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

[Yogee]

CZ twitted earlier today about some guy mistakenly sending 800 BNB, that's worth $20K, to Binance smart chain and asked him for help.


- https://twitter.com/cz_binance/status/1304700593441632257

The next burn will be in three days time but, as stated in the tweet, they'll remove 800 BNB there and use it to refund the guy who begged CZ.

What's your take on that?

I understand it's not a mineable coin but I still find 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 800 coins were supposed to be gone forever but with just one tweet, it's back! It's like bringing something back from the dead lol.

UPDATE:
More details have been announced and they call it the BNB Pioneer Burn Program https://www.binance.com/en/support/articles/7bcf4da5671d44a0a5118c2277773bb4
- credit to tvplus006

[Akiko]

It is also hard decision  for them at the same time they want to help the persons who send BNB accidentally.

I see it the same since they will burn the coins but they doing it advance because of mistake of that persons so I will agree with this decision  if they do.

[semobo]

More people going to appreciate their action than criticizing it, because the amount lost is not too small for anyone and due to the lockdown more people knew the importance of money so this is decision has been taken with all these things in their mind in my opinion.I am not going to oppose it but still it goes against the real invention of decentralization.

[landoffaucets]

Changpeng Zhao is a good boy, he becomes a millionaire thanks to a crypto community, so he feels the need to return it back to the community. But sometimes, it is against the idea of cryptocurrencies. Transactions should be immutable and you are responsible for your losses, not the bank, not the third side, right?

[eaLiTy]

The next burn will be in three days time but, as stated in the tweet, they'll remove 800 BNB there and use it to refund the guy who begged CZ.
What's your take on that?

Lets get it straight, i am not a fan of BNB coin and i am not a big fan of CZ either, but if he could sort of issues regarding the exchange and even though it is not a conventional process of returning the coin i think it is a good cause as the coins sent by the user was burned and is not in circulation as per the tweet and if they are burning the coins and if he is willing to hold off 800 BNB to refund the user, in theory they burned the same amount of coins.

The problem arises if more people start taking this approach, the power of centralization exists  .

[Kupid002]

More people going to appreciate their action than criticizing it, because the amount lost is not too small for anyone and due to the lockdown more people knew the importance of money so this is decision has been taken with all these things in their mind in my opinion.I am not going to oppose it but still it goes against the real invention of decentralization.

yes maybe that persons really need that balance and that's not small amount after all. its not change anything they are doing burn advance by the person that send the balance in wrong address. I like that idea of giving it back to the owners and I don't think some one will complain about it as long as it never change the motive of burning supply.

[shakesbear]

They don't have a clear plan for burning coins, I don't think there's anything wrong with that in my opinion, the Binance team just did a good thing, that's all.

[tvplus006]

... It's like bringing something back from the dead lol.

I don't see this as a problem. I understand that these coins will be returned to the guy from the Fund, which are intended for quarterly burning. This means that 800 BNB less than planned will be burned next time, since these 800 BNB were actually burned now.

[2double0]

The coins that are stuck somewhere or gone should be counted as burnt already and returning those 800 coins to the guy from the upcoming burn does not make any difference but equates his mistake with a compensation as a 'donation' for his stupidity. This will be a lesson for him either way if CZ decides to return his BNB to him or not.

[AmoreJaz]

The coins that are stuck somewhere or gone should be counted as burnt already and returning those 800 coins to the guy from the upcoming burn does not make any difference but equates his mistake with a compensation as a 'donation' for his stupidity. This will be a lesson for him either way if CZ decides to return his BNB to him or not.

or maybe what CZ can do is just give some money to the guy out of his pockets, for the sake of good will. just dont get those coins from that address supposedly to be burned, the concept will be tainted and that will make people think that they can always do that the next time around someone made a mistake.
 hard lesson for the guy. lets see whats his action on this...

[pixie85]

It's a good idea by CZ, I think they should reimburse the guy who lost his coins.

If the coins got burned he will not affect the ecosystem in any way by getting them back and it's going to be a great opportunity to show good will.

[BitcoinPanther]

CZ twitted earlier today about some guy mistakenly sending 800 BNB, that's worth $20K, to Binance smart chain and asked him for help.

What's your take on that?

I understand it's not a mineable coin but I still find 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 800 coins were supposed to be gone forever but with just one tweet, it's back! It's like bringing something back from the dead lol.

This action is humane.  I do not see anything wrong on reimbursing a person of his 800 BNB that is sent to the burning address by mistake.  The supply to be burned is unchanged because the guy's mistake of sending 800 BNB to the burning address makes up for it.

