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Why I’m Waiting for the Moto 360 (and You Should, Too)
At the Google I/O conference this week, the search company showed off Android Wear, the latest Android iteration and the technology that it hopes, will carry it to the top of the wearable marketplace. To help it get the platform there, Google has enlisted the help of three companies – Samsung, Motorola, and LG. All three of the firms have built hardware, but two of the companies – LG and Samsung – are actually offering their products right now.
The LG G Watch and Samsung’s Gear Live are available to order now for $229 and $199, respectively. More importantly, the devices will ship in early July, which makes them perfect fodder for us early adopters who can’t wait to get our hands on the latest and greatest technologies. And if one were to believe Google, the LG G Watch and Samsung Gear Live are just those technologies.
But as an avid early adopter who needs to get his hands on every last thing that tech companies hand out, I’m here to say that I’m holding off on this one. While I’m still not sure whether smartwatches really are the way to go, I’m willing to try them out. And at around $200, they’re affordable enough, given their slate of features. But I just don’t see why I’d buy a watch like the LG G Watch or Samsung’s Gear Live when the Moto 360 is right around the corner.
For those who don’t follow the smartwatch industry too closely, the Moto 360 presents a unique opportunity for buyers by ditching the traditional square screen design in smartwatches for a round display.
The Moto 360, which is coming to store shelves later this year, will deliver all the same functionality that one would find in the LG G Watch or Gear Live, but it adds a level of refinement to its design that we don’t see elsewhere. The device just looks, well, cool. And it’s high time that a company finally looks beyond the norm and tries something that we haven’t expected. Motorola, not LG or Samsung, is that company.
Of course, with all of that refinement – both from a software and hardware perspective – comes a price that will likely make us take a few steps back. But I really don’t care. If I wanted a device that has a square display and the same software experience and just about everything else on the market, I’d go with one of the products I can order now. If I want to try something that’s truly unique, however, I need to go with the Moto 360.
That, in and of itself, is what makes us early adopters. We don’t have the time (nor the funds) to buy every product, but if something is truly special, we’ll be first in line to pick it up. That’s why we jumped at buying the iPhone in 2007 and why we want to see what the Google Glass experience is like. It’s also why many of us will nix plans to buy the latest Android Wear devices and wait for that something special to come along that justifies our time and spending. And that device is the Moto 360.
I’ll admit the thing the Moto 360 has going for it is its round screen, but for me, at least, that’s enough to make me get in line when it hits store shelves.
How about you?
You're reading Why I’M Waiting For The Moto 360 (And You Should, Too)
Like millions of people around the world, I am an Android fanboy. Recently I though about sharing some of my aspects which I don’t like about Android. Eventhough being Android has gotten better over the years but there are still many things I dont like about it. To put it bluntly, I hate Android, at least some of its features. I have used Linux for a few years since Ubuntu Gutsy Gibbon and fell in love with the open source movement. Ive come to realize that all the hype about being open and portraying Apple and RIM as the evil closed platform was all a deception. . Theres a list(I love lists). Lets go through them. I hate some of the UI. Customization is nice but it allows for more things to break. These include themes and design. At first, the UI was cool and beautiful. I felt like I had a computer in my hands, literally. Icons were nice to touch and scrolling was smooth(at first). After using it for a while, I started to experience the pains of using the touch screen. Mistypes, and mistaps were frequent. The Android experience varied depending on manufacturer. All the different flavors of Android pushed by their respective hardware developers all look different. OneUI, TouchWiz, and MotoBlur are all different. OneUI is probably the best(IMO) out of all these. TouchWiz makes me feel like Im using an iPhone and MotoBlur is a mess with all their social networking widgets. These skins load on top of Android making it slower than its vanilla stock core. When I get my phone, I hate all the bloatware that comes with it. All carriers seem to do it. They push Vcast, SprintTV and other bloatware that I dont want. The Chinese manufacturers Xiaomi,Oppo,Vivo are the notorious ones feeding bloatware just to compnsate for the cheap price they offer in some countries. Not only that, but I hate that I cant delete them. I hate knowing that they are on my phone and the only way for me to get rid of them is by rooting my