Binance FUD is over-blown
I see all these news stories and posts about how Binance is giving the boot to US users...
While technically that is true, that isn't anywhere close to the whole story.
Binance has been contemplating launching a US based platform for some time.
Similar to what Huobi has done.
This is due to the vast majority of crypto trading coming from the US right now.
Well, with regulators starting to clamp down on exchanges, the timing has never been more clear that now is the time for Binance to make this move.
(Source: https://medium.com/@4CTrading/binance-fud-rebutted-6eb17cb072a3)
The FUD surrounding US based users being locked out of their money/assets is nonsense.
First of all, this change won't be going into effect for weeks...
And secondly, even when the change fully goes into effect, people will still be able to access their wallets, they just won't be able to deposit or trade on the exchange any longer.
Then, once the US based platform is up and running they will be able to trade over there if they wish to remain using Binance related products.
The only issue is whether the US based exchange will have as many coins listed as the current Binance does...
My guess is that it won't, hopefully steem is not one of the casualties.
Give then fact that steem never had an ICO likely means it will continue to be listed for US based users as there is much less risk of it being labeled as a security.
The initial reaction was one of fear and uncertainty surrounding Binance seemingly banning US based users.
However, looking a bit closer it's not nearly as dire as some would make it sound.
Due to cryptocurrencies being able to be used as currencies likely means that many exchanges not based in the US will have to go this route as well.
Stay informed my friends.
-Doc
🤪🤪🤪
Do you agree?
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Sometimes the freight train comes at people in slow motion, with flashing lights and alarms, and they still get hit by it. You know who you are! :-P
Ha, what do you mean exactly?
There are plenty of people, with plenty of advanced notice, who still manage to get their coins burned or locked by not reacting to exchange announcements, wallet updates, mainnet swaps, etc. Cryptos are a strange investment, given that it's software that gets updated and forked. Often times you can't just buy it and forget about it, like a blue chip stock in a brokerage account.
This is also why bitcoin is appealing to many as opposed to the smaller projects. It doesn't change much.
Very true, good point.
So I need to move what little eos I have?
Posted using Partiko iOS
Not necessarily immediately. But if you want to exchange it at some point you will need to.
On that note, Coinbase now supports it though.
I imagine they'll actually try to get the US based site launched before they kick them off the main Binance site. Of course, that may not even be possible. They likely don't wanna lose too many customers. That also means they'll likely try to keep as many cryptos on their US based site as possible.
I personally haven't touched my money on the site yet. It's all still in active orders that I'm waiting for it to hit. I guess I'll move back to Bittrex as the day looms closer though, and then possibly use the US based site when it launches. Either that or look into other sites.
I think that is what most will do.
I have heard when the US site will launch btw...
Thanks for Information.
Posted using Partiko Android
You got it.
So what’s your prediction for the BNB coin? I know datadash says he thinks it's going to go down to about $20 to $25. It’s still sitting at $32 and i have to admit I sold most of mine.
I think it is going to go down as well, especially in the long run. I think eventually the traditional brokers (think etrade, tda, fidelity etc) are going to dominate this space and the current big dog cryptocurrecy exchanges will likely have a much smaller market share than they currently enjoy... which means less revenue than they are making now... that is my opinion anyways.
No guarantee I am right about this, but in the long run I think it will have trouble.
Binance limit of 2 BTC per day, without KYC has been a great thing......I guess it's true all good things come to an end. Thank God it came after a solid year of accumulating alts at the 90% off sale. 90 days is enough time to pull off 180 BTC. If you have more than that you're probably not worried about kyc anyway.
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That is probably very true. Too bad we can't get blocktrades to do a limit like that. They are limited to $1,750 per day without KYC... yikes.
They need to bump that up.
The FUD came and gone within hours and bitcoin boomed wow
Well the FUD was aimed more at altcoins...
And then that money went into bitcoin, which helped it go up.