Binance CEO becoming main in decentralization

shinratensei_

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Quote from: verita1 on April 03, 2021, 06:46:57 PM

CZ cannot control all of the crypto space. He is just being a leader in his product,

I think that we are discussing how can binance related products become decentralized instead of centralized products? We are seeing it all binance products are fully controlled by binance.
You said that CZ is a leader of his product and that's why all of binance related products must be centralized.

binance was controlling everything in its ecosystem. It's pure a centralized ecosystem.

people didn't understand about how the difference between decentralized and centralized products.

verita1

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CZ cannot control all of the crypto space. He is just being a leader in his product, anyone who is a leader in some field would also do the same.
Look a little at any leader and you will notice the similarity. We also have to take into account that Binance is a latest technology product in finance in the crypto space.
CZ is passionate about his work, and he has declared that he loves his work intensely, so he is fighting for Binance to always be a leader with the best products.

ene1980

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

This is not at all a positive news for anyone who loves a decentralized market and in the beginning i really thought that the decentralized market will rule but it turns out that everyone likes the centralized shit even though we see many hacks in the market people are attracted towards these markets and it has become a monopoly as they have a much bigger say in the space which is not that great in my opinion.

plexasm

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gotta hand it to CZ, he's very smart

he forked ETH, and added instant, free transactions. it functions equivalently to ETH. It's not as distributed, but if you're interested in ETH you probably don't care about that to begin with.

Now he's at the helm of the biggest altcoin exchange and biggest DeFi chain. So yes of course he will have significant influence and power in those areas. if that bothers you, you should go to the leaderless space: Bitcoin

acdc

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Quote from: Anonylz on April 02, 2021, 01:24:22 AM

Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

It will be better to stop insinuating what you have no knowledge of, cz is a business man and he knows the ropes on making a good business.

That's right, Binance is his work and his property, he certainly won't do the stupid thing that would bring Binance down.

xZork

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I don't think that would happen, if CZ betrayed the investors he would suffer the worst.
If people lose faith in Binance and BNB then it will be a disaster for him.

mindrust

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Quote from: Little Mouse on April 03, 2021, 11:29:44 AM

Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

- 3rd Best Crypto - BNB

While I agree with the vision of CZ to manipulate/control the crypto space, I have to disagree that BNB in no way is the 3rd best crypto. BNB price is heavily manipulated and none of other use, Binabce chain is a direct copycat of the ETH chain.
So, how can it be the 3rd best crypto project? Mcap should never be an indication of how good/bad a project is.

By the way, you missed to mention coinmarketcap, Binance now also owns coinmarketcap.com

All crypto are manipulated to some degree. It is probably harder to find the ones that aren't being manipulated than finding the ones that are. How is BNB a direct copy cat of ETH? There are major differences. There is no mining with BNB as far as I know. It gets distributed by binance or you'll have to buy it if you want to have BNB while you can earn ETH by mining it.

Stalker22

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Quote from: Little Mouse on April 03, 2021, 11:29:44 AM

Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

- 3rd Best Crypto - BNB

While I agree with the vision of CZ to manipulate/control the crypto space, I have to disagree that BNB in no way is the 3rd best crypto. BNB price is heavily manipulated and none of other use, Binabce chain is a direct copycat of the ETH chain.
So, how can it be the 3rd best crypto project? Mcap should never be an indication of how good/bad a project is.

By the way, you missed to mention coinmarketcap, Binance now also owns coinmarketcap.com

I have to agree with this. BNB has made no other innovation than to copy a very well working concept. Not saying that it is worse, but only saying that is is the best copycat. The price is heavily influenced by blatant market manipulation. Pure pump coin so when BNB market cap is inflated by 10x, people believe it is worth more.

That being said, I think that BNB has a good future, at least I will trade on its rise.

Little Mouse

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

- 3rd Best Crypto - BNB

While I agree with the vision of CZ to manipulate/control the crypto space, I have to disagree that BNB in no way is the 3rd best crypto. BNB price is heavily manipulated and none of other use, Binabce chain is a direct copycat of the ETH chain.
So, how can it be the 3rd best crypto project? Mcap should never be an indication of how good/bad a project is.

