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Binance Releases BEP-95

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Binance Releases BEP-95

The crypto markets have been in a bit of a sell off these last few days but so has the stock market as the world shakes up a bit about corvid once again. (To me it's totally irrational but that's just my opinion) It seems dumb to close boarders once your realized this virus will be with us forever now like the flu. This to me feels like things will remain more open with since it's already showing across countries there's no point of a shut down as all it does is harm the economy and the equipment to be shipped to treat people that need it.

Anyways a little off track in the start so let's dive into the BEP-95 update for Binance.

Binance in general has been in a world of hurt due to the creator first jumping on board of buying stocks with crypto. This to me was one of the dumbest moves EVER! And for sure quickly opened up the doorway for regulators to step in and start bashing this blockchain. Stay the F out of stocks and back USD stablecoins they are only going to lead to regulations.

He also seems to talk a lot of sh*t and then back peddle it all when regulators come after him. Does that mean I don't like Binance? Not really I'll still somewhat use it because of systems like CUB but that's about it.

Market Cap: While it seems all doom and gloom take a look at the market cap over the last 60 days (2 months) we are still 400 billion dollars of market cap HIGHER than just 2 months ago.

What is BEP-95

Currently Binance has a manual burn feature within it. However BEP-95 this now gears it to an automated process much like Ethereum did in EIP-1559. It is NOT replacing the manual burn however instead it's thought that both will work together further burning more supply which they feel will increase the value of the token being that it will become more scares.

For some reason this is a tactic many cryptos are now taking but in reality this method doesn't work in the long run. While yes it will spark the price to increase due to liquidity supplies running lower it also starts to battle out miners, validators and people who help the network in securing it and processing the transactions. It also becomes harder to get thus less and less gets into the hands of people.

Think about it for a moment, every other currency in the world has inflation and this inflation is what allows a growing population to continue to grow while paying them. Otherwise your instead of a raise you would actually get a dock in pay in order to pay all the new people entering the work force. This also means that those that hold on to their funds simply become more and more wealthier and restrict the amount others have access to.

The Glaring Differences Be tweet Binance BEP-95 and Ethereums EIP-1559

While both do burn tokens upon making transactions only the core difference is that Ethereum burns ALL while Binance returns a little of it back to its validators.

Another BIG one to take note of is that Binance has NO new coins entering the market while Ethereum still generates new tokens.

What are your thoughts on the introduction of Burn via BEP-95 from Binance? Did they get it wrong and the markets reacting to it?

Posted Using LeoFinance Beta