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Binance Launchpad token launch format unfair, alleges user; CZ reckons to find ‘middle ground’

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Binance Launchpad token launch format unfair, alleges user; CZ reckons to find 'middle ground'
Source: Pixabay

A Steemit beta user, cool4y, claimed that Binance accumulated a lot of funds from the token sales on the Launchpad, enabling only the founder’s close friends and other BNB whales to buy a majority of the tokens and then sell them at huge profits.

In the social news community Steemit beta, the user, referring to the latest Binance Launchpad token launch, criticized the new lottery format of being “utterly unfair”. The user alleged that a BNB token holder who held at least 100 BNB for 20 days had a lesser chance of winning than a whale holding 10 different accounts and, hence, had access to 25 tickets. According to the user, the odds are more favorable for the latter and added that the resultant pump of over 15% massively profited “CZ and his friends”.

A similar sentiment was echoing in the crypto community following the announcement of the new format as opposed to the previous ‘first-come-first-served’ system. The community called out CZ for allegedly favoring the rich by discriminating against smaller investors and pandering the whales who have a much bigger pool of tokens.

A Twitter user, Niels, posted,



“So we have to hold a minimum of 100bnb to get just one ticket?! The lottery idea is great, although, this isn’t fair @cz_binance.”

The Founder and CEO of Binance, Changpeng Zhao, in a bid to address the criticism he attracted on the social media following the announcement, stated,

“Feedback 1, whale issue, can’t afford to hold 100 BNB. Reducing it is possible, but would mean lower % chance of winning, and more dissatisfaction after the sale. You should only participate in LaunchPad sales with spare funds, and should have an adequate level at that.”

He also addressed concerns over whales creating multiple accounts and stated that it would be adequately checked by the strong KYC and anti-fake KYC measures implemented by the trading platform. During the Twitter interaction, CZ said that the Binance team would consider lowering the limit and added that while it’s impossible to please everyone, they would work on finding a middle ground.





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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