Topic: Binance is Becoming a Crypto Monopoly - page 11. (Read 2120 times)
Nahhhh not because binance is one of the top it will not be a right thing to call it a monopolization. It's just when it comes to multiple coins aside from btc binance has a good volume compare to others because of being a good provider of a user interface. I think these are just detracting thread i believe CZ is doing good.
It is a trend that will apply to differently based on the works they do, sometimes we have to accept it because now Binance is a monopoly company which they are doing according to their roadmap. Last year it is completely ETH blockchain which due to many fake ICO's the community is fed up with the ETH blockchain.
I don't think there is a problem with the ethereum chain. their network is still good, only incidentally there are some projects that use the ethereum chain to make a project scam. that does not mean it is a bad effect for etheruem. ethereum will be fine. but the binance chain is just about to be released, and it will require major updates and a long journey to make their chains attractive to the market. I don't deny the fact about the power of the big crypto exchange but there is no need for drama. Monopoly is always there and it will be replaced by the speculation of small exchanges instead of the big manipulators.
It is a trend that will apply to differently based on the works they do, sometimes we have to accept it because now Binance is a monopoly company which they are doing according to their roadmap. Last year it is completely ETH blockchain which due to many fake ICO's the community is fed up with the ETH blockchain.
I think with what we have now, there are a lot of other competitors that are being used, not just Binance. I think Binance is smart that their current strategies that is doing so well and so far and a lot of people might think that they are going to abuse it, we don’t know, just like what you are speculating about now. As long as we know how much we are investing in that exchange, the another Mt. Gox incident could offer less hurt in your portfolio, and prevention is better than cure, as they say.
I tried to get in Binance IEO and failed for whatever reason and I was a little angry but it was okay but what really got to my nerve and made I started to think similar to what you wrote in this thread in the new requirement they added for people to be able to join their so-called IEO, they are trying hard to pump BNB which I think is a very dangerous and bad move because they are giving BNB tokens a value that is totally fake and build only on the desire of joining the upcoming BNB, well I love Binance but I do not like their latest moves which made me withdraw my money from there ( Binance was the only exchange that I was feeling safe holding my money on it).
100% Agree having all this control in a field that built on Decentralization is hmm.. I can't really come with proper words to describe it.
100% Agree having all this control in a field that built on Decentralization is hmm.. I can't really come with proper words to describe it.
I also noticed that Binance is becoming very powerful and influential but we should not treat as a negative thing. We should be glad that that their IEO is a success because they have revived the dying ICOs which we expected not to do well anymore. I think CZ is not a bad guy and it is not his intention to dictate what coin will succeed. It is just that they have so much reputation in this market.
I am agree. Binance is a company and every company must be need and want profits. Its not their fault if binance become biggest exchangers because the always improve on security and user like their UI or service.
I also noticed that Binance is becoming very powerful and influential but we should not treat as a negative thing. We should be glad that that their IEO is a success because they have revived the dying ICOs which we expected not to do well anymore. I think CZ is not a bad guy and it is not his intention to dictate what coin will succeed. It is just that they have so much reputation in this market.
I am agree. Binance is a company and every company must be need and want profits. Its not their fault if binance become biggest exchangers because the always improve on security and user like their UI or service.
What are you talking about?
Binance is the best thing to happen to the crypto economy.
You can't compare it to Mt. Gox at all.
That was way back when crypto was totally fringe.
It had a monopoly because no one cared about it at all.
Binance has significantly raised the standard for what an exchange should be.
It has created an ecosystem that encourages different trading pairs.
It has launched a lot of successful projects.
They are the biggest because they are the best.
On top of it all, they are pushing forward with a dex.
That is the true spirit of crypto right there, decentralized exchanges.
Rather than worrying about how they will "take over" worry about how other comapnies aren't up to standard.
Binance is the best thing to happen to the crypto economy.
You can't compare it to Mt. Gox at all.
That was way back when crypto was totally fringe.
It had a monopoly because no one cared about it at all.
Binance has significantly raised the standard for what an exchange should be.
It has created an ecosystem that encourages different trading pairs.
It has launched a lot of successful projects.
They are the biggest because they are the best.
On top of it all, they are pushing forward with a dex.
That is the true spirit of crypto right there, decentralized exchanges.
Rather than worrying about how they will "take over" worry about how other comapnies aren't up to standard.
