Binance Argues it Does Not Charge 400 Bitcoin For Listing, CEO Clarifies

Changpeng Zhao, the CEO of Binance, has officially stated that the company does not charge 400 bitcoin ($2.5 million) to list cryptocurrencies on its platform.

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Legitimacy of the Claim

Last week, cryptocurrency researcher Christopher Franko claimed that Binance, the world’s largest digital asset exchange, has been charging cryptocurrencies a listing fee of 400 BTC to integrate them on its exchange.

Franko cited a screenshot of an email with the address oyyq@binance.com, an address which allegedly said that it costs 400 BTC to list Expanse, his blockchain project, on the exchange.

However, on August 12, CZ released an official statement refuting the claims of Franko, saying that the exchange does not list cryptocurrencies for 400 BTC or even 4,000 BTC without conducting due diligence and putting them through a rigorous verification process.

The statement of CZ read:

“We don’t list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. Question is not ‘how much does Binance charge to list?’ but ‘is my coin good enough?’ It’s not the fee, it’s your project! Focus on your own project!”

“Also, the email Franko showed is a spoofed/scam email, not from Binance. Binance never quote fees in email, and not in BTC. Project owners should be able to spot email spoofing, those who can’t should not issue a coin. The communication process/method tells a lot about a coin,” he added.

As a commercial company and an exchange, similar to the way major stock markets require listing fees and maintenance costs prior to listing new assets, it is appropriate for Binance and any other cryptocurrency exchange to accept a listing fee to integrate a cryptocurrency into its platform.

TIP

The amount of the fee involved in the listing process is irrelevant, whether that is 4 BTC, 40 BTC, 400 BTC, or 4,000 BTC, as blockchain projects that see merit in the listing, even with a high fee, will take the offer, and that is how the free market works. If there is enough demand and low supply, the price of a product inevitably goes up.

But CZ stated that Binance does not blindly accept listing fees to integrate cryptocurrencies, which is important for the users of Binance, as it demonstrates that even for a large amount of capital, the exchange does not list cryptocurrencies that are not legitimate.

Is CZ Speaking the Truth?

Binance, which launched just 13 months ago, is the world’s largest cryptocurrency exchange. | Source: CoinMarketCap

Earlier this week, in an interview with local publications, blockchain project operators in South Korea spoke up about the black market of cryptocurrency listings, in which brokers charge $2 million to $5 million for guaranteed listings.

These offers are illegal, and cryptocurrencies that pay for these services are also a part of an illicit group of operations. Several blockchain operators reached out to the top three exchanges in the world, including Binance, OKEx, and Huobi, all of which claimed that they do not accept listing fees and that cryptocurrencies will have to use proper channels to be listed, meaning that these brokers, who are charging multi-million dollar listing fees, are operating independently without the authorization of exchanges.

Conclusively, it is appropriate for cryptocurrency exchanges to charge high listing fees, given the high demand from the market. But, as CZ emphasized, and other blockchain operators in leading markets have said, major cryptocurrency exchanges like Binance are following proper protocols to list digital assets.


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Author: Joseph Young 
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Last Year’s Bitcoin Prices Manipulated, Experts Claim

Remember that amazing crypto price surge that happened last December? Of course you do. Well, a group of researchers are claiming these prices were artificially inflated, and some of their colleagues are saying they actually might be onto something.


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John Griffin, a finance professor at the University of Texas, and Amin Shams, a graduate student, published a report entitled “Is Bitcoin Really Un-Tethered?”, which claims that Bitcoin’s December prices (and alt-coins’ prices, consequently) were manipulated by someone, or a group of people, through the use of the Tether cryptocurrency, and via the Bitfinex exchange – a cryptocurrency exchange that creates and sells Tether.

Tether, or USDT, is a cryptocurrency whose price always equals to that of the US dollar and is used to mediate when trading between different cryptocurrencies.
This report,  isn’t linked to any ‘hard’ evidence, like emails or related documents, but it does rely on numbers.

It says that half of all the price surges Bitcoin has seen in the last year happened right after Tether flowed into a few accounts on different exchanges. Usually, this transfer would happen while the price was going down.


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Speaking to Bloomberg, the author says Tether was used to both stabilize and manipulate the price of Bitcoin.

