Binance’s CEO, Changpeng Zhao, recently explained how the largest crypto exchange in the world deals with attacks from other exchanges. In a personal post, Zhao states that various exchanges have targeted Binance for different reasons since and especially it’s early days.
CZ lists several reasons why other exchanges picked on Binance; those include the fear of Binance’s rapid progress, fame-seeking, attempts to use the exchange for their growth, or even pure jealousy.
However, CZ also argues that these exchanges who originally wanted to either harm or use Binance, actually helped Binance grow bigger.
This personal post was published just a few days after Binance Coin (BNB) broke its all-time high against Bitcoin.
Binance used the attention to gain momentum
During its early days, when Binance was still quite young and unknown, a major exchange saw it as a threat and attempted to damage its developing reputation. However, Binance’s management used this attemp to its advantage.
“When a big exchange attacks a small new one,”, CZ says, “there must be some threat (and credibility) posed by the newcomer. They also have a higher reach than us back then. It was great to have them spread the word for us…
Our approach always: ignore, and work hard to become more successful ourselves. Best response!”
CZ continues to argue that bad news travel a lot faster than the good ones, and as soon as the exchange was involved in something like this, it started attracting endless attention. He also points out that every PR is good, especially for a young business that is trying to become relevant.
He was not worried about Binance’s reputation, as he thinks the public is smart, and they will not be so easily fooled. Such attacks on Binance brought new members to its community, while they united the existing ones.
CZ also mentioned the behavior of some crypto projects that went against Binance in the past, stating that they attacked because Binance would not list their token.
After refusing to cooperate, Binance was often called a “scam,” or even “illegal,” which led to the question: Why did they want their coins listed on an “illegal” exchange in the first place?
Malta-based Binance enables OCO order types on its web trading interface
Malta-based Binance, one of the world’s largest cryptocurrency exchanges, has enabled OCO order types [One Cancels the Other] to its web trading interface, the introduction of which has been touted as an important development for the crypto-traders. The debut of the feature was announced via a note published on the exchange’s official blog. The same was also announced on Twitter, with the tweet reading,
#Binance Adds OCO Order Type
With OCO, you can both chase the moon and dodge a falling knife!https://t.co/111U5DC25rpic.twitter.com/pF15twdet0
— Binance (@binance) August 22, 2019
The One-Cancels-the-Other [OCO] tool is essentially a pair of orders which integrates a stop-limit order and a limit maker order on the same side, with the same quantity. After the execution of either one of the orders ie. when the stop price is triggered for stop limit order, this feature enables the other one to get automatically canceled. “When canceling either one of the orders, the entire OCO pair is canceled,” the blog went on to say.
The idea behind the introduction of the trading tool is to allow users on the platform to trade securely “by locking potential profits or limiting risks,” while improving success rates and minimizing potential losses.
“It also provides more versatility as you can enter or exit positions without having to choose between a bullish or bearish bias. Other than that, OCO orders may bring peace of mind for traders that don’t want (or lack the time) to track the market activity on a daily basis”
According to the latest announcement, the feature will be enabled at a later date for Binance’s PC and Web Clients.
Binance CEO Counters Ethereum’s Vitalik Buterin on the Biggest Problem Facing Crypto
Binance CEO Changpeng Zhao says he disagrees with Ethereum creator Vitalik Buterin’s recent comments on blockchain scalability.
In an interview with The Star, Buterin said the speed and cost of blockchain transactions remain the biggest challenge facing blockchain technology.
“The main problem with the current blockchain is this idea that every computer has to verify every transaction. If we can move to networks where every computer on average verifies only a small portion of transactions then it can be done better.”
In response, Binance CEO Changpeng Zhao issued a tweet saying newer blockchains have already successfully pushed blockchain transaction volume and speed to acceptable levels.
“I like Vitalik and ETH, but speed and capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now). We need to increase real applications that people actually use, so that we hit the new capacity issues/limits again. Focus on applications.”
Buterin quickly countered, saying recent attempts to beef up blockchain speed are too centralized, citing EOS as an example.
“It’s not solved at all. Even the newer semi-centralized blockchains have TPS in the hundreds; AFAIK EOS has already had scalability bottleneck issues.”
Hundreds of comments poured in, sparking a rigorous technical discussion about orphan blocks, nodes, Raspberry Pi, reorgs and how to solve the holy grail of scalability without sacrificing security and decentralization.
The team at MetaHash countered that their next-generation blockchain outperforms Buterin’s assumptions.
He highlighted Bitcoin SV as a more scalable solution.
Binance launched its own blockchain, called Binance Chain, in April of this year. Zhao says it can handle about 2,000 transactions per second. In contrast, the Ethereum blockchain currently supports roughly 15 transactions per second. However, Binance Chain is not designed to support smart contracts, a key factor in its ability to support higher transaction volume.
Binance Coin price analysis: BNB is in a range-bound, but sellers take charge
The native token of Binance crypto exchange is yet to show a strong bear dominance on the long-term. But the short-term outlook looks bearishly strong.
- Binance Coin is down by 5.20%, but the price action has remained tightly in a range-bound.
- The last three days price decrease has brought the bears in action as price looks for close support.
The Binance native cryptocurrency, Binance Coin is down by 5.20%, subjecting the market under the control of bear radar. BNB token has seen a significant price reduction over the past few days. The sellers anticipate lower levels as the price is likely to continue falling if the market keeps exhibiting weakness.
However, Binance Coin is trading in a range-bound since last month, and as we can see now, the market is approaching the channel’s lower boundary, where a bounce up is likely. A breach below the channel could establish a new monthly low for the market.
BNB’s Current Statistics
Trading Price: $26.6
Market Capitalization: $4,165,491,372
Trading Volume: $214,236,197
Key resistance levels: $28.4, $29.4, $30.5, $31.7
Key support levels: $26.1, $25.3, $24, $23
Binance Coin (BNB) Price Prediction for August 21, 2019
Binance Coin is bearish on the 4-hour time frame. Following the ongoing surge, the price of BNB has recently plunged to $26.1 before a small rise to where it’s currently changing hands at $26.62.
A further rally is likely at $26.1, $25.3 $24 with a possible new low at $23. As we can see on the 4-hour price chart, BNB volume has been drastically low over the past weeks, which shows the bears are gaining moment.
Taking a look at the market, the BNB token is yet to show a strong bear dominance on the long-term. But the short-term outlook looks bearishly strong. However, a bullish interception may set the next key resistance at $28.4, $29.4, $30.5 and $31.7, meeting the upper boundary. Nevertheless, we can expect a little rise before the rally continues.
As appeared on the 4-hour chart, BNB/USD pair has witnessed a consecutive three days bearish action after the mid-August recovery. If the sellers remain in the market, the price of Binance Coin will continue to drop significantly. Otherwise, the price will resume in the range-bound.
Technical Indicator Reading
The RSI for Binance Coin (BNB) has severely dropped and now facing the 30 level, although the level has held the last bearish scenario.
Stochastic RSI is currently in the oversold area. The price of BNB is likely to rise if we see a decisive climb.