By the way, you missed to mention coinmarketcap, Binance now also owns coinmarketcap.com

Jaered

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The truth is crypto can never be 100% decentralized. Not possible. There has to be an element of centralization for it to progress.

pealr12

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Quote from: shinratensei_ on April 03, 2021, 10:13:12 AM

Binance never creates a decentralized service and all of the services provided by binance were truly centralized. You should never believe the buzzword created by CZ. CZ was creating so many buzzword if binance was decentralized just like binance dex. Those systems being controlled by 1 company and that's more than enough to prove if that's centralized platforms built in the same ecosystem under binance as the parent foundation.

What is 'buzzword' did cz ever mentioned that Binance is anything other than centralise exchange where it is required for users to pass through kyc? Am curious what exactly did cz said in the 'buzzword'
I think the problem is not cz but those who are dreaming of something that will never be, cz is the owner of his company, either you accept or you don't, just like every other centralise exchange out there,

Don't expect Binance to be a decentralized exchange or cz will denounce his ownership of the company he built, anyone interested in decentralized exchange and their tokens, look towards uniswap, 1inch, sushiswap, pancakeswap, and so on.

shinratensei_

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Binance never creates a decentralized service and all of the services provided by binance were truly centralized. You should never believe the buzzword created by CZ. CZ was creating so many buzzword if binance was decentralized just like binance dex. Those systems being controlled by 1 company and that's more than enough to prove if that's centralized platforms built in the same ecosystem under binance as the parent foundation.

Jackl87

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This topic is probably one of the most discussed in the whole crypto scene. I know a lot of people from the investment pool groups in Telegram that i am part of, that are boycotting everything that has to with binance and cz, even though binance smart chain is the most suitable option for doing presales at the moment because of the low fees. Cryptocurrencies were once invented to make people independent of big centralized Bank Institutes. If cz and binance slowly take over everything we can not accomplish that goal.

posi

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

Binance is a centralized project right from the get-go
1) They won the most traded exchange because they introduced SAFU which make a lot of cryptocurrency traders trust their platform more because 99% of all crypto trader value their fund security.
2) They are currently the owner of the capital market and when first acquire it they advertise their exchange sometime through it then. Despite they have the major trading, Binance is only the main in centralization, not decentralization because all their project is mainly centralized.

Shasha80

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I admit that for now CZ is one of the most influential people in the crypto world, because of all the points that have been mentioned by the opening post.
It has had a significant impact on the crypto world, but whether what CZ did would last, there was no guarantee of it. Because if CZ didn't continue
to work hard and be consistent with all the things he had done so far in the crypto world, there will always be someone who can replace him. So for CZ
can be happy and proud of her current achievements, but don't be quick to be satisfied with all the achievements CZ has made. There is still a long way
to go and there is still much that needs to be done to be able to sustain the projects that it produces.

omone1

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What shoot binance smartchain to the lime light is the problem with ethereum main network, which they are already solving in the name of ETH2.0, and layer2 which is providing offchain scaling already. We have DOT system that will be going live this year and host of other chains. projects are migrating to BSC due to low fees and offchain scaling. This is not going to be forever. people are just trying to make as much money as possible, then they will return back to true decentralized system.

tippytoes

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Quote from: Mahanton on April 02, 2021, 03:31:42 PM

Quote from: Bttzed03 on April 02, 2021, 01:17:06 AM

Binance main exchange is centralized.
Binance DEX runs on centralized servers.
Binance Smart Chain have 21 node validators only which can be considered centralized as well.

Having said all that, traders and investors alike doesn't seem to care. Thus, he can do whatever he thinks that might help the Binance brand grow. However, he cannot control the entire crypto space.

Exactly! When we do try to make some indepth views from the Platform itself down to smartchain then you can really see up that centralization.You are right that investors
doesnt seem to care as long they would able to benefit it out but we cant really remove the possibilities about that monopolized thing once Binance would really be
able to dominate on every aspect or corners on the market but well, demand would be always be the main factor because if this one will really be the deciding factor.

Investors, traders, or users don't seem to care because they trust this platform. For a lot of users of this platform, they are pretty confident that their funds are secured. And with so many financial services (i.e. binance earn, binance pool, crypto loans, liquidity swap) that they are offering, people are going into this platform no matter if it is a centralized one or not. Just for example, when you look at their staking coins, a lot of them are sold out for longer periods of investment. That means, users are trusting their coins to this exchange in a longer basis. No doubt they really earned credibility from the crypto community.

