BINANCE TO LAUNCH ITS OWN MINING POOL

hugeblack

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Update !!!
Guess what is this?

It’s the first block mined by the @Binance Mining Pool (closed-beta.)
Once the beta phase is completed, the new service will be officially launched with the lowest fees offered in the industry

Source ---> https://twitter.com/cz_binance/status/1253675202656915457

They are moving with very fast steps, I hope these things will end well.

countryfree

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I guess it's good.
Who's against more competition between mining pools?

If they can offer better conditions (or returns) than existing pools, let them do it.

gentlemand

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Welt Am Draht

Quote from: cabron on April 10, 2020, 02:17:42 PM

It will not be possible to roll back just as he suggested when they were hacked. That will definitely be a potential mess in the future, looks like they haven't scratch that idea. The more centralize it could become, they have purchased the large companies in crypto, get away with the steemit votes issue and they may even get away more of what they can do when they have more power.

It's one thing to meddle with a shitcoin, and even then what little community there is rose up and fucked them, quite another to attempt to mess with BTC. Literally everyone who is not CZ would go all out to wipe him out. I think he might possibly be dim witted enough to attempt something some day. He will get rapidly and brutally put in his place.

cabron

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Quote from: pugman on April 08, 2020, 06:36:17 PM

Quote from: gentlemand on April 08, 2020, 02:18:25 PM

Quote from: pugman on April 08, 2020, 02:12:58 PM

Binance mining pool sounds cool on paper, but in reality, it will be a mess.

Even the stupidest and greediest miner is a whole lot better versed in crypto than their average retail customer. Binance will be up against rivals with vast amounts of experience. If they can't cut it they'll soon be gone.

I hope that is the case because CZ has already proven himself to be very stupid with his roll back talk. That didn't matter when he ran an exchange, it might if he ran a pool though it would be deserted in a shot.

Agreed, most of Binance's users only know how to copy paste an address, and how to send coins back and forth. Mining is so NOT that. And beating the competition would be tough, but Binance's reputation is what is handy to them, enough to give them a noticeable headstart in the game.

I am eager to see how this all turns out, I really don't want binance to fail, it will manage to disrupt the whole industry(there's no other exchange as good as binance right now), but I also don't want binance to have a zillion acquisitions and fuck it up with all of Binance crap(over-polluting the industry), and eventually establishing monopoly.

It will not be possible to roll back just as he suggested when they were hacked. That will definitely be a potential mess in the future, looks like they haven't scratch that idea. The more centralize it could become, they have purchased the large companies in crypto, get away with the steemit votes issue and they may even get away more of what they can do when they have more power.

gentlemand

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Quote from: rexxarofmoknathal on April 10, 2020, 11:23:37 AM

If Binance is going to launch its own mining pool, well let's say that that it will be big. Sure, they have resources but will they have enough to keep the crypto going? Now we're not only talking about man power but computer power with better, more efficient computing power, one which is already limiting mining already? It will be interesting to first of all see if this will be the case and whether Binance will be able to maintain it Shocked

Binance is highly likely to not be mining themselves. Miners will. It's down to Binance to tempt them with the right terms.

I can't imagine any universe where mining makes more money than running an exchange. Mining costs millions to set up and keep going with no guarantee of profit. An exchange is a fountain of money no matter what the market does, as long as it does something.

rexxarofmoknathal

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If Binance is going to launch its own mining pool, well let's say that that it will be big. Sure, they have resources but will they have enough to keep the crypto going? Now we're not only talking about man power but computer power with better, more efficient computing power, one which is already limiting mining already? It will be interesting to first of all see if this will be the case and whether Binance will be able to maintain it Shocked

pugman

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dogs are cute.

Quote from: gentlemand on April 08, 2020, 02:18:25 PM

Quote from: pugman on April 08, 2020, 02:12:58 PM

Binance mining pool sounds cool on paper, but in reality, it will be a mess.

Even the stupidest and greediest miner is a whole lot better versed in crypto than their average retail customer. Binance will be up against rivals with vast amounts of experience. If they can't cut it they'll soon be gone.

