Topic: Binance Is straying deceitfully from the ideologies of Blockchain technology (Read 515 times)

It all comes down to making profits on their tokens, if everyone is holding BNB, prices go up and they benefit.But it is really not a fair condition, 1600$ is a lot in many climes and it therefore makes the platform only for the rich and that in itself already introduces some level of centralization which is bad for crypto

The nearest future is here already and binance did not start ieo
It started with dobi and latoken  exchange platform

But since there is decentralized in place, binance has done the right thing on their own terms I suppose

Good news today is that binance has reduced the amount of bnb that most be held to 50 bnb.. So one needs 900 dollars worth In order to participate in the IEO process.. I think they are beginning to fill the impact of competitors or better still let me call the rest copy cats..

It is really a good thing for what they are doing and everyone new this and gave them the kudos when they first introduced it, many investors started having hope again in crowd funding projects but I think that they are beginning to blow it out of proportion by introducing minimum amount an investor can bring in.

This is more like creating a segregated system because only rich people can afford to make investment, 1600 dollars is way too much to commit in one project, many people will end up practicing a lot of dumping at the lightest opportunity they get in order to be able to invest in other projects.

Every project in whatever form it might be or wherever it is emanating from is most times for the sole purpose of making profit by creating an enabling environment for more demands. This is still a normal happening in the crypto space, depending on how the team if the project is able to strategize.

Binance is here to make money and they should not follow anybody`s else vision just their own.
Whatever they were doing in the past had much business sense and I think we should look at the new rules as a package and we can like it or not, take it or leave it.

In all these, one thing is sacrosanct, the crypto space is vast and offers unlimited opportunities. I am certain that if binance don't realise timely these core principles of blockchain technology, it won't be long before their popularity would begin to wayne as people would seek other exchanges that would accommodate the collective community interest in the spirit of financial inclusion and equitable wealth distribution

As much as I hate what binance is doing, I believe they will play a major factor in initiating the next bull run with this their launchpad service for listing new projects. So I am having mixed feelings towards them

Not all of investors can't buy and i never seen someone created a thread with the proof if he can participate on IEO, IEO is a good thing to separate the legit from the scam ico but it doesn't look good if you are seeing it can be manipulated by its own exchange site.

I see it this way as well, being excluded from investing in icos is not all that bad in my opinion after all if you really like the coin you could always buy it in the open market where there are no requirements to the amount of bnb that you need to be holding, also since binance is a business they are not really thinking about the ideals and goals of cryptocurrencies in general they're only looking to make more money and to make their coin more valuable so they are creating artificial demand for their coin by demanding that you are holding a minimum amount of the binance coin.

This is a centralized solution offered by binance to root out and separate legit projects from scam's ones. Which is good for the benefits of all investors.

And yes most investors in binance launchpad are not buying because of the idea & future technology behind the project but to get x2 x3 or x5 on the investment which is a proven trend in the previous 2 IEO projects.

Well, it is their system and they have the right to bring out any policy that deemed fit for them, it is now left for the user to take it or not. I really doubt if many exchanges will follow this rules because of the stiff competition in the market but Binance can afford to do so because they are already big and popular.

Looking at Binance, we should not forget that they have their own coin and they need to work on or with any idea that will make their BNB coin appreciate, my only challenge with them is that now that they are imposing minimum of 1600 dollars investment,are they giving any form of assurance too to investors that the project will not fail in the long run?

I think this is a very bad strategy for the Binance team but it has to happen. Negative experience is also an experience and without a visual experiment we will not be able to prove something to the community. Errors have a very good effect on progress and in this case it can positively affect the development of the blockchain. Satoshi proposed the idea and created bitcoin but at the moment bitcoin is outdated and many of the principles of the blockchain is still not implemented. I'm for any action that would be the main development continued.

Thank you for this. All these anger would have been better poured out on ICO scammers and bad projects rather than innocent companies just doing that own job that they think suits their business. If we even look at it, After all, they are still practicing their own decentralized system too, since there are no regulations or rules backing their action.