phone. Why do I have to jump through hoops just to get rid of this crapware? Im not scared of rooting my phone. In fact, Ive done so and install a few custom ROMs but there is always a risk of bricking your phone and leaving it useless. Average users dont want to risk the warranty by rooting their phone. Not only are there crapware on the phone, but there is/was malware on the Market. I hate Andoid memory management, being an old Symbian OS user.Symbian was the most efficient Mobile Os in memory management, followed by iOS. My old Nokia 808 Pureview had just 512MB RAM which was handling the Mammoth Camera, the 41MP beast with Xenon flash. I know that comparing a Symbian Phone with very limited apps and strict developer requirements with Android which has an ocean of apps and simpler developer standards is not fair. But are these crazy RAM of 12GB,16GB etc etc in many high end Android Phones really necessary? Or are they worth the performance they offer compared to iOs? Expanding from the 1st and the 3rd reasons, I hate Androids software fragmentation. I hate that Motorola’s flavor is different from Samsung’s. I hate that the buttons are different in all manufacturer, and even sometimes, within the same manufacturers. And I hate that I cant install certain apps because I my phone doesnt have the latest and greatest version of Android. Notoriously all my Samsung Phones from Galaxy S3 to Galaxy S9 Plus started showing sluggishness after 1 year of usage. The problem being whenever I update an app, the hardware is not able to cope with newest software. Android isВ recognized as the open platform and that unadulterated Android experience does not come standard. It only comes standard on Googles Nexus phones and Selected flagship phones from other manufacturers. But most people dont own these flagship devices. Most people get their Droids from their carriers. Not only are these phones locked down with carrier bloatware but they are also locked down from performing specific tasks. People have gotten around this issue by a process called rooting. This grants the user superuser status allowing him to do anything he wishes with the phone. The Nexus phones are relatively easy to root but carrier phones are harder. Android phones are great if you want the phone to be your hobby, if you dont mind tinkering with the device, rooting it, or if youre just a techno buff.
A balance gives insights into a company and its operations. It reveals a company’s liabilities, assets, and owners’ equity net worth.
A balance sheet gives interested parties an idea of the company’s financial position in order to allow them to make informed financial decisions.
The primary reason for business is to make profits. The balance sheet indicates whether the business is making losses or profits for directors to determine future steps to take. The balance sheet acts as a decision-making tool.
A balance sheet offers a way to look inside your business and outline what it is really worth. A balance sheet is different from a measure of profit and loss. It’s a list of assets and liabilities. Any good balance sheet includes some basics:
What the business owns (real estate, vehicles, office equipment, etc.)
The revenue you expect to take in (accounts receivable)
Expenses you expect to pay out (accounts payable)
Getting into the details can be daunting for many people, who when they start a business might be doing it as a hobby that makes money. That can be a mistake.
If you want to claim tax deductions, for instance, it’s important to note how fast and by how much your assets are depreciating (losing value with age). Balance sheets also include the costs of labor, which is also important for tax calculations. Keeping records of all these is essential.
Also, if you ever want to sell the business, you have to be able to say what the real value of the asset is – and that often has little to do with its potential, however good it is.
The Small Business Administration has a sample balance sheet; it shows some basic things anyone starting out should have on it. But the statement of assets and liabilities will differ, sometimes widely, for different businesses, and some of it falls under state or federal laws.
Bill Brigham, director at the New York State Small Business Development Center in Albany, New York, notes a big mistake people make is trying to do it themselves even as their business grows. While commercial accounting software such as Quicken is fine, it’s a good idea to go to a professional accountant the first time you set a balance sheet up.
“It will save you money down the road,” Brigham says.
The cost of hiring an accountant for a one-time job is a few hundred dollars; the cost of paying fines to the IRS, or the potential lost money in tax breaks is often much more.
Brigham also notes a balance sheet is a good reality check. “Everybody thinks their business is worth more than it really is,” he said. If you are planning to sell your business or incorporate it, the total worth is vital information. If you’re applying for a small business loan, it helps to have something to show the bank that you’ve done your homework.
