False promises of Binance
In the white paper and Announcement thread binance clearly mentioned they will "Buyback and burn" binance coins every quarter with the 20% of profits generated by them
What i know of buyback is that, head over to the market and use that 20% profit to buy coins.
But instead, they burned coins which wasn't even in the circulation ?
What i know is that 50% (100M) is distributed to ICO participants, 40% to founding team and 10% to angel investors. Instead of buying back the coins they burned their own holdings and took those money which was supposed to be locked for a certain period of time.
They still have the money which should have been used to buy back but they tricked us by burning the coins which was supposed to be locked.
I don't see this as Fair. They were not supposed to use those coins for that period of time.
From what I have found they are burning coins that either are collected from fees or bough at market rate. They are not as you say " burning coins which was supposed to be locked"
https://www.reddit.com/r/binance/comments/6w1xcm/binance_bnb_coin_value_analysis/dm6eibp/?utm_content=permalink&utm_medium=front&utm_source=reddit&utm_name=binancehttps://www.reddit.com/r/binance/comments/76k9oa/binance_1_million_coin_burn_speculation/Why are so many people not understand about the buyback and burn? The binance just try to use its profit that already generated from the every transaction that has made on the binance exchange site to buy back and burn the token. This was a simple step and them don't even understand about that.