Aside that, when it even comes to Initial coin offering, every ICO has a limit to they offer to a particular investor before they can participate, and it is only when it gets to exchange that one can buy any amount one desires to buy, probably part of this policy of ICO is what they incorporated into their own system to guide every ICO generally.

You are right, though it's very sad to admit it. But, I think it's not so bad, they have a right to make money.

I might not be in support of what binance team are doing right now, but I can stand for them that they actually care about the funds of investors unlike other IEO platforms that just come up just because they see a new trend rising and not because they care about their investors and buy the idea of IEO.

I personally might not participate in any IEO because on thing I always love to be is anonymous in the crypto space since this is the actual ideology of why Satoshi Nakamoto created bitcoin and the blockchain.

with the way things are going, IEO will soon turned out to be survival for the fittest or it already is  
requiring a total of 100 bnb before participating on their ieo just tells you, "all poor people who cant afford to hold 100 bnb should take a hike"  
now who among us here prefare to still have ico's around where both the rich and the poor can equally be given an opportunity to invest according to their ability

i think they should put the impact of this approach in a wider perspective, lets assume there are no more ico's around and all exchange ieo's bring their different t&c for investment, it basically means only certain group of people can now afford to invest, rest people wait for exchange with probably x3 in price
maybe this is next strategy for bull run, look on the bright side

this has always been the same series of events that follow up when you add centralization into this world, everything turns into crap. and Binance as a centralized exchange is currently the front runner of a lot of things which will start going wrong slowly but surely.

starting with their platforms then followed up but their billion dollar centralized token BNB which is over pumped right now and the worst thing and the most dangerous thing is going to be the IEOs which will not only corrupt them but also wreck the cryptocurrency economy too.

Exactly my thoughts. People would sooner or later come to see the damage this IEO hype will cause. This is just the preamble of it. I just advise anyone going into it to be careful. Coming to the issue the poster made, Binance is only in business. It's just bad that people do not consider the common man, the poor masses when it comes to business.

The most important thing that people think about this. If people agree to do so and not pay attention to decentralization, it turns out that they do not need decentralization at all. Therefore, we can just once again be deceived through decentralization.

I have an idea. What about creating a form where people willing to buy the token will submit their details and will of course sent the amount to a Binance address before the distribution. Now, distribute the token to everyone who applied. I think that will be fair. No first come first serve.

This is just their way of creating a demand for BNB and to increase use case for their in-house token. A simple and legal way to monopolized the ICO industry.

I am afraid that the problem of the rich getting richer and the poor getting poorer will not disappear, and people with large capital, corporations, banks, major exchanges will continue to strive for centralization, maximum control of their users, all transactions and trades. Only idealists in life can hope for the opposite.

The rules of the exchange against them will not go. Either agree with them or go to other exchanges, which introduce something like that. Users need decentralized exchanges: bts

Binance continues to be a monopoly in the sector. By finishing the ICO process, they will ensure that all new projects will be passed to the IEO process. BNB is increasing the profits by compulsory. As you've mentioned, this situation would reverse the Blockchain logic. But I've never seen anyone complain about that. Everybody says that the IEO process is healthier. Recently binance will take over the entire sector.

Binance is only after profits not technology. How will they make it so difficult for the common man to enter their launchpad program. As always they will only make the rich get richer

You should not expect it to be like the others because there are no regulations here and it is possible for everyone to set conditions as they wish. While you think your own interests, they are also considering their own interests.

I don't know how you want this done, for me it is better than the previous system, why won't they give token holders priority and again people need to open their eye and not be carried away with all these pumps, there will come a time that it would be better to by on exchange when trading

Every project in whatever form it might be or wherever it is emanating from is most times for the sole purpose of making profit by creating an enabling environment for more demands. This is still a normal happening in the crypto space, depending on how the team if the project is able to strategize.

I do not see any deception in what Binance is doing about participating in its IEO. Afterall the rules are stated there for all to see and if you aren't comfortable with it then you take a walk.

I will only agree with you on the point that blockchain ideology, which is a decentrealized system, is been abused.

