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      "body": "Congratulations @gradwohl! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@gradwohl/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@gradwohl) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=gradwohl)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "body": "Congratulations @gradwohl! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@gradwohl/birthday1.png</td><td>1 Year on Steemit</td></tr></table>\n\n<sub>_[Click here to view your Board of Honor](https://steemitboard.com/@gradwohl)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/5jrq2c-steemitboard-saint-nicholas-day\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/mGo2Zd.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/5jrq2c-steemitboard-saint-nicholas-day\">Saint Nicholas challenge for good boys and girls</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "title": "Worried about fake news? Not getting the quality news you want? What if I told you there is a way we can change it together?",
      "body": "I came up with an idea about 6 months to develop a social media site. But not the social media that we are used to like facebook, twitter, or Pinterest, but a new medium to truly democratize how media is shared, consumed and why not dare to say improved. \n\nThe concept was to have a place where news can be aggregated by the community and for the community. A place where anyone could share the news that they thought were relevant, write blogs, share videos, create pins and memes, etc. All media in one place with a couple of twists.\n\nThe first aspect was redefining how news is aggregated and ranked. Did you ever want to go to a site or app that would allow you to get a pulse on what is going on in the country at any given time? A place where news is not carefully selected by a few individuals, or crafted for a particular message, or focused on a narrow topic; but instead a place where the news is ranked by the whole community based on user interactions such as views, likes, comments, and rankings of fairness, accuracy, depth, and relevancy ? I did. I  wanted a place that I could go to get a quick glance at what's new and what everyone is talking about, the water cooler of the internet.\n\nThe second was interactivity. news site can be dry, so I thought we could add another twist to it. Add a poll to the news you submit, follow the person who posted the news, look at his or hers public profile and see what else have that person shared, follow the best bloggers, rank what you read so you can customize your content consumption, open up for comments, etc. Make media social. Create a space where content creators and consumers can interact and collaborate.\n\nAnother point was the depth. It's great to have a place where you can see what everyone is talking about and become part of the conversation at the same what if you are looking for something specific? Do you need to go to a different site for different topics? I wanted to build a place where you could choose to find out how deep the rabbit hole goes (Yes, that's from the matrix .) \n\nSo at Upvotenation you start at the highest level, but can quickly drill down by keyword, if you like a particular news source, you can filter by the source, by category (Politics, sports, etc), by the author, by media type and be a laser focus on your search. But instead of doing that search everytime why not create interest channels where you can create content that is specific to a particular topic but still make it interactive as you being able to share your channels, follow other users channels, send notifications to people subscribing to your channels and   have the same level of  interactivity on specific topics as you had interacting with the broader community.\n\nThe channels concept serve 2 purposes. The first is a way for you to get you media filtered by your interests, and second is a way to share your interests with the world.\n\nAnother point was the whole discussion about fake news, biased news, where we have to search through many irrelevant stories to get to the things we really care about. That's why I added a ranking system where you can rank every media on upvotenation. This allows you customize and create your channels and get better results on your searches, but a broader goal is to have enough users rating the news where it becomes an honest although anonymous feedback loop to the news media, which in turn creates positive change opens the conversation. What if Instead of going thru market surveys and other elaborate schemes to know what we are thinking, we could tell all the media outlets directly how we feel about the quality of their new content. Hey, media outlet \"ABC\" We really like your sports sections, but your political commentary is killing us, your average rate is a  4. We talk about data and data privacy, but here is one way where data sharing could go a long way and create an almost instantaneous feedback loop. We consume the news and let them know in almost real time how we feel about their content. This way we create a strong alliance between the media outlets, bloggers and content creators, and the media outlets on a continuous improvement cycle.\n\nOne last point is regarding equity. Since we are trying to make the news more fair and social, why not also make it more profitable and fun? gamefy it! Upvotenation will take a percentage of the ad revenue on the site and share with everyone that's contributing content to the site. Every time you contribute content you get points that at the end of the month can be converted into cash. Let's make a fair system where we really build a community by aligning all interests involved. Talking about gamification, the first 1,000 people to sign up get a founders badge for life! There will be badges for the number of followers, for curating content, etc. We will show the boy scouts how it's done!\n\nI don't want to stop there, as we talk about data, the goal to the site is to improve the flow of information, allow people to share their thoughts (the Channels app is a start) while at the same time having the option to build their online brand as content creators by sharing their ideas and other interesting things from the web. Add messaging, site and follower statistics, API feeds, RSS feeds in a way that makes the media really social.\n\nLet me know what you think, and any ideas are welcome. The site just went live, you might be one of the top 10 to sign up and get that founder's badge.  There is new code being pushed almost every day to make the site faster, more responsive and more collaborative. Messaging, news API  and site statistics are just around the corner.\n\nSign up and tell your friends about it, and let's build a true social media commmunity!\n\nhttps://www.upvotenation.com\n\n![whoweare_splash.jpg](https://cdn.steemitimages.com/DQmRTN3hjpBrySVcwfwHNQ1jST63RBTSib24sGEpHd65egZ/whoweare_splash.jpg)",