Let us not be happy on other's people mistake that will lead him to lose a huge amount.  Rather let us be appreciative on a good  action that enable that person to get his lost BNB back.

[Baofeng]

It's a good idea by CZ, I think they should reimburse the guy who lost his coins.

If the coins got burned he will not affect the ecosystem in any way by getting them back and it's going to be a great opportunity to show good will.

Then it will set a precedence, not just for Binance for any other burn token algorithm. And it will shows how powerful Binance and CZ. Don't forget about this one as well, Binance Considered Pushing for Bitcoin ‘Rollback’ Following $40 Million Hack. If he did do a rollback back then, it will be a wrong move for him. I sympathize with him, offering to help the guy, but the repercussions is big. If he wanted to show good will, give back $20k to the guy, that's it, instead of removing 800 BNB, that's just my opinion.

[btc_angela]

I also don't like the idea behind it, did he check the identification of the guy? it is for real and not trolling him? I agree with the OP, it's like CZ has God like power know to bring something from the dead (analogy). What if others make the same mistakes again? Will he do it, or just say "f**k" off, it's your mistake.

[Yogee]

........
Lets get it straight, i am not a fan of BNB coin and i am not a big fan of CZ either, but if he could sort of issues regarding the exchange and even though it is not a conventional process of returning the coin i think it is a good cause as the coins sent by the user was burned and is not in circulation as per the tweet and if they are burning the coins and if he is willing to hold off 800 BNB to refund the user, in theory they burned the same amount of coins.

The problem arises if more people start taking this approach, the power of centralization exists  .

.......
or maybe what CZ can do is just give some money to the guy out of his pockets, for the sake of good will. just dont get those coins from that address supposedly to be burned, the concept will be tainted and that will make people think that they can always do that the next time around someone made a mistake. hard lesson for the guy. lets see whats his action on this...

Then it will set a precedence, not just for Binance for any other burn token algorithm. And it will shows how powerful Binance and CZ. Don't forget about this one as well, Binance Considered Pushing for Bitcoin ‘Rollback’ Following $40 Million Hack. If he did do a rollback back then, it will be a wrong move for him. I sympathize with him, offering to help the guy, but the repercussions is big. If he wanted to show good will, give back $20k to the guy, that's it, instead of removing 800 BNB, that's just my opinion.

I also don't like the idea behind it, did he check the identification of the guy? it is for real and not trolling him? I agree with the OP, it's like CZ has God like power know to bring something from the dead (analogy). What if others make the same mistakes again? Will he do it, or just say "f**k" off, it's your mistake.

These are the things I am getting at. Those who are "okay" with CZ burning BNBs less the 800 that are supposed to gone permanently are underestimating the future impact of such action.

We are very critical when it comes to coins or tokens supply, from circulating to locked or to team holdings, but we're just fine if developers and owners can easily play with it?

[cryptomaniac_xxx]

To be honest, I'm not comfortable with this kind of refunding that CZ is planning to. And it added to the whole centralisation of crypto and damn, what powers CZ will have, wielding it in crypto space. It's a very dangerous, yes Binance is doing good for us, but for what? CZ he become one of the most powerful crypto figure, literally, if he will do this kind of move just to satisfy one customer of his. His tokens are meant to be burn, not to be salvage if anything goes wrong and this goes against the basic principle of token burning. Most crypto traders will be disappointed if he will do this.

[FinneysTrueVision]

Decentralized currencies should not have a supreme leader who can have this much power to just unilaterally decide to change the burn supply. Ethereum isn't as bad but I've always felt uncomfortable with Vitalik having outsized influence.

[ampu]

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.

[matchi2011]

To be honest, I'm not comfortable with this kind of refunding that CZ is planning to. And it added to the whole centralisation of crypto and damn, what powers CZ will have, wielding it in crypto space. It's a very dangerous, yes Binance is doing good for us, but for what? CZ he become one of the most powerful crypto figure, literally, if he will do this kind of move just to satisfy one customer of his. His tokens are meant to be burn, not to be salvage if anything goes wrong and this goes against the basic principle of token burning. Most crypto traders will be disappointed if he will do this.

Me as well, there's certain limitations in such kind of responsibilities,
If CZ can do that then who knows what possibilities that he can do in the future.

Question about refunding since that's really a huge amount of money to lose, balancing the situations and judging maybe very
hard, though it's him and his compassion to decide about this case.

[(o)(o)ilikeboobs(o)(o)]

Reversing transactions is possible but it is best to return the money to the person who lost the money and burn the wrongly deposited tokens. That would be better than the way he reversed the trade because people didn't like it.
He needs to take responsibility for his mistake whether it was accidental or intentional.