Yen: Binance… and Your Whole Wallet…

One of the fun things that we get to do is explore, very vigorously, the many available APIs that the cryptocurrency exchanges and one that we’ve been working on recently is Binance.

Now, obviously, we want to do this for a number of reasons… the first being that it’s the largest exchange on the planet… and that’s a good thing as we want to have our users be able to exchange and transact as much as humanly possible.

So, it was super-interesting to find out that Binance will spit out your entire wallet on every single call to their API. You can see a screenshot of the output below:

Now, why in the hell would they do that? I honestly don’t know. But, it’s interesting. They obfuscate the username and anything that could clearly identify the user (which is good hygiene and good security) but even if I buy a few dollars of a single token via their API (which we’ve been able to accomplish in our prototype) you get the entire dump of the user’s wallet.

The question, of course, is what one is to do with all of this information as there is a lot of data there. This is where things can a bit exciting, actually.

Imagine if we were able to make recommendations to you as to what you should buy based on your existing portfolio when compared to thousands of other users who hold similar tokens, coins, and values associated with?

If we recognized that you hold BTC, LTC, and Ethereum with about $10k in each with an average gain of 20% month-over-month but notice that 1,000 other users have similar wallets but alsohave ICX and, consequently, have seen a 40% month-over-month growth (assuming you have similar trading interests and investment amounts) we could strongly suggest to you to look into ICX as a diversification strategy.

If that sounds overly complex, then, yeah… it could be… but, it doesn’t have to be that way. I believe that Fantasy Football (and Fantasy Sports Leagues) do similar things in their suggested actions (recruiting new players, trading, etc…) based on network effects and user preferences.

Anyways, Binance likes to share your entire wallet. If that’s uncomfortable, then, well, now you know. And knowing is half the battle…. GI JOE.

– john