangerous side? A coin that survives only through exchange. Developers may have added some features lately, but who cares.

POS coins must have an additional function that is, since when the type of mining has become its useful product. Otherwise each coin gains value without any usefulness, then switches to POS and gets its own place in the market.
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