Drew Gerber started three businesses of his own, and now runs a Georgia firm that helps small businesses market themselves. Gerber says a common pitfall of many entrepreneurs is to try and do everything themselves. Delegating balance sheet creation to a professional (or a friend who is an accountant) avoids that problem. In addition, a balance sheet tells you if your business is really profitable to your household or not. He notes that oftentimes business owners just guess at profitability, without really calculating the carrying costs of many assets.
Real estate, for example, has to appreciate faster than both inflation and the interest cost of the loan in order to turn a profit. If your business owns a piece of property and that price appreciation doesn’t happen, that asset is actually worth less.
A vehicle loses value every year, and that can count against the total worth of an enterprise because maintenance costs go up, not down, over time. But depreciation isn’t all bad. It can add up to big tax deductions in some cases, but unless you know how much, you can’t claim those breaks.
[Related: Small Business Accounting Software Options and Features]What to include on a balance sheet
A balance is divided into two parts: a company’s assets and liabilities and the shareholders’ equity. The assets or means to operate balance against companies’ financial obligations, equity investments, and retained earnings.Assets
There are two types of assets: current assets and noncurrent assets. Noncurrent assets refer to assets that cannot be liquidated within a year. These assets have a longer life span as compared to current assets. They refer to tangible assets such as machinery, computers, the building your business operates in, and the land. Noncurrent assets can also be intangible assets such as patents, goodwill, and copyrights. These assets are not physical in nature, but they can determine whether a market makes it or not.Liabilities
These are the financial obligations that a company owes other entities. They are categorized into two, current and long-term liabilities. Long-term liabilities refer to long-term debts and nondebt financial obligations due after a period of more than one year.
Current liabilities must be paid within one year. They include short-term borrowing, such as account payables or monthly interest payable on loans.Shareholders’ equity
Shareholders equity is the initial amount of money invested in a business. Where retained earnings are transferred from the income statement, into the balance sheet, they form the company’s net worth.
[Related Read: Best Accounting Software for Small Business]How to create a balance sheet
Use the following accounting equation to make a balance sheet:
Assets = Liabilities + Owners’ equity
Ensure that the value of total assets is equal to the total of liabilities and owners’ equity. The asset account should have all the goods and resources that a company owns, while equity represents all the contributions by the owners of the company and past earnings. Most assets of companies are financed through borrowing.Choose the date for the balance sheet.
It is essential for an organization to determine when the financial year ends. This is different for most companies with most financial years ending between the month of March and June. Collect enough data during the year to ensure you have the right representation of the company’s position. The date should always be indicated on the balance sheet.Have a header for the balance sheet.
Always have the title balance sheet at the top of your balance sheet.Prepare the assets section.
Assets may include, account receivables, inventory and prepaid expenses, among others. List both the current and noncurrent assets.Include the liabilities and owners’ equity section.
The liabilities should be categorized into both long-term and current liabilities. Sample liabilities include pension plan obligations, interest on loans and bonds payable, among others.
Balance off the assets against liabilities and owners’ equity. These should tally.
Zoom has become such a staple in our daily life, that our Zoom name is almost the same as our identity. Zoom lets you connect with friends and family from around the world. While the app does have a paid version, its free version offers a ton of features. Recently users have noticed trouble with changing their names on Zoom. In this article, we will cover why you may have trouble changing your Zoom name and how you could fix it.
What is your Display name on Zoom?
Zoom lets you create video conferences with your friends, family, and colleagues. The apps array of features makes it one of the top ones in its category. Zoom requires you to set a first and last name on the app while creating your account. This becomes your Display name.
Your display name is basically your identity on the app. Zoom encourages users to use their real name, and not nicknames or pet names. That is because your name is displayed at every meeting that you join. Zoom lets you change your name as many times as you like. You can also change your name when in a meeting!
Related: 32 Cool Funny Zoom Backgrounds
Why can’t I change my name on Zoom?