Bitfinex is yet to comment on the matter. However, Griffin’s and Shams’ colleagues have voiced their opinions, and they’re saying this report could hold water, if nothing else – because similar methods have been used before to spot price manipulations.
According to the New York Times, the report has gotten support from Philip Gradwell, the chief economist at Chainalysis, a blockchain research company, as well as Sarah Meiklejohn, a professor at the University College London (one of the early pioneers of this type of manipulation spotting).

The US Justice Department is allegedly looking into possible Bitcoin price manipulation, as well.

Also, as reported, the US regulator known as the Commodity Futures Trading Commission (CFTC) has launched an investigation into potential price manipulation at four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit and Kraken. The CFTC has subpoenaed the exchanges to hand over sensitive trading data to help in the investigation.



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Author: Sead Fadilpasic
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Tron Wiki Announced, As Apple Adds Tron (TRX) Pricing

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Tron (TRX) has announced it is now live on Wiki, adding that Apple has included Tron pricing on their Stock App. The progress is one of the major milestone achieved by the Tron team to make the cryptocurrency have a rewarding exit from the ERC20 network.

In a disclosure by Justin Sun, the founder of Tron, on Twitter, it was declared that users of apple gadgets can now keep abreast of Tron’s market information.

“Apple has officially included $TRX pricing! Just add TRX-USD to your Stocks app. 1B @Apple users around the will be able to keep on top of #TRX market info. Come grow with us!”

Wiki is a brand new and open Encyclopaedia that records Tron’s major dynamics and technological advances, the page gives those who want any information about Tron the opportunity to get it without any form of delay.

On the Tron Wiki page, there is room for anyone to read information about Tron’s blockchain technology and other useful information, including blockchain explorers, wallets, its underlying protocols, events, and even programming contests.

On the page, Tron enthusiasts can get information related to Tron Loan and PG. The Wiki page, which serves the purpose of an Encyclopaedia, documents real-time development of TRON, thus providing all participants with the freest TRON documents.

“Participants can participate in the construction of the Wiki Library using rst documents to write basic grammars or Sphinx documentation tools through GitHub and Crowdin,” A statement by the Tron team indicates.

“It is an open project that allows joint creation and improvement from worldwide TRON supporters. Therefore, Wiki owns the nature to be a freely accessible and freely editable TRON knowledge system, which means that it not only allows participants to freely compile TRON documents, but also can record the progress of TRON technology and TRON events attracting media attention.”

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OK Blockchain Capital Join In TRON Super Representative

The Tron foundation has declared that OK Blockchain Capital will be participating in the TRON super representative.

The blockchain capital, while participating, will be able to supply quality resources accumulated by OK Capital, while hoping to work with global Tron ecological supporters to jointly promote the construction of TRON ecology and build a new blockchain industrial ecology pattern represented by Tron.

In the same line, OKCoin Korea also announced that it will support OK Blockchain Capital’s participation to assist in the development and maintenance of TRON community ecological construction in Korea.

OK Blockchain capital, which is an offshoot of OK Group, focuses on venture capital fund in blockchain field. At the same time, it accumulates rich experience in blockchain research and technology development, a field it has been in for the past five years.

Meanwhile, the Tron foundation has officially announced the Debut of Tron Virtual Machine. The development is coming ahead of the mainnet launch of May 31st, 2018.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Yusuff Olayode Supoto
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Volatility is not a Worry for Ripple (XRP): David Schwartz

For a very long time now, Ripple is one of the most popular and talked-about cryptos in the network. However, the price of its token did not gain parallel as its development did for the last months. Which is why, the team behind the platform made sure during the Blockchain Week they would not let down the enthusiasts that believe in Ripple.

David Schwartz on Ripple XRP 

Based on statements that XRP team did over time, it is looking like they are concentrating more on showcasing real life uses and utilization for Ripple and its solutions than attempting to hoist its value.

It is very positive and promising to see that the team running the Ripple show, sees XRP as a digital asset that has all of its value come from its technological potential.

During the Blockchain Week, one of the most important events was Consensus 2018 which grouped many crypto-lovers. But, the numbers were lower than expected.

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Co-founder of Ethereum – Vitalik Buterin, boycotted the Consensus with many reasons to support his stand. One of them is that the attendance fee of $2,000 – $3,000. Not too many Crypto-enthusiasts can afford to ‘cough out’ that amount of money. Buterin had this to say about the attendance charge at the event:

“Also, by the way, the conference costs $2-3k to attend. I refuse to personally contribute to that level of rent seeking.”

For those who went, Ripple held a live demonstration of its xRapid product. It was showcased how the liquidity service delivers a very smooth user-end experience with the credit to its technology. Tech that allows secure and speedy exchanges to take place.

One of the original architects of the Ripple consensus network and present Chief Cryptographer at Ripple – David Schwartz talked about volatility.

Mr. Schwartz explained how users of Ripple’s xRapid product are not obligated to by Ripple to use it. That not-existing condition equals to volatility possibly seizing to exist for Ripple at least.

Users don’t have to worry about the volatility, claims Schwartz, as users don’t have to invest in XRP in order to use Ripple’s services.

Ripple Coil Business Model

Ripple’s CTO – Stefan Thomas, has announced via twitter a new start-up building micropayment apps on interledger and XRP.

To have better rewards for individuals using the platform while producing better incentives for digital content and apps, the business model will use Ripple’s interledger protocols.

Evans Schwartz and Chris Larsen from Ripple joined the team of the model.


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Author Alex Tomzack 
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Bytecoin surges 30% on Binance listing

The cryptocurrency markets are set to end the second week of May on a low note.
The total market capitalization for all cryptocurrencies fell below $400 billion for the first time since April 26 on Friday, and has dropped 15.97 percent week-on-week. As of writing, the combined market value stands at $385 billion and could see a further decline as indicated by a head-and-shoulders breakdown pattern on the price charts.

Looking at notable individual cryptocurrencies, bitcoin (BTC) has depreciated by 12 percent week-on-week and has outperformed its closer rivals. For instance, ethereum (ETH) and EOS have dropped 15 percent each and Ripple (XRP) has declined by 34 percent.

Bitcoin’s dominance rate, which represents its percentage of the total market capitalization, moved above 38 percent for the first time since late April. This likely indicates that money is possibly being rotated back into bitcoin from alternative cryptocurrencies, so BTC’s relatively good performance this week is not surprising.

Names like NEM (XEM), stellar (XLM) and cardano (ADA) are ranked higher on the list of biggest losers among the top 25 cryptocurrencies by market capitalization.

The only gainers this week are two lesser-known cryptocurrencies: bytecoin (BCN) and zilliqa (ZIL).

Top weekly gainers
Bytecoin

Weekly performance: +32.70 percent
All-time high: $0.0186
Closing price on May 4: $0.006733
Current market price: $0.010005
Rank as per market capitalization: 17

Bytecoin (BCN) picked up a bid on Tuesday and rose to a fresh record high of $0.01862, according to CoinMarketCap, seemingly due to cryptocurrency exchange Binance’s decision to list the cryptocurrency.

As of writing, BCN is changing hands at $0.010 – down 46 percent from record highs, but still reporting a 35 percent week-on-week rise.

Daily chart

The pullback from the record highs has neutralized the immediate bullish outlook. That said, the ascending (bullish) 5-day and 10-day moving averages (MAs) indicate the bulls are still in the game. Only a daily close (as per UTC) below $0.006 (May 8 low) would signal a bullish-to-bearish trend change.

Zilliqa

Weekly performance: +13.84 percent
All-time high: $0.2306
Closing price on May 4: $0.132311
Current market price: $0.153565
Rank as per market capitalization: 23

Zilliqa (ZIL) is the latest entrant in the list of cryptocurrencies with a market capitalization of more than $1 billion. The cryptocurrency clocked a record high of $0.2306 on May 10, according to CoinMarketCap. Its BTC-denominated exchange rate rose to a life-time high of $0.00002508 BTC yesterday and was last seen at 0.00001847 BTC on Binance.

Daily chart

Currently, the downside is being capped by the ascending (bullish) 5-day MA. The 10-day MA is also biased bullish.
However, the relative strength index (RSI) is turning lower from the overbought zone, so prices might find acceptance below the 10-day MA (currently seen in 0.000016) next week and signal bullish invalidation.


 

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Author Omkar Godbole
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