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      "title": "Worried about fake news? Not getting the quality news you want? What if I told you there is a way we can change it together?",
      "body": "I came up with an idea about 6 months to develop a social media site. But not the social media that we are used to like facebook, twitter, or Pinterest, but a new medium to truly democratize how media is shared, consumed and why not dare to say improved. \n\nThe concept was to have a place where news can be aggregated by the community and for the community. A place where anyone could share the news that they thought were relevant, write blogs, share videos, create pins and memes, etc. All media in one place with a couple of twists.\n\nThe first aspect was redefining how news is aggregated and ranked. Did you ever want to go to a site or app that would allow you to get a pulse on what is going on in the country at any given time? A place where news is not carefully selected by a few individuals, or crafted for a particular message, or focused on a narrow topic; but instead a place where the news is ranked by the whole community based on user interactions such as views, likes, comments, and rankings of fairness, accuracy, depth, and relevancy ? I did. I  wanted a place that I could go to get a quick glance at what's new and what everyone is talking about, the water cooler of the internet.\n\nThe second was interactivity. news site can be dry, so I thought we could add another twist to it. Add a poll to the news you submit, follow the person who posted the news, look at his or hers public profile and see what else have that person shared, follow the best bloggers, rank what you read so you can customize your content consumption, open up for comments, etc. Make media social. Create a space where content creators and consumers can interact and collaborate.\n\nAnother point was the depth. It's great to have a place where you can see what everyone is talking about and become part of the conversation at the same what if you are looking for something specific? Do you need to go to a different site for different topics? I wanted to build a place where you could choose to find out how deep the rabbit hole goes (Yes, that's from the matrix .) \n\nSo at Upvotenation you start at the highest level, but can quickly drill down by keyword, if you like a particular news source, you can filter by the source, by category (Politics, sports, etc), by the author, by media type and be a laser focus on your search. But instead of doing that search everytime why not create interest channels where you can create content that is specific to a particular topic but still make it interactive as you being able to share your channels, follow other users channels, send notifications to people subscribing to your channels and   have the same level of  interactivity on specific topics as you had interacting with the broader community.\n\nThe channels concept serve 2 purposes. The first is a way for you to get you media filtered by your interests, and second is a way to share your interests with the world.\n\nAnother point was the whole discussion about fake news, biased news, where we have to search through many irrelevant stories to get to the things we really care about. That's why I added a ranking system where you can rank every media on upvotenation. This allows you customize and create your channels and get better results on your searches, but a broader goal is to have enough users rating the news where it becomes an honest although anonymous feedback loop to the news media, which in turn creates positive change opens the conversation. What if Instead of going thru market surveys and other elaborate schemes to know what we are thinking, we could tell all the media outlets directly how we feel about the quality of their new content. Hey, media outlet \"ABC\" We really like your sports sections, but your political commentary is killing us, your average rate is a  4. We talk about data and data privacy, but here is one way where data sharing could go a long way and create an almost instantaneous feedback loop. We consume the news and let them know in almost real time how we feel about their content. This way we create a strong alliance between the media outlets, bloggers and content creators, and the media outlets on a continuous improvement cycle.\n\nOne last point is regarding equity. Since we are trying to make the news more fair and social, why not also make it more profitable and fun? gamefy it! Upvotenation will take a percentage of the ad revenue on the site and share with everyone that's contributing content to the site. Every time you contribute content you get points that at the end of the month can be converted into cash. Let's make a fair system where we really build a community by aligning all interests involved. Talking about gamification, the first 1,000 people to sign up get a founders badge for life! There will be badges for the number of followers, for curating content, etc. We will show the boy scouts how it's done!\n\nI don't want to stop there, as we talk about data, the goal to the site is to improve the flow of information, allow people to share their thoughts (the Channels app is a start) while at the same time having the option to build their online brand as content creators by sharing their ideas and other interesting things from the web. Add messaging, site and follower statistics, API feeds, RSS feeds in a way that makes the media really social.\n\nLet me know what you think, and any ideas are welcome. The site just went live, you might be one of the top 10 to sign up and get that founder's badge.  There is new code being pushed almost every day to make the site faster, more responsive and more collaborative. Messaging, news API  and site statistics are just around the corner.\n\nSign up and tell your friends about it, and let's build a true social media commmunity!\n\nhttps://www.upvotenation.com\n\n![whoweare_splash.jpg](https://cdn.steemitimages.com/DQmRTN3hjpBrySVcwfwHNQ1jST63RBTSib24sGEpHd65egZ/whoweare_splash.jpg)",
