The recent bad practices carried out by the CEO of binance CZ triggered lots of criticism and dissatisfaction within their userbase. I used to be firm supporter of their exchange and services offered, but it is clear in my mind that this year the management has decided to steer the ship in other direction.
First off, Binance began to use the Launchpad project with the sole purpose of increasing the value of BNB. Within the first tree months of the year, the price has surged more than 300% and that the team's ultimate goal.
Secondly, the 3 ICO's that took place on their exchange were complete disaster - myriads of errors, while people rushed to contributed, constant log outs, error messages, never ending wait in the queue, wrong captchas, difficulties accepting the terms of the agreement. It's evident that almost no one managed to get in, except binance's team and its whale friends and insiders. There is no transparency whatsoever, instead of implementing smart contract, CZ deliberately used the "technical issues" as an excuse to screw all the investors.
Thirdly, in order to "solve" all of the mentioned issues above, CZ introduced the lottery model for the IEO. It's funny that the lottery is rather distinct from what people would expect. One individual is forced to hodl at least 100 bnb (1700$ at the current rate) for 20 days in order to have a chance to contribute 500$ worth of tokens! This is unheard. Moreover, one individual could receive max 5 tickets by having 500 bnb in his balance. Furthermore, out of these tickets, you need to luck out and have winning one in order to participate in the lottery which later on will be picked up by some algorithm. Who can guarantee that Binance will not mess with the algorithm in order to leave out certain individuals? No one, we are left in the dark. Essentially this step reduces the chances of winning twofold. The worst part is, one individual could win multiple allocations to contribute! So this favors the whales. For instance a whale will load 10 different accounts with max 500 bnb, hence he will have 25 tickets. Out of this number let's assume he is able to win 3. This is utterly unfair. Image that 30k people are wanting to participate, the % of real people that would be able to get is close to 0.
To summarize, binance takes shit ton of money from the project on the launchpad, then and CZ and his close friends ( like Justin Sun) are buying the vast majority of the tokens, they sell at huge profit (x5) and the meantime their are massively profiting the BNB PUMP.
In Binance when you filter the coins to percantage change, BNB pops up ahead as the biggest gainer, while in reality there are other coins which have raised more, for example POLY and RVN (nearly 30% gain). You can check yourself. CZ deliberately did that in order to create more fomo and higher chances of his favourite BNB to pump. Utterly disgusting.
Apparently, it's not enough that CZ is actually a billionaire and makes millions of dollars from the fees on the exchanges, his endless greed leads to such vicious plans and shady practices that have the goal to pump further his BNB coin and make hiself even more wealthy and also to acquire higher influence. These bad practices are no any different from what Jaime Daimon and all the ultra rick are doing with with the current Fiat system. CZ is building a monopoly, a centralized business that is determined to have all resources and coins concentrated on very few individuals.
Congratulations @cool4y! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Hello @cool4y! This is a friendly reminder that you can download Partiko today and start earning Steem easier than ever before!
Partiko is a fast and beautiful mobile app for Steem. You can login using your Steem account, browse, post, comment and upvote easily on your phone!
You can even earn up to 3,000 Partiko Points per day, and easily convert them into Steem token!
Download Partiko now using the link below to receive 1000 Points as bonus right away!
https://partiko.app/referral/partiko
Congratulations @cool4y! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!