I have lost all respect for Binance

I got involved with Bitcoin in December 2017 and since then I have being accumulating through various exchanges.

At the beginning, as I got to learn the space I liked Coinbase even though I never used them. My opinion however has drastically changed since I got to know their philosophy a bit better. Unfortunately I am starting thinking the same for Binance. They have both become a vendor of shit, promoting and selling vaporware.

Since I do not like to spend my time on drama, I will finish writing this article in order to protect anyone reading it in the future. I will then forget the existence of Binance and will not waste another second of my time on them. What made me lose respect for them is the following article

https://www.binance.com/en/blog/365766157488967680/Statement-on-False-KYC-Leak

I have now withdrawn everything I had stored on them and will never use them again.I had already sold my BNB for BTC since June and I will never be touching it again. I will probably feel a lot of regret if BNB does a x100 from here but I put my integrity first and avoid doing Business with exchanges that do not respect their customers.

From the title of the article “Statement on False “KYC Leak” the premise is set that someone leaked personal information but Binance had nothing to do with it, therefore the word “False”. Reading however a bit further Binance admits that they contracted a KYC/AMC vendor. This vendor was somehow hacked/leaked the KYC information that were stored on their side and not on Binance’s side.

“On initial review of the images made public, they all appear to be dated from February of 2018, at which time Binance had contracted a third-party vendor for KYC verification in order to handle the high volume of requests at that time.”

As a result so far, hundreds of people had their pictures and their IDs leaked publicly. Binance cleans their hand of blood saying that well, the photos where not watermarked by our system therefore all accusations against Binance are False and “FUD”.

They also claim that these alleged leaks are old information, therefore trying to downgrade the importance of this incident. When has Binance informed us in the past about this specific leak and its surroundings ? Never.

Finishing the article they reward up to 25 BTC to anyone who can provide information identifying the hacker. So they admit that there was indeed a hacker but you name the incident as “FUD” and “False” ?

July Summary and August Plan.

I have already accumulated the planned 0.15 for each of those months as described here and I am already building the September 0.15 part.

Already Accumulated for September: 0.01731964 ( 150 Euro)  + 0.01577703  ( 150 Euro) = 0.03309667‬ ( 300 Euro)

I am thinking that those monthly updates are boring so I would probably reduce them to once per quarter or so. They add zero value on this blog and only serve as a reference for me. Having said this, I will provide the next and last update of this year on December.

My secondary goals, except BTC accumulation, during the last months have not being achieved. I have zero creativity and I cannot sit down and code as promised earlier. My daily work has become repeating and really boring and it is something that I believe drains my creativity.

If you noticed during the last year I had being really creative and now ideas won’t just come up. I think I really need a vacation and a change of scenery. What I really want to change is my mentality of passive accumlation. Yes I am passively accumualting BTC but what I really want to do is actively contribute to the community.

Here are my draft ideas which I have not written a single line of code.

  • A Website that allows people to submit leaks anonymously for BTC.
  • A website that represent BTC market depth in 3d for the exchanges with the most volume.
  • A website that displays trends/statistics returned by google trends regarding bitcoin, displayed nicely.

If you like any of those please send me a message so that we can start something together.

June Summary and July Plan

According to the plan I have already purchased 0.15 BTC for June and 0.15 for July.

I have also started accumulating for August and I do not think that I am going to reach my monthly goal of 0.15 as the price has skyrocketed. As of today I have accumulated around half of my goal, namely 0.08907073

[15-07-1] I converted all my BNB to BTC for 0.09659138. I did this as I could not reach my monthly BTC accumulation goal. With this action I accumulated in August: 0.18566217 BTC.

As I wrote on a previous post, since I cannot anymore reach my monthly goal just by accumulation, I am trying to find other ways except of trading. I have an idea about a usefull application but it is still pretty much in draft form.

It is not easy to just hold

I started buying my first BTC during December 2017. I was dollar cost averaging non stop. Today, after 18 months ( 22.06.19 – $10700 ) it is the first day that I theoritically am on the plus.

A lot of emotions go through me. A voice inside my head tells me to sell out so that I get back my initial investment. Another voice tells me to stop accumulating and sit on the side lines. 

I have the feeling that the Bear market, in case it is over, did not last that long. It is convenient that during the Bear market I decided to make this plan. I will continue following it and update it constantly.

The goal is to slowly accumulate a small amount every month. Eventualy BTC will be either globally adopted so I will not need to cash out, or cash out a small amount at specified goals, i.e $50.000, $100.000 perBTC.

I think that it will be really hard to keep my emotions on track and not cash out in case a really strong bull market plays out. At the moment it seems that we are at the beginning of such a market and already from now I can smell the Euphoria that will overwhelm me once the price moves higher.

Another thought that I have is that the whole thing can collapse in a matter of seconds and I could lose everthing. I do not know why I am thinking of this worst case scenario but I guess I have to live with it. The more you accumulate then the worst this fear becomes.

A big part of this fear comes from the FUD that I read online. About Bitfinex, C.Wright and all the similar shit posting. I really need to stop reading into conspiracy theories and charlatans and instead build something useful.

Here is to the next half of 2019.

Trying to find my place

Even though I am advocating for Bitcoin, I feel I am a passive part of the whole ecosystem. I am not really that outspoken and I am not playing an influencing role.

I have not contributed any code and my scripts/programmes have little to no influence so far. I feel like I have a parasitic role, living by the great work of others.

What I am trying to do now is find my way and learn more about Bitcoin internals. I have an idea for an application that uses Bitcoin and I will try to slowly continue developing it.

I find the bitcoin community helpful in general so I know when I get stuck there are lot of developers willing to offer assistance.

As far as Bitcoin goes it seems that we are in a Bull Market since April and I continue accumulating as mentioned in the post here. I cannot accumulate as much as during the start of 2019 as the price is slowly recovering but still I am running according to my plan.

May Summary and June Plan

I suddenly feel an endless crypto boredom. I just feel tired of looking at the price, reading traders opinions, watching price doubling, free falling and then rallying again.

Tired of listening to Bitcoin haters, Bitcoin maximalists and everything in between.

The FOMOers,the FUDers and their continuous non stop nonsense. The marketers and the AI, the Influencers and all the scammers that are around us.

I will just continue my accumulation plan as defined here

For May I already bought 0.15 BTC from April once the price was around $5000 so this money already doubled. I will not be cashing out however until the price goal is reached as defined in the post above.

For June I just bought 0.15 of BTC around 900 USD.

[31.05]For July I already bought 0.05800245  so it remains another 0.10 to be bought later.

[10.06] For July again I bought another 0.06468789 so in total I have 0.12269034 so it remains another 0.02730966 to be bought.

[19.06] Finished the 0.15 for July, will start slowly gathering the 0.15 BTC for August.

I will try to focus more in learning/implementing BTC than watching the price as this has exchausted me.

April Summary and May Plan

April Summary

As mentioned here, I have gathered 0.15 BTC as per plan. Initially I managed to make from the 0.15 BTC additional 0.04BTC so in total of 0.19 BTC by longing the whole bull run in April with x2 leverage on Bitmex.

However  I got cocky so I overtraded and managed to lose what I made which left me with the Initial 0.15 where I called it a day.

I also bought at the beginning of April 36 BNB since  I  believe that if a shitcoin is to perform better than BTC that would be it. I will continue buying  1 BNB per month until the start of the next bull run.

May Plan

I already bought 0.15 BTC for May and 1 BNB as the regular schedule. As I have a fear that there is a small chance that BTC will tank I have on the side $2000 in order to buy any dip that would bring BTC around that Price.

Nothing fancy planned for May, just wait and see.

Emergency Fund for BTC

I thought I will put 2000 USD on the exchange with an open limit order to buy around 1500 – 2000.

I think the chances of that happening are below 5 % at this point in time but I do not think it is a bad idea.

What motivated me is the legal filling exposing Bitfinex tactics and some insider chat from someone named Merlin that said he thought if Bitfinex did not receive funds immediately the BTC price is endangered to go below 1k.

I get a FOMO feeling on $BTC

I get a really really strong FOMO feeling right now [20.04.19]and I am also feeling that the price is about to explode. Not a strong exponentially explosion but a steady walk up to old time highs.

As mentioned here in my 5 year accumulation plan my goal is to accumulate 12.5 BTC until 2024. At the time of writing this article I have only accomplished 8.5% of this goal or 1 BTC. That means a long way to go.

My tactic right now is only accumulation. That means buy the dips and keep riding without selling until BTC reaches my goal of $50.000 and then $100.000. I will never sell all my BTC as I will always have a stack somewhere forgotten for my children. This amount is 1 BTC right now but I ignore it for all my accumulation purposes since this is not for selling for at least 10 years more, where hopefully i can directly transact with BTC and not having to convert it to USD/EURO.

However the above plan is possible for me only if the price stays in the range of $3000- $8000 but I start to believe that this will not be the case. I would either need to

  1. reduce my total goal
  2. start accumulating more today
  3. find other ways to increase my BTC that has nothing to do with trading cause I suck at it

I am not sure which way is the best as I do not have enough capital at the moment to accumulate more BTC at once. I also do not want to trade BTC with shitcoins or trade with leverage on Bitmex because in the long run I cannot be profitable. The only tactic that I can see me succeeding in is going long on Bitmex with x2 leverage for an extended period of time. This is also risky for me as in order to keep the position open I need to pay 0.01 % of my position every hour and also if the price moves down I am in danger of liquidation which will defeat the whole purpose.

Therefore the only way for me is to offer some service that people are willing to pay a minimal amount of BTC in order to obtain.

My next step right now is to do nothing at all. I will keep following the plan and buy every month 0.15 BTC and see how it plays out. I will also try to think of some services that would be useful to me and try to implement them.

Can BNB be the next Ethereum ?

Ethereum is a shitcoin and BNB is a shitcoin.

I think if a coin is to become so overvalued as Ethereum once was, this could be BNB . A centralized shitcoin. It is the market’s opinion that matters and not the fundamentals, for a while at least and especially in Cryptocurrencies world until their bubble pops.

In preparation of the next bubble I am trying to guess what alt coins could potentially perform as the ones that over performed during the 2017 peak. This is a pretty hard task given that all coins are shitty with no real use. I think that the market will continue to overvalue altcoins as long as Bitcoin is volatile.

BNB could become one of the most overvalued coins. It is one of the few shitcoins that have actually a use as it is used as a medium of exchange in Binance.

Below is the historical chart of BNB. I like that the cycles are repeating consistently and gives me confident that this will also be the case in the future.

I think we are currently on the fourth cycle and I am expecting at least two more during the next two years something which could boost the price tremendously.

Binance as a company has often dialogue with the Cryptocurrency community and openly supports Bitcoin which is another reason that I also support them.

[Edit 30-06-19] not doing the below anymore i will just stay with 37 BNB in total

For this reason for the next two years I will be buying 1 BNB per month and if I see that the market continues as it has in the past I will be continue to average in until the next big bubble which I expect in 2024.

My prediction is that at the next Bull market if it happens in 2020 , BNB price will end up being around $200 per piece and during the 2024 Bull market around $2000. I already started and have 36 BNB which at the time of writing is around 0.13 BTC. I am expecting to have 50 BNB around 2020 and 100 around 2024. Let’s see how this plays out. I have a reminder to review this article at the end of 2019.

Bitnami