Binance Would Not List Bitcoin Today for Non-Compliance with Terms

If Bitcoin was to apply for listing on Binance, the world’s largest cryptocurrency exchange by means of traded volume, it would get rejected for non-compliance with its listing terms.


‘No’ to Bitcoin

A fairly controversial but rather interesting point was made by WhalePanda, the popular user within the cryptocurrency community. He outlined that if Bitcoin was to apply for a listing on Binance today, it would have to be rejected due to non-compliance with the exchange’s listing terms.

Ironically, the market’s first and foremost cryptocurrency, Bitcoin, wouldn’t be eligible for listing on Binance for the very same reason that triggered its success: lack of central authority.

While arguments can and have been made that Bitcoin is already listed on the cryptocurrency exchange, the point is clear – Binance seeks a form of centralization as a listing criterion.

Needless to say, the tweet sparked a debate, where some people argue that a representative is only needed as a point of contact in cases of trouble. However, the fact of the matter is that truly decentralized projects, much like Bitcoin, don’t have representatives as that’s their main purpose. Establishing a single point of contact, regardless of whether it’s an individual or a group of people, would suggest that they are vested with certain authorities which conflict with the principles of decentralization.

‘There Is No True Decentralization’

Earlier in July, Zhao Changpeng, CEO of Binance, said that there is “no true decentralization” and that if there is a core team behind a cryptocurrency, this represents some form of centralization.

His comments were triggered by the words of Ethereum’s co-founder, Vitalik Buterin, who openly said:

I definitely hope centralized exchanges go burn in hell as much as possible.

Listing a digital asset on the world’s largest cryptocurrency exchange has been a hot topic for quite some time now. Earlier in August, Christopher Franko, the co-founder of a blockchain-based platform called Expanse, revealed that Binance requested 400 BTC for listing the platform. The cryptocurrency exchange quickly denied the claims, claiming that the email Franko cited was “spoofed.”

Franko went on to outline a few reasons the email is entirely genuine:

Do you think Binance’s listing policy is on the right track? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock, Twitter/@WhalePanda, and Twitter/@FrankoCurrency.

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Bitcoin Cash Founder Roger Ver “Allegedly A Scammer” According to One Pissed Off Redditor

Roger Ver, the founder of Bitcoin Cash, is no stranger to controversy. Whenever he says something, the crypto community, reacts very strongly to it. The reason is simple: For the longest time, Ver has tried to brainwash people into believing that bitcoin cash (BCH) is the actual bitcoin core (BTC).

Not for the first time, Ver tried doing the same again. A user left an angry comment on the Bitcoin website stating, “Very naughty and misleading website! When I click on the BCH exchange price on top, it shows the bitcoin core graph, not the BCH price! All the statistics shown are BTC! Very confusing for newcomers who assumed to ‘buy the bitcoin they saw on TV’!”

In response, Ver said, “We are working on fixing all of those things and promoting bitcoin cash as bitcoin. It takes time to update everything, though.”

The exchange was posted on Reddit by a user, who goes by the name ayanamirs, who allegedly said “Roger Ver is a scammer confirmed.”

Source: Reddit

Although Roger Ver keeps posting screenshots of how Bitcoin Cash is doing better than Bitcoin, it could not be farther from the truth. Chainalysis, blockchain analytics firm, recently put forward a report, stating that Bitcoin Cash is not commercially viable as Ver states it is. Reviewing companies such as BitPay, Coinify, and GoCoin, found that Bitcoin Cash payments slumped to $3.7 million in May from a high of $10.5 million in March.

Going by what Kim Grauer, who is a senior economist at Chainalysis, said to Bloomberg, “There are fewer users of Bitcoin Cash, fewer holders. Adoption in commerce has been low, partly the result of concentrated ownership.”

One of Ver’s latest tweets proving how Bitcoin Cash is superior to Bitcoin was by bringing up the fact “Bitmain earns more money in a single month than @Blockstream has in all the years it’s been “operating”.The truth is undeniable: The smart money is backing Bitcoin Cash.”

In our opinion, using Bitmain as an example is not the smartest move to prove his point. Bitmain’s reputation, at the moment, is not exactly crystal clear.

Last week, Bitmain bought almost $600 million of the total supply of BCH, which led to a fair amount of outrage in the community but also led to price of BCH shooting up.

Last month, Bitmain was in the news when it courted controversy about alleged ‘secret mining pools.’ However, the Chief Executive Officer (CEO) of the company, Jihan Wu had categorically denied operating secret mining pools in an interview with Fortune, saying, “No, it never happened. We have a small-scale test. We don’t do that. That is not our strategy.”

However, in the same interview, Wu had doubled down on his claim, saying, “If we develop hardware, we just release and sell it on the market. Right after we have sample machines working, we start sales to the market. We don’t have such kinds of advantages.”

Whether there is an unholy nexus between Bitmain and Bitcoin Cash, is something only the concerned parties would know.

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‘Bitcoin? Hope and Hype’: Swiss Stock Exchange Isn’t Adding Crypto to Crypto Assets Exchange

BItcoin
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Cryptocurrency trading will not be part of the features of Swiss stock exchange’s new digital asset platform. This decision is not due to the lack of capacity to implement such, but basically an issue of priority.

“The capability is there to do it, but to be honest it’s not a priority. There are plenty of exchanges currently providing bitcoin trading services”, says Thomas Zeeb, the head of securities and exchanges at the Swiss stock exchange owner SIX Group

Bitcoin’s ‘Reputation’ Issues

As reported on Business Insider, Zeeb explains that the new exchange would plug the funding gap between crowdfunding and initial public offerings. This is ultimately aimed at providing an environment where institutional investors can feel safe to participate actively.

The Swiss exchange operator SIX first announced a proposed launch of its new crypto-initiative earlier this year. In this announcement, the establishment claimed this initiative to be the first market infrastructure in the world to offer a fully integrated end to end trading, settlement and custody service for digital assets. However, Zeeb expresses concern about the current reputation of Bitcoin, which is suggestive towards his establishment’s present stand.

“There were still “reputational” issues surrounding Bitcoin. There’s actually nothing Behind bitcoin other than a lot of hope and hype”, he says.

Digital Assets Here to Stay

Incidentally, this action by SIX does not in anyway disrepute or disregard the fact digital assets like Bitcoin have come to stay. As a matter of fact, this may simply qualify the emerging processes as a going concern.

Zeeb relates the current situation of the digital market ecosystem to what was obtainable with derivatives in the 90’s. He made note of how derivatives operated on the fringes back then, leading to contrasting outcomes for participants within the markets. However, gradually regulation was achieved, and today every asset manager has derivatives as part of his toolkit.

In the case of digital assets, Zeeb believes that things will happen quicker than we had with derivatives. “I’m absolutely convinced that digital assets, as well as a digitalisation of existing assets, is going to come a lot faster than the 30 years it’s taken derivatives to be everywhere, he says. “It will go in maybe five years”.

The Era of Tokenization

SIX Digital Exchange (SDX) intends to plug the funding gap between crowdfunding and initial public offerings. This will satisfy the demand by institutional clients who are seeking for how to legitimize and bring digital asset into play. The platform will boost confidence in the ecosystem and enhance the safety of such big players in the market.

Going forward, Zeeb sees a future where tokenization of existing assets will become a popular practice. Such would include existing securities and exchange-traded funds (ETFs), art galleries and other forms of exotic assets. This system will allow for a more flexible market that will encourage more liquidity my allowing fractional ownership of such assets.

Featured image from Shutterstock.

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