In this manipulative market, fighting against FUD is one of the must-have skills for investors. In one of the recent Binance FUDs, we have found out that there are too many personal attacks and faulty claims which is always alarming.
Check out the original tweet here:
https://twitter.com/PictureMissing/status/1043561438948859904
- PictureMissing
Let's take a closer look at it.
- According to the first statement, “All crypto is sinking and yet BNB price seems to be levitating". Let's take a look at top 50 coins which is holding strong in value. XRP rose from $0.27 to $0.66 in just 4 days. Holochain went from $0.0004 to $0.001 in this bear market. XLM has been trading around $0.20 and did not even break this support zone. EOS is also on this list, since March, it did not even break ~$5 support. As you can see, BNB is not the only coin that has levitated in this bear market.
- "Most of major exchanges are trading against their users." His reasoning is based on other exchanges using bots, so obviously Binance must be doing the same thing. This is a pretty logical statement, isn't it? In psychology, this error is called overgeneralization: "Overgeneralization is an error that involves coming to a conclusion based on information that is too general and/or not specific enough."
- "All of these bots use lazy programming." How can this guys guy know these bots are lazy programmed? Any proof for this or it just mere claim? "They run on Lan or same server and place orders directly in their trade engine." Is he Binance insider? "A dead giveaway is when bot are trading non-stop even when site is under dDos attack." Again, how does this guy know? Did he work for Binance?
- "But CZ is a hard working conman. He decided to work harder on his bots." Any proof to back this claim? Or it just ad hominem?
5 and 6. In his 3rd statement, the author claims that these bots run on LAN or the same server but in this 5th statement, he denied that Binance has run on LAN but it runs on cloud server. Didn't he just reject one of his faulty claim?
7, 8 and 9. All these 3 statements use the same reason, because Binance attracts more American than Coinbase, so it's must be bot trading. Again, overgeneralization. The claim is too vague. Because A equals to B and B equals to C then C must equals to A. - "In reality most of Binance's 10 million users are bots". How does he even know they are bots? Did he actually "talk" to them? "Most bots are run by CZ, and other bots are run by hackers to launder funds". Again, bots are run by CZ, no proof at all. Then he linked another tweet proving that some of the hacked BTC was sent to Binance wallet. So his reason is that just because some of the BTC transferred to Binance wallet, then it must be CZ's fault?
- CZ's wealth is tied up in BNB coins and their price depends on Tether wash trading. Ok, as far as we know, there is not a single exchange that accepts BNB/USD pair which means BNB must rely heavily on Tether. However, that doesn't mean CZ uses USDT to manipulate BNB. (Conspiracy theory: whales are the one using USDT to manipulate BNB”)
- "But Tether is under intense scrutiny now and @NewYorkStateAG has recommended Binance for prosecution, so CZ has realized that he cannot pump BNB price up any further." Once again, overgeneralization. Can he read CZ's mind?
- "CZ has publicly announced that he will move his vested BNB coins in small chunks using his Bot army. He is LIQUIDATING!!". How does even this guy know CZ is liquidating/selling BNB? In his tweet, CZ said he needs to move the unlocked balance out of his wallet slowly. He is MOVING not selling.
- Last statement, "CZ is Masterbotting out of his BNB holdings and he is about to cash out $250M all over your face.” Again, this is nothing else than personal attacks. Faulty claim without any proof at all.
In this tweet, 9 out of 10 statements are purely ad hominem. The author of this account keeps insulting CZ without any evidence and he even rejected one of his claims. Would you consider this is a legit tweet to prove that Binance is manipulating the market or it is just FUD?
On a side note, there is a detailed analysis on how Binance is preventing manipulation, check it out: https://medium.com/@sylvainartplayribes/chasing-fake-volume-a-crypto-plague-ea1a3c1e0b5e
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