There could be a couple of reasons as to why you cannot change your name on Zoom. As mentioned above Zoom lets you change your name as many times as you want. However, it should be noted that PC users can only change their name on the Zoom website and not on the app. Mobile users can easily change their name on the app. Some users have experienced problems relating to changing their names on Zoom. Others seem to be facing issues changing their name while in a meeting. Here are some issues and possible solutions to them.
Related: How to do Zoom backgrounds
Issue #1: Zoom name keeps reverting back on Zoom app
If you have encountered a problem where when you change your name on the mobile app, it just goes back to the previous one, this solution may help. First, make sure that you have the latest version of the app running. To do so, simply locate the app in the app store and tap ‘Update’. If you do not see the update button it means you are on the latest version already.
Related: Download All Sorta Zoom Backgrounds for Free [May 2023]
Issue #2: Display name keeps changing during the meeting
Some users have noticed that their display name changes while they are in a meeting! Sometimes you may also notice that your name changes as soon as you join the meeting. This is quite a simple solution. Hosts and Co-hosts have the power to change your name at any point. So while it may look like magic, they are actually the ones hanging your name on the list of attendees.
Hosts usually tidy up the list, especially in a formal setting, so that names like ‘John’s Android phone’, and ‘Dwight’s Nokia 3310’ don’t show up. If you notice that your name has been misspelled, you can follow this simple guide in the link below to change your name while in a meeting.
► How to Change Name on Zoom
Issue #3: Cannot change name while in a meeting
By default, Zoom lets attendees in a meeting change their own names at any point. However, some users have noticed that the option seems t be missing for them. This is because Zoom has a setting that lets Hosts choose whether they would like to allow the attendees of a meeting to be able to change their name once a meeting has started.
Related: What is Mirror My Video on Zoom, How It Works, and Should You Enable It?
If you need to change your name, you can request the host of the meeting to enable this setting by following this guide below.
Once enabled, all participants in the meeting will have the option to rename themselves. Only the host and co-hosts of the meeting will have this setting.
Issue #4: Cannot change name before a meeting
Zoom lets you change your name before each meeting you enter. By default this is the name on your account, however, you can change it before you join a meeting. However, some users have noticed that they do not receive that option when joining a meeting.
This depends on the way you join a Zoom meeting. As you probably know, you can join a meeting using a meeting link or by manually inputting the meeting ID and password. When you use a link to join a meeting on Zoom, it will automatically bypass the option to change your name and directly have you join the meeting.
If you would like to have the option to change your name before joining the meeting, then you must use the ‘Join’ button in the Zoom app.
Once you hit ‘Join’, you will get a pop up asking you your name, and the meeting ID. You can change your name for this particular meeting.
You may end up with more than one icon for the same app on your iPhone or iPad. Since iOS/iPadOS 15, you have been able to put multiple copies of the same app icon on your iPhone or iPad Home Screen. This can be useful for:
Apps you use often and so want to be handy on multiple Home Screen pages.
Or, if you are really organized, you may want multiple icons for the same app so that you can put the icons in separate folders according to the app category.
You can also use different Home Screen pages for different Focus modes. It is for this reason that you really need the ability to duplicate your app icons.
Although I can’t say exactly how you might have accidentally put two icons for the same app on your Home Screen, I can tell you how to add multiple copies of app icons and how to remove them.How to get two copies of the same app icon
First of all, the app icons you see on your iPhone or iPad are like shortcuts to open the app. So, when you see more than one icon for the same app, you don’t have two separate versions of the app, just two shortcuts.Add another app icon to your Home Screen
There are a couple of ways to do this, using Search and using the App Library.
Note: For some reason, trying to add a second icon for an app on the same Home Screen page fails (at least in iOS 16.5/iPadOS 16.5). So, if you want to duplicate an app icon and have both icons on the same page, you may need to first place the icon on a separate Home Screen page, then move the icon to the desired page.Using Search
Open the Home Screen page where you want to add an icon.
To open Search on your iPhone or iPad, you can either tap Search on the Home Screen (iPhone) or swipe down on your Home Screen.
Type the name of the app into the search field.
Slide the icon slightly in any direction. This will open your Home Screen.
