Binance Academy Christmas NFT Scavenge - Answers & Discussion

Binance Academy Christmas NFT Scavenge - Answers & Discussion

By Feax21 | Crypto Monkey | 21 Dec 2020


This pre-Christmas 2020 period form 13th to 24th of December, Binance has announced a series of giveways and competitions not only through its main channel and platform but also through its various branches such as Binance Academy, Binance Australia, Binance Africa etc, giving away $100,000 in Presents, native tokens such as BNB, BUSD and rare Christmas NFTs

https://www.binance.com/en/blog/421499824684901360/BinanceChristmas-Were-Giving-Away-Over-$100000-in-Presents-and-Rare-Christmas-NFTs

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In the past, Binance Academy had a preference of promoting crypto-competitions on the form of quizzes and riddles that the users had to answer in order to enter a raffle for various rewards. 

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Therefore, for the Christmas 2020 Binance Academy has chosen another session of riddles and a correct guess of all 12 questions this time will qualify the successful user to enter a draw for 14 legendary NFTs. Not sure yet what NFTs are, but i hope to receive one in my Binance Smart Chain address.
The duration of the competition is from December 21, 11:00 am to December 23, 11:00 am UTC

This time, answers are being provided in the form of a multiple choice instead of just asking the answer and included a url from the academy that hides the correct answer. And i have to admit than in the past i found tremendous difficulty in answering the riddles but the multiple choice format has made things a little bit easier to combine Earning and L-earning at the same time.

I have decided to post my answers here for the sake of solidarity as well and i will include a short comment about the logic behind my choices. Yet as my background is in engineering not in trading i might be wrong somewhere, so i expect a discussion from the community as well with comments in case you disagree or agree with them.

In fact, I have asked in the past the answers of the Binance Acedemy quizzes in twitter without receiving any replies but i hope i will help some people in the community not only to participate in the quiz providing them the joy of participation but also to learn few things. 

Riddle 1
I’m like a fortune-telling ball for those who look into me. I might show you the future if you learn from history: 
Bitcoin halving
Technical analysis
Market volume
Fundamental analysis
My Answer: Technical Analysis
My justification: First riddle was a tricky one. In the provided article A Beginner's Guide to Cryptocurrency Trading Strategies it talks mostly about the elements of a trading strategy but if you follow the link to What is Technical Analysis?, the corresponding article says that Technical analysis (TA)

is a type of analysis that aims to predict future market behavior based on previous price action and volume data..,TA is strictly focused on historical price action..

Riddle 2
I started at 50, and now I’m at 6.5. When my time comes next, I’ll reduce by half:
Block subsidy
Transaction fee
Transaction time
Mining difficulty
My Answer: Block subsidy
My justification: That was quite easy. In the provided article Block Reward, it says that

In the case of Bitcoin, the block subsidy started at 50 BTC and is being reduced in half every 210,000 blocks (approximately once every four years). Such a process is known as Bitcoin halving. Bitcoin’s block subsidy was reduced to 25 BTC in 2012, and to 12.5 BTC in 2016. The next halving is expected to occur in May 2020.

Riddle 3
(0+1), (2-1), (0+2), (2+1), (2+3), (4+4), (6+7). In the crypto world, I am a:
Password
Private key
TA indicator
Seed phrase
My Answer: TA indicator
My justification: That was quite easy. In the introduction of the provided article A Guide to Mastering Fibonacci Retracement, it is clear that in the Technical Analysis, the Fibonacci Retracement tool is one of the indicators used from traders to try and predict future price action, which helped me to ensure that my Riddle 1 answer is also correct.

Riddle 4
The future is freedom; that’s certain and clear. When the old guards see me, they tremble with fear. Who am I? *
DeFi
Digital Signature
Oracle
Public key
My Answer: DeFi
My justification: That was quite easy. The provided article The Complete Beginner's Guide to Decentralized Finance (DeFi), talks about DeFi therefore the hint itself made me realize the correct answer.

Riddle 5 - updated
When three come close, and the market calms down, I predict the future of volatile time. What market indicator am I?
A Falling Wedge
BB Squeeze
Relative Strength Index
On Balance Volume
My Answer: BB Squeeze
My justification: That was very tricky. Unfortunately, my background is in engineering so i don't have specific knowledge in trading. Initially i had put Relative Strength Index as in the provided article 5 Essential Indicators Used in Technical Analysis, i only found talking about the Relative Strength Index (RSI) term. However [ohdearcrypto] suggested that the provided article also reads

Bollinger Bands measure the volatility of the market, as well as overbought and oversold conditions. They are made up of three lines - an SMA (the middle band), and an upper and lower band. The settings may vary, but typically the upper and lower bands are two standard deviations away from the middle band. As volatility increases and decreases, the distance between the bands increases and decreases as well... Another important concept of BBs is called the squeeze. It refers to a period of low volatility, where all bands come very close to each other. This may be used as an indication of potential future volatility. Conversely, if the bands are very far from each other, a period of decreased volatility may follow..

