Altcoin price movement tracking & discussion

[Ami0]

Dear Binancian,
 
Binance has completed the BUSD Auto-Conversion for users’ existing balances of USDC, USDP and TUSD stablecoins into . New deposits of USDC, USDP and TUSD stablecoins will be converted into BUSD at a 1:1 ratio, and users will be able to trade with a consolidated BUSD balance on the Binance platform that reflects their balances of these four stablecoins (BUSD, USDC, USDP and TUSD) post conversion.
 
This will not affect users' choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance.

"BINANCE"

“Centrals Banks must be trusted NOT to debase the currency, but the history of fiat currencies is full of breaches of that trust"

- Satoshi Nakamoto (2009)  #bitcoin    #crypto

[Oshosondy]

There is nothing that Binance is doing than to make people to believe in BUSD in a way they will help people to convert to BUSD, but discouraging people not to withdraw in other stable coins than BUSD. Do not correct me, I know what I am saying. Binance ambition is to strengthen BUSD, but using liquidity as an excuse.

[dimonstration]

Is the purpose of the thread is for all the Binance tokens updates because this should be move on altcoin discussion and not in economy since this topic belongs to altcoin already. Move it to the Altcoin discussion board and make sure to explain the purpose of this topic on your OP to make it clear beside posting a news for starting this thread.

I’m surprised that Binance still alows different stablecoin deposit despite they are not supporting it already. The automatic conversion to BUSD is a smart move by CZ for BUSD to dominate the stablecoin market.

[Tytanowy Janusz]

I’m surprised that Binance still alows different stablecoin deposit despite they are not supporting it already. The automatic conversion to BUSD is a smart move by CZ for BUSD to dominate the stablecoin market.

What is surprising in this? If they would disable (for instance) USDC deposits, people who have USDC on their wallets and wanting to deposit to trade they would need to convert it to BUSD at first. If its a token on chain without legit dex people would have to to deposit it to another CEX for USDC/BUSD swap and withdraw to binance (if this cex suppoer busd). This would end up, in most cases, in making trade on first CEX resulting in binance loosing some customers. The fact you can still deposit any stable coin is a easywin for binance. Boost busd without loosing customers.

[OgNasty]

There is nothing that Binance is doing than to make people to believe in BUSD in a way they will help people to convert to BUSD, but discouraging people not to withdraw in other stable coins than BUSD. Do not correct me, I know what I am saying. Binance ambition is to strengthen BUSD, but using liquidity as an excuse.

Exactly.  They get more users to use their made up stablecoin and can earn free interest/income off the money.  That's why exchanges are so thrilled to get other exchanges to list their stablecoins.  It's basically free revenue off the backs of users.  The more people who are willing to hold onto stablecoins, the more profit for the issuers.  The really shady part is when they invest the user funds into other things to make a profit and then those things lose value...  This has been an evil floating over the crypto market for some time, and it appears Binance is jumping in the game now to earn extra revenue and help pump the market.  Their timing is better than LUNA, so maybe they'll succeed.  Whenever these stablecoins fall like dominoes, it's going to be the ugliest crash crypto has seen...

[Bitcoin_Arena]

I made a post about it a while back... Might be worth reading member's input Binance to delist USDC, USDP, TUSD from the platform on 26th September
it is an unpopular move to me personally. I prefer having choice, not being force to use only BUSD trading pairs. Luckily, there are lots of other alternative exchanges.

[hugeblack]

What is the relationship between topic content and title? Overall it's a profit centric platform and they will do everything to promote that profit.
BUSD is a central currency and it may be better than some of the currencies that have been removed, but in the end, if you do not trust them, withdraw all your currencies once trading, and if they see that this matter will cause losses, they will undo it.

[dezoel]

There is nothing that Binance is doing than to make people to believe in BUSD in a way they will help people to convert to BUSD, but discouraging people not to withdraw in other stable coins than BUSD. Do not correct me, I know what I am saying. Binance ambition is to strengthen BUSD, but using liquidity as an excuse.

There is no need for them to prove that busd is a trusted coin but most of us already know that busd is a safe stable coin because it was owned by binance. What they did there have no any other meanings but it's only part of the removal of usdc stable coin. Maybe it's not really possible to withdraw usdc to other usdc wallet because binance have completely disabled it.

The coins that is auto converted to busd can still be converted to any other coins if someone doesn't like busd. That should solve the issue and there is no need to make the issue grow bigger because at the end, binance can still win because they are more stronger than us who complain.