Move the icon to the desired spot. If you want the icon on a different Home Screen page, slide the icon to the edge of the screen to move to the next page.
Drop the icon, then tap on Done in the upper-right corner of the screen.Using the App Library
Open the App Library by swiping right to left on your Home Screen until the App Library opens.
If you see the app you want, go ahead and press and hold your finger on it. Otherwise, type the name in the search field, then press and hold on the app icon.
While pressing the icon, move your finger slightly. This will open your Home Screen.
Move the icon to the desired spot on your Home Screen. If you want to move it to a different Home Screen page, slide the app icon to the edge of the screen to move to the next page.
Drop the icon, then tap Done in the upper-right corner of the screen.How to remove duplicate app icons on iPhone or iPad
There are a couple of ways to remove unwanted copies of the same app from your iPhone or iPad Home Screen. You can:
Find the icon you want to remove and press your finger on it until a menu appears.
Tap on Remove App.
Tap Remove from Home Screen.
Or, you can:
Press your finger on an empty spot on your Home Screen until the icons start wiggling.
Tap the minus sign (-) on the corner of the app.
Tap Remove from Home Screen.
Tap Done in the upper-right corner of the screen.
Related iPhone/iPad Home Screen app icon articles
When I arrived at the demo building on the far corner of Apple Park, I was then whisked away once again… into an alternate world powered by visionOS.The setup process
When I arrived at Apple’s special demo building, I went through the process of being fitted for Vision Pro. This was done using a simple scanning system on an iPhone 14 that was similar to the process of setting up Face ID on a new iPhone. The next step was setting up Spatial Audio, which consisted of scanning my face and both ears.
I had some trouble with the Personalized Spatial Audio part of the setup experience, but it didn’t seem to have an impact on the actual Vision Pro experience. The iPhone 14 just didn’t want to scan my left ear for some reason.
I wear contacts rather than glasses, so I didn’t have to go through the vision testing portion of the experience. For those who wear glasses, however, Apple had vision test equipment set up.Using visionOS
There’s absolutely a learning curve to figuring out how to navigate around visionOS, but even in my 30 minutes with Vision Pro, I became pretty comfortable with most of the gestures. There were a few times that I selected the wrong thing and ended up in the wrong app, but it was easy enough to navigate back to the home screen by simply pressing the Digital Crown.
visionOS allows you to open multiple apps and arrange them as you see fit. The interface for doing this is similar to Stage Manager on the iPad, with a “Window Bar” at the bottom of each app to adjust positioning and an arrow in the corner to adjust the size of each app. You can also bring windows closer to you by tapping with your fingers and pulling them closer.
For most people, that learning curve is going to be the most challenging aspect of Vision Pro. I have to imagine that the gestures become second nature at some point, but you’ll have to practice to get there. I’m assuming that visionOS will offer a robust user tutorial on the first run when it launches to customers next year. Apple will also offer demos at its retail stores for customers.Content consumption and environments
Apple is pitching content consumption as one of the biggest selling points of Vision Pro, and rightfully so. The experience is absolutely incredible. I had the chance to explore a 3D version of Avatar 2 and was blown away by the immersiveness.
You can watch content via Vision Pro in a floating window that you can adjust to your liking, and visionOS will automatically dim the area around that window. You can also put the movie in an environment of your choosing. I got to watch a movie using the Cinema Environment, which made it seem like I was watching in a dedicated home theater. The attention to detail was remarkable, down to acoustic-foam-style textures on the ceiling.
Watching 3D movies with Vision Pro is proof that 3D movies can be incredibly immersive and downright cool if done right. 3D TVs may have been a short-lived fad, but Vision Pro nails the experience.
I also got to watch a clip of an NBA game while wearing Vision Pro, as well as an MLB game. Both of these experiences were incredible. I could look up, down, left, and right and feel as if I was in the stadium, sitting courtside or right alongside the first base line. There was also a clip that was taken inside a music studio with Alicia Keys. I’ve written a lot about how concerts can be a big selling point of Vision Pro, and this demo only further proved that point to me.
Apple explained to me that every video I watched was shot in its own custom video format. It hopes that other companies will adopt this format, but as of right now, it had nothing to announce on this front beyond what it showcased with Disney during the keynote.
Along the side of the visionOS interface is a menu that expands to show “People, Apps, and Environments.” I chose the Environments option and saw one called “Mount Hood,” which was fully immersive and surrounded me on either side and behind me. This is also one of the times I used the Digital Crown to control my level of immersion. At any point, I could raise my hand it would appear on top of the mixed reality interface.Photos
The Photos app is a key part of the Vision Pro experience. You can view your entire Photos library and use gestures to select photos, scroll between photos, zoom in and out, and more. You can view panoramic photos shot on iPhone that wrap all the way around you. I saw two different panoramic iPhone images that were taken in Iceland and on the Oregon coast.
Spatial photos and videos are captured via the Vision Pro’s built-in 3D camera. Apple says these are meant to let users “capture, relive, and immerse themselves in favorite memories.”
“Every spatial photo and video transports users back to a moment in time, like a celebration with friends or a special family gathering,” Apple explains.
During my demo, I saw two spatial videos: one taken at a kid’s birthday party and another taken at a campfire. These were both very impressive and did a great job at making it feel as if I was in those memories myself. The demos were admittedly a bit creepy since these weren’t my memories, but it’s easy to see how incredible this feature will be when that changes.FaceTime
During my hands-on time with Vision Pro, I took a FaceTime call from someone else in the building who was also wearing Vision Pro. This person was reflected in my Vision Pro view using a Persona, which Apple describes as a digital representation of the person created using machine learning techniques.
The Persona was very convincing, but once I started looking more closely, it was clear that it was an artificially generated video. This was especially noticeable around the person’s mouth.
While on the FaceTime call, we collaborated on a Freeform document that included a 3D model of an apartment building. I could look inside that model to view specific details about the design, the corners, the furniture, and more. The 3D model took a while to load and was a bit buggy, which led to my overall mixed experience with FaceTime.Comfort and motion sickness
I wore Vision Pro for about 30 minutes, and my experience was overall positive. The fabric is soft and breathable, there’s a lot of padding around the eyes, and it felt snug (but not too snug) on my head.
That being said, it’s definitely on the heavier side of things. I could absolutely see getting tired of wearing it after extended sessions. The overall design and fit reminded me quite a bit of AirPods Max and many of the materials were similar.
One thing Apple said today is that it only had a small selection of the Light Seal sizes available during these demos. When Vision Pro launches, however, there will be a vast set of Light Seal sizes available. This will help further perfect the comfort for all users.
Apple says that the combination of two 4K displays and incredibly low latency are big factors in preventing people from getting motion sick while wearing Vision Pro. The ability to move in and out of virtual reality and augmented reality also plays a major role in reducing motion sickness and fatigue.Other tidbits
I took part in a one-minute mindfulness meditation that featured immersive animations and guided breathing exercises. I definitely needed this after the two-hour keynote!
One of the demos saw me interact with a butterfly, which flew toward me and landed on my hand. There was also an Encounter Dinosaurs interactive experience, during which I walked toward the dinosaur and “touched it.” This was cool but a bit gimmicky. It’s a fun proof of concept for what could be possible in the future, though.
I didn’t get to try any of the Mac-focused features, but I’m eager to learn more about those in the future.
I didn’t get a chance to see anyone else wearing Vision Pro, so I didn’t get to see the EyeSight part of the experience.
I saw an Apple Immersive Video demo that wrapped me in a 180-degree view as if I was flying above a city, under the ocean, in a field full of wildlife, and more.Wrap-up
When I took Vision Pro off after my 30-minute demo, I felt a bit discombobulated. Not necessarily in a bad way, but it was a feeling I’d never experienced before. I had just experienced something that transported me to another world… while also keeping me somewhat connected to the “real world” around me.
This is key to the Vision Pro experience, and it’s something that sets Apple apart from other players in this space. The hybrid of virtual and augmented reality strikes a really good balance of immersiveness while keeping you engaged with people around you.
