What takes place on Binance isn't the HIVE community / investors trading back and forth. It's Justin trading with those who still have their airdropped HIVE tokens locked up.
Before you crucify me, let's look at some facts shall we?
I know I know...Binance is the big name when we talk about crypto exchanges. Huge volumes compared with the competition which is usually the first thing traders / investors care for.
Who wants to buy or trade a coin with very low volume? Nobody, It would take ages before a buy or sell order is filled. And it is usually game over by then...
Things are pretty simple. You want more eyeballs on your project? Centralized / decentralized it doesn't really matter. A Binance listing will definitely help you with that. Couple that with a USDT pairing and things look...promising. People usually pay for such listings let alone when it is combined with a USDT pair. And it usually costs a lot.
But since they screwed us over when they used custodial funds to help Justin take over Steem, and later on when despite having liquefied 2 / 13 weekly payments from the power down they initiated, they still didn't allow people to have access to their Steem funds.
We have been really vocal, especially on Twitter. We've exposed them... Couple that with a ton of free listings Hive was getting every few hours and also the fact the Huobi which also used custodial funds help Justin not only was one of the first exchanges that officially "apologized" but have also hosted a 3 hour+ long AMA in an attempt to help fix things(?)
CZ saw the huge volumes HIVE was recording on Huobi...he's a business man after all. Thousands of trades...he wanted those trading fees...plus a listing would help him save face. There you...have it.
BUT...Don't fool yourselves...CZ didn't do us a favor...Instead he did one to his friend Justin...
Due to initial wallet requirements, HIVE deposits and withdrawals will open at 2020/04/29 04:00 AM (UTC)
That's the key part. Why on Earth should they enable trading when for the next 48 hours both deposits and withdrawals will be suspended?
Hence HIVE is being traded ~ 20% lower than any other exchange all day long...
You think I am overreacting eh? Just think about it. Who's gonna be benefited most out of it?
Justin Sun of course...We are aware that he's been airdropped at least 3.2 mill HIVE tokens. This number could be 2x or 3x depending on his Steem holdings the time of the snapshot.
I've also checked @ned's account. He also received ~14K Hive from the airdrop...Damn...those tokens should have been burnt if you ask me...He kept helping Justin after all throughout that mess.
I was saying? Oh yeah...about Justin's Hive holdings....
Sounds to you like a conspiracy theory? Well, have you checked STEEM's volume ever since CZ made the announcement on Twitter? No? In that case I am going to leave this here...
Laughable...really...1.43K BTC volume...Steem right? Ya know...the coin which has been cruising between 20 - 30 BTC for many months in a row...
From where I stand this is what is going on. He's offloading his HIVE coins and buys back the massive amounts of Steem offloaded by the Hive community. Simple as that...And it's a brilliant plan too...Because Hive went "beast mode" and was traded 4x - 5x higher than Steem did.
In the end he might even make a profit...sheeesh..
Oh and the reason why CZ announce that deposits and withdrawals will be suspended till the 29th? He's hoping that things will cool off when Huobi's initiative ends on the 28th and that price will return back to the "normal" levels...
There's still a way to buy cheap HIVE tho...deposit BTC and grab some...opportunity for us too ;) Good news is that in 2 hours my next power down payment arrives and I won't say no to the pumped Steem price...
Anyway, just my thoughts here people...it doesn't mean that things are exactly as I describe it...nor that it isn't ;)
Let's talk about it in the comment section below.
Have a good one..and stay safe.
Cheers.
