Hey Jessinvestors
If 2017 was the year of BNB, then 2021 is the year of BSC, the chain nobody knew they needed, but now investors are chomping at the bits to get a piece of the action. The coin launched on June 26th and run an ICO until July 3rd, 2017.
The issued price was 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB. BNB first started as a platform reward token that you could convert dust into when trading, but its primary use was launching ICOs.
Binance launch bad was used to "clean up" the ICO game and allow ICOs access to their trading platform and direct listing, but investors would need to purchase BNB before they could jump into the various ICOs.
As you can tell at the time, ICO's were all everyone wanted to get into, and BNB became a gateway the same way Ethereuem was to the wider ICO funding game. BNB's centralised version was a lot smaller but wildly successful.
Launch of the DEX
After the ICO craze died down, BNB took a back seat, and we didn't hear much from it. Until the DEX craze took over, Binance DEX, which didn't really hit it off and investors focused on DEX operations built on ETH.
The dual-chain architecture of Binance Chain & Binance Smart Chain didn't appeal to many investors, and ETH is where the innovation lives.
Leaching of ETH
Eventually, once the DEX/DE-FI craze took off on ETH, its gas fees made it impossible for smaller investors to take part and chains like TRON and BSC began to see an opening.
TRON launched JUSTSwap, added yield farming with Sun token and copied a lot of the aesthetics of what was going on in ETH, but since the TRON ecosystem isn't all that compatible with ETH, it didn't really get people moving over.
Where BSC succeeds is that it is basically an ETH fork, its compatible with ETH wallets like Metamask. BSC works pretty much the same; the learning curve and user interactions are similar. This attracted ETH investors who felt they are getting marginalised by ETH's gas fees.
The launch of Pancakeswap on BSC, a Uniswap clone, and BSC's lower gas fees has seen Pancakeswaps trade volume exceed Uniswap and BNB; the token running on the Binance Smart Chain has skyrocketed in value.
BNB.If we look at the price action of BNB, the 2017 uplift from the launch pad is a blip on the radar compared to the recent run with BSC pulling more users into Pancakeswap and other dapps. According to data provided by @coingecko on
Copying or competition?
Many say BSC is only a copy of ETH, but what I see is completing ETH; it allows ETH to support larger traders who are fine with fees, and BSC will take on other customers who have been marginalised.
This does take away from ETH's user base and network effect, as well as capital flows. What good is having more of that if your chain is almost unusable for more users each day?
In the open-source community, copying isn't seen as an issue; if you can take code and spin up a competitive platform, why not? May the best innovator win!
A huge issue for BNB however is their limitation on validators of the chain which seems to be handpicked sock puppets, hmmm where have I heard that one before?
ETH can win back these users if ETH 2.0 is a success, but as for now, BSC is going to be the number 3 crypto for a reason.
It's helping solve ETH's biggest problem right now, and that shows you how valuable solving that problem is when you see how high BNB is flying right now.
Bitcoin is too boring
Now back to the title oh my article, why does this illustrate that Bitcoin can't be beaten? Because what it offers is BORING, its a long term savings technology that's entire value proposition is that it DOESN'T Change.
- So, what is there to copy?
- What is there to innovate against?
Bitcoin's strength is in its network effects and the power of the lindy effect; its consistency and staying power are what differentiates itself.
It's a unique selling point is the time value of money, which takes too long to play out, which is why other chains are focusing on building out a yield curve or trying to tackle certain markets like equity, tokenising real assets, becoming trading platforms.
Bitcoin is trying to disrupt the market of money; these chains are chasing secondary money markets. Chains will compete, copy and cannibalise each other while BTC marches on quietly.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
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Posted Using LeoFinance Beta
Lots of crap tokens on eth and bsc... Good for a gamble but hard to take a lot of them seriously. Many of them are scams too.
Speaking of ETH shitcoins I just signed up for the 3X something or other aridrop if you keen its already listed on CoinGecko and they say it will be a $200 airdrop so lets see I threw my hat in fuckit what I got to lose
You can get the link here
Thanks for the heads up. Will check it out later on the computer if I get some time.
Yes, Bitcoin is the king but....have you seen it's price lately? It's anything but boring. :-) I get your point though. It's not complicated. It reminds me of the advertisements that say, "We only do such-and-such, but we do it Well!" So BSC is the flavor of the month right now. Do you see any of the "new" ecosystems coming on line making any dents? Cardano, Cosmos, etc...? Just wondering....
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I think BTC is still pretty complicated and while we do have lots of companies working to make the wallets better and all that it’s going to take time and lots of fails along the way! To be money you can’t be complicated that’s why I say these chains are way too complex to be money they are money markets
Honestly I don’t know hey like Polka, EOS, ADA are some of the bigger Alts playing in this space and BSC just came in and stole their thunder without putting up much of a fight. I think people underestimate the network effects and with other chains using different wallets it’s annoying to switch over so it gets expensive to acquire a customer
I think that chains like this want to stand on their own will fail and the only way to survive is to become interoperable with let’s say ETH, having easy atomic swaps, connecting with popular wallets etc
I’m already starting to annoy myself by buying all these tokens and By the end of the year I’ll probably consolidate most of it so that’s also my bias
Sure BTC can't be beaten, he's doing what he's meant to do and it's not much fun lol.
DeFi is where all the fun is at the moment and yes BSC is hot, very hot !
What would be good now it to identify which blockchain will suck some fun out of the DeFi scene and invest right in before it explodes like BNB.
Come on you know it, share it with us ;)
Posted Using LeoFinance Beta
Well my bet is that ETH is still the network to beat and instead of trying to beat it try and supplement it so there’s two projects I took small positions in Zkx and matic/polygon they both side chains of ETH!
So I’m hoping is some of the DEFI money moves into those chains to reduce fees and still use the same infrastructure so it should be easier for investors to move but let’s see I just took a flyer on it
Nice i heard about matic newly polygon but not about zkx, I’ll have a look !
ETH is definitely a beating and can be saved by its 2.0 only i believe. Let’s see how fast it can be put in place with DeFi 2.0 farms.
Posted Using LeoFinance Beta
it seemed a bit like a matter of time before some chain came in to overtake this position.
it seems steady although indeed the tokens in there are not all that..but the idea...yeah it works fresh!
Posted Using LeoFinance Beta
It has taken some market share but we also have to look at the trade offs, BSC is by no means decentralized it’s not got as many dApps on it it’s basically a second layer to ETH with layer 1 characteristics.
I don’t see it as a successor and it’s not really been fully battle tested both by market participants like hackers nor regulatory bodies. It
Binance goes belly up how much liquidity do we possibly have in BSC and tech support through nodes?
I’m not against BSC or saying this will happen but it’s so easy to compare based on price market cap and volume and not look at all the trade offs
Ive been looking into the BSC thing as it like dropped in it feels only yesterday. There is a lot to learn. The position for this as said felt open, but binance has so many functions now with a CEX a DEX BSC staking and all of that more that the mix up is there.
Thanks for the cautious advice for the least...lets see what happens
Sooner or later this was suppose to happen. If not BSC any other platforms would have taken the opportunity and make the best out of the situation. So far with the liquidity on different DEX's on BSC neywork, I must say it is by far successful and who knows what will happen in the future. Besides, people always looks out for best outcome from their investment.
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A lot of the liquidity from BSC is from their centralised validitors so it’s not really defi it’s just using defi tools but still very much Binance run!
So still has a central point of failure I think we should all be aware of but I’m glad that there are options for investors
BTC is not that boring though, it excites us when it rises and it excites us even more when it’s value declines 😂😂
LOL I see I am getting a lot of hate for saying BTC is boring, I mean its boring for those who are used to BTC's moves and need a little more action. It's like people who bungee jump don't get as thrilled anymore and then they want to sky dive lol
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