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      "body": "The internet gave us a very broad platform to express our opinions. This is for the most part a good thing. People are able to share their views, collaborate and exchange ideas like never before. But in the middle of all that good there is a dark side.  \n\nI cannot go to any crypto chat room, or do a quick search on you tube without seeing a financial \"expert\" commenting on the market. crypto X is dirt cheap, crypto Y will double by the end of the month, crypto Z is very undervalued. Normally I would think all this information is a good thing,  but that would be if all that confidence was backed up by data.\n\nIt's very easy to do a quick search and figure out what problem a cryptocurrency is trying to solve, how many github commits they have, how many partnership they have announced, how many telegram followers they have, their market capitalization, etc. It's also very easy to compile all that information and make broad generalized assumptions that will lead to you to believe that a particular crypto has untapped potential and that the price undoubtedly has to go up.\n\nThe problem is that the same way you don't want to rely on a  google search or a message board for legal advice, and you don't want to be diagnosed by some one who read a book on biology, you don't want financial advice from someone that has no financial background. Specially if they are the alpha type boasting with confidence and with good marketing skills!\n\nThe problems with all that data I mentioned is that they do not tell a financial story and give you no way to correctly identify if a cryptocurrency is over or undervalued. It's is just a way to market that cryptocurrency for you.\n\nStarting with the economic premises of the tokens, which is rarely discussed by any of the \"experts\", and even when they mention it, it is only very superficially as if it was not really important understanding how did they came up with those conclusions.\n\nUnderstanding what gives value to a token is the first thing you should know to be able to evaluate it. It is possible for companies to do phenomenally well after the ICO, and all that success have little impact in the value of token. Generalizations like \"if the company do well and attract more users the token will go up in price, it's just basic supply and demand\" are just not true, but get repeated like fact across every message board. in a lot of the new ICO's the token is not even required to operate in the platform. Some are  given to users as a way to earn perks, or some other form of symbolic reward that really is not worth much as an investment.\n\nEven after you know the basics and understand the token economic value is not a done deal. This is just the beginning. The hard work starts when you start putting together the financial model and making assumptions about user growth, the impact of regulations, sources of revenue and monetization, required rate of return, risk profile,etc.  This is so you can estimate what is the fair value of a particular token is based on the available data, educated assumptions and a proper discount rate to account for the risk level. Without knowing that, you cannot say that a token is overvalued or undervalued. That's is because of the basic fact that something can only be overvalued or undervalue if there is a fair value int he middle.\n\nAll professional traders in the market that trade based on fundamentals thru value investing have a fair value target and will buy or sell based on where the current price is compared to that  estimated fair value. They don't buy or sell because someone launched a testnet or because the CEO of a company is really pumping their stock. Off course, news matter to the extend that they change your assumptions and with that your fair value price. But the premises is that if you are investing as opposed to trading that you know what something is worth to you and is willing to bet that overtime the market will agree with you. If you don't have that base you are either gambling or trading and those two terms, which are also very frequently used together, really mean completely different things.\n\nIf a token goes down by 80% it does not mean that it is undervalued, the same applies the other way around. I haven't seen the first \"expert\" pull out a valuation model to back up any f their claims on valuation.\n\nIt get's even worse when they are promoting an ICO.  If you ever bought an IPO you know what I mean. The price of an IPO is discussed for weeks or months prior to pricing, it requires a deep review of the company past earning and future earning projections, an analysis of economic factors, it generally involves a investment banking firm and a big four accounting firm. It is a process. Investors are given financial information for which to based their own decisions on price, which might not align with the company's. At some point the ICO happens and the market takes over.\n\nWhat do you get when you invest in an ICO that allows you to make a determination on the fair value of the coin? most of the ICO's are whitepapers with no history, they don't provide future projections other than marketing, they make you sign a large disclaimer saying that the tokens carry no rights and no expectation of profits. You get nothing that let's you  make a fair value calculation. That's not to say that they don't end up being the best bargain of your life. But the \"experts\" telling you to buy it have not done that type of work to back their claims. Not because they don't want to, but because they don't know how to do it. So instead they give you the equivalent of a marketing brochure, tell you that the crypto is dirt cheap while at the same time disclaiming that they are not financial advisors and what they say is purely their opinion and for entertainment, which is kudos to them, not for the fact that people complete ignore the disclaimers and buy whatever they feed them as they were talking to their Goldman Sachs banker.\n\nChat admins and \"loyal\" fans on telegram  used to refer from discussing price, but not anymore. Now there are crypto sponsored chats created exclusively to discuss price. The crypto is cheap at $10, it is cheap at $5, it is cheap at $1, and would be cheap at $500. there just is no criteria other than shameful pump. \" Wait until the platform launches and it will go up ten fold\". it could be, but can they tell me the basis for that assumption? off course not. And if I dare to ask again again I am a troll who just doesn't get crypto.\n\nThe best part for me is when people start quoting Warren Buffet to justifying holding crypto in the downturn. to Start Warren Buffet would not touch crypto, he said it himself, he went as far as saying that if he cold he would buy a long term put option (option to sell) every single cryptocurrency in existence. But that's not my problem, my problem is that the experts quote him out of context to justify a otherwise nonsensical claims. Warren Buffet is a value investor. when he says \" the stock market is a tool to transfer money from the impatient to the patient\" he does not mean HODL. he means that if you did your homework diligently and you trust that you know what the long term value of an asset is, buy when the price is low and hold until that assets reaches your target price. That's very different than buy and hold forever hoping that it will go up in price. There are tons of example like this where the people using the quotes from Warren Buffet or other financial expert, have no idea what they mean, and if they do is even worst because in that case they would be intentionally misleading their audience. \n\nGuys, more than a blog post this is just a rant. At the end of the day just learn to do your own diligence, if you can't master fundamental analysis learn to trade with technical analysis. Listen to everyone but to gather information, not as the gospel. It is good to question their assumptions and if they can't answer you don't buy what they are selling.\n\nBlockchain is here to stay, there will be plenty of opportunities in the future, just be prepared and be careful out there!",
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      "body": "@@ -1069,16 +1069,19 @@\n  has to \n-\n \n+go \n up.%0A%0AThe\n@@ -2000,16 +2000,17 @@\n  should \n+k\n now to b\n@@ -2972,28 +2972,49 @@\n at i\n-n an expert opinion,\n+s the fair value of a particular token is\n  bas\n@@ -3077,71 +3077,51 @@\n per \n-risk reward ratio, what the fair value of a particular token is\n+discount rate to account for the risk level\n . Wi\n@@ -3195,19 +3195,20 @@\n dervalue\n-, t\n+d. T\n hat's is\n@@ -3519,21 +3519,37 @@\n to that \n-model\n+ estimated fair value\n . They d\n@@ -4035,16 +4035,23 @@\n wo terms\n+, which\n  are als\n@@ -4081,24 +4081,23 @@\n together\n- and the\n+, reall\n y mean c\n@@ -4258,22 +4258,24 @@\n e first \n+%22\n expert\n+%22\n  pull ou\n@@ -4856,16 +4856,18 @@\n  company\n+'s\n . At som\n@@ -5119,17 +5119,16 @@\n jections\n-,\n  other t\n@@ -6944,16 +6944,17 @@\n al claim\n-\n \n+s\n . Warren\n",
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      "body": "Check this game out, look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game has passed the crypto kitties game on the Dapp Radar. The smart contract is coded to tax 10% of the ETH. when users purchase the (P)roof (O)f (W)eak (H)ands tokens and divides the ETH. tax to people who are already holding and also 10% of when users sell “20% total”. The name of the game is to hold as long as you can while you get earnings from the constantly taxed “Strong hand” buys and the taxed “weak hand” sells. If you don’t want to play anymore, you can pull out all your earnings all at once but with a 10% tax fee that gets divided to the stronger hands. This is what the ERC-20 smart contract is programed to do. Doesn’t hurt to look at the contracts open source code at least, don’t let the opportunity pass you by. \nhttps://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e\nhttps://powh.io/img/portfolio/gif3.gif",
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      "title": "Crypto Blog's are making us stupid",
      "body": "The internet gave us a very broad platform to express our opinions. This is for the most part a good thing. People are able to share their views, collaborate and exchange ideas like never before. But in the middle of all that good there is a dark side.  \n\nI cannot go to any crypto chat room, or do a quick search on you tube without seeing a financial \"expert\" commenting on the market. crypto X is dirt cheap, crypto Y will double by the end of the money, crypto Z is very undervalued. Normally I would think all this information is a good thing,  but that would be if all that confidence was backed up by data.\n\nIt's very easy to do a quick search and figure out what problem a cryptocurrency is trying to solve, how many github commits they have, how many partnership they have announced, how many telegram followers they have, their market capitalization, etc. It's also very easy to compile all that information and make broad generalized assumptions that will lead to you to believe that a particular crypto has untapped potential and that the price undoubtedly has to up.\n\nThe problem is that the same way you don't want to rely on a  google search or a message board for legal advice, and you don't want to be diagnosed by some one who read a book on biology, you don't want financial advice from someone that has no financial background. Specially if they are the alpha type boasting with confidence and with good marketing skills!\n\nThe problems with all that data I mentioned is that they do not tell a financial story and give you no way to correctly identify if a cryptocurrency is over or undervalued. It's is just a way to market that cryptocurrency for you.\n\nStarting with the economic premises of the tokens, which is rarely discussed by any of the \"experts\", and even when they mention it, it is only very superficially as if it was not really important understanding how did they came up with those conclusions.\n\nUnderstanding what gives value to a token is the first thing you should now to be able to evaluate it. It is possible for companies to do phenomenally well after the ICO, and all that success have little impact in the value of token. Generalizations like \"if the company do well and attract more users the token will go up in price, it's just basic supply and demand\" are just not true, but get repeated like fact across every message board. in a lot of the new ICO's the token is not even required to operate in the platform. Some are  given to users as a way to earn perks, or some other form of symbolic reward that really is not worth much as an investment.\n\nEven after you know the basics and understand the token economic value is not a done deal. This is just the beginning. The hard work starts when you start putting together the financial model and making assumptions about user growth, the impact of regulations, sources of revenue and monetization, required rate of return, risk profile,etc.  This is so you can estimate what in an expert opinion, based on the available data, educated assumptions and a proper risk reward ratio, what the fair value of a particular token is. Without knowing that, you cannot say that a token is overvalued or undervalue, that's is because of the basic fact that something can only be overvalued or undervalue if there is a fair value int he middle.\n\nAll professional traders in the market that trade based on fundamentals thru value investing have a fair value target and will buy or sell based on where the current price is compared to that model. They don't buy or sell because someone launched a testnet or because the CEO of a company is really pumping their stock. Off course, news matter to the extend that they change your assumptions and with that your fair value price. But the premises is that if you are investing as opposed to trading that you know what something is worth to you and is willing to bet that overtime the market will agree with you. If you don't have that base you are either gambling or trading and those two terms are also very frequently used together and they mean completely different things.\n\nIf a token goes down by 80% it does not mean that it is undervalued, the same applies the other way around. I haven't seen the first expert pull out a valuation model to back up any f their claims on valuation.\n\nIt get's even worse when they are promoting an ICO.  If you ever bought an IPO you know what I mean. The price of an IPO is discussed for weeks or months prior to pricing, it requires a deep review of the company past earning and future earning projections, an analysis of economic factors, it generally involves a investment banking firm and a big four accounting firm. It is a process. Investors are given financial information for which to based their own decisions on price, which might not align with the company. At some point the ICO happens and the market takes over.\n\nWhat do you get when you invest in an ICO that allows you to make a determination on the fair value of the coin? most of the ICO's are whitepapers with no history, they don't provide future projections, other than marketing, they make you sign a large disclaimer saying that the tokens carry no rights and no expectation of profits. You get nothing that let's you  make a fair value calculation. That's not to say that they don't end up being the best bargain of your life. But the \"experts\" telling you to buy it have not done that type of work to back their claims. Not because they don't want to, but because they don't know how to do it. So instead they give you the equivalent of a marketing brochure, tell you that the crypto is dirt cheap while at the same time disclaiming that they are not financial advisors and what they say is purely their opinion and for entertainment, which is kudos to them, not for the fact that people complete ignore the disclaimers and buy whatever they feed them as they were talking to their Goldman Sachs banker.\n\nChat admins and \"loyal\" fans on telegram  used to refer from discussing price, but not anymore. Now there are crypto sponsored chats created exclusively to discuss price. The crypto is cheap at $10, it is cheap at $5, it is cheap at $1, and would be cheap at $500. there just is no criteria other than shameful pump. \" Wait until the platform launches and it will go up ten fold\". it could be, but can they tell me the basis for that assumption? off course not. And if I dare to ask again again I am a troll who just doesn't get crypto.\n\nThe best part for me is when people start quoting Warren Buffet to justifying holding crypto in the downturn. to Start Warren Buffet would not touch crypto, he said it himself, he went as far as saying that if he cold he would buy a long term put option (option to sell) every single cryptocurrency in existence. But that's not my problem, my problem is that the experts quote him out of context to justify a otherwise nonsensical claim. Warren Buffet is a value investor. when he says \" the stock market is a tool to transfer money from the impatient to the patient\" he does not mean HODL. he means that if you did your homework diligently and you trust that you know what the long term value of an asset is, buy when the price is low and hold until that assets reaches your target price. That's very different than buy and hold forever hoping that it will go up in price. There are tons of example like this where the people using the quotes from Warren Buffet or other financial expert, have no idea what they mean, and if they do is even worst because in that case they would be intentionally misleading their audience. \n\nGuys, more than a blog post this is just a rant. At the end of the day just learn to do your own diligence, if you can't master fundamental analysis learn to trade with technical analysis. Listen to everyone but to gather information, not as the gospel. It is good to question their assumptions and if they can't answer you don't buy what they are selling.\n\nBlockchain is here to stay, there will be plenty of opportunities in the future, just be prepared and be careful out there!",
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      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: what the true value of the Binance token?",
      "body": "@@ -5845,16 +5845,1109 @@\n tform.%0A%0A\n+Could Binance token be valuable? Abosolutelly, if it was a security token under a different set up. Binance the company is worth Billions, so securitizing the revenue would be very valuable as well. If when you trade at  Binance everyone had to pay a .1%25 commission to trade independently if the owned a token or not...and the agreement between Binance and the token holders were: if you own the tokens you are entitled to half of the commission revenue of the platform%22. That would mean if there is $1,000,000,000 in yearly commission revenues, assuming 100,000,000 tokens supply,each token owner would be entitled to $10 in profits a year, and the more people trade on Binance the more profitable that token become....that has value...but that is not a utility token, That's a security token. what Binance does Instead is say, that it doesn't matter if you hold one token or 1,000,000 tokens you only get a discount on your individual trades (Holding more tokens that what you absolutely need does not benefit you)...so at best what they did was make you prepay for all your future trades.%0A%0A\n Also ple\n",
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      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: what the true value of the Binance token?",
      "body": "@@ -1260,548 +1260,2393 @@\n er (\n- You get a 50%25 discount on your commissions, so it's worth double what a dollar would be in the platform based on your volume of trade. this c\n+From a user perspective it doesn't matter if the price is $.001 or $1,000. more on that below. And this is why it is very risky to hold a Binance token as an investment .)%0AE) $0, zilch, zero, nada. (Because it the discount phases out in 5 years and many more tokens than people have use for, well...)%0A%0AWhy the price doesn't matter? As a user the value I get from a Binance token is that it gives me a discount on the commissions I have to pay for a trade. If I want to make a $10,000 trade (to buy Bitcoin for example) I have the option to pay $10 dollars commission or $5 dollars equivalent of Binance token. (50%25 discount) The rational economic decision is to pay $5 dollar equivalent of Binance token. So, you go to the market \n an\n+d\n  b\n-e any number based on number of users and average trade volume. It's like a coupon for \n+uy $5 worth of Binance token and deposit those tokens in your account. you make your $10,000 trade and use those $5 dollars worth of Binance token you just aquired to pay for your trade. Congratulations you saved 50%25. But again why the price of the Binance token does not matter? Because when I buy $5 worth of Binance token, I doesn't not matter if I buy one token for $5, 2 tokens for $2.\n 50\n-%25\n  of\n-f (today) on every store item. If you buy a $1 item it's worth $.50 if you're buying a $1,000 item\n+ 1/2 token for $10. What matters is that I get $5 dollars worth of tokens, because that's how much I have to pay in commissions for the trade that I actually want to make. That has very important consequences. First, is the obvious one that for a user, the value of the token does not matter which also means that there is no intrinsic value in the token ( I am just buying it so I can get a discount because Binance\n  is \n-worth $500. It has a value but you need financial data to ascertain.)%0AE) $0, zilch, zero, nada. (Because it the discount phases out in 5 years and many more tokens than people have use for, well...)%0A\n+forcing me to). Second, I should not hold those $5 dollars worth of Binance token for one second longer than what I need it for, because it carries exchange risk. What is that? I am buying $5 dollars worth of Binance token to pay my commissions, but if I wait 10 minutes to make my primary $10,000 trade, the price of my Binance token might have gone up or down, so the minute I buy those tokens I have to execute my transaction right away to make sure I have the right amount I need to pay for the commissions. In summary, the token carries no value other than the utility it provides to get a commission discount, and for that purpose I only need to hold it for a few seconds. The longer you hold the more risk you incur, it is not a value creating asset, it is only a method of payment with no intrinsic value.%0A%0AHere is the reality:\n %0A%0ABi\n@@ -4692,108 +4692,8 @@\n unt \n-( So you can maybe justify a $2 price, just like a coupon has a maximum value equal to your savings)\n . Bu\n@@ -4855,10 +4855,33 @@\n isk \n-(V\n+we just discussed ( the v\n alue\n",
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      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: what the true value of the Binance token?",
      "body": "@@ -1241,18 +1241,29 @@\n in )%0AD) \n-$2\n+Pick a number\n  ( You g\n@@ -1298,16 +1298,17 @@\n mmission\n+s\n , so it'\n@@ -1364,423 +1364,444 @@\n form\n-. But even that is stretching and a circular math (any dollar value works $2 or $1,000, but doesn't justify it.))%0AE) $0, zilch, zero, nada. (Because it provides no utility)%0A%0A%0A At the end of the day the maximum amount you should pay for anything is it's maximum value it can provide to you as a user of the platform.  Remember that this is a utility token, not a collectible or a currency. What is the token utility?\n+ based on your volume of trade. this can be any number based on number of users and average trade volume. It's like a coupon for 50%25 off (today) on every store item. If you buy a $1 item it's worth $.50 if you're buying a $1,000 item is worth $500. It has a value but you need financial data to ascertain.)%0AE) $0, zilch, zero, nada. (Because it the discount phases out in 5 years and many more tokens than people have use for, well...)%0A\n %0A%0ABi\n@@ -2279,17 +2279,16 @@\n ank, the\n-y\n  give me\n@@ -2563,19 +2563,16 @@\n lume of \n-my \n transact\n@@ -2574,18 +2574,16 @@\n nsaction\n-s,\n  or my a\n@@ -3877,2810 +3877,33 @@\n m.%0A%0A\n-The reality is, if the Binance token goes away tomorrow it has not affect on Binance as an exchange. They would still be a great exchange. The buy backs of the token, the discount it offers, none of that is integral to the platform or create real value for the token itself. Even worse, it can be easily replaced and simplified as my credit card example shows. The token has no real utility, other than originally help the owners of Binance raise cash to fund their project. There isn't today and there will never be a price justification or real value attached to the token. If Binance buys back the token the utility won't go up, there is no rhyme or reason why the token is $8 today and should be higher or lower tomorrow that is financially justifiable. Because of that it should not be held as an investment and this will eventually, but certainly drive down the price towards zero over time.%0A%0ABuy backs works to increase the price of stocks, because it directly increases the value of each remaining share's claim to the company's profits. a Buy back of Binance tokens does nothing but create an illusion of value, since a token carry no claims to anything. Binance the company is worth Billions,%C2%A0Binance the token is worth $0.%C2%A0%0A%0AHere is how a Binance token could have real value. If everyone who trades on Binance  had to pay a .1%25 commission to trade, independently if the owned a token or not; and, the agreement between Binance and the token holders were: :If you own a Binance token you are entitled to a claim on half of the commission revenue of the platform%22. That would mean if there is $1,000,000,000  in commission revenues every year, assuming 100,000,000 tokens supply,each token owner would be entitled to $10 in profits a year, and the more people trade on Binance (assuming the supply of token remains fixed, which is is) the more profitable that tokens become....that has real tangible value...But you know what that's called? Revenue securitization. That's a security token!%0A%0AWhat Binance does Instead is to say that it doesn't matter if you hold one token or 1,000,000 tokens the only thing you really get by holding a token is a discount on your individual trades, meaning you don't really have any participation in the revenue or profits of Binance and the value of your tokens will not increase or decrease based on Binance's user growth, revenue growth, or buyback programs ...so at best what they did by selling you tokens was make you prepaid for all your future trades. There is no way to determine the price, so if goes to $100, or down to $.01 you can't make an assertion that the token is undervalued or overvalued, since there is no intrinsic value. It;s like watching the Matrix movies and realize that there is no spoon. %0A%0AAlso please be carefull with the argument\n+Also please don't tell me\n  tha\n@@ -4255,128 +4255,8 @@\n ies.\n- And even if the dollar didn't have instrinsic value it would not justify Binance token having it, much to the contrary.\n  A B\n",
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      "body": "@@ -6431,16 +6431,18 @@\n  you can\n+'t\n  make an\n",
