Topic: Binance is Becoming a Crypto Monopoly - page 2. (Read 2120 times)

As most conversations shift towards Binance's CMC acquistion, few heeded the warning or signs of monopolistic tendencies.

This is even more concerning now due to mounting pressure by the CCP on blockchain and businesses and the tension flare-up between the U.S. and China. I wonder how this will spill over into cryptocurrencies and the behaviors/tendencies of Chinese-centered exchanges.

agree, it is not just Binance, it is a complete dominance of China in crypto regarding mining pools, hash rate and similar, and most of those companies, if not all, are dependent on China state, do not think that any of them would do something different from the politics that are designated from the China state, so it is kind a threat to the crypto community

It could be a serious problem in the future because now they bought also the coinmarketcap website which should provide independent informations about cryptocurrencies. So if they own everything - exchange, medias, stable coins, crypto, then they will completely control the market.

As most conversations shift towards Binance's CMC acquistion, few heeded the warning or signs of monopolistic tendencies.

This is even more concerning now due to mounting pressure by the CCP on blockchain and businesses and the tension flare-up between the U.S. and China. I wonder how this will spill over into cryptocurrencies and the behaviors/tendencies of Chinese-centered exchanges.

Despite this, CZ still claims that Binance is run "without an HQ" while in practice they may be the case, in principal Binance has been increasingly responding to China's movements.

Though Binance is one of the biggest crypto exchanges based on daily trading volume, has revealedthat it will be the chief sponsor of the Blockchain Africa 2020 Conference as it strives to stamp its authority in the continent. Their is also tendency that during the conference, it will announce its expansion plans in African nations, such as South Africa, as well as its initiatives and projects under the arm of the Binance Charity Foundation

Even though Binance is dedicated to increasing the freedom of money and the advancement of blockchain technology. The African continent is a major part of this mission – where millions are unbanked but remain innovative in their use of technology.
 
With this Binance is becoming Monopoly is inconclusive

I don't see any problem of Binance becoming a Monopoly in crypto space! All of their plans impressed me. Binance is trying every way to make crypto acceptable to the rest of the world! They are not just sitting by making an exchange, rather they are extending their range gradually and community supporting them too! In 2019, Binance had lots of new wings, and this year Binance acquiring more! I am waiting to see many more achievement in Binance platform!

Binance is very huge empire. From exchanges and firm that they acquired it surely proves how strong they are. I am not saying this will ruin the crypto market and point of view of other people, but this is a good start that Binance extending their wide range of businesses. Coinmarketcap is one of the best analysis tool and portfolio tracker, I am looking forward on how Binance can improve it perfectly.

Binance is very huge empire. From exchanges and firm that they acquired it surely proves how strong they are. I am not saying this will ruin the crypto market and point of view of other people, but this is a good start that Binance extending their wide range of businesses. Coinmarketcap is one of the best analysis tool and portfolio tracker, I am looking forward on how Binance can improve it perfectly.

After everything I will trust Binance until I realized the problem. In my point  if Binance get success by monopolize than everything can control Binance coin. By wishes any project can success, cryptocurrency is for not to do that, after stock crisis 10 years ago, cryptocurrency is trying make independent everything.

Surprise! Surprise!!
You have predicted this years ago and now it has turned into true? Yes, true that Binance is trying to acquire as much space as possible in crypto space and they already have that position. It has both advantages and disadvantage. Bad side has been mentioned by you while CMC will have a better look with Binance is an advantage for us.

It caused by this is a potential market that still has a lot of room to grow. As far as i know, if binance has a lot of resources to do that. In my opinion, the current step that has already taken by binance to acquire the CMC is also a big move to spread the binance service widely. Binance is wanna trying to monopoly crypto.

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.

The BitcoinSV Dilemma: For more detailed explanation https://bitcointalksearch.org/topic/m.50745817
Binance Hacked, Power plays: 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 by Justin: https://www.coindesk.com/trons-takeover-of-steemit-is-internet-history-repeating-itself
More about Steemit: https://bitcointalksearch.org/topic/m.53952652
Binance's Acquisition of CMC: Binance Continues to make headway towards total crypto dominance: https://blog.coinmarketcap.com/2020/04/02/a-letter-to-our-users-post-acquisition/