It somehow privatise ICO, although it's not necessary a bad thing still it causes a perception of only the riches with more BnB stake can get a taste of popular tokens that ensured volume on our platform. Tokens are fighting to be listed for the so called binance effect to uphold their price, in a long term its not beneficial for the crypto majorities but what do cause investors cares 10x tokens more
I also noticed that Binance is becoming very powerful and influential but we should not treat as a negative thing. We should be glad that that their IEO is a success because they have revived the dying ICOs which we expected not to do well anymore. I think CZ is not a bad guy and it is not his intention to dictate what coin will succeed. It is just that they have so much reputation in this market.
Binance can change the rules of the game by changing their strategy on the long term view. The vision of the exchange can influence the projects and this is not the same thing with manipulation.
It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.
Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.
I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.
There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.
Binance is beginning to look a lot like MT. Gox, but for a whole new era.
Edit: For more detailed explanation https://bitcointalksearch.org/topic/m.50745817
Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.
I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.
There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.
Binance is beginning to look a lot like MT. Gox, but for a whole new era.
Edit: For more detailed explanation https://bitcointalksearch.org/topic/m.50745817
Nah.. just did the right thing thats why other followed
I don't deny the fact about the power of the big crypto exchange but there is no need for drama. Monopoly is always there and it will be replaced by the speculation of small exchanges instead of the big manipulators.
It would be nice to have a self regulated crypto market but it is not happening, in fact we have no regulations
on the ICOs. Binance is just resolving the problems we could not solve ourselves. Centralization is not a good
direction at all, that it not what Satoshi was envisioning.
on the ICOs. Binance is just resolving the problems we could not solve ourselves. Centralization is not a good
direction at all, that it not what Satoshi was envisioning.
But honestly, I did like the move of the CEO when he delisted BSV. Tweeted a straightforward message, no fuss. I don't know if he was thinking at that time that with that such action, other exchanges will follow thru. I believe, it is his inner desire to do that not considering anybody else's opinion.
Let us see how things unfold for Binance. But right now, they are one of the reputable exchanges out there.
Let us see how things unfold for Binance. But right now, they are one of the reputable exchanges out there.
Must be what he meant when he said its becoming a monopoly. CEO seem to dictate what everybody has to do. Though I like what had happened to BSV, I'd be glad to see if there is still a consensus. Kraken tried doing it by asking votes whether to delist or not. I have no idea whether the votes came form Kraken's users though but it should have been.
Some articles for those interested in future of Binance and more. Check it up
https://decryptmedia.com/5985/binance-seeking-diplomatic-immunity-avoid-regulators-say-cryptofund-execs
https://www.asiatimes.com/2019/04/article/will-us-crash-binances-holiday-on-the-med/
https://decryptmedia.com/5985/binance-seeking-diplomatic-immunity-avoid-regulators-say-cryptofund-execs
https://www.asiatimes.com/2019/04/article/will-us-crash-binances-holiday-on-the-med/
Binance does have the power of life or death over many smaller cap coins, and even some of the larger ones as we have just seen. Its Launchpad program injected the first breaths of life into Tron’s Bittorrent Token simply because it had exclusivity, a huge audience, and a lot of marketing kung fu. As Google can dictate the success of a website in terms of search rankings, Binance appears to be wielding the same power over token listings and it clearly doesn’t plan to stop there.
The problem is that, in the future, you will not even have to be listed on Binance to be dependent of Binance. If you used Binance Launchpad to raise funds for example, it means that most of your token supply will be located in Binance wallets. If you create a token on Binance Chain, your token entirely depends of Binance. If you have a dApp based on Binance Chain, your dApp activity depends of Binance. So at the end, being listed on other exchanges doesn't even matter anymore, because you will be dependent of Binance, even if you are listed on other exchanges.
It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.
Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.
I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.
There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.
Binance is beginning to look a lot like MT. Gox, but for a whole new era.
Edit: For more detailed explanation https://bitcointalksearch.org/topic/m.50745817
How i wish many will accept this truth and do something about it.Many are shying away from this fact because this so called exchange has made name for itself but the truth most be told,most of this big exchanges are trying to monopolize everything. Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.
I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.
There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.
Binance is beginning to look a lot like MT. Gox, but for a whole new era.
Edit: For more detailed explanation https://bitcointalksearch.org/topic/m.50745817
You're completely right, I agree with you. Binance is a good exchange and it has good prospects. However, so much hype around Binance can turn it into a crypto monopoly.
what Binance is currently experiencing is unintentional, Binance is big because customers believe in it. here I won't blame Binance if it's like monopolizing crypto, we must realize that Binance is indeed the best exchanger. Jump to: