The Binance voting competition is one of the most retarded events in the crypto space.

The purpose and the motive seems OK at first. Project which has the best community gets to be listed free of cost by winning a vote, which otherwise costs, or is rumoured to cost, somewhere around $1 to $10m based on various factors.But what this event does is the exact opposite: It turns communities against each other and leads them into a cat fight across social media platforms.Currently there is a competition and it pits LibraCredits, NKN and Mithril amongst each other. While the vote continues, there is also a parallel disgusting smear campaign going on between these coins and their communities and developers, each blaming the other for vote rigging, some of the communities abusing the devs and founders, so on.The clear winner in this competition is none other than Binance itself. At the time of writing, there are around 1,719,930 total votes cast. Each vote requires 0.1 BNB. Thus, a total of 171993 BNB has been given back to Binance in the name of this voting competition, which amounts at current price to over $2.2mSo what is billed as a free listing in fact already net Binance over 2M USD, and that is 2 whole days before the voting closes. If previous voting rounds are any indication, there is massive brigading during the last few hours and Binance can earn probably more than $5m from the whole competition.Previous voting events have resulted in controversy as well, one of the rounds last year had Vertcoin leading the votes comfortably with hours to go, however ZCoin had a huge surge of votes during the end won the vote. At that time, the ZCoin devs had publicly announced a monetary reward, paid in ZCoin to everyone who votes. Vertcoin community, of course angered by this complained to Binance who promised to disqualify cheating; however no such action was taken and ZCoin was listed on Binance.In the current vote as well, Binance has claimed it will investigate cheating; however it is hardly of any worry to Binance when they keep earning for each vote while the communities engage in a smear campaign to tarnish each other's image.Such a competition does nothing for crypto itself, apart from promote a herd like mentality that crypto is already well known for.

Submitted July 30, 2018 at 12:47AM