January 28, 2026

Capitalizations Index – B ∞/21M

Binance Restarts Services Pushing BNB Price to 2019 All-Time High

Binance restarts services pushing bnb price to 2019 all-time high

Binance Restarts Services Pushing BNB Price to 2019 All-Time High

Photo: binance / twitter

Photo: Binance / Twitter

Binance has announced their coming back to online. Users again can place new orders, deposit crypto assets and make transactions with cryptocurrencies. The only one limitation touches on withdrawals, but the CEO of the company Changpeng Zhao (CZ) assured that it “will be available shortly after trading resumes”.

Just for reminder, one of the largest and most popular cryptocurrency exchanges Binance suspended their online services in order to improve their security. This upgrade period started off at 03:00 UTC on Wednesday and finished today with a two-hour delay as some problems took “longer than expected”.

The reason for this unplanned security strengthening takes roots from the hacker attack Binance suffered last week. According to estimations, the largest exchange lost 7000 BTC tokens from its platforms worth $40 million. However, Binance then assured that the hack impacted only hot wallets, which account for about 2% of the exchange’s entire bitcoin (BTC) holdings.

It is worth mentioning that users didn’t suffer any losses from this attack as Binance covered everything with their funds.

After making a review of the platform’s security, CZ stated that the significant changes in Binance work will be devoted to application programming interface (API), two-factor authentication (2FA) and withdrawal validation. They are also working on the upgrade of risk management and know-your-customer procedures. However, the company doesn’t give out all the details due to security concerns.

Binance Coin (BNB) Price Spikes

Despite the recent attack, it’s interesting to notice that the native token of Binance – Binance Coin (BNB) just improves its positions on the market. As per the time of writing, its price is up by almost 15% making $27,07 USD per coin.

According to the experts, Binance Coin is going to climb even higher. The cryptocurrency exchange underlined that “a large number of advanced security features will be added and/or completely re-architected”. This is going to influence the positions of BNB and bring more confidence to its owners.

The Crypto Dog, the famous twitter crypto analyst, reacted positively on the BNB growth:

“I think $BNB is going to enter price discovery (new all time highs) in the next 24 hours.”

Meanwhile, some analysts explain, that Binance Coin price is climbing higher partially because it was frozen over the previous week, and now investors are ready to purchase BNB with the gains over other altcoins.

Binance VIP User Promotion and 50,000 BNB Giveaway

Today Binance exchange officially stated they’re coming back to normal work and expressed their gratitude for the Binance community’s support, announcing the new promotion and fairly generous giveaway.

Giveaway will be taking place from 15 to 18 of May. Any user owning 1 Bitcoin (BTC) or more will be able to take part in the event and have a chance to split the pool of 50,000 BNB coins.

All VIP users will have an opportunity to climb one VIP level up during the promotion period (from 15 until 22 of May).

Published at Wed, 15 May 2019 16:32:15 +0000

Previous Article

Bitcoin Cash’s Scheduled Hard Fork Tripped Up By Software Bug

Next Article

Testing blockchain applications: not just for testers

You might be interested in …

Op Ed: User Activated Soft Forks and the Intolerant Minority

Op Ed: User Activated Soft Forks and the Intolerant Minority

It does not take a majority to prevail … but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.
Samuel Adams

In The Most Intolerant Wins: The Dictatorship of the Small Minority, Nassim Nicholas Taleb describes how a strong enough minority with more strict preferences can end up with the majority following their preferences. He speaks of many examples  —  food preparation standards, languages and taboos.

This principle can also extend to bitcoin and the concept of soft forks. By extending this principle, it can show that a soft fork that has strong support from a minority still may be enough to provide economic incentives to its enforcement, even if the majority is ambivalent.

Soft forks, by their nature, are a form of intolerance. Users who enforce a soft fork are intolerant of some types of transactions or blocks that miners can produce. They will reject those blocks that miners produce much as an Orthodox Jew will reject pork. In cases where the majority is ambivalent and the cost for producers is low to adhere to the stricter standards, then the result is producers keep everyone happy by following those stricter standards.

In bitcoin’s case, many potential soft forks fall into this category. Soft forks that do not degrade the security properties of bitcoin, that do not take away from any currently used features, do not add costs to miners, and are preferred by some, would result in profit-maximizing miners choosing to serve a wider audience by enforcing the soft fork.

Strong-Willed Minority vs. Ambivalent Majority

In the above case, if there were strong believers committed to a soft fork with stricter rules, miners face a choice  —  do they allow the chain to split or serve everyone with the new stricter rules? If they allow the chain to split, they must pick a subset of users to serve, giving them less value than if they were to serve all. This also harms the network effect, which means the sum of the two parts is now worth less than the original. Thus, as long as the minority committed to the soft fork was sufficient in size that they cannot be ignored, a profit-maximizing miner will follow them (assuming there is little to no cost of enforcement).

Strong-Willed Minority vs. Miners’ Interests

In a case where a strong-willed minority requires non-GMO, organically certified food, this may not result in the minority getting its way. The cost of production may be too high to be worth it. A theoretical soft fork that reduces the block reward by half would be a good example. A minority may feel the block reward is too high and wish that it be lowered, and only allow miners to claim 6.25 coins instead of 12.5 per block. In this case, miners would give up a significant amount of income to have to enforce it, and the loss of “business” from excluding these users may be less costly than reducing their income.

Strong-Willed Minority vs. Strong-Willed Minority

A third case is when a strong-willed majority ends up alienating another portion of the potential consumers. If a new religious sect required that all food have bacon added to it, Jews and Muslims would not tolerate this and would splinter off, even if the majority did not care either way. In this case, a split is inevitable.

In the bitcoin case, some users may wish to have all addresses logged in a government registry to ease KYC compliance. They could demand that miners only mine blocks that adhere to these standards. This type of action would be rejected by many users who would not go along with such a plan, and in fact may even take steps to block it if it was enforced. In this case, a split would be inevitable if both factions were sufficiently intolerant of the other.

The Importance of Commitment and Stubbornness

This only works if users are absolutely committed to their rules being followed. Commitment must be absolute and unwilling to change, no matter what the majority does. The most important part of the intolerant minority is to truly be intolerant! If the cause is not worth putting your neck on the line for, it will not be successful.

Some supporters of user-activated soft forks (UASFs) have stated that they intend to enforce the UASF unless it is not widely supported or followed, and then would back off. This is the surest way to guarantee failure. If you are unwilling to follow a minority chain with an economic minority, you aren’t truly an intolerant minority. You are only one with a preference.

Guidelines for User-Activated Soft Forks for Maximizing Success

  • Take away no existing useful features (do not create a hostile minority).

  • Do not add significant costs to miners (make burden for miners as low as possible).

  • Include functionality that users are willing to fork off for.

  • Ensure there is a sufficiently sized minority willing to commit.

A sufficiently sized, committed, economic minority is enough to have a successful user-activated soft fork. While Shaolinfry said that without an economic majority behind a soft fork, it should be withdrawn, I believe that statement to be too weak. The history of intolerant minorities making changes is long enough to show otherwise.

This guest post by Alphonse Pace was originally published on Medium and is reproduced here under Creative Commons license. Some rights reserved. The views expressed do not necessarily represent those of bitcoin Magazine.

The post Op Ed: User Activated Soft Forks and the Intolerant Minority appeared first on Bitcoin Magazine.