Mahanton

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Quote from: Bttzed03 on April 02, 2021, 01:17:06 AM

Binance main exchange is centralized.
Binance DEX runs on centralized servers.
Binance Smart Chain have 21 node validators only which can be considered centralized as well.

Having said all that, traders and investors alike doesn't seem to care. Thus, he can do whatever he thinks that might help the Binance brand grow. However, he cannot control the entire crypto space.

Exactly! When we do try to make some indepth views from the Platform itself down to smartchain then you can really see up that centralization.You are right that investors
doesnt seem to care as long they would able to benefit it out but we cant really remove the possibilities about that monopolized thing once Binance would really be
able to dominate on every aspect or corners on the market but well, demand would be always be the main factor because if this one will really be the deciding factor.

Cappex

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the centralization of binance is already here and its influence continues to grow, but I think this is not an immediate problem because I believe that CZ is the first to want to maintain and grow its ecosystem.

Perhaps years later its centralized monopoly will cause problems but at that point things could be profoundly different.

DarkDays

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Quote from: Bttzed03 on April 02, 2021, 01:17:06 AM

Binance main exchange is centralized.
Binance DEX runs on centralized servers.
Binance Smart Chain have 21 node validators only which can be considered centralized as well.

Having said all that, traders and investors alike doesn't seem to care. Thus, he can do whatever he thinks that might help the Binance brand grow. However, he cannot control the entire crypto space.

The three points above are correct and does lend towards a centralized system. Which can be something to consider before getting on the exchange, but at the same time lets not forget the volume that comes through Binance - I suppose you can never have too much of a good thing without sacrifices.

As for the last point, Zhao has done a great job at expanding and becoming a leading DEX exchange. An example of its success is the trend and value brought through BNB...

mindrust

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The dude wanted to rewind the bitcoin blokchain lol and like it was said above, every product he offers is centralized even if it carries the word "decentralized" on it. BNB is a centralized product as well. I don't think even ETH is completely decentralized because of Vitalik.

Quote from: Bttzed03 on April 02, 2021, 01:17:06 AM

Binance DEX runs on centralized servers.

That too.

True decentralization is above laws and only a handful of projects that really provide that feature and Binance isn't one of them.

hugeblack

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All this dominance will end if someone manages to find a decentralized way to transfer between cryptocurrencies with low fees and acceptable speed.
Some models will threaten this control, such as ADA chain, Ethereum V2, and others real DAX.

Until that time, I do not think that there is a competing company that can reduce the impact of Binance as they can manipulate the prices of many altcoins and make profits for their benefit.

Not forgetting that they impose restrictions of 2 Bitcoins before verifying their identity, which means that many will use that money to add more altcoins.
A change will happen if the authorities track them down.

blockman

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I thought that there's something about decentralization that you're going to say. Well, he can make the system centralized if it's related to his business.
We as crypto people can choose whatever we want, if we're going to use his exchange or not, the cex or the dex that they have which isn't really a dex.

int03h

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

CZ also includes the Binance LABS investment fund. This fund sponsors many different crypto projects. My personal opinion is that CZ is actively supporting the crypto market while creating an ecosystem. Everyone finds it convenient to join CZ's ecosystem. It also gives a solid flow of money in the crypto market.
The decentralization in the crypto market has gradually disappeared as the involvement of investment funds in recent times has been very large. In addition to Bitcoin, all remaining coins on the market are manipulated and not decentralized.

Johnyz

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He's tweeting a lot recently, and probably making a good hype in the market and as the head of Binance he sure have the influence in the market which I think is not just a hype because BNB delivers, and they exceeded the expectation of many. I also heard about their plan to decentralized BSC but not the Binance exchange itself, let's see if they can do it because this team continues to develop great things and we are always welcome for that.

semobo

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Quote from: electronicash on April 02, 2021, 02:50:53 AM

Quote from: semobo on April 02, 2021, 01:18:40 AM

Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

You can't assume that it is going to be the same forever, there is always something which replaces the existing projects so Binance maybe replaced by some new exchange in the future. But if we let the centralization of Binance grow further then its nit really good for the decentralized community.

none of them is going to give up control over their users. with the money they get from the exchange none of them is going to let go.
even the DEX we see today are not even really DEX as long as there is someone behind it who owns the domain and server. uniswap is owned by someone, traders still like it because there's no KYC.

