Topic: Binance is Becoming a Crypto Monopoly - page 6. (Read 2127 times)
I am also concerned about the hegemony of Binance in the crypto market, but while the situation does not look serious, there are many competitors who are able to impose competition. But Binance looks even today like Apple or Google in the early stages of its development.
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.
Yes community is much powerful than them but every one seems save using them and also have this kind of volume generating opportunity for any coin you buy there which makes you believe that your coin or token will eventually gain some profit rather than other exchange that I will hardly see tones of volume which actually cos inactive.
and be allowed to invest with the launchpad where they also caters the sale periods of IEO's, very good marketing and business planning.
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.
Yes community is much powerful than them but every one seems save using them and also have this kind of volume generating opportunity for any coin you buy there which makes you believe that your coin or token will eventually gain some profit rather than other exchange that I will hardly see tones of volume which actually cos inactive.
The only thing what I don't like about Binance is that they restrict some users to participate in IEOs+ not allowing to use DEX for some countries looks weird and controversial to DEX ideology
The reason they do that is the fact that each of countries has their own regulation, if the intend to not comply with the regulation they could just make it available across the world because they are trying to gain as much customers as they can but NO the reason is regulation, some country doesn't like to accept such thing and some or I'd say the rest really have a strict regulation and it takes too much from a company to just get approved, that needs to be taken into account aswell.
You actually nail it all cause I have also been thinking of this for a while that binance has now become an exchange that dictate the success of any project which is not suppose to be so as crypto ecosystems is concern .
The monopoly has generate to swapping ETH token to its own chain which is another way to get rid of ETH in the smart contract chain.
Binance has become more powerful that if it badmouth any project then fail is the project and if it list shit coin then the moon it goes which is a dictatorship to the decentralized ecosystem and it need to be checkmate in other not to have control over the crypto space.
The monopoly has generate to swapping ETH token to its own chain which is another way to get rid of ETH in the smart contract chain.
Binance has become more powerful that if it badmouth any project then fail is the project and if it list shit coin then the moon it goes which is a dictatorship to the decentralized ecosystem and it need to be checkmate in other not to have control over the crypto space.
The only thing what I don't like about Binance is that they restrict some users to participate in IEOs+ not allowing to use DEX for some countries looks weird and controversial to DEX ideology
What binance is doing can be replicated but it demands a lot of money and good leader. Now they have lot of trust from traders that they keep increasing. now they are building their own blockchain and producing the most profitable IEO, its just a way to overtake ethereum by getting into the market directly. Imagine an exchange that handled hack so well that traders didnt lose anything, who wont want to get on this exchange. if any other exchange can do this let them give binance the competition
They are getting stronger and stronger every day.
It is harmful to decentralization but at least they did pay from their pocket when the hack happened.
I think that very soon, many people will understand that this is not correct. I do not believe that Binance can create a monopoly - someone will stop themIt is harmful to decentralization but at least they did pay from their pocket when the hack happened.
They are getting stronger and stronger every day.
It is harmful to decentralization but at least they did pay from their pocket when the hack happened.
It is harmful to decentralization but at least they did pay from their pocket when the hack happened.
I agree, again I'm not the only one who shares this view. One just has to look at the history of crypto and other notable figures (Vitalik notably) who are expressing various of concerns.
They are getting stronger and stronger every day.
It is harmful to decentralization but at least they did pay from their pocket when the hack happened.
It is harmful to decentralization but at least they did pay from their pocket when the hack happened.
According to the daily traded value Binance is not the top1 but the OkEx is number one. BNB coin is most traded but still it is in the rank below 5. So, you can't say Binance is the crypto monopoly.
it should be a good thing for all of us, because it will make it easier for us to choose a good investment, they are a large community so it will be very profitable to see and follow their steps because as we know that large communities can change many things , so when we invest according to what they say, then we will most likely benefit and isn't that what we are looking for?
