As long as it is possible to make money (in whatever form they may be), decentralization is hardly possible. There is always one who has a lot of money and wants more. Thus, the money will accumulate from a limited number of owners, and centralization will occur.
Apparently, in Binance an ambitious team. This is a lot of praise, but it will lead to inevitable centralization.
Topic: Binance is Becoming a Crypto Monopoly - page 10. (Read 2120 times)
The only thing i notice about binance is they are very smart and they know how to take advantage of situations, before now the dream of every crypto is be lunch on Bittrex but some how bittrex loss is status as one of most sort out exchange and gradually binance came and out shine all of them, can't say i blame them, they try to fill the yearnings of the people and they plan to keep moving ahead with new innovation and ideas.
I don't see Binance as a monopoly. Everybody or anybody can challenge them. I only see them as the leader in every venture they sought. Back in the early days, Mintpal and Cryptsy took the lion share of the market. And then there was Poloniex and Bittrex.
in a market like this, nobody can make a challenge to Binance. they just have too big assets. new projects and new exchanges will not be able to resist themThe big problem is that not all new start up project can afford to have their token listed on Binance due to the huge sum requirement as listing fee.
Every company have their policy and how they operate, like you admit that Binance has done so well in the crypto industry, and their perfection is what is drawing people closer to them, they might be a centralized exchange, but they have never imposed themselves on anyone or compel anyone to use their services.
We have so many exchanges out there to choose from, if one is not completely satisfied with the level of operation, then we walk away and head for another exchange, monopoly has nothing to do here, because there is no law compelling people to use their services alone, they are simply doing their job and their job is speaking well of them.
We have so many exchanges out there to choose from, if one is not completely satisfied with the level of operation, then we walk away and head for another exchange, monopoly has nothing to do here, because there is no law compelling people to use their services alone, they are simply doing their job and their job is speaking well of them.
It is not good for an exchange to dominate the market. But this happens in a free market. If an exchange dominates the market, competition in the market would take a back seat. But I do not understand why an exchange delists a coin based on just its low trading volume. This is bad trend. A coin should not be delisted unless it commits a grave violations of norms of cryptocurrency. Sometimes a project may fail to perform well.
I am reminded of previously popular exchanges like Cryptsy and Bittrex that once dominated market volumes but has diminished over time which only proved that nothing is permanent in cryptoverse and the idea that Binance could monopolize the market is too far in my mind. But what I can say is that I admire Binance for doing their best and has evolved to become more competitive and premiere exchange that is able to adapt to user needs and face challenges and has also become a trailblazer among top exchanges. Imho.
I agree with you, a little more and it will be a monopoly. I believe that in the near future, the top 5 exchanges will control 98% of all trades and do nothing with it. Nobody canceled the rule of Poreto. The remaining platforms will not survive at a distance of 1-3 years. Soon the wave of acquisitions will begin.
I don't see Binance as a monopoly. Everybody or anybody can challenge them. I only see them as the leader in every venture they sought. Back in the early days, Mintpal and Cryptsy took the lion share of the market. And then there was Poloniex and Bittrex.
in a market like this, nobody can make a challenge to Binance. they just have too big assets. new projects and new exchanges will not be able to resist them
I don't see Binance as a monopoly. Everybody or anybody can challenge them. I only see them as the leader in every venture they sought. Back in the early days, Mintpal and Cryptsy took the lion share of the market. And then there was Poloniex and Bittrex.
They are already leader of the market but they won't be monopoly.
Because there will always be other coins which won't get listed on binance.
Because there will always be other coins which won't get listed on binance.
binance coins can really damage the dominance of other coins even I believe that one day at least the BNB will be able to be in the top 5 coins because the BNB movement is really good, they have strong weapons namely binance exchangers and they use that weapon to attack other coins when conditions are weak and that's what makes it dominate the market and will continue to dominate the market
One thing I love the most about binance coin is the commitment of the CEO and the team to make sure they remain relevant in this time due to the competition we have in the crypto space, I really admire their passion and would love to raise a team that have such passion towards projects this way, I know that binance will soon become one of the top 5 coin in the crypto space, not because they have something so big to offer, but because they have their investors in heart and always create a user friendly platform. I don’t think it is possible to say that the IEO will change the market? I
It will not change but it's helping for a change, anyway it's a great platform and people trust it.
There are still investing in ICO but big investors are making sure they will invest in a secure platform and Binance provided that, that's why their coin is in demand right now and they have lots of potential investors to come.
I don’t think it is possible to say that the IEO will change the market? I am begging you. Many will not agree with the terms of this monopolist. Yes, and a couple of unsuccessful projects can undermine this reputation. Of course, when you exchange number one in the world, you have a lot of opportunities to dictate rules to the market. But there will always be those who bypass these rules.
It is already a crypto monopoly, because this is the most famous exchange in the world with the largest trading volumes. I just remember about the CEO decision to delist BSV from Binance and it dropped the price by 40 percent.
It is not good for an exchange to dominate the market. But this happens in a free market. If an exchange dominates the market, competition in the market would take a back seat. But I do not understand why an exchange delists a coin based on just its low trading volume. This is bad trend. A coin should not be delisted unless it commits a grave violations of norms of cryptocurrency. Sometimes a project may fail to perform well.
I dont think binance dominating the market because binance not list all crypto in their platform. Many big exchanger have bigger daily transaction volume and i think its normal for binance if they want profits. Good exchanger must be always evaluating the coin or token because they have responsibility for their customer.
It is not good for an exchange to dominate the market. But this happens in a free market. If an exchange dominates the market, competition in the market would take a back seat. But I do not understand why an exchange delists a coin based on just its low trading volume. This is bad trend. A coin should not be delisted unless it commits a grave violations of norms of cryptocurrency. Sometimes a project may fail to perform well.
I don't think that's a monopoly when other exchanges follow what Binance did to delist BSV. They have good reason to defend it and those exchanges that follow thru see also the reason why.
And being in Binance as the number one exchanger today keeps one feel that they are protected from trading their coins. I feel like it is good for me to take and exchange them all my coins and then withdraw it without really trading because I can withdraw it without the fear of doing KYC because my withdrawal is still in the limit level. That's one that makes Binance ahead of the other great exchanges before they impose the KYC on all coins withdrawal.
And being in Binance as the number one exchanger today keeps one feel that they are protected from trading their coins. I feel like it is good for me to take and exchange them all my coins and then withdraw it without really trading because I can withdraw it without the fear of doing KYC because my withdrawal is still in the limit level. That's one that makes Binance ahead of the other great exchanges before they impose the KYC on all coins withdrawal.
I don't really think that they are all powerful. As the listing of coins is very expensive, other exchanges are going to list more coins more easily.
The bull run of BNB was just because of the announcement of the DEX exchange. But now, people are really going to see who is going to use it and if it was worth the wait or not.
What i see is the BNB coin looks like a pump and dump scheme.
I guess you really don’t know what they stand for, Binance is the most reputable exchange I have ever come across in this industry, they are highly effective and full of genuine strategies, their work, product and services is what is umping their coin and I can assure you that the growth of their coin has nothing to do with whales.The bull run of BNB was just because of the announcement of the DEX exchange. But now, people are really going to see who is going to use it and if it was worth the wait or not.
What i see is the BNB coin looks like a pump and dump scheme.
The value of BNB you see is the true reflection of how largely and widely community has adopted it and using it, Now they are also coming up with their own chain, which might make lots of Binance believer migrates to it, if they do, what do you think will happen to the coin value, would it not shoot higher?
Binance is one of the biggest and most powerful exchange nowadays. Isn't it a purpose which every exchange or any other project want to reach. Binance developing and improve their work all the time. It is a process of evolution of cryptocurrency and crypto exchanges. And it also example for all that small exchanges , they can repeat Binance success.
They've done a lot of good for crypto as a whole since they were founded...
I like this part of your post and that's why I took it out of the heap. The Binance Exchange has proved itself trustworthy and no one should begrudge it its fame. Not so many gave it a chance in 2017 but look at where it is today through dint of hard work and all that and you say it's running a monopoly? Where are the ilks of Poloniex, Bittrex, Coinexchange, just to mention a few which got established way ahead of Binance? The other exchanges lack innovations and no one should blame CZ for that.It sounds like OP is mad because binance delisted the scam "Bitcoin SV" coin.. and OP is holding it lol smh awwww poor baby
He shouldn't be. He has the choice of transferring it out to other exchanges accepting it or to his own private wallet.
It sounds like OP is mad because binance delisted the scam "Bitcoin SV" coin.. and OP is holding it lol smh awwww poor baby
Jump to: