Good morning traders and a beautiful Sunday to everyone! What's happening in cryptos is the most burning question on everyone's lips, right?
First - this sumo market has many people depressed and i am sure many have lost fortunes. Unfortunately this has always been the case - too many people cannot get rich easily. The fortune will always favor those who are patient and keep their heads.
howmuch.net found via WolfofCrypto
howmuch.net acknowledges that the current crypto depression is not somehting spectacular. To illustrate this, they have mapped and visualized for us all the largest Bitcoin crashes/corrections dating back to January 2012, charting the % of value lost and the duration of selloffs.
Conclusion to all of this is that neither is the current selloff largest in terms of % lost nor an end to crytocurrencies in general, which have barely even started their parade.
Head over to their website to see their take on this howmuch.net
Binance riding the DEX train
Remember how Binance was hacked recently but the hackers didn't get anything? Cryptocurrency exchanges have been under attack for as long as one can remember, so Binance's decision to move to a decentralized exchange (DEX) is not a surprise at all.
According to reports, they will build a blockchain of their own (ugh, another one!) called the Binance Chain and migrate their own internal crypto, the Binance Coin (BNB) over to the dedicated blockchain. On the news, BNB jumped to $11 from around $7.
Their announcment on binance.com reads:
As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.
Moving to a decentralized exchange on it's own blockchain will go a long way to safeguard Binance from the constant attacks by hackers and legislative forces, looking to get their paws on more money. What is a decentralized exchange exactly? Well, the advantage of a DEX over centralized ones is that users hold their coins, they never store them on the exchange - all trades are done via peer-to-peer mechanics.
The launch is planned some time in 2018 and will probably feature some way for cross-blockchain trading (allowing to trade instruments over different and incompatible blockchains), lifting their tradable instrument count from the current 280 to a far bigger number.
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