Such thinking does make sense because Binance is exchanging crypto which has a large market share, after which it creates crypto to be traded. The result is quite good because the sales are large and the price is high. Today Binance Coin costs US $ 32.The achievement of this price is very good compared to other coins that have already circulated. Maybe investors believe in the work of the professional Binance team and master crypto technology so that coin sales reach high prices. It's not as high as Bitcoin or Ethereum, but it's already very good.
People stood by them because the saw the potential in them and having believed in the best their technology is capable of bringing to the real world. I have been with binance for a long time now and I have remained with them because of the benefits I am enjoying through them that other exchanges does not have.
it should be a good thing for all of us, because it will make it easier for us to choose a good investment, they are a large community so it will be very profitable to see and follow their steps because as we know that large communities can change many things , so when we invest according to what they say, then we will most likely benefit and isn't that what we are looking for?
Such thinking does make sense because Binance is exchanging crypto which has a large market share, after which it creates crypto to be traded. The result is quite good because the sales are large and the price is high. Today Binance Coin costs US $ 32.The achievement of this price is very good compared to other coins that have already circulated. Maybe investors believe in the work of the professional Binance team and master crypto technology so that coin sales reach high prices. It's not as high as Bitcoin or Ethereum, but it's already very good.
The recent hack also makes the point clear why we need to diverge away from Binance. Depending on a single exchange for our trading needs would hurt us one way or other. If we just diverse, we'll be getting lighter blows.
I agree, even if binance is the most widely used exchange around the world, it is better to use several exchanges than to use just one, while this means having several accounts and making sure that each one is properly secured, in the case of a hack to one of those exchanges your losses are going to be limited to only a fraction of your capital, however what we really need is that decentralized exchanges become more popular but I do not know what it will take to make traders to wake up to the reality that centralized exchanges will never be completely safe.
it should be a good thing for all of us, because it will make it easier for us to choose a good investment, they are a large community so it will be very profitable to see and follow their steps because as we know that large communities can change many things , so when we invest according to what they say, then we will most likely benefit and isn't that what we are looking for?
The recent hack also makes the point clear why we need to diverge away from Binance. Depending on a single exchange for our trading needs would hurt us one way or other. If we just diverse, we'll be getting lighter blows.
I agree, even if binance is the most widely used exchange around the world, it is better to use several exchanges than to use just one, while this means having several accounts and making sure that each one is properly secured, in the case of a hack to one of those exchanges your losses are going to be limited to only a fraction of your capital, however what we really need is that decentralized exchanges become more popular but I do not know what it will take to make traders to wake up to the reality that centralized exchanges will never be completely safe. I heard a rumor that Binance is going to launch a stable coin, did you too?
I like CZ's way of doing things in crypto. Holding here Bnb for long.
I heard that too but don't know if they can really achieve what they said because their plan is to create one of the biggest coin available on the market right now and their target is to reach 10 billion users which is kind of inimaginabile. Anyway, Binance did a great job with their BNB coins and if they can do that again with the other coin they are planning to launch I'm sure we'll have a new coin sitting in the top 10. I like CZ's way of doing things in crypto. Holding here Bnb for long.
Binance and its coin will be popular among traders till this platform and IEOs can make xxxxs, the same story was with ICOs
I saw a post way back whereby CZ indirectly advised the crypto community to keep funds in Binance, stating its safe on twitter. For me it's best to store crypto assets on personal wallets. In my opinion, Decentralized exchanges and hybrid exchanges will win in the long run, is just that most decentralized exchanges right now do not have what it takes to compete. Well, the progress with developments on Binance like Binance chain and DEX is a plus, still impressive.
Think about if there is no centralized exchange, asset management will be more difficult if we are attacked. I think the presence of a centralized exchange has helped people get insurance when participating in trading. In fact, decentralized exchange is better but it is very easy to be attacked and it will be very difficult for us to get money back when that happens so BINACE DEX is just my second choice in future
This exchange has long been a monopolist in the cryptoindustry. Something not very good is coming with this exchange.
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