Perhaps it was the right thing for Binance to delist those tokens, but they did two things wrong:They force sold them with 3 days notice just after the massive flash crash. Prices have more than tripled since then.They didn't educate the users about them properlyGiving people only 3 days to withdraw those tokens was unreasonable. It doesn't take into account factors such as illness. In addition the timing was terrible. The market had just crashed and those tokens lost huge amounts of value. It is very unlikely that they will ever get back to their original prices because these tokens lose value as time goes on. However you must allow the traders to make that decision and not force sell them if they don't withdraw in 3 days.As it happens after that sell date the price of the BULL token went from around $1,300 to around $4,400. And it may still go up in the next few days and weeks. ETHBULL went from $79 to $268.Traders should have been allowed to make back some of what they lost.Secondly Binance did an appalling job explaining how these tokens work. Simply telling people that they are 3x and -3x the spot price and then adding that they are risky isn't enough. They should have told people that the price will degrade over time and that they were not designed to be held but were for short term trades. They should have especially warned people about how these tokens could lose massive amounts if the price moved sharply.
Submitted May 09, 2020 at 11:52PM
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