Topic: Binance is Becoming a Crypto Monopoly - page 7. (Read 2120 times)

I don't think so, because some exchanges are still have good volume and I'm pretty sure most of the users of Binance also have their accounts in other exchanges. Monopoly means only one in the market, which is not in the case of binance. I understand their aggressiveness but I think binance are still far from controlling the cryptomarket.

Binance today is indeed a cryptocurrency monopoly, the rest of the stock exchanges today for some reason are not so popular, probably because today there are big demands on ordinary traders.

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

I disagree because it is not only binary that is currently holding the IEO, so I feel that worry is excessive.

In as much as I agree with your submission , I also think that it's other Cryptocurrency exchanges that are giving binance the stage to be acting out it's monopolistic tendencies.

The question is, what does those upcoming exchanges have to offer, you need to look back and see where Binance has been coming from, Binance was barely launched like 2 years agar and it has achieved this far with few of their ideas that they have executed, remember that they met so many great exchanges on ground before they acne to top them all.

If they continue to come up with the strategies they have been coming up with, which I believe that the teams are too hard working to run or of idea, they will continue to be top of them all, How many exchange have come out after Binance and yet they have not gotten any volume?

There are tons of exchanges to choose from and there are upcoming new ones being developed. I really dont think that Binance would be still a power-house in the coming years. Times are changing fast in crypto and i really do think there are exchanges that want to rival Binance.

Also there are other tokens/coins not listed in Binance but its already being traded in other big exchanges.

I am not sure it will happen, but I am just surprised about the difficult rules of buying coins during the iEO period at binance. When there are many projects that are difficult to find investors, they sell IEO coins randomly like lottrey.

There are tons of exchanges to choose from and there are upcoming new ones being developed. I really dont think that Binance would be still a power-house in the coming years. Times are changing fast in crypto and i really do think there are exchanges that want to rival Binance.

Also there are other tokens/coins not listed in Binance but its already being traded in other big exchanges.

Well they have set a standard for all exchanges and until other exchanges begin to think outside the box,I fear the monopoly will span out for a very long time

Binance is very big, and wants to have a monopoly. I don't blame them for that. It is up to us to accept it or to fight it. We are the most important thing: users. They are nothing without us. Even Binance!!