I hope that is the case because CZ has already proven himself to be very stupid with his roll back talk. That didn't matter when he ran an exchange, it might if he ran a pool though it would be deserted in a shot.

Agreed, most of Binance's users only know how to copy paste an address, and how to send coins back and forth. Mining is so NOT that. And beating the competition would be tough, but Binance's reputation is what is handy to them, enough to give them a noticeable headstart in the game.

I am eager to see how this all turns out, I really don't want binance to fail, it will manage to disrupt the whole industry(there's no other exchange as good as binance right now), but I also don't want binance to have a zillion acquisitions and fuck it up with all of Binance crap(over-polluting the industry), and eventually establishing monopoly.

gentlemand

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Welt Am Draht

Quote from: pugman on April 08, 2020, 02:12:58 PM

Binance mining pool sounds cool on paper, but in reality, it will be a mess.

Even the stupidest and greediest miner is a whole lot better versed in crypto than their average retail customer. Binance will be up against rivals with vast amounts of experience. If they can't cut it they'll soon be gone.

I hope that is the case because CZ has already proven himself to be very stupid with his roll back talk. That didn't matter when he ran an exchange, it might if he ran a pool though it would be deserted in a shot.

pugman

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dogs are cute.

I really hope binance isn't trying to lie/deceive people again. I might have brought the VISA bullshit at first, but never-mind me.

I really hope Binance isn't going for a monopoly move here, it will kill the whole industry if they do so. Maybe not at first, but sooner or later things will escalate and will go from bad to worse. Binance mining pool sounds cool on paper, but in reality, it will be a mess. Binance is just trying to make acquisitions in a desperate attempt to come over the top,and once this whole acquisition war is over, they will be left with shitty companies, and no money in their pockets.

gentlemand

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Welt Am Draht

Binance management seem both dim and reckless. If anywhere is to attempt to corner everything I would vastly prefer it to be someone other than their fine selves. More than likely they'll wind up screwing up big time before taking over the world, or someone with a bit more up top takes them over.

Harlot

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Quote from: logfiles on April 05, 2020, 05:53:45 PM

Quote from: Harlot on April 05, 2020, 04:42:07 PM

~snip~

Just like someone said... at the end of the day it's all about making more and more money and there is nothing we can do about it. I can't even keep track of the promising projects binance have acquired so far. Here are a few I know of
- 3commas trading bot service
- Wazirx
- Trust wallet
- Brave Browser
- Coinmarketcap
- Dappreview

My worry is if binance goes crashing as you know how unfriendly the crypto space can be, the projects it acquired will also be at a risk of collapsing.

Nothing to worry about that one since even if the parent company, Binance, will be under legal action all of these subsidiaries will be acting as an independent company as long as they don't have any direct links with the main business operation of Binance or is part entirely of their legal action. That's assuming that Binance will keep it that way not only absorbing this businesses but keeping them as a separate operating entity under them. Also if you are worried about that then that is the bad thing monopolizing the crypto industry because if they fall then we all know everything around them will be affected not only the companies part of them but also us individuals especially the ones using their services.

o_e_l_e_o

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Quote from: Finestream on April 06, 2020, 06:19:13 AM

Well, I guess I'll just have to stick around since I believe in the long run, all exchange will be subject to centralize regulation.

How is a government going to slap regulations on a decentralized exchange such as BISQ, which is run by a DAO? There is no company, no owners, no office, which they can regulate. It's simply a piece of software. It would be like a government trying to regulate bitcoin itself. It is impossible to enforce short of shutting down their citizens' internet access. Even in countries where bitcoin is completely illegal, it is still possible to buy, sell, and use bitcoin.

Bitcoin was designed to be censorship resistant. We should be striving to also use exchanges and services which are similarly censorship resistant, and not ones which are actively colluding with various governments and handing over our details willingly.

https://docs.bisq.network/intro.html#why-bisq-exists

Quote from: Finestream on April 06, 2020, 06:19:13 AM

Well that's true because banking industry has been here before we were burn, they were able to build and develop the necessary controls to regulate the banking industry, however in crypto its' still quite new

It's partly because crypto is filled with scammers and idiots. Scammers who will launch fake exchanges, services, wallets, etc., and idiots who will blindly send their coins and KYC documents to anonymous strangers without a second thought.

