Topic: Binance is Becoming a Crypto Monopoly - page 14. (Read 2124 times)

I fail to see how Binance can act like a monopoly when there are so many competitors out there to siphon away customers who are unhappy. As far as I can tell most Binance customers are pleased with their level of service and believe the exchange is fair. They are also rolling out a decentralized exchange so customers will have complete control over their funds on the platform.

Monopol ?

I using 12 exchanges, Binance is not on my list

Maybe in future

The fact that there are also many big exchanges that can do or replicate what Binance does only shows that Binance cannot be a crypto monopoly and if ever there will be signs leading to it, I think the crypto community won't allow it to happen. I guess the latest developments on Binance is only a part of a crypto evolution where cryptoverse is now getting more mature and we should try to embrace those developments as well.

But that's not their fault. They have been able to address users issue better than anyone else. We as users should try to decentralize our trades in different exchanges so that we would also give chances to new one and mitigate the risk of failure of Binance in the future.
There are many other newer exchanges that are trying to follow the path of binance but would require a long trial to prove themselves worthy.

Binance is like a virus 

i warned about this a while ago, nobody listened.
i warned about it again when the IEOs started becoming a thing and gave even more power to exchanges like Binance and nobody listened.

basically like always people are blinded by the advertisement and the promises these centralized powers are giving them and while the profit is there, they don't care... until something shady starts to happen and all hell breaks loose. but by then it will be too late.
the worst part is that this is not the first time...

They can play it whatever they want. In the end, they are still a centralized entity in a decentralized community. If ever we see them too powerful, they cannot stop the community from abandoning them. The community still have the real power. If we stop using their service, they are done.

I also agree with your opinion, and is not good that this happen and this can affect the crypto overtime but if people will not join IEO on Binance maybe they will not be like Mt Gox. Maybe they will revise what they are doing and will be better for crypto to not be so centralized.

I quite agree with your statement regarding the actions of CZ and binance but thats how it works just like Mcafee was doing before. On other hand, it has a bad effect on cryptoworld specially on its IEO that has a lot of conditions and surprisingly few people can get in. Tweets that will cause pumps and dumps and all name it, CZ can do it all.

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

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.

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.

2019

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
Edit 2: CZ Believes he can dictate the Bitcoin miners and blockchain, due to Binance's team incompetence. https://www.coindesk.com/binance-may-consider-bitcoin-rollback-following-40-million-hack



2020

The Steemit takeover: https://www.coindesk.com/trons-takeover-of-steemit-is-internet-history-repeating-itself
Binance acquires CMC: Binance Continues to make headway towards crypto dominance: https://blog.coinmarketcap.com/2020/04/02/a-letter-to-our-users-post-acquisition/