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Binance CEO CZ Answers Elon Musk by Pulling Out Tesla’s Software Glitch

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Binance CEO Changpeng Zhao

CZ versus Musk just turned into Tesla versus Binance after Zhao’s tweet

The most recent Tweet from Elon Musk about Binance’s inability to ensure proper withdrawals of Doge coins has started a dispute in which the exchange CEO brought up Tesla’s software glitch that led to the recall of more than 12,000 vehicles.

Tesla’s software glitch

The problem with Tesla vehicles that appeared back in October was a communication error that caused a safety recall. According to the Guardian, the technical issue could have led to a false forward-collision warning or even activation of the emergency braking system.

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In the official report, Tesla has said that the issue was caused by a software communication disconnect between two elements inside the systems that were causing the detection of nonexistent objects when other cars were close to the Tesla vehicle.

Binance’s official answer

Binance’s account has also answered Elon Musk’s critique by saying that the current situation is “frustrating” and the exchange is trying to work on it.

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According to the Binance thread on Twitter, the current issue with Doge withdrawals is tied strictly to technical issues that appeared during the update of Dogecoin core, which caused old transactions to be resent to more than 1,600 users.

The reason for the issue appearing only on Binance is a “different technical set-up” for Doge wallets. The only thing that might solve the issue is the complete rebuilding of the wallet.

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The community does not seem to be satisfied with the exchange official’s answer. Most Dogecoin community members, including Musk, are insisting that exchange users should not go through such problems for a long period of time.

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Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming?

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  • Binance Coin price analysis is bullish today.
  • BNB/USD dropped over 20 since yesterday.
  • Support was found at $490.

Binance Coin price analysis is bullish today as we expect swift recovery to follow after further downside was sharply rejected once the $490 mark was reached this morning. Therefore, BNB/USD has set a new swing low and is ready to regain some of the loss over the next 24 hours.

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong decline over the last 24 hours. The market leader, Bitcoin, is down by 18.29 percent, while the top altcoins, Ethereum (ETH) and Binance Coin (BNB), dropped around 16 and 15 percent, respectively.

Binance Coin price movement in the last 24 hours: Binance Coin drops 21 percent after being resisted by $630 yesterday

BNB/USD traded in a range of $518.48 – $628.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 112.5 percent, totaling $4.26 billion, while the total market cap trades around $87.8 billion, ranking the coin in 3rd place.

BNB/USD 4-hour chart: BNB rejects downside at $490

On the 4-hour chart, the Binance Coin price action can be seen to reject further downside over the last hours, likely as a new swing low is set.

Binance Coin Price Analysis: BNB briefly spikes below $500, sharp reversal incoming?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has seen bullish momentum over the past weeks after a new major swing low was set at $510 on the 18th of November. After a quick reaction higher, BNB/USD retested the previous all-time high around $660 on the 26th of November.

From there, further higher lows were set while BNB/USD prepared to finally break above the all-time high. However, after a slow move higher at the end of November, a new lower high was set at $650.

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The Binance Coin price started to consolidate as another higher low was formed on Thursday until a quick spike lower took the market to $570 Yesterday. After some initial rejection, further drop followed overnight, leading to the current low at $490 set in the morning.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish today as we expect the current rejection for downside to lead to a strong recovery latest today. Likely BNB/USD will move to test previous support around $570 as resistance next.

While waiting for Binance Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Binance Smart Chain Activates Real Time BNB Burning Mechanism

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BSC has launched its automatic burning mechanism, but it contains some differences from Ethereum’s London hard fork. 

Binance Smart Chain (BSC) recently activated BEP-95, which integrates a real-time burning mechanism into its tokenomic structure. From now on, a fixed ratio of gas fees collected by BSC validators will be burned in each block.

The Real-Time Burn Begins

BSC announced the new mechanism’s launch over Twitter earlier this week. Its burn ratio – adjustable by governance – reportedly sits at 10% right now.

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BEP-95 was introduced on October 22nd, with the goal of speeding up Binance’s burn process and further decentralizing the network. The company also theorized that this will drive up the price of BNB tokens, presumably through increased scarcity.

“While implementing this BEP might decrease the total amount of BNB that validators and delegators receive from staking, the fiat-denominated value of their rewards may increase,” claimed Binance. “This burning mechanism would further reduce BNB supply; thus, increasing demand would drive the BNB value higher.”

Binance has been manually conducting BSC burns since its inception. Its aim was to reduce BNB’s total supply by 50%, from 200m to 100m tokens. One such burn was conducted shortly before BEP-95 was announced, taking $640 million (1,335,888 BNB) off the network.

Binance’s real-time burn will work alongside the exchange’s scheduled burn events. Notably, it will remain in effect even after the scheduled burns have reached their 100m BNB supply target. As BEP-95 reads: “By design, BNB is a deflationary token.”

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Binance Burning Versus Ethereum

Binance’s new burning mechanism is similar – but not identical – to Ethereum’s. While both chains collect tokens for the burn pool through transaction fees, some BSC’s fees are still used to compensate validators. On Ethereum, all mandatory fees are sent to the burn pool, with a ‘tip’ option available for transactors to compensate miners. The rest of miners’ compensation is delivered through block rewards.

Furthermore, as Binance uses proof-of-stake, there are no new tokens entering circulation to balance out the burn. Meanwhile, Ethereum’s block rewards and burn pool work against each other when influencing currency supply. This sometimes results in a net-deflationary time period for Ethereum but still produces an inflationary environment overall.

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Binance Singapore to Reportedly Withdraw its Permit Application

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After being on the regulator’s waitlist of crypto exchanges that are yet to get approval in Singapore to legally provide crypto services, Binance may just quit its former hub, and move on to expanding its business in other territories. According to Business Times insider reports, Binance has hinted at withdrawing its application with the Monetary Authority of Singapore (MAS), in lieu of the long-standing halt of seeking an operation’s permit. Furthermore, the withdrawal will depend upon whether or not the Nation’s regulatory authorities consider a change in stance. Regardless, Binance is expected to declare its final decision by next year.

Binance CEO Shares Risk Reduction & Economic Growth Strategy

While Binance CEO, Changpeng Zhao declined to comment on the status of his the exchange’s local unit’s licence application in Singapore, noting that it is “in the process”, he did highlight that Binance will only set up shop in countries with a pro-crypto approach. Despite the exchange’s recent decision to become regulator-friendly and more centralised, Binance does not believe in completely giving in to irrational regulatory restrictions. CZ argued that while risk reduction is essential for consumer protection, however, pro-crypto regulators have a way of both, reducing risk while enabling innovative and economic growth.

“When (regulators) only go by that metric, they just shut everything down, and yes that’s the best way to reduce risk. But better regulators have 2 metrics – they want to encourage innovation or economic growth and reduce risk. Regulators usually make rules that are much more pro-business when they look at both these metrics.”, The Business Times quoted its impromptu interview with CZ.

Singapore authorities are adopting a pro-crypto approach while also maintaining regulatory oversight. However, the nation is still to pass crypto exchange giants’ applications to allow them to legally provide services in the area.

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Last month, CoinGape reported that both, Binance and Coinbase were struggling to acquire their licenses from MAS, while authorities revealed that more than half of the companies that applied for crypto permits in 2020, had already received their approvals. Although MAS noted that some crypto companies were still operating with an exemption, and waiting to get approved by the authorities.

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