Finestream

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Quote from: o_e_l_e_o on April 06, 2020, 03:55:48 AM

Then don't choose Binance. There are plenty of other options out there. I don't use centralized exchanges and have never completed KYC anywhere, and yet I have no problems interacting with the bitcoin ecosystem, buying, selling, trading, spending, etc.

I am not sure if there are other better exchange than Binance as per experience, I like Binance the most.
Well, I guess I'll just have to stick around since I believe in the long run, all exchange will be subject to centralize regulation.
That's sad but that is the reality.

Quote from: o_e_l_e_o on April 06, 2020, 03:55:48 AM

This is one area where fiat has a clear advantage over bitcoin. When was the last time you saw a centralized fiat bank being hacked for their customers' KYC documents? Pretty much never. When was the last time you saw a crypto exchange being hacked for the same thing? Pretty much every week. Even the largest and most "reputable" exchanges, including Binance, have been hacked or otherwise leaked, sold, or shared customers' data.

Well that's true because banking industry has been here before we were burn, they were able to build and develop the necessary controls to regulate the banking industry, however in crypto its' still quite new, some countries are still even in a debate whether they will legalized crypto or not.

ethereumhunter

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Leading Crypto Sports Betting & Casino Platform

It seems Binance wants to be the king in the crypto worlds as what Google keeps trying to be the king in many things Grin

That is one step from Binance that can make Binance step forward than the other exchanges. While Binance is one of the popular exchanges that we know, CZ wants to expand the business, and now he is trying to entering the mining pool industry.

o_e_l_e_o

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Quote from: Finestream on April 05, 2020, 06:26:19 PM

Ridiculous it is, but can we do anything about it if we still choose binance to be our exchange.

Then don't choose Binance. There are plenty of other options out there. I don't use centralized exchanges and have never completed KYC anywhere, and yet I have no problems interacting with the bitcoin ecosystem, buying, selling, trading, spending, etc.

Quote from: Finestream on April 05, 2020, 06:26:19 PM

I am also a banker most of my life and I understand that submitting my information to the bank might be use for other purposes but I just hope they will not divulge it illegally. The same thing would happen in an exchange as they are still under monitoring of the authority and if they set a very simple law for them but sooner it will be improve as crypto is still young and sure more improvement int he long run.

This is one area where fiat has a clear advantage over bitcoin. When was the last time you saw a centralized fiat bank being hacked for their customers' KYC documents? Pretty much never. When was the last time you saw a crypto exchange being hacked for the same thing? Pretty much every week. Even the largest and most "reputable" exchanges, including Binance, have been hacked or otherwise leaked, sold, or shared customers' data.

Quote from: Finestream on April 05, 2020, 06:26:19 PM

I know it sounds stupid, but are we really getting the decentralization we are expecting with crypto? the answer is no, because the government will always interfere

Then don't let them. If you are going to willingly use an exchange which is government regulated and shares all your information with the government, then you can't complain about the government sticking their nose in your business. Trade peer-to-peer or decentralized, keep your KYC documents and other private information to yourself, and use bitcoin how it was intended without any third party telling you what you can and cannot do with your own money.

pooya87

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it has always been about two things with Binance: making as much money as possible and having as much centralized power in the scene as they can.
right now they are fully controlling the altcoin market as they have kicked almost all altcoin exchange competition out of the scene. they won't stop there, entering mining scene will also give them a lot more power specially if they start mining altcoins and could get a big enough pool to control the altcoins that way too. it won't cost them much either since it is just a pool not a mining farm needing as much electricity.

Finestream

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Quote from: o_e_l_e_o on April 05, 2020, 08:31:32 AM

What a ridiculous position to hold. You're OK with Binance tracking everything you do in crypto, every order you place, every trade you make, every thing you buy, every purchase, etc., building up a complete profile of all your activities linked to your real name and address, and selling that information to anyone they like or the government? If you are completely happy with a third party having such complete and total control over your money and your data, then why bother with bitcoin at all? You can get all that with fiat.

