Eggg yolk, how are my people chilling on, the Chico Army & if your new around these
parts, just a viewer of the tube.
If you don’t know by now, I’m the host of this channel Tyler, and if you haven’t
tried VR, Virtual Reality, this video might make you wanna jump right in.
Not going to lie, I have done the exact same thing...it’s time for Chico Crypto!
Well, it was a wild weekend wouldn’t you say??
Bitcoin was about as volatile, as a potassium and water mixture.
Pulling out the 2 week chart, it’s a strong upwards push my friends.
BTC has basically gone from 9k to the peak of 12.
2 weeks, a 33 percent increase.
But then, like I knew would come, the rug was pulled out, Saturday just before midnight….single
candle down from 12k to 11200, then by Sunday early AM, down to 11k, but since we have bounced,
and as of shooting this video, we were around 11300.
So the game of gaps, CME, are all over the place once again.
The upper one, set back in August of 2019 has been filled over the weekend, but as we
dipped down, it created another one that is higher, between 11465 and 11620.
And there is still the lower one, in the high 9000s range that everyone is still keeping
their eyes on.
But besides Bitcoin being manipulated over the weekend, Ethereum got hit and it got hit
hard, from none other than a competitor, a tribe that refuses to bend the knee.
Binance.
So, a top post on r/cryptocurrency...well it should have been, but as we can see only
a measly amount of upvotes, as r/crypto mods allow binance to bot manipulate anything bad
against them.
But as we can see it says leveraged tokens scam the market again... check out ETHDOWN
on binance with a picture of the trading chart...and, its mass manipulation.
But then Larry Cermack, who is earning his striped back after bending the knee to binance
for a time, tweeted about it.
He said “Remember all the virtual signaling by CZ how Binance's leveraged tokens are safer
than FTX's and will protect users better?
Now, look at how ETH short tokens performed on both Binance and FTX during and after the
ETH 20%+ crash.
The left is the binance chart with crazy manipulated prices up and down, while FTX actually looks
more natural.
So, if you aren’t in tune with the FTX and Binance bulloney, well let me get you up to
speed.
Binance and FTX partnered to list their leverage tokens, and everything seemed all gravy...but
then all the sudden, its announced Binance will be delisting the tokens to protect their
users.
Then just a tad bit of time goes by, and Binance announces they are listing their own versions.
They pulled the act like your friend, then copy and paste your product, then boot ya
to the curb.
The way of the nance.
Yes the 20s insult, Nancy because what they are doing is a bunch of crap.
From the binance chart, it’s literally impossible to make money even if you were right….
Which the community came at binance hard, pointing out the problems, asking them to
fix and more.
Because it was broken and binance was hyping as the token was launched only a few weeks
ago…
So, the only ones who could have made money through that madness, were the ones pulling
off the attack themselves.
Now I’m not pointing the finger at Binance, but they are the ones responsible, it’s
their exchange, and they allowed a coin to be taken over & manipulated to pieces.
Luckily binance did respond and “take blame”....those who were affected they said this “To compensate
users for any losses that may have occurred while trading the ETHDOWN during this period,
Binance will be taking the following actions: All verified losses incurred by users trading
the token will be covered by Binance.
To claim a loss, affected users can email lvt@Binance.com with the following details:
Email address of affected Binance account Time period of affected trade
Total loss incurred & finally Each email submission will be reviewed and verified within 48 hours
from the time of receipt.
But here is the thing..if we go back to their announcement of the token...they say this
“Please ensure you have fully read the Binance Leveraged Tokens Risk Disclosure Statement
prior to trading or participating in any Binance Leveraged Tokens products, and fully understand
the risks associated with leveraged tokens.
As a trader, you acknowledge and agree that you shall access and use Binance Leveraged
Tokens at your own risk”
Hmmm and diving into it the actual risk disclosure statement...it says this “You should fully
understand the risks associated with Binance Leveraged Tokens and be solely responsible
and liable for any and all trading and non-trading activity on your Binance account.
Do not enter into a transaction or invest using funds that are beyond your financial
means….then at the bottom it says this “Due to the nature of Binance Leveraged Tokens’
centralized creation and market liquidity, Binance strives to provide adequate market
liquidity and to make Binance Leveraged Tokens available at a fair price.
Binance shall take reasonable steps, including, but not limited to, capital injection, additional
tokens creation and selling tokens in the secondary market to minimize the risks mentioned
above…
Yikes is all I have to say, and due to the nature of their disclosure, I would love to
see a confirmation that anyone was refunded, and this wasn’t just a PR play.
I will be looking for refund evidence, as you said within 48 hours each email claim
will be reviewed and verified.
So, my friends, things are getting scary for Binance, as they but their eggs in a basket
of competing with Ethereum through the creation of Binance chain.
They could have built an Ethereum Dex, they could have maybe even bought Uniswap, but
they tried to compete...bad move.
