Topic: Bitcoin, the only thing that stands on its lane. (Read 595 times)

I mean without CZ, there would be exchanges. Binance is not the most secure exchange. Binance has been hackers before but there are exchanges that has not been hacked. Or maybe I should point more on what I quote:


I mean without CZ, there would be exchanges and cryptocurrencies.

I can do without BNB, BUSD, BEP2 tokens and BEP20 tokens. I can do without Coinmarketcap. People can do without all that I mentioned. CZ thinks nothing more than business. Either CZ bought it or copied the work of other developers.

So, in your understanding you decoded I said in that post that his exchange was the first, right? Guy, I'm done on this. Please yourself.

I can not agree more. CZ is one of the people that is deviating people away from the real use if bitcoin, which is decentralization. I have only seen him as someone that only cares most about his  business and nothing more than that.

o_e_l_e_o has mentioned a good decentralized exchanges with Tor function which is bisq. A true decentralized exchange has a multisig way of connecting buyers and sellers. The only time statement of account can be needed is during dispute with the buyer or seller. Unlike Binance that will require for KYC before you can make use of their exchange. Your identity is known to them (Binance) and the government and which can be known to hackers during data breach. Yet there are fake KYC on exchangs, this is an example:

Be careful with your identity documents and KYC


Have you forgotten that you posted this:


What kind of trust?

I am a day trader, I trade with the money that I can afford to lose. If Binance is hacked today, then no problem. I still have other exchanges that I divided the trading money. If all is hacked at once, I can afford to lose the trading money, but I think not more than one or two can be hacked at once, but the $50 I have on all the exchanges that makes it $250 in total, I can afford to lose that.

On exchange, if traders are not wise, the traders may later regret it if not moving money to noncustodial wallet. Centralized exchanges has done it in a way that people thought they are for holding coins, but which is not.

What innovation has CZ brought is the question? Nothing.

Frankly, I don't know what your point is or what you intend to achieve by distorting my comment to satisfy your narrative because I never said anywhere that Binance was the first exchange.

This is laughable. If you were a day trader, there must be an exchange you trade from. It doesn't have to be Binance. If you term yourself a trader and you say you don't have any coin on an exchange, then you aren't truthful to yourself.
 
But of course, you don't even know the Satoshi Nakamoto you're fraternizing with. He's anonymous. Not even late Hal Finney knew him (them). Again, if you're going to be up talking others down for what you think they haven't done; it simply means there are achievements you can point to that you've under your belt in this crypto space. I want to believe you've innovations you've brought into this space yourself???

Binance, and every part of it (including their P2P trading), is as centralized as they come.

Bisq.

No. If you need to submit KYC and gain approval to access a platform, then by definition there is a centralized party collecting that KYC data and making decisions on who may or may not access the platform.

Theirs something I want to know concerning all this exchanges and an exchange like Binance do we say that Binance is operating in decentralized way or Binance is operating in centralized process. If we are having p2p i think is ought to say is centralized exchange, sometimes i do contradict all the exchange as decentralized operating system. Do we have an exchanges that doesn't operate in a centralized form, again I didn't know the reason of KYC in exchange, is it for decentralized or centralized purpose and can decentralized process requires a KYC? I need more education from you

I've already provided a link in an earlier post in this thread to proof of Binance scamming people. CZ also accelerated the collapse of FTX when it suited his agenda. And again, let's not forget he wanted to centralize bitcoin itself by rolling back the chain to fix his own poor security practices.

He is not a positive influence on this space, at all.

If you start checking Coingecko often, you will not always see Binance at the top. I can point to this later when I see it. In market volume, it is the first, but that doesn't mean it should be the most trusted exchange there when there are many other exchanges with excellent high trading volume.

You just have to accept that Binance is not the first exchange and it is only copying what others have created before.

I do not trust Binance, that is why I have my coins on noncustodial wallet. There are also better exchanges. If there is no Binance, there will be other exchanges.

He is earning money from millions of people. What has he exactly done that is new? The only person I know is Satoshi Nakamoto that created bitcoin and blockchain. Other people are copying and advancing what he did. I also respect bitcoin developers that makes bitcoin to continue to be decentralized. Other people are only developing centralized blockchain, coins and tokens to get rich and CZ is one of them.

I saw through your sarcasm. However, for what it's worth; what's the state of those exchanges that existed before Binance now? How many of them are still in business till date and have the same mileage and trust rating as Binance? While I'm not standing in for CZ, I think it won't be nice to talk down on all that he has done for the industry. Nothing is completely bad in itself to the point it won't have something positive about it.

You see it as a monopoly and tag it evil. I see it as capitalism. It can only become an issue if he's threatening others not to come in and establish their own stuff or he's scamming others. We are all capitalist. We want the best for every business engagement we go into. CZ is a shrewd businessman and will want the best too for every of his business commitments. That's the way I want to see it.

Why bother creating something from scratch when you can just buy the most popular site of that type with all its users? 


To be fair, Binance is at the top of the CMC's biggest competitor Coingecko as well so no surprise that its at top of one of their own sites as well. Imho, CMC used to be even worse before CZ bought it was as it was normal back in the day to see scammy