Ridiculous it is, but can we do anything about it if we still choose binance to be our exchange.
I am also a banker most of my life and I understand that submitting my information to the bank might be use for other purposes but I just hope they will not divulge it illegally. The same thing would happen in an exchange as they are still under monitoring of the authority and if they set a very simple law for them but sooner it will be improve as crypto is still young and sure more improvement int he long run.

I know it sounds stupid, but are we really getting the decentralization we are expecting with crypto? the answer is no, because the government will always interfere, if they are just interested with the taxes, then other countries will not declare crypto as illegal as they can collect huge taxes from it, for example China.

Quote from: o_e_l_e_o on April 05, 2020, 08:31:32 AM

No, they don't. The reason they do is because they want to tax everything they can. They want a slice of the exchange's profits and they want a slice of your profits. It's entirely possible to buy and sell bitcoin using a decentralized platform like BISQ, without any rules, regulations, or other privacy invading government nonsense.

I understand they want to get a slice of what crypto world is making through taxes but with regulation there are some rules to be followed and they will still employ their centralized policy on exchanges, most popular are KYC and AMLC reporting as crypto exchanges once under the regulation by the government will loss its privacy or confidentiality. EXCHANGES are US as WE COMPOSE THE EXCHANGES.

logfiles

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Quote from: Harlot on April 05, 2020, 04:42:07 PM

I do agree with you with the recent acquisition of CoinMarketCap and now they are planning to have their own mining pool this just means that they are trying to monopolize certain parts of the crypto industry which I think would be a bad thing for us. When they first got axed out of the US market they quickly have gotten their footing back in which just shows that they are determined to cover all big markets as well. I don't know that if this will be a good thing for us or it will just mean more less and less competition in some big segments of the industry.

Just like someone said... at the end of the day it's all about making more and more money and there is nothing we can do about it. I can't even keep track of the promising projects binance have acquired so far. Here are a few I know of
- 3commas trading bot service
- Wazirx
- Trust wallet
- Brave Browser
- Coinmarketcap
- Dappreview

My worry is if binance goes crashing as you know how unfriendly the crypto space can be, the projects it acquired will also be at a risk of collapsing.

Harlot

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Quote from: joniboini on April 04, 2020, 09:35:47 AM

Well, centralization aside, I think it's understandable considering they're trying to make as much money as possible. If they can build their own mining pool then why not? After all, it's about money.

People are not that stupid after all. If he did try to do some stupid things I bet it will get noticed. Just like their drama with Steem fork.

I do agree with you with the recent acquisition of CoinMarketCap and now they are planning to have their own mining pool this just means that they are trying to monopolize certain parts of the crypto industry which I think would be a bad thing for us. When they first got axed out of the US market they quickly have gotten their footing back in which just shows that they are determined to cover all big markets as well. I don't know that if this will be a good thing for us or it will just mean more less and less competition in some big segments of the industry.

o_e_l_e_o

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Quote from: Finestream on April 05, 2020, 08:13:01 AM

Well, as long as It's not illegally divulge then I am okay with it, I'm sure everyone understands everything before they sign up with Binance.

What a ridiculous position to hold. You're OK with Binance tracking everything you do in crypto, every order you place, every trade you make, every thing you buy, every purchase, etc., building up a complete profile of all your activities linked to your real name and address, and selling that information to anyone they like or the government? If you are completely happy with a third party having such complete and total control over your money and your data, then why bother with bitcoin at all? You can get all that with fiat.

Quote from: Finestream on April 05, 2020, 08:13:01 AM

in short the government has to make a standard rules for regulating crypto exchanges or businesses.

No, they don't. The reason they do is because they want to tax everything they can. They want a slice of the exchange's profits and they want a slice of your profits. It's entirely possible to buy and sell bitcoin using a decentralized platform like BISQ, without any rules, regulations, or other privacy invading government nonsense.

Topic: BINANCE TO LAUNCH ITS OWN MINING POOL (Read 303 times)