This article titled “Uniswap Records More Trading Volume Than Gemini, Poloniex, and
Binance US Combined” gets the point across its dominating US based centralized exchanges...in
the article it states “According to Dune Analytics, the trading volume of decentralized
exchanges is up 300% compared to the volume at centralized exchanges.
Over the last 24 hours, DEXs recorded a volume of $240 million and $1.77 billion over the
last 7 days”
Now a majority of that crazy 24 hour volume, is Uniswap actually over half, 123 million
of it was.
Compared with Binance US, they did about 34 million, or about just 27 percent of Uniswaps...how
about their closest competitor, the Binance Dex, ran on the binance chain...just a measly
600k or just 4.8 percent of what Uniswap is doing.
Now, if you know anything about the Binance DEX and Chain, it was first announced in December
of 2018...months went by with binance quiet about it, and then in April of 2019, it came
with a vengeance, they announced a mainnet and then within a week, they announced the
binance DEX would be launching too.
So looking at the price chart of BNB, the exchange token, of course insiders knew, and
the token started to really bubble in March, but then that news got it up to 25 freaking
dollars in April, and then all the way up to nearly 40 dollars by June...as they were
still dropping “big” news about the chain, like a BTC pegged token coming.
Well since the peak, Binance has been getting crushed, down 50 percent still from the peak,
while other altcoins, are surging and passing their peak levels.
I’m telling you, the big runup in BNB was due to the DEX and chain announcement, it’s
been a failure, and that is exactly why the price is where it is today, and not past June
levels like Chainlink for example.
As in the same time frame it went from 45 cents to it’s july 2019 peak of near 4 dollars.
Since, it has crushed that level and now is above 8.50 cents.
So will the Nance, swallow their pride & stop their attacks against Ethereum, it’s holders,
and it’s traders?
Or are they going to continue down CZ’s warpath of trying to take the crypto markets
& full control for himself?
Well they kind of actually already did...in April of this year, Binance announced they
were in the process of creating a second chain, a “smart chain”..I wonder how it will
function.
From the blog post “The Binance Smart Chain, will retain the high performance of the native
blockchain while supporting an intuitive version of Smart Contracts functionality at the same
time.
This innovative solution brings the interoperability and programmability of the Ethereum Virtual
Machine (EVM) to Binance Chain.
. This dual-chain architecture will empower its users to build their decentralized apps
and digital assets on one blockchain and take advantage of the fast trading to exchange
on the other.
So erc20 digital assets?
a bridge for interoperability?
No, No...not quite.
So you guys know the Swipe acquisition by Binance, I’m sure..it took a literal dead
in the water coin, and surged it as the “FACE” of Binance and DeFi….
Well, they put out a blog post just a few days ago, on this “DeFi” and “smart
contract” ability coming to the binance smart chain….in the post it states “Bitcoin,
Ethereum, and other assets are already wrapped and issued on Binance Chain and are verifiable
on their native blockchains for cross-compatibility, which will give exposure to use these assets
for supplying and borrowing from SwipeFi.
Therefore, the base layer of the collateral needed to start a project of this magnitude
already exists.
So no nothing new is being built right now, they are using what has already failed.
Bitcoin is on the Binance chain, but no one freaking uses it.
Bitcoin BEP2, which has a laughable just only over 12k in trading volume on the Binance
DEX meaning no one is freaking using it
But going to their chain documentation, we can see how Binance is beginning to bow.
They explain how token transfers work, and there are 2 main ways.
With Hash Timelock contracts, which if you know anything about those, another platform
they got these from..is ripple, from their interledger documentation, they call them
Hashed-Timelock Agreements (HTLAs)....
But as we know, from yesterdays video, Interledger, is building more, the bifrost bridge, sponsoring
Ethereum hackathons...they know the value of Ethereum and it’s DeFi, and they want
it for themselves
Well, they have tried my friends...as we can see from the documentation, the second solution
is a smart contract solution that supports Atomic Peg Swap (APS) for Ethereum.
Please note that this solution is already audited by a 3rd party.
WOAH, so it’s gotta be built and ready?
Goin to the github for it it says “This repository includes some atomic swap contracts
which are described in BEP3.
Currently only Ethereum smart contract is implemented.
Later, more Blockchain platforms will be implemented.”
but the last work on it, almost a year ago…
Now, do you get it?
Their original binance chain, is a gosh dang failure, it can’t do jack mcksquooty, so
they are building another chain, saying it will run in parallel, which is just codeword
for, this one is junk, and we are dropping it for a new one which absolutely bends the
knee to Ethereum.
So in my opinion, they are just waiting to copy, but in the rapid developing space of
crypto, that is a failed plan, as by the time you are ready, you will already be behind
and Ethereum 2.0, and Polkadot might be running full steam ahead.
Cheers viewers I’ll see you next time!