You missing the point.. Atleast all should be allowed to partake in the risk.. What happened to allowing even distribution of nodes? From what Binance is propagating into the crypto-sphere only whales will be able to take part in IEO..

Binance is straying a way, I agree with you
Doing it deceitfully; I don’t agree why ??

Because for every ieos on binance platform there is a terms and condition agree

Now, how many investors read through the content ?

Investment is a risk
Any day any time any where

I don't have any problems with him trying to create more value for his currency (BNB) but this to me is the height of it.. Who knows the next monopolistic agenda CZ will come up with?.. The fact that other exchange will  follow suit is actually my biggest fear.. I  recently heard  huobi requires a holding period of 30 days in order to gain access to their upcoming IEO.. I don't know how true it is but I think such setups will on the long run ruin the IEO mechanism with small time investors unhappy..

This does not sound right at all. this is more like an ICOs private sale phase now.
It's a good thing for Binance. This policy, however, won't be healthy for the market. I wonder if those saying that IEOs will take over ICOs before thinks the same now.

Well said, let's not also forget about their increasingly monopolistic behaviors. Business is business i understand that, Binance is here to make money, make investors money (to the best of their abilities and create an ecosystem for all in crypto; exposing crypto to a wider audience. But, the foundations of what crypto and blockchain represent, is everything Binance is diverging away from.

Red-flags for the meaning of crypto, a positive step-forward for bigger money and larger awareness. Shortsightedness for the short-term, damaging for the future of crypto entirely. Binance is probably the biggest threat to the entire crypto-sphere, with all ideologies/foundations this industry was founded on; but, this all would of happened eventually, it's in our nature to seek order by delegating power to other people to make the decisions for themselves.

Competition has/will follow suite and mimic the behaviors/actions that Binance is doing, to stay competitive.

This is indeed a royalty for the believers of Binance. And a premium feature for large investors.
There were times when BNB costed few cents and the investors and traders who believed in it and invested had an amazing profit.
And large traders would also benefit with their further investment in BNB.

Alas, look at it. People who have the power to try to survive every single drop from the project’s potential. While they are in the top they are doing everything to get more profit. Cryptocurrency is a business and financial tool.

I really appreciate your opinion, deeply   ! but they have their own roadmap to not have to follow the vision of satoshi, in the crypto space you are free to choose to use your financial and if you feel bad you do not have to participate in the binance scope

Binance are not beholden to Satoshi's vision or plans, and in business, morals hardly come into play. As long as your actions are legal a business entity would do anything to further its interests and strengthen its hold on the industry.
I do not trade regularly on Binance and try as much as possible to avoid centralized exchanges.

Or maybe he will save himself from losing the little money he has if the project fails, there is no guarantee that all these IEOs, ICOs, STOs or whatever they call them will be successful. Anyway, I guess what they are trying to do is just to create demand for their token to increase its value.

Today I saw the latest news release by the Binance Team and I sincerely disapprove of the mechanicms and tactics binance is trying to enforce on investors. The idea of blockchain technology is a community driven ecosystem where financial inclusion for all is guaranteed and the presence of equity in wealth distribution and rights. Today the Binance team is strategically straying away from this Ideology  by changing the mechanism of purchase on the binance launch pad for start-ups from  the first come first serve to an allocation model based on the BNB token held. Now a minimum of 100 bnb which is equivalent to 1600 dollars is literally required to participate in the IEO process on binance launchpad.
This mechanisms greatly deviates from what satoshi had In mind when he pioneered blockchain technology and in my opinion should not be entertained at all. The poor who wish to tap into the potentials of burdening projects will be deprived, the rich will keep getting richer  while the poor gets  poorer.
Why don't we take a minute to properly examine this  initiative binance is kick-starting which i am certain will be emulated by other exchange in the nearest future? Isn't these the same shortfalls of traditional funding models?. I say we take a United stand against this discriminatory and deviant act binance is kick-starting before it completely deteriorate the blockchain community..
Click the link below to view the complete release by  the binance team and feel free to share your opinion.
https://www.binance.com/amp/en/blog/316491046311071744/Update-to-the-Binance-Launchpad-Token-Sale-Format