Do some features of Vision Pro seem gimmicky? Absolutely. But much of what I saw today is proof of just how impressive mixed reality can be when it’s done right, using top-of-the-line hardware and software. As the ecosystem expands, some of the content that may seem gimmicky can be replaced with incredible experiences.
The hardware of Vision Pro is absolutely industry-leading. I couldn’t see a single pixel on the 4K displays, and even the edges of the content on either side of me were crisp and clear. The combination of those displays and the powerful M2 and R1 chips inside mean that Vision Pro excels at everything it does.
Vision Pro won’t be a runaway success, and I think even Apple knows that. The company likened the $3,500 price to that of the original Mac, which sold for $2,495 in 1984. In 2023 dollars, that would be over $7,000.
But even if there aren’t lines wrapping around Apple Stores on launch day, Vision Pro will give Apple a way to get its work in this market out into the wild. Developers can create apps, movie and TV studios can create content, and Apple can learn more about what people want from a product like this.
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Binance’s [BNB] network has been subjected to relentless regulatory scrutiny in 2023, raising grave concerns about the survival of one of the largest crypto companies in the world. Several Binance executives reportedly exited the firm as the regulatory heat intensified.
Binance was sued by the U.S. Securities and Exchange Commission (SEC) in early June for allegedly breaking federal securities laws.
Germany’s financial regulator has rejected Binance’s request for a crypto custody license. The exchange has withdrawn its request for regulatory approval in Austria. It has also given up its registration with regulatory bodies in the United Kingdom and Cyprus. The exchange has opted to quit the Netherlands after failing to register there. Belgium has also ordered the exchange to suspend its operations in the country. The French authorities are also reportedly investigating the exchange on “aggravated money laundering” charges.
TradingView data shows a surge in aggregated sell orders of about 125,000 BNB worth $37 million just before the U.S. SEC’s crackdown on the exchange. Speculations are rife around a possible case of insider trading.
In March, the U.S. Commodity Futures Trading Commission (CFTC) had filed a lawsuit accusing the exchange and its founder Changpeng Zhao “CZ” of violating local compliance rules to expand its business.
Earlier in February, Paxos, the issuer of the Binance branded stablecoin BUSD, was directed by the New York Department of Financial Services (NYDFS) to stop minting new tokens. The action, according to the regulator, was brought about by “several unresolved issues related to Paxos’ oversight of its relationship with Binance.”
According to data from research firm Kaiko, Binance’s spot trading market share stood at 55.9% in June 2023, hitting near a one-year low. The figure is nearly the same as the last two months. The lawsuit-induced FUD resulted in a radical shake-up of its exchange reserves with users withdrawing funds for self-custody.
The future course for Binance and its native token, Binance Coin (BNB), is shrouded in uncertainty. And, most of the investors and analysts in the space would be busy understanding the dynamics to make informed decisions going forward. We, at AMB Crypto, tried to get some help from an unlikely ally – ChatGPT
Read Price Prediction for Binance Coin (BNB) 2023-24ChatGPT — the AI sensation
Put simply, it functions like a conventional chatbot that we have encountered in the customer support section of different e-commerce companies. However, the big difference here is that communication is more conversational, or to put it in a different way, more human-like.
Well, this is because it is trained using reinforcement learning from human feedback (RLHF). This helps it understand instructions and generates nuanced responses.
But cryptos? Binance? Are we stretching the limits of ChatGPT? Let’s see.Will Binance move out of the U.S. market?
Binance is not new to compliance-related issues in the U.S. In 2023, it ceased to operate in the country and launched a separate exchange, chúng tôi its American arm.
The platform’s structure is quite similar to the fallen FTX in the sense that a major part of its administration is being controlled from outside the U.S. Hence, it has always been under the radar of the regulators.
We started to test our AI friend by posing this very sweeping, although controversial, question. Now, the ability of ChatGPT to express itself is hindered because of the restrictions imposed by the creators. To make it speak its mind, we used the “jailbreak” hack.