Even of the decentralized exchanges are owned by someone it is not on the control of them or atleast our funds are in our control and there is no KYC so the exchanges may earn money while the users can still maintain their privacy.

fia_naila

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It is because most of volume and trader used binance. They also provide one stop solution for investment, with stable coin you can deposit. Binance is like a bank of crypto or we can call it the biggest bank fir crypto. But it is little bit unsafe when crypto volume centralised only on binance.

People trus binance because they have insurance for fund ( SAFU ).

Another exchanger need to be big and compatitor for binance too to keep the community health and safe.

Coin_trader

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It's impossible to centralized the crypto market because the main purpose why crypto exist at the first place was to decentralized all the current system existing on our daily life such as finances, business and other business industry. Surely, CZ is having the best time of his life for adapting all the trending idea on his system that's why Binance is the leader of the new technology but its impossible for him to monopolize it all.

electronicash

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Quote from: semobo on April 02, 2021, 01:18:40 AM

Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

You can't assume that it is going to be the same forever, there is always something which replaces the existing projects so Binance maybe replaced by some new exchange in the future. But if we let the centralization of Binance grow further then its nit really good for the decentralized community.

none of them is going to give up control over their users. with the money they get from the exchange none of them is going to let go.
even the DEX we see today are not even really DEX as long as there is someone behind it who owns the domain and server. uniswap is owned by someone, traders still like it because there's no KYC.

WalkerIVIV

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OP, when a company was controlling all of the platforms that linked to them and then that can't be considered as a decentralization.
The decentralization means it being controlled by so many parties. ANy product that already developed by binance is fully controlled by binance itself.
Can you call this as decentralization?
When binance doing diversification for its business and it doesn't mean it goes from centralized to the decentralized.

concept2

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

Of course that can happen. And to tell the truth, various cryptocurrency exchanges are centralized. Only few of them are truly decentralized. But so far so good, Binance CEO has a good team and he works assiduously with his team to bring the best experience to us. There are still many shady answerability in their operation but big companies indeed have such issues. So as to avoid losing your money (using any exchange has a rate of losing all of your money), only deposit a part of your hold capital. The rest you should keep in your cold wallet

rhomelmabini

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No God or Kings, only BITCOIN.

Binance even at the very start was centralized but they prove it in years that they can be trusted but was this enough to trust them? I am still skeptical about the chain but on the main exchange I guess that's fair since they started on that but I think over the years they can improve too, who knows they developed a sister decentralized exchange just like Uniswap.

I don't think they are into decentralization as of the moment and even in the medium term and only time will tell but decentralized market is way booming and improving and maybe that's where they are heading too.

TastyChillySauce00

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It seems most of people don't give a damn with the fact that BSC is centralized because they are already happy enough with the low fee offered by BSC although it's centralized and could be manipulated by the people who have authority over the nodes although there's better alternative out there but people just pick the easiest one to use and I do agree that CZ at this point has too much influence in crypto space more specifically in the platform created by him but the thing is, people are given freedom to choose and most of the people choose to stick with the centralized ones.

bitkanu

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All of the things related to the binance were centralized. That's BS to call that if any service that was running by binance become decentralized. I think that you didn't know what meant of decentralized.

Exchange, BSC, wallet, coin and all of the things.

I think that you must try to understand the difference of decentralized and centralized.

Anonylz

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

It will be better to stop insinuating what you have no knowledge of, cz is a business man and he knows the ropes on making a good business, I don't think he will want to sabotage his own effort he has spent years building, what should be the next plan is bringing in new stakeholders into the company, not thinking low.
I don't know why some people are too concerned about what cz will do, Binance is a centralized system already you and I know that, so there is no point repeating the very obvious.

semobo

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Quote from: udayantha11 on April 02, 2021, 12:00:16 AM

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

You can't assume that it is going to be the same forever, there is always something which replaces the existing projects so Binance maybe replaced by some new exchange in the future. But if we let the centralization of Binance grow further then its nit really good for the decentralized community.

Bttzed03

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https://bitcoincleanup.com/

Binance main exchange is centralized.
Binance DEX runs on centralized servers.
Binance Smart Chain have 21 node validators only which can be considered centralized as well.

Having said all that, traders and investors alike doesn't seem to care. Thus, he can do whatever he thinks that might help the Binance brand grow. However, he cannot control the entire crypto space.

udayantha11

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2023 would most likely be as bearish as 2022

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

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