Altcoin Explorer: BitTorrent Token (BTT)

BitTorrent is a brand that was well known before Satoshi Nakamoto even released his whitepaper for Bitcoin. It served as the most used P2P software …
Reading Time: 3minutesbyAshwath BalakrishnanonAugust 29, 2019&nbspAltcoin Explorer, Altcoins

BitTorrent, the first Binance Launchpad IEO, was issued to power the BitTorrent Speed network with a variety of use cases for the token listed in the whitepaper and subsequent analyses. But as pointed out by eminent crypto VC, Barry Dilbert, most utility tokens act as friction tokens that slow down efficiency and offer no real utility. In this run down, BTCManager covers the merits and demerits of the BitTorrent project.

First Major P2P File Sharing Client

BitTorrent is a brand that was well known before Satoshi Nakamoto even released his whitepaper for Bitcoin. It served as the most used P2P software and thrived due to its economic model of ‘give and receive’.

In 2018, TRON bought BitTorrent and announced their plan to integrate it into their network. This was met by criticism from the ex-CSO of BitTorrent who claimed that the TRON blockchain cannot handle the volume of transfers from BitTorrent.

As destiny would have it, the whitepaper outlined that they will deploy an on-chain token exchange with a private ledger to process BTT transactions, as TRON cannot achieve the necessary throughput to handle it.

TRON bought a company that owned the world’s largest P2P data transfer client, one that was thriving as it was, and deployed it on a blockchain with a token to create friction that never existed.

The team argues that the point of the token is to incentivize seeders and enable users to purchase network bandwidth. What they failed to understand is that the existing game theory of BitTorrent was perfect as it was – seeders keep seeding to keep the network strong, and in return when they need to leech there are adequate seeders.

With that said, another use-case of the token comes with the unveiling of BLive, BitTorrents mobile streaming service that is akin to that of the Brave browser, wherein users can tip their favorite streamers and content creators in BTT amongst other features. Whilst this does broaden the use-case for BTT, what can be said of the performance of the token on the market?

Tokenomics of BitTorrent

TRON’s plan of integrating a new incentive layer on BitTorrent can be seen as ambitious, and their intent is definitely positive. But the economics of BTT issuance renders it an asset nobody would want to hold – so what’s the point of even having the token?

BitTorrent is best compared to ERC20 tokens as they are both meant to be utility tokens built on top of a base blockchain.

Most ERC-20s like Golem (GNT), Basic Attention Token (BAT), and OmiseGo (OMG) have issued the entirety of their supply and have nil inflation. Others like ChainLink (LINK) and 0x have not and have issued 93 percent and 65 percent of their supply respectively.

BTT has issued 40 percent of its supply, with a reported supply of 212 billion tokens and a hard cap at 990 billion. The inflation rate on BTT is a mind-numbing 70.98 percent as per Messari data.

Essentially, investing in BitTorrent now means that by the time total supply has been issued, your position has been diluted to more than half of what it is today. Of the 588 cryptocurrencies and tokens for which Messari has data, BTT is at number 7 in terms of highest inflation rate.

The team and TRON Foundation will hold nearly 40 percent of supply. The public sale accounts for just 15 percent of total supply. If the Foundation and investors dump their tokens in the market to realize their returns, the minority are doomed.

Nobody in their right senses would invest with such high inflation; add the token dilution and low market float to the mix and you have an economic disaster on your hands.

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BitTorrent Price Changed by 3.16 percent

At the same time BitTorrent BTT/USD on Bitfinex exchange is 0.00. The trading volume on Bitfinex is 3431.51. BitTorrent BTT/KRW on Bithumb …

As at 2019-08-22 average BitTorrent price is 0.00062607 USD, 0.00000006 BTC, 0.00000322 ETH.

It’s noteworthy that is issued into circulation BitTorrent.

BitTorrent average change within 24 hour is 3.16 against USD, 0 against BTC, -0.92 against ETH. Weekly report: -0.02 against USD, 0 against BTC, -3.46 against ETH. Monthly report: -30.91 against USD, -33.33 against BTC, -21.54 against ETH.

BitTorrent BTT/IDR on Indodax exchange is 0.00. The trading volume on Indodax is 11338.27.

At the same time BitTorrent BTT/USD on Bitfinex exchange is 0.00. The trading volume on Bitfinex is 3431.51.

BitTorrent BTT/KRW on Bithumb exchange is 0.00. The trading volume on Bithumb is 39396.00.

BitTorrent BTT/BTC on CoinExchange.io exchange is 0.00. The trading volume on CoinExchange.io is 40.42.

BitTorrent BTT/KRW on Coinone exchange is 0.00. The trading volume on Coinone is 20024.00.

In this regard, 24 hour trading volume is 26855191.16679200 USD or 2573.69219098 BTC. At the same time BitTorrent market capitalization is 132799777 USD or $12726 BTC.

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BitTorrent Price Changed by -1.45 percent

At the same time BitTorrent BTT/USD on Bitfinex exchange is 0.00. The trading volume on Bitfinex is 39285.00. BitTorrent BTT/KRW on Bithumb …

As at 2019-08-12 average BitTorrent price is 0.00069210 USD, 0.00000006 BTC, 0.00000326 ETH.

It’s noteworthy that is issued into circulation BitTorrent.

BitTorrent BTT/IDR on Indodax exchange is 0.00. The trading volume on Indodax is 28692.00.

