Topic: Binance is Becoming a Crypto Monopoly - page 8. (Read 2098 times)

Who cares about the scandal, what Craig wright did was a wrong thing and Binance was simply protecting its users against junk like him. So, I would not blame Binance for doing that and if that is the reason why they are saying Binance is being monopolistic, then they deserve to be.

Binance is doing great and their effective and good part over shadows their weak point, I am not even seeing any weak point in Binance, all I see is a system created that is putting smile and peace in the face and mind of people, and that is more than enough for what anyone would say about them out there.

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.

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

It will not be decentrilized, your assets will be under their control. Binance team is very cool and they have excellent specilists, this platform distinguished hights and traders can earn money there. But decentralization and the philosophy of satoshi don't go keep pace with Binance ideas and vision.

I am waiting for their Binance DEX, how decentralized it would be in the future because I do not understand how such big company with big power could create something what is decentralized? And who will really believe that it is decentralized?

AFAIK, they are the leading exchange in IEO, more investors are trusting them over other exchanges and that's th reason why BNB token had an ATH this month.

I agree with a majority of the responses here that it was a community effort to delist BSV and not just one person calling the shots. I realize that there might be some pull back from people due to their recent announcements for compliance with companies such as Ciphertrace but I think ultimately they are looking out for everyone in the case of any large scams or money laundering even as far as any threats from terrorists

If binance exchange will start IEO for sure there will be a lot investors that will invest in their exchange but this is not their purpose right. They are not investment they are the promoters of bitcoin and cryptocurrency. I think binance is a good exchange and has a good coin and there will be a lot improvement for that.

I cant see it as a sign of monopoly, how come it be possible to monopolized the entire crypto industry when most of it are open source like softwares, devs are scattered around the globe, the fact is there was a "hundreds or thousands of cryptocurrency exchange competing each other in the world" the best of the best services will win, thats the truth why Binance was really successful. "Binance CEO CZ has nothing to do why Binance was choosen most of the users and traders its because of its great services and the users experience was mean a lot nothing more nothing less, Delisting BSV is just a personal choice of the company since its a private owned so no one can question it. It think its just like a sourgraping that trigger of this unfounded, unsupported with reality and facts! im using Binance, Bittrex, and Okex and dont see any monopoly so far.

There are too many exchanges out there and surely those reputable ones will be left standing.
Ease of use of DEX will allow more people to use it. As it is right now, ED and FD are not user friendly at this time.

Binance will become more monopoly exchange market because many investor have much money always stay there, many altcoin kinds have profitable for the future in binance and make many investor glad for keep stay with binance.

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 do feel Binance is doing an excellent job in a world where we have seen a significant amount of exchanges collapse, having a beacon of stability and a waypoint is needed, from a user perspective it makes sense why Binance is doing so well in it's present state.

That said I agree that the centralization of exchanges runs the inherent risk of collapse as these are places where hacks become extremely profitable even with the top end security measures put in place it only takes one effective zero day to lose significant sums of money.

For now I do not see them as a monopoly just as a powerhouse in the community, whether that changes will depend on if competitors can keep and develop their own markets and maintain attractive strong alternatives to Binance or upgrade their current platforms to the next level before Binance.

They do have weight and they can push it if their buttons get pushed dropping SV is a good example of that, other exchanges however do not need to follow what Binance does  and can take market share from them for these decisions as it is a stand.

It's just a bit harder to trade those coins unless they are liquid exchanges as users need to move to an exchange that supports that coin and can cause some chilling effects, a lot of good projects do exist on other trading platforms not listed on binance they just don't scale to the level where they are listed on Binance until they grow to a fairly large presence or have good advertising.

There are still places for other exchanges to take advantage of this gap whether in quality or safety compared to the established cryptocurrency players that emerge on binance.

In the long run from a shouting beacon.
I see binance evolving beyond an exchange towards a platform for many projects and to get very political on its stands in the future.
There is certainty of more debates come.

That is not true at all, since you dont own the private keys. there is always something that can go wrong on the backside of the exchange.
Sure they try to keep everything neat and tight but dont take it as a certainty.

Binance is very cool bi yeah.  It is not a monopoly, it is just so convenient that it is used by many, many people.  There are other exchanges but why they are less used.

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!!

I believe that Binance will soon begin to fall back on the position of conducting an IEO, this will cause negative consequences for him from the BNB.
And the new Binance exchange, it is not decentralized at all, which will also alienate a large number of potential users.

I think Binance is simply doing everything they can to increase the value of their token similar to big corporations like Apple doing the same. I don't see any problems with that.

The bigger problem is the other exchanges using BNB's valuation and fake volume on their exchanges to inflate the value of their tokens. All these exchange tokens are being dumped to the market slowly, and we should stop that.

I do not think that Binance can become a crypto manopoly. Yes, this exchange is very popular, but there are other major players on the market who will not be in a crypto monopoly with Binance.

How is this even a response.  OP is talking about binance controlling a lot of the exchange volume and the power you get when things become more centralized.  Purcashing power of btc or other alts doesn't matter.  And I agree with the OP we need some more exchanges getting more of the exchange volume, but it's an open market people can choose where they want to trade.  You want things to change, dont trade there.