Binance is a threat to the crypto space

JeffBrad12

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Quote from: BTCappu on June 17, 2019, 09:59:37 AM

Quote from: Menawi12 on June 14, 2019, 08:43:24 PM

Quote from: Bananington on June 14, 2019, 04:43:06 PM

Well, I don't think binance is a threat, rather it has impacted a lot to crypto space. A good product sells itself, CZ deserves it, reaping his hardwork. I understand there are other standard exchanges like Kucoin, Huobi, Okex, Bitfinex, Bittrex etc but Binance has really been great. Binance chain and Binance DEX adding the shine, I don't really think it's a monopoly issue here.

I am agree, we should not think binance is a threat because the team behind already give hard work. Binance become biggest exchangers because they can give good service and provide good trading volume for their customer and i am believe this exchangers is favorite exchanger for crypto community

Binance is really unstoppable and there is nothing or any FUD that anyone can create about them that will ever stop people from recognizing and acknowledge them. This great company is really trying and has spread its love across all.

We can see how they treat their users, they offer them low trading fee, they give them benefits a lot and they do everything possible to make sure their investment with them is worth it by making sure the value of their coin keeps increasing with numerous projects they are using to support it. I wonder why people are always enemies of progress and it is because of this envy that made them try to tarnish their image by hacking them.

Those can't create FUD to the binance caused by it has a lot of useful product until the bad news has come from binance like binance was getting stolen through its vulnerability. Binance will keep try to dominating the crypto space right now.
And that's the binance platform is increasing a lot on any aspect that related to the development of the binance.

imstillthebest

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Quote from: samcrypto on June 20, 2019, 08:58:01 PM

Quote from: starblocks on June 20, 2019, 08:52:57 PM

You are right because too much dominance can eventually lead to a monopoly, however, there are some constructive aspects of this scenario that can be beneficial to the industry such as helping IEOs gain further popularity, providing trading options with less restrictions than more regulated exchanges in different regions and decentralized platforms

Its a challenge for some exchanges to compete with BNB, and I'm sure BNB will never dominate the market because there's a lot of exchanges who can also provide good service. If the IEO becomes stable then its the benefit of cryptomarket, but I know ICO will have a good comeback because of ETH new development. This become a threat if BNB continues to control other coins, but I'm not scared because bitcoin will still be the top coin.

yeah it is and bnb is actually already dominating when it comes to good exchangers . many users love to use and to recomend binance because binance is indeed a really good exhange with good service , they also have higher trading volumes while others exchange cant possibly do all of those . the stability of the ieo will also depend in the exchage , if an exchange is good then the ieo will also become good and stable , if not then ieo will not become stable . overall , i dont see any reason on why binance is a threat because i only see benefits when using binance .

xenomorphe1

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I would say that let people decide where they want to trade coins. Some like big exchanges, some like small exchanges. It all depends on the big whales.
Some exchanges are trying to copy the business plan of Binance.
I am still waiting to see if people are going to switch to decentralized exchanges or not. But for the moment it doesn't seem to be the case.
Hack or not, people don't seem to be afraid to trade on centralized exchanges and do KYC. But some "decentralized" exchanges like IDEX want to do KYC too i heard. So, they are not so decentralized.

thehulkk

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In my opinion, Binance trading floor gives people many opportunities to do business and bring profit. Most people only care about profit, and when Binance Coin brings everyone's profit, the Binance Coin still grows.

akitha

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binance is a good exchange as they are the number one exchange in Coinmarketcap,given the fact that it was hacked, but the threat to crypto space is far from reality.. there are also good exchange out there..

Taufik blackspade team

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Quote from: trauchot on June 21, 2019, 02:17:59 AM

At the moment, and most likely always for a long time, Binance will be the most popular and most sought-after cryptocurrency exchange. Every major investor prefers to trade precisely on the Binance, and almost every company that has its own token, also wants to list their token on the Binance.

for now maybe yes, binance is the most popular exchange. but that does not mean that in the future he will be replaced.
we all know, how bittrex, and poloniex have also been popular, and they have finally been replaced.

trauchot

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At the moment, and most likely always for a long time, Binance will be the most popular and most sought-after cryptocurrency exchange. Every major investor prefers to trade precisely on the Binance, and almost every company that has its own token, also wants to list their token on the Binance.

samcrypto

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Quote from: starblocks on June 20, 2019, 08:52:57 PM

You are right because too much dominance can eventually lead to a monopoly, however, there are some constructive aspects of this scenario that can be beneficial to the industry such as helping IEOs gain further popularity, providing trading options with less restrictions than more regulated exchanges in different regions and decentralized platforms

Its a challenge for some exchanges to compete with BNB, and I'm sure BNB will never dominate the market because there's a lot of exchanges who can also provide good service. If the IEO becomes stable then its the benefit of cryptomarket, but I know ICO will have a good comeback because of ETH new development. This become a threat if BNB continues to control other coins, but I'm not scared because bitcoin will still be the top coin.

starblocks

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You are right because too much dominance can eventually lead to a monopoly, however, there are some constructive aspects of this scenario that can be beneficial to the industry such as helping IEOs gain further popularity, providing trading options with less restrictions than more regulated exchanges in different regions and decentralized platforms

BTCappu

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Quote from: Menawi12 on June 14, 2019, 08:43:24 PM

Quote from: Bananington on June 14, 2019, 04:43:06 PM

Well, I don't think binance is a threat, rather it has impacted a lot to crypto space. A good product sells itself, CZ deserves it, reaping his hardwork. I understand there are other standard exchanges like Kucoin, Huobi, Okex, Bitfinex, Bittrex etc but Binance has really been great. Binance chain and Binance DEX adding the shine, I don't really think it's a monopoly issue here.

I am agree, we should not think binance is a threat because the team behind already give hard work. Binance become biggest exchangers because they can give good service and provide good trading volume for their customer and i am believe this exchangers is favorite exchanger for crypto community

Binance is really unstoppable and there is nothing or any FUD that anyone can create about them that will ever stop people from recognizing and acknowledge them. This great company is really trying and has spread its love across all.

We can see how they treat their users, they offer them low trading fee, they give them benefits a lot and they do everything possible to make sure their investment with them is worth it by making sure the value of their coin keeps increasing with numerous projects they are using to support it. I wonder why people are always enemies of progress and it is because of this envy that made them try to tarnish their image by hacking them.

OptimusPrime_3

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Quote from: Nekoma2018 on June 06, 2019, 04:13:39 PM

Agree to disagree... whenever power is centered on one person or a group of people, there will always be dictatorships and manipulation.. I see a lot of people celebrating Cz on Twitter for delisting bsv.. but what they don't understand is Cz poses a greater threat to decentralization than faketoshi will ever be... even vitalik buterin agrees to this

https://www.google.com/amp/s/www.coinspeaker.com/vitalik-buterin-bitcoin-sv-scam-binance/amp/

I don't see them as a threat but as an ignorant company. They became too famous and popular and CZ thinks he can have the power in its hand to control the cryptocurrency space which is totally impossible. Some day, an exchange will definitely surpass them to reduce this power influence they kept having.

davinchi

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Quote from: Khuongcute2503 on June 11, 2019, 10:21:01 PM

Quote from: Nekoma2018 on June 06, 2019, 04:13:39 PM

Agree to disagree... whenever power is centered on one person or a group of people, there will always be dictatorships and manipulation.. I see a lot of people celebrating Cz on Twitter for delisting bsv.. but what they don't understand is Cz poses a greater threat to decentralization than faketoshi will ever be... even vitalik buterin agrees to this

https://www.google.com/amp/s/www.coinspeaker.com/vitalik-buterin-bitcoin-sv-scam-binance/amp/

I think so. Binance is monopolizing the market. Although they develop very well, the fact that no competitors compete will make Binance easily control the market.

