Binance Launchpad: BitTorrent Token (BTT) Sold out within 18 Minutes
Binance Launchpad, the exclusive token launch platform of Binance cryptocurrency exchange, has revealed that the token sale event of BitTorrent (BTT), a peer-to-peer file-sharing platform was hugely successful as the entire 59.4 billion BTT sold out within just 18 minutes, according to a blog post on January 28, 2019.
Astronomical Demand
Binance Launchpad, the dedicated token launch platform of the world’s number one cryptocurrency exchange announced the successful conclusion of the sale of Tron’s BitTorrent tokens (BTT). As in the blog post, the depressing market conditions barely had any effect on the token sale event as nearly were sold within just 18 minutes.
Reportedly, the event was divided into two simultaneous sessions: One for those interested in purchasing BTT with Binance native altcoin BNB, whilst the other was for those investing in BitTorrent using TRON (TRX).
The team claim there was a total of 23.76 billion BTT, priced at 0.00001824 BNB per BTT in the BNB session (1 BNB could buy 54,824.56 BTT) and all of them got purchased within 13 minutes and 25 seconds while the entire 35.64 billion BTT, priced at 0.00447261 (1 TRX could buy 223.58 BTT) available to TRON (TRX) hodlers sold out within 14 minutes and 41 seconds.
The minimum and maximum amount each participant could purchase was pegged at 100,000 BTT and 166,666,666 BTT respectively.
Mixed Reaction
Interestingly, Binance CEO Changpeng Zhao, also known as CZ, has hinted via Twitter that the entire event would have been concluded within 18 seconds had it been the Binance Launchpad site did not experience a minor glitch. He Tweeted:
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
— CZ Binance (@cz_binance)
However, many people seemed unimpressed with the entire event, and some did not hesitate to fire shots at CZ via Twitter.
How come then only 300-400 odd contributors participated, if the demand was astronomical
— sourcex (@sourcex44)
As by BTCManager in June 2018, the TRON distributed ledger technology project acquired BitTorrent for an undisclosed amount at the time; however, it was later that the deal was worth more than $120 million.
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Recently, many countries and cities have published new laws and legislations to regulate bitcoin. Does this help contribute to mainstream adoption, or is it merely a hindrance to it?
Regulation Slowing Adoption
New York was the first state in the USA to tighten regulation on bitcoin and other virtual currencies, via its BitLicense. This is issued by the New York State Department of Financial Services, and it regulates businesses which work with virtual currency.
The implementation of this law caused some bitcoin companies to cease operations in the state, while some others decided to go through the regulatory process to operate legally. However, to date, only 3 BitLicenses have been granted. Circle, Ripple and Coinbase are the only companies with the right to operate, and they must collect information on New York residents and report it back to the NYSDFS.
Other companies, like BitFinex and Kraken, decided to cease operations in the area and ban New York residents from using their services. They deemed the BitLicense to be too complicated to work with, and simply moving out of the area was the simplest option.
In other countries like China, regulation has been a bit harsher. Major exchanges were forced to introduce fees, freeze withdrawals and disable margin trading to comply with new regulation from the People’s Bank of China. Zhou Xuedong, director of the PBoC’s Business Administration unit, stated:
“There is a significant risk, one is the risk of customer funds security, the second is the risk of money laundering, the third is the risk of leveraged transactions.”
Ways Around Regulation
However, the bitcoin community has developed solutions to avoid regulation. Decentralized, peer-to-peer marketplaces exist, where users can spend and obtain bitcoins without adhering to any official regulation since the platform isn’t run by a third party.
is a decentralized bitcoin exchange, where users can buy and sell bitcoins without proving their identity. employs a similar concept and allows users to set up stores to sell their products.
There are also other platforms that aim to promote decentralisation. For example, provides a free, detailed bitcoin invoice services for freelancers and businesses, as an alternative to Coinbase or BitPay. This means that again, users can enjoy the same services without having to go through long verification processes.
Regulation Fueling Adoption
Contrary to popular belief, regulation doesn’t necessarily have to slow down adoption. In some cases, regulation could help bring cryptocurrency technology to the masses; an excellent example of this is .
Humaniq is a new platform which aims to bring mobile banking services to those who reside in emerging economies. The platform is powered by blockchain technology, but they aim to be compliant with KYC/AML laws in the countries they will operate in.
However, users no longer have to go through a complicated verification process. Instead, the users’ identity can be verified by simply having them take a photo of themselves or by reading a short piece of text.
This could mean a significant step forward for blockchain technology. Users would be able to access all of its advantages without too much trouble, which is very important for those who live in emerging economies.
Nonetheless, any person can use Humaniq; their ICO (Initial Coin Offering) begins today, April 6th, which is a great chance to contribute to the project if you haven’t yet already done so.
[Disclaimer: This is a sponsored article. Publication does not constitute an endorsement and should not be considered as investment advice. Bitcoinist is not responsible for any outcome that may result from investing in this ICO.]
Do you think that cryptocurrency businesses should be regulated? If so, why? Let us know your thoughts below!
Images courtesy of Blockonomics.co, BitSquare, Humaniq, NewsBTC, CoinFox and The Houston Free Thinkers.
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