DigiByte Founder, Jared Tate has alleged that Binance Team has asked for an incredulous amount of funds and stakes in Digibyte for listing it on Binance.
Is Listing DigiByte A Costly Affair?
DigiByte Founder recently took to Twitter and said that he did a video call with the Binance Team a few weeks back, for the purpose of listing Digibyte on Binance. Reportedly, the team laid out the conditions, which included, $300,000 and 3% of all DGB for ”insurance for their customers against blockchain hacks & defects” to list $DGB. To which Tate said that it was not possible with a truly decentralized blockchain like DigiByte.
Furthermore, he stated that the firm lacked funds and had zero ability to fund such a requirement. To which the “BNB Team’ said that they would get back to him. Moreover, he claimed that he said he is tired of answering people that when will the coin be listed on Coinbase or Binance.
While it is likely that his claims are backed by truth, there are no solid proofs to substantiate his claims, as he was on a video call. His tweet garnered several responses from the crypto community.
Trader and Analyst, Crypto Bitlord, questioned Tate that was he sure that he contacted the right team? It could have been well a group of scammers trying to gain cryptos. He further questioned how could his claims be verified?
Another twitter user Shariq explained that in order to reach a massive user base huge costs must be incurred to engage and keep the audience attached.
A user with Twitter handle “Crypto Moon” said that this was primarily the reason why DigiByte continues to suffer and lose its value. The reason being any big exchange will not list low volume coins.
Tai Zen, another user further advised the Founder on finding an alternative solution and said that the demand was pretty normal.
Binance CEO Responds on it that he don’t want to get him into it,
lol, interesting (in a fk’ed up way). I think he specifically does NOT want DGB listed on Binance.
not gonna waste any time on these types of guys. There are more interesting things to do in life. Moving on…
— CZ Binance (@cz_binance) September 21, 2019
Interestingly, the first tweet on Binance’s official twitter handle mentions users to be aware of scammers and not send coins directly to any address for any reason.
Well, a large portion of the crypto community seemed to place their trust and Binance and refuting Tate’s claims. The truth behind the whole scenario is yet to be revealed. Is it just a measure to get publicity and create hype among audiences? Or is there an iota of truth behind his claims?
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.