So what do you want to have them do, they fold their hands and do nothing for other exchange to pick and then give us an imperfect system?
My own understanding of monopoly is that they are usually backed by government when it comes to business, and government are the ones that do not give much chances for other companies who are capable of competing to try but in this case, this exchange is not being controlled or approved by anyone, we are still, the one giving them the power because without us, there will be no Binance?

Then if I may ask those who are using Binance, what made them chose Binance, is it because someone imposed it on them or they chose them willingly, which I believe that most of the users chose to use them willingly, so what do you call monopoly here.

cafee_orange

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Binance is a very influential market today and even based on the BNB coinmarketcap is ranked number 1 in the world, I am so sure that the BNB will be the number 1 top coin in the world, as we have seen this year, price movements have significantly increased.

Mr.Noda

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This exchange has become an absolute monopolist and it is actually bad for a crypto community.

XFlowZion

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Quote from: Nekoma2018 on June 06, 2019, 04:13:39 PM

Agree to disagree... whenever power is centered on one person or a group of people, there will always be dictatorships and manipulation.. I see a lot of people celebrating Cz on Twitter for delisting bsv.. but what they don't understand is Cz poses a greater threat to decentralization than faketoshi will ever be... even vitalik buterin agrees to this

https://www.google.com/amp/s/www.coinspeaker.com/vitalik-buterin-bitcoin-sv-scam-binance/amp/

What power are you talking about? Traders and investors trust Binance and CZ so much and that is why they are very influential and an important factor to the crypto space. The community put Binance on their top spot because their intention is good and if they are not like that then they would not possibly reach what they have now.

TWW

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Quote from: whiteblue on June 15, 2019, 02:45:52 AM

but to be able to make coins, they usually depend on the project being developed because when the project they developed is very good and can be useful for many people, it will make the price of the coin very expensive.

yes the point is back to market interest. because the developments made can attract market responses. if there is no response from the update, there will be no change in the price.
binance has a tremendous growth, because the community that trades and people who invest in binance are very large. therefore each IEO held by binance always experiences success.

labenea

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Quote from: Menawi12 on June 14, 2019, 08:43:24 PM

Quote from: Bananington on June 14, 2019, 04:43:06 PM

Well, I don't think binance is a threat, rather it has impacted a lot to crypto space. A good product sells itself, CZ deserves it, reaping his hardwork. I understand there are other standard exchanges like Kucoin, Huobi, Okex, Bitfinex, Bittrex etc but Binance has really been great. Binance chain and Binance DEX adding the shine, I don't really think it's a monopoly issue here.

I am agree, we should not think binance is a threat because the team behind already give hard work. Binance become biggest exchangers because they can give good service and provide good trading volume for their customer and i am believe this exchangers is favorite exchanger for crypto community

in fact it is true that binance has provided comfort in terms of trade for its users. they have worked hard to build this project and I believe that if there are shortcomings in binance projects the team will always fix it for the convenience of its users.

whiteblue

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Quote from: Cat Coin on June 15, 2019, 02:26:05 AM

No,just the more successful projects that bring profit,the development of the industry,the better for the entire crypto space, as it improves the image,and gives faith that this direction will develop,and the market just will not stand still,so it's the opposite plus that one of the projects,very well began to grow and develop

but to be able to make coins, they usually depend on the project being developed because when the project they developed is very good and can be useful for many people, it will make the price of the coin very expensive.

Cat Coin

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No,just the more successful projects that bring profit,the development of the industry,the better for the entire crypto space, as it improves the image,and gives faith that this direction will develop,and the market just will not stand still,so it's the opposite plus that one of the projects,very well began to grow and develop

michellee

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Quote from: Loedong on June 15, 2019, 01:02:10 AM

I don't think that binance is a threat to cryptocurrency space. we know that binance is a large exchange and has many users and we also know that most investors already trust their exchanges to trade.

Besides that, if binance is really done that, the members will leave binance, and binance itself will lose their benefits of the left of the members. They will lose the trust of the members, and that will be bad for binance. As a large exchange, binance will do many things to give benefits for the members so they can get more members/traders to trade in their site. In a long time, binance will grow more if they can get huge traders that will come to their site.

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