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      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -5086,34 +5086,1572 @@\n .%C2%A0%0A%0A\n-%0AAlso please don't tell me\n+Here is how a Binance token could have real value. If everyone who trades on Binance  had to pay a .1%25 commission to trade, independently if the owned a token or not; and, the agreement between Binance and the token holders were: :If you own a Binance token you are entitled to a claim on half of the commission revenue of the platform%22. That would mean if there is $1,000,000,000  in commission revenues every year, assuming 100,000,000 tokens supply,each token owner would be entitled to $10 in profits a year, and the more people trade on Binance (assuming the supply of token remains fixed, which is is) the more profitable that tokens become....that has real tangible value...But you know what that's called? Revenue securitization. That's a security token!%0A%0AWhat Binance does Instead is to say that it doesn't matter if you hold one token or 1,000,000 tokens the only thing you really get by holding a token is a discount on your individual trades, meaning you don't really have any participation in the revenue or profits of Binance and the value of your tokens will not increase or decrease based on Binance's user growth, revenue growth, or buyback programs ...so at best what they did by selling you tokens was make you prepaid for all your future trades. There is no way to determine the price, so if goes to $100, or down to $.01 you can make an assertion that the token is undervalued or overvalued, since there is no intrinsic value. It;s like watching the Matrix movies and realize that there is no spoon. %0A%0AAlso please be carefull with the argument\n  tha\n@@ -6999,16 +6999,136 @@\n rencies.\n+ And even if the dollar didn't have instrinsic value it would not justify Binance token having it, much to the contrary.\n  A Binan\n",
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      "body": "@@ -5010,16 +5010,86 @@\n ything. \n+Binance the company is worth Billions,%C2%A0Binance the token is worth $0.%C2%A0\n %0A%0A%0AAlso \n",
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      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -1421,16 +1421,29 @@\n ue works\n+ $2 or $1,000\n , but do\n@@ -1763,17 +1763,16 @@\n utility?\n- \n %0A%0ABinanc\n@@ -3846,16 +3846,1183 @@\n tform.%0A%0A\n+The reality is, if the Binance token goes away tomorrow it has not affect on Binance as an exchange. They would still be a great exchange. The buy backs of the token, the discount it offers, none of that is integral to the platform or create real value for the token itself. Even worse, it can be easily replaced and simplified as my credit card example shows. The token has no real utility, other than originally help the owners of Binance raise cash to fund their project. There isn't today and there will never be a price justification or real value attached to the token. If Binance buys back the token the utility won't go up, there is no rhyme or reason why the token is $8 today and should be higher or lower tomorrow that is financially justifiable. Because of that it should not be held as an investment and this will eventually, but certainly drive down the price towards zero over time.%0A%0ABuy backs works to increase the price of stocks, because it directly increases the value of each remaining share's claim to the company's profits. a Buy back of Binance tokens does nothing but create an illusion of value, since a token carry no claims to anything. %0A%0A%0A\n Also ple\n",
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      "body": "@@ -2234,16 +2234,17 @@\n ank, the\n+y\n  give me\n",
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      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -1397,17 +1397,66 @@\n lar math\n-.\n+ (any dollar value works, but doesn't justify it.)\n )%0AE) $0,\n",
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      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -1877,16 +1877,17 @@\n utility?\n+ \n %0A%0ABinanc\n",
      "json_metadata": "{\"tags\":[\"binance\",\"crypto\",\"bubble\",\"speculation\",\"bitcoin\"],\"links\":[\"https://steemit.com/ico/@gradwohl/this-is-why-ico-s-are-destroying-the-crypto-space-and-slowing-the-progress-of-real-blockchain-technology\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\",\"image\":[\"https://steemitimages.com/DQmfGK5VvbzHY75Vf7Tv6mnM4s2cujTScAqhZ7Yrz454rgh/image.png\"]}"
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  "timestamp": "2018-03-10T04:35:45",
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      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -1750,16 +1750,42 @@\n e to you\n+ as a user of the platform\n .  Remem\n@@ -1850,16 +1850,43 @@\n urrency.\n+ What is the token utility?\n %0A%0ABinanc\n",
      "json_metadata": "{\"tags\":[\"binance\",\"crypto\",\"bubble\",\"speculation\",\"bitcoin\"],\"links\":[\"https://steemit.com/ico/@gradwohl/this-is-why-ico-s-are-destroying-the-crypto-space-and-slowing-the-progress-of-real-blockchain-technology\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\",\"image\":[\"https://steemitimages.com/DQmfGK5VvbzHY75Vf7Tv6mnM4s2cujTScAqhZ7Yrz454rgh/image.png\"]}"
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      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -1349,16 +1349,45 @@\n latform.\n+ But even that is stretching.\n )%0AE) $0,\n@@ -1756,100 +1756,79 @@\n ou. \n-For Binance they make the rules really easy, the Price is now $2 and will go down every year\n+ Remember that this is a utility token, not a collectible or a currency\n .%0A%0AB\n",
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  "timestamp": "2018-03-10T04:15:27",
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      "parent_author": "",
      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: What is the true value of the Binance token?",
      "body": "@@ -1353,132 +1353,8 @@\n orm.\n- This is the only true financial value I could find and justify, it's kind like a coupon, the easiest math in all of crypto.\n )%0AE)\n@@ -1496,16 +1496,24 @@\n swer is \n+at most \n D, at le\n",
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  "timestamp": "2018-03-10T03:52:57",
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      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: What is the true value of the Binance token? $2 and falling",
      "body": "@@ -2699,16 +2699,19 @@\n lume of \n+my \n transact\n@@ -2709,24 +2709,26 @@\n  transaction\n+s,\n  or my accou\n",
      "json_metadata": "{\"tags\":[\"binance\",\"crypto\",\"bubble\",\"speculation\",\"bitcoin\"],\"links\":[\"https://steemit.com/ico/@gradwohl/this-is-why-ico-s-are-destroying-the-crypto-space-and-slowing-the-progress-of-real-blockchain-technology\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\",\"image\":[\"https://steemitimages.com/DQmfGK5VvbzHY75Vf7Tv6mnM4s2cujTScAqhZ7Yrz454rgh/image.png\"]}"
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{
  "trx_id": "e789296aa217defd67f89dc816dc672780279e8d",
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  "timestamp": "2018-03-10T03:43:48",
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    {
      "parent_author": "",
      "parent_permlink": "binance",
      "author": "gradwohl",
      "permlink": "quiz-what-the-true-value-of-the-binance-token",
      "title": "Quiz: What is the true value of the Binance token? $2 and falling",