At the same time BitTorrent BTT/USD on Bitfinex exchange is 0.00. The trading volume on Bitfinex is 39285.00.

BitTorrent BTT/KRW on Bithumb exchange is 0.00. The trading volume on Bithumb is 62399.00.

BitTorrent BTT/ETH on CoinExchange.io exchange is 0.00. The trading volume on CoinExchange.io is 4.77.

BitTorrent BTT/KRW on Coinone exchange is 0.00. The trading volume on Coinone is 16903.67.

BitTorrent average change within 24 hour is -1.45 against USD, 0 against BTC, 0.24 against ETH. Weekly report: -10.21 against USD, -14.29 against BTC, -1.76 against ETH. Monthly report: -39.72 against USD, -40 against BTC, -24.09 against ETH.

In this regard, 24 hour trading volume is 26116217.95804300 USD or 2264.08478180 BTC. At the same time BitTorrent market capitalization is 146805829 USD or $12726 BTC.

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There is No Place for Binance IEOs on Binance US Yet

(Meanwhile, competing major American exchange Coinbase is considering the addition of new assets, including Harmony and Matic, both of which …
There is No Place for Binance IEOs on Binance US Yet 101
Source: Instagram, Binance

While Binance US, the American branch of major cryptocurrency exchange Binance, included four stablecoins among its 30 potential candidates to be listed on this upcoming platform, no Binance IEOs (initial exchange offerings) are on the list.

Hyped projects such as BitTorrent (47th by market capitalization), Fetch.AI (207), Celer (180) and Matic Network (127), that raised capital on the Binance Launchpad platform, have been left outside of the list alongside with many other coins, including Tron (13th by market capitalization).

(Meanwhile, competing major American exchange Coinbase is considering the addition of new assets, including Harmony and Matic, both of which offered tokens to the public via the Binance Launchpad.)

Binance US said that among other things (unspecified), they examined five areas of each candidate asset:

  1. “Whether trading the candidate asset will affect Binance U.S.’s ability to comply with applicable legal requirements, including, without limitation, U.S. AML/CFT and securities laws and their implementing regulations;
  2. Whether the candidate asset’s core team has a clear strategy to solve a real problem and make the world a more efficient place;
  3. Whether the candidate asset’s community has a record of reaching compromises and consensuses to move the project forward, and how well the asset’s core team interacts with the asset’s community members;
  4. Whether the candidate asset’s market supply and demand are reasonably fair and likely to meet Binance US’s quantitative standards; and
  5. Whether the candidate asset is technologically secure to transact and/or realistic to build.”

Meanwhile, many concerned Tron holders have voiced their frustration publicly, stressing that Tron needs a trading venue where U.S. citizens are allowed to participate, and that this must happen very soon.

1xBit

Justin Sun, founder of Tron and CEO of Bittorrent, responded to these concerns without promising anything more specific that this: “We should have more U.S. based exchanges for sure. Let me work on that. We promise within 2019 the community will see huge progress on that.”

Binance’s own token, Binance Coin (BNB), is also among the assets currently being explored for listing. Binance CEO Changpeng Zhao earlier said that they “don’t know” if BNB will be listed in the U.S.

Meanwhile, experts have recently argued that the BNB token is likely to become problematic for Binance as it establishes itself in America, because “it is both a security and a utility token and as such passes the Howey test for being a security irrespective of its utility properties.”

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However, it’s still not clear, when the final list of the coins available on Binance US will be revealed. The new platform is estimated to be launched in the coming months. In either case, current American users of Binance.com, the main trading platform of Binance, will not be able to use this platform starting September 12.

Binance US, which is operated by the U.S.-registered company BAM Trading Services, was not available for immediate comment.

In an update from the Binance US CEO Catherine Coley, the exchange revealed that it is considering to list these 30 crypto assets:

There is No Place for Binance IEOs on Binance US Yet 102
Source: coinpaprika.com, Binance US, 13:30 UTC

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BitTorrent Price Changed by -2.94 percent

At the same time BitTorrent BTT/USD on Bitfinex exchange is 0.00. The trading volume on Bitfinex is 5531.52. BitTorrent BTT/KRW on Bithumb …

As at 2019-07-29 average BitTorrent price is 0.00078106 USD, 0.00000008 BTC, 0.00000371 ETH.

In this regard, 24 hour trading volume is 23603135.82793400 USD or 2417.54905671 BTC. At the same time BitTorrent market capitalization is 165675713 USD or $16969 BTC.

BitTorrent average change within 24 hour is -2.94 against USD, 0 against BTC, -3.88 against ETH. Weekly report: -21.8 against USD, -20 against BTC, -19.08 against ETH. Monthly report: -42.21 against USD, -27.27 against BTC, -14.03 against ETH.

BitTorrent BTT/IDR on Indodax (Bitcoin Indonesia) exchange is 0.00. The trading volume on Indodax (Bitcoin Indonesia) is 13308.16.

At the same time BitTorrent BTT/USD on Bitfinex exchange is 0.00. The trading volume on Bitfinex is 5531.52.

BitTorrent BTT/KRW on Bithumb exchange is 0.00. The trading volume on Bithumb is 114411.00.

BitTorrent BTT/KRW on Coinone exchange is 0.00. The trading volume on Coinone is 50623.00.

BitTorrent BTT/USDT on Huobi Global exchange is 0.00. The trading volume on Huobi Global is 753603.00.

It’s noteworthy that is issued into circulation BitTorrent.

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