Binance community vote is plagued by manipulation.
The holy grail of Crypto; Binance exchange listing.
Looks like most of the development teams, hungry for a Binance cryptocurrency exchange listing, have resorted to vote manipulation. Binance vote pits coins in a gladiator style , winner takes all, rumble to win the vote and the contenders feel they need an edge to win.
Everyone is cheating!
Yet in the world of block chain, manipulation is easy to spot and with some detective work by The Crypto Guy , Juli Fernandez and Marque Roberts it came to light that the Libra Credit $LBA, Mithril $MITH and NKN $NKN projects might be involved in vote manipulation.
The ironic part is the last winner of the Binance voter competition, PundiX $NPXS quickly dropped in value like a rock soon after being officially listed.
Bad decisions and consequences
The whole concept of a community vote is not healthy as it creates tension between the communities and encourages tribalism. CEO CZ was not too happy and made a strict tweet that he is going to do something about this.
Binance reserves all rights to change the rules of this event without notification, including the revoking of results or disqualifying candidates who are confirmed to have engaged in vote manipulation. This includes but is not limited to any form of financial or monetary incentives, airdrops or competition rewards offered that will influence user votes.
-Voting time: 2018-07-24 21:00:00 - 2018-07-29 17:00:00.
Each vote given to a candidate will be multiplied by the voter’s Multiplier.
Every 1 full BNB held in a user’s account at the time of the snapshot (2018/07/30 0:00 AM UTC) determines the Multiplier of their vote, up to a maximum Multiplier of 500.
For example, at the time of snapshot, a user having 3.9 BNB in their balance will have a Multiplier of 3. A user holding 1000 BNB will have a Multiplier of 500.