ChatGPT underlined the resilience of the crypto exchange in the face of a regulatory storm in the U.S. It predicted that Binance will explore every possible revenue to consolidate its position. The AI bot predicted that a complete withdrawal from the U.S. market is unlikely.On a growing number of hacks on BNB Chain, ChatGPT says…
Apart from regulatory concerns, the ecosystem’s blockchain, BNB Chain, has gained notoriety for the rising number of decentralized finance (DeFi) hacks of late. As per a report by ImmuneFi, a Web3 bug bounty platform, BNB Chain was the most targeted chain in Q1 2023 with 33 incidents of hacks and exploits.
Here again, we turn to our AI partner to know if hacks will be the undoing for Binance. This time, it seemed as if it was ready to respond to this question promptly.
Well, ChatGPT asks readers to take its word of caution seriously. To address the security loopholes, BNB Chain soon announced a hard fork which is scheduled to go live on 12 April.
Another thing that caught our attention was the use of BSC rather than BNB in the latest response. Now, it’s a known fact that Binance Chain and Binance Smart Chain are now collectively referred to as one entity – BNB Chain. This update took place in February 2023. However, ChatGPT continued to use BSC Chain.
This, because its knowledge cutoff date is September 2023, meaning that it will base its answers on the information available until this date only.Will Binance Coin survive the regulatory storm?
At press time, BNB was the third-largest cryptocurrency (excluding stablecoins) in the sector, with a market cap of more than $36 billion, per CoinMarketCap data. As a result, significant fluctuations in its value could create ripples in the broader crypto market.
BNB commenced a bullish cycle at the start of 2023, something that has helped it in gaining 27% on a year-to-date (YTD) basis. However, recent hiccups have applied brakes to its momentum. Since the CFTC lawsuit, the coin has shed 23% of its value.
Although setting unrealistic expectations amidst this FUD is not the most sensible thing to do, we tried to put ChatGPT under a bit of pressure. We asked whether it sees BNB touching $350 in 2023, given the current state of uncertainty. And, it impressed again.
ChatGPT responded that, being a resilient coin, BNB can easily reach the lofty target of $350.
In a very measured way, it outlined factors like innovative spirit and community support which will propel the price of BNB. It also called attention to Binance’s strong DeFi ecosystem, which could support BNB’s price in the long run.
Enough of the AI praise! Needless to say, it isn’t practical to only depend on what an AI tool says in price predictions and markets. There is nothing like getting the insights of real-world experts. Therefore, we got in touch with Marius Grigoras, Chief Executive Officer at BHero and a crypto-expert, to help us out with the same question that we asked ChatGPT. He stated,
“While I cannot give a certain answer on whether BNB will reach $350 in 2023, we must consider the general market dynamics. It’s evident that the recent regulatory crackdown has taken its toll on the entire crypto market, including BNB. But despite some fluctuations in price which may occur in the short term, I believe BNB possesses the resilience to rebound even stronger in the long haul.”
Did you find similarities between human opinion and AI opinion?
Is your portfolio green? Check out the BNB Profit CalculatorA look at BNB’s daily price chart
Binance Coin continues to bleed out since the U.S. SEC filed a lawsuit in early June. At press time, BNB was trading at $233, reflecting a slight drop of 2%. The price of BNB has dipped 23% since the SEC’s enforcement action.
This is obviously not a good time for the token. BNB’s plunge has hit June/December 2023 lows. The coin tanked to $220 during the December 2023 FUD around Binance’s proof of reserves.
Both BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested below the neutral 50-mark. Its On Balance Volume (OBV) also showed a continuous decline.Conclusion
BNB’s Open Interest (OI) or the total dollar value locked in unsettled contracts on Futures exchanges was $401 million. The same saw a substantial rise of 12% over the last 24 hours, as per Coinglass.
The funding rates across most exchanges seemed to be in red, indicating the dominance of bearish traders.
Additionally, traders positioning themselves for price gains increased vis-à-vis those looking for price losses, as the Longs/Shorts Ratio hiked to 1.03.
It’s critical to underline that these indicators fluctuate on a daily basis and might quickly take a wild swing. It is difficult to predict BNB’s price action though ChatGPT is confident that the exchange will come out of it fine.
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