      "body": "![](https://steemitimages.com/DQmfGK5VvbzHY75Vf7Tv6mnM4s2cujTScAqhZ7Yrz454rgh/image.png)\n\nI am making some numbers up regarding number of users, daily transactions per user, average transaction size. Don't get hand up on the numbers they do not matter but to illustrate a point which is the quiz at the end.\n\nActive users: 5,000,000\nnumber of user transactions per day: 2\nAverage transaction size: $2,000\n\nTotal daily volume = 5,000,000 x 2 x 2,000 = $20,000,000,000\n\nBecause you have the Binance coin you pay .05% commission on trades (1/2 of what you would pay otherwise) . \n\nTotal daily commission = $20,000,000,000 x .05% = $10,000,000\n\nYou pay those commissions with the Binance tokens in your account.  At the current market rate of $8 per token, Binance collects about 1,250,000 BNB tokens a day.\n\nAssume they don't sell right back and a 100,000,000 token supply. They would own all the tokens in circulation in about 80 days (100,000,000/ 1,250,000).\n\nAt the 80th day assume that got all the tokens back and take is out of circulation. The one token left is the one you own!\n\nThe value of your coin is?\n\nA) $800,000,000 (current valuation)\nB)$ 10,000,000,000 (Because now your coin is very scarce)\nC) $8 ( A coin, is a coin, is a coin )\nD) $2 ( You get a 50% discount on your commission, so it's worth double what a dollar would be in the platform. This is the only true financial value I could find and justify, it's kind like a coupon, the easiest math in all of crypto.)\nE) $0, zilch, zero, nada. (Because it the discount phases out in 5 years and many more tokens than people have use for, well...)\n\n\nthe answer is D, at least until next year when the discount goes down to only 25% all the way down to zero in 5 years. At the end of the day the maximum amount you should pay for anything is it's maximum value it can provide to you. For Binance they make the rules really easy, the Price is now $2 and will go down every year.\n\nBinance does not need a coin to give you a cash back, a refund, or a discount. For once they can could do it in Ether, Bitcoin, NEO, a platform token of their choice or wait for it...FIAT curreny. Second, if there was any value to tokenizing a cash back discount every bank, credit card issuer and financial institution would have done it. Why don't they do it?  because it is horrible for the customer. \n\nFirst of all it adds a layer of complexity:\nI get cash back on my bank, the give me the choice of points to spend on products or actual dollars. I don't have to buy a token to get it, and I don't want one, if they made me get one, I would go to another bank. Why would I buy a token and have exchange rate risk just to get cash back? Do it based on volume of transaction or my account balance. Point is, the token adds no value to the user experience, and Binance could provide a similar discount in many other ways.\n\nSecond: the token is just a method of payment, it has no intrinsic value. The only value is that it gives you a discount ( So you can maybe justify a $2 price, just like a coupon has a maximum value equal to your savings). But, as stated above, a token is not necessary for that purpose and adds no value to the process. Worse yet, the value is minimized because of the exchange risk (Value of the Binance token in your account fluctuates so that discount that you were going to get because you own BNB can go Puff!)\n\nThird: The discount program phases out in 5 years, so there is a decreased utility on the token. Now,  I am sure they will replace it with some perks, but that still has no intrinsic value. \n\nFourth: the highest the price of the token the less people will use it for it's intended purpose and will hold for speculation. meaning is a purely speculative asset.\n\nFifth: This goes to most utility tokens issued by for profit companies. Ownership of the token gives you no rights or claims to the company profits, it is not like owning shares of a stock. It has no financial value.\n\nSixth: You do not need the token to use the platform.\n\nAlso please don't tell me that the Dollar also don't have any value, that is just backed by the full faith and credit of the United States, as if the value of the dollar was not determined by the real economic output of the United States measured in terms of GDP, trade balances, interest rate, productivity and a number or real measures compared to the other global currencies. A Binance coin is not backed by the companies profits or any financial measure. It's a smart marketing ploy based on a tokenized cash back program with an expiration date.\n\nNow replace the name Binance and put most of the non-platform tokens here. mostly the new ICO's from for profit companies issued in the last 6 months and tell me where the value is in owning any of them.\n\nIf you disagree I would love to hear how you value Binance or another coin in a way that creates true financial value for an investor.\n\n\nJust for fun here is the disclaimer of the Bloom token ICO ( and with Bloom you at least need the token to use the services):\n\n\"Ownership of BLT carries no rights, whether express or implied, other than a limited potential future right or expectation to use and interact with the Bloom platform as may be made available from time to time, if and to the extent the Bloom platform is successfully developed and deployed. Any potential future right or expectation relating to the provision and receipt of services on the Bloom platform shall be subject to any restrictions and limitations set out in the T&Cs and any Bloom platform terms (as applicable). \n\nYou acknowledge and accept that BLT do not represent or constitute:\na) any ownership right or stake, share, equity, security, commodity, bond, debt instrument or any other financial instrument or investment carrying equivalent rights;\nb) any right to receive future revenues, shares or any other form of participation or governance right from, in or relating to Company, and/or the Bloom Platform ;\nc) any form of money or legal tender in any jurisdiction, nor do they constitute any representation of money (including electronic money); or\nd) the provision of any goods and/or services as at the date that these T&Cs form a binding agreement between the Parties. \"\n\nNot every token is a blockchain project, not every token can be Bitcoin and seen as a store of value, not every token is needed or even preferable for running a project. \n\nICO's are a cheap (free)  way to finance a project and because of that everyone that can do one will do one until there is regulation in this market. See my last post about that here: https://steemit.com/ico/@gradwohl/this-is-why-ico-s-are-destroying-the-crypto-space-and-slowing-the-progress-of-real-blockchain-technology\n\n\nPlease share the post if you can, we need to have a debate and a informed community!",
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