Many asked me about the markets today. We need to respect the market, with a level of caution too. It goes up and down in cycles. And especially the fact that it doesn’t always make sense. 1/4
We are in a new market, with many innovations. Algo stable coins is one of them. When they are hot, they are all the rage. When they drop, it can be a vicious circle. Some innovations will become successful, many won’t.
At the end of the day, we need to go back to fundamentals. Build real products, not reliant on short term incentives, or promotions, but with intrinsic value that people use.
More than anything else, we need to humbly respect the market, and not be cocky. Build step by step, day after day. And leave the rest to market and time.
1. At #Binance we prioritize user protection. We made the decision to suspend LUNA and UST trading. Here's why.
A thread 👇
2. An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange.
3. Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.
(Thread) We just hosted a 1-hour press conference to share the active steps we’re taking to build upon our efforts to be more compliant with local regulations everywhere.
I’d like to share these updates with you now too.
@binance we will continue to adapt to new regulations in order to best serve our users. So, what are we actually doing?
Here are some things we just announced, with more to come.
We have commenced processes for licenses & approvals where there is an existing legal framework for crypto exchanges. This includes on-going work across Asia-Pacific, EMEA and Latin America.
We will actively work with regulators as more crypto-specific frameworks are introduced.
Not sure how many of you remember this day. Anyways, I used this phrase a few times since. Here is the story behind the Chinese proverb I was referring to. Just came across a good English translation today.
It has helped me greatly in my journeys so far. 1/n
I posted the link earlier today, but that broke the site. It seem to be hosted on a small server. So, pasting the content here directly. Link at the very end.
CHINESE FOLK TALES: THE LOST HORSE (A BLESSING IN DISGUISE) – 塞翁失马
In ancient China, near the edge of the Great Wall, there was an old man named Sai Weng. Two of the things closest to him in his life were collecting rare breeds of horses and his beloved son.
Then I clicked on a link in a tx and landed on bscscan.com. I was like … hey, I know how to use this site, it works just like etherscan.io. Who ripped it off?
Then I learned it’s built by the same team. Cool, who thought of that? 👍 3/9
Beware of scammers impersonating @Binance Helpdesk staff on social media (Twitter, FB, Reddit...) and chats (Telegram, Signal...)
ALL BINANCE SUPPORT IS DONE THROUGH THE BINANCE ONLINE CHAT, from binance.com or our mobile app.
Remember these 2 rules:
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1. Never give anything more than a Chat Case ID to anyone. Everything else should be communicated through the Binance chat. Do NOT under any circumstances give out your email or password. Binance Helpdesk do not need any of the above to help you. They just need your Case ID.
2. Never under any circumstance send coins to anyone, especially NOT to our support staff (fake or real). In the rare case that we need to deduct some fees, we will do it directly to your account. You never have to send coins to anywhere other than your deposit address.
Alright, last thread on ETH and its "killers", for today. Vitalik once said (and there is a video of it somewhere), ETH killer is ETH. I believe he is correct, ironically.
ETH is overwhelmingly successful. But its success (not other coins) may also be its own killer. 1/5
Perhaps social media is the best example. Friendster, MySpace was hugely popular, couldn't handle the load, couldn't keep up with the user/demand growth. Gone. Many other examples if you are old enough to remember the early days of the internet. 2/5
Ethereum created the smart contract market, which lead to ICOs, DeFi, NFTs, etc. Demand is growing exponentially, performance of ETH aren't. ETH 2.0 is still years away. Rollup aren't user friendly (jury is still out). This is the ETH killer. 3/5