So that made me to update my answer.

Riddle 6
I’m part of the ‘backbone’ of DeFi, but I’m certainly not rigid. Without me, chaos would ensue and traders would suffer. What am I? 
Farming
Liquidity pool
Ethereum
Sidechains
My Answer: Liquidity Pool
My justification: That was quite easy. In the provided article What Are Liquidity Pools in DeFi and How Do They Work?, it talks about Liquidity Pools in DeFi so without further hesitation the hint made me choose the correct answer.

Riddle 7
I live on lies, uncertainty, and fear. Once the truth comes out, I’ll disappear. 
FOMO
FUD
OCO
KYC
My Answer: FUD
My justification: Initially I was between FUD and FOMO. Yet, in the provided article 12 Terms Every Crypto Trader Should Know, it is clear that FUD includes Fear, Uncertainty and Misleading information that are mentioned in the riddle and FOMO is just the Fear Of Missing Out a selling or buying opportunity.

Riddle 8
The creator disappeared, but his message remains here. He gave us a weapon that banks should fear. All we need is the date, and then everything will be clear.
22/May/2010
03/Jan/2009
28/Nov/2012
01/Aug/2017
My Answer: 03/Jan/2009
My justification: In the provided article Genesis Block, it talks about the Genesis of the first bitcoin block and the hidden message hidden about the Chancellor and the 2nd bailout of the banks which matches perfectly with the riddle.

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

No other date from the potential answers is mentioned on the hint article after all. 

Riddle 9
If one of us speaks, the other will hurt. It’s in our best interest to not say a word. What game theory model am I? 
Zero-sum game
Stochastic outcome
Prisoner’s dilemma
Liar Game
My Answer: Prisoner’s dilemma
My justification: In the provided article Game Theory and Cryptocurrencies, it talks only about the Prisoner's dilemma game so the answer is quite straightforward.

Riddle 10
They call us black, but in fact, we’re all three red. If you spot us, you better run, or you might lose your head.
Three black soldiers
Three black crows
Dark cloud cover
Three line strike
My Answer: Three black crows
My justification: In the provided article 12 Popular Candlestick Patterns Used in Technical Analysis, the only pattern that matches the description of a 3 RED candlesticks is the Three black crows. What is mentioned about soldiers is Three WHITE Soldiers and Dark cloud cover doesn't talk about 3 RED candlesticks. Very interesting article that anyone who practices or wants to practice trading should read.

Riddle 11
It’s easy to find me in illiquid markets. I am the difference between your intended price and the actual traded price.
Trading volume
Bid-ask spread
Liquidity
Slippage
My Answer: Slippage
My justification: My brainstorming between Slippage and Bid-Ask spread made me to post this article. Anyone who googles what "slippage" in investopedia will think that this is the correct answer as the site says that

Slippage refers to the difference between the expected price of a trade and the price at which the trade is executed. Slippage can occur at any time but is most prevalent during periods of higher volatility when market orders are used. 

Still I had the impression that slippage isn't mentioned to the provided article Liquidity Explained, which primarily talks about Bid-ask spread so I was ready to put through Bid-Ask spread as the correct answer.
However, while publishing this article, i checked the whole article one last time and i was surprised to read in the bottom of the article Liquidity Explained that it talks specifically about illiquid markets and slippage as follows:

What happens if you try to execute a large order in an illiquid market? Slippage. It's the difference between your intended price and where your trade is executed. High slippage means that your trade is executed at a very different price than what you intended.

So now i am pretty certain that slippage is the correct answer.

Riddle 12
I have a W shape, and most traders are happy when they see me.
Head and shoulders
Double top
Double bottom
Pennant
My Answer: Double bottom
My justification: In the provided article A Beginner’s Guide to Classical Chart Patterns, the only pattern that matches a W shape is the double bottom. and of course when the market is bearish it is a matter of time to go bullish again. Someone could be confused with Double top as the most traders delight but it is actually a M shape pattern with a bearish behavior.

I hope you enjoyed my answers and comments and I expect your discussion in the comments.

All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions or before submitting your own answers.

 

MERRY CHRISTMAS TO EVERYONE

 

Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions

 

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Feax21
Feax21

Cryptocurrency Enthusiast www.cryptomonkey.weebly.com


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