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Binance Suspended Bitcoin Cash Withdrawals, Again!
Once again, Binance suspended withdrawals of Bitcoin Cash. https://read.cash/@Pantera/binance-naked-shorting-celsius-manipulation-of-bitcoin-cash-fa9a1eec Apparently it doesn't maintain the Bitcoin Cash reserves corresponding to the Bitcoin Cash it sells on the exchange. What is the plan now for Binance, and why does this happen too often? As Bitcoin Cash is becoming more popular and accepted, demand is rising. Binance, has suspended Bitcoin Cash withdrawals again, so anyone that wants to buy BCH at this exchange can only buy digits on the screen instead of access to actual Bitcoin Cash on the blockchain. Binance tied its fractional reserves policy to the 2018 bear market when nothing was moving. At least, this seems to be the case with Bitcoin Cash. Should an exchange operates with a fractional reverse policy, though? And are there certain rates of cryptocurrencies it holds as reserves? Binance probably should update its policy to sustain a higher number of Bitcoin Cash in its exchange since demand is already rising rapidly.
Second Day of Suspended Bitcoin Cash Withdrawals At Binance
So, it is the second day that Binance can't cover withdrawals of Bitcoin Cash. The message has a claim about alternative networks, but these are just the Binance chain, probably containing a wrapped version of BCH, which won't accommodate the needs of any buyer. We witness time and again blatant manipulation taking place and irrational charts pointing to price suppression with BCH exchange liquidity multiple times higher.
One way to destroy the price of an asset is by introducing more liquidity than exists. Liquidity is perhaps 8-10 times higher than the actual. Those trading in MtGox back in 2011-2014 probably know what the **Willy-bot** was. These were two bots in fact, not just one, deployed on MtGox by Karpeles to pump the price of BTC, using deposits that didn't exist. Karpeles was manipulating the price of BTC by constantly buying BTC on his exchange, without underlying deposits in dollar terms. These bots were purchasing BTC, but never deposited the fiat value they represented in their accounts. There were no wire transfers as the bots were just granted millions in USD that didn't exist. What seems to be the issue with BCH is **a reverse Willy-bot**. Accounts in exchanges operating with counterfeit Bitcoin Cash, BCH added as a digit to these accounts but not backed by actual transactions recorded on the blockchain. Accounts dumping prices with extreme volumes but with funds that only exist inside this exchange as digits but not backed by a wire transfer or blockchain transaction. When this practice becomes an issue for the exchange? When customers begin withdrawing what they thought was Bitcoin Cash. And what happens when withdrawals begin, since arbitrage opportunities arise? **Exchanges suspend withdrawals.**
However, any such operation today is not identical to the silly bots of Karpeles. It is all far too more sophisticated nowadays. It would be challenging to analyze trades manually. We would require database analytics to designate what each trade indicates. Without transparent data from exchanges and access to total deposits, the charts alone can describe what happened but will demand analytics software. The selling pressure on BCH is excessive, especially when Bitcoin Cash should have been exploding in price with all the current developments and worldwide adoption. Bitcoin Cash news suppression further supports the massive price manipulation. As the textbook Wall Street practices suggest, funds shorting a company will also commence propaganda against this company to produce the desired effects. https://www.youtube.com/watch?v=XpHcA8Y1mWI The forbidden word at 1:39 and the reaction of a pannel designated to lambast AMC, GME, and any other companies these fund managers and their affiliated reporter were trying to discredit. Similar financial propaganda is orchestrated against Bitcoin Cash with an anti-BCH rhetoric dominating crypto social media. Naked shorts means legal action, so, this is a censored term for hedge fund managers.
In Conclusion The BCH withdrawals still did not resume, and it's been more than 24 hours.
Yet trading still is ongoing in this exchange. BCH is still traded, but not represented by actual blockchain transactions. Binance doesn't have enough Bitcoin Cash reserves to cover withdrawals.
Any investor can buy BCH according to Binance, but what exactly is this Binance-made Bitcoin Cash representing when withdrawals are suspended for 24 hours? We could assume this is counterfeit Bitcoin Cash on Binance since it represents nothing else but digits on a centralized platform. The best-suggested approach is to avoid using centralized exchanges, custodial wallets, and custodial crypto banks. The repeated suspension of BCH withdrawals is not a good sign, and signifies this exchange is not friendly to Bitcoin Cash.
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6 comments
BCH is one of the effective cryptocurrencies don't why people are not getting its importance, if we analyzed CMC bch is still in the top crypto regarding trading volume, lowest fees for transactions which are completed quicker! Can't understand the mentality of society!
But, would this affect us in terms of selling our little BCH on the binance platform? One could hardly tell the direction of all these policies but I think customers and users of these platforms deserve a better explanation and the reasons for the change.
I don't know friend, I don't sell Bitcoin Cash especially not at this price. Maybe if it goes above $1000 I will consider selling 5% and another 5% every $1000 higher. Not even considering to sell at $300.
You would think that these exchanges will stop this price manipulation now that people are noticing, but binance doesn't seem to care. It's the brazenness of it all that amazes me...
If binance keep this trend further by haulted withdrawal of BCH , may loose our trust because they can't threatened users by these tectics. Best thing is we should keep our asset in our own Wallet instead of any exchange.
You're too rish ser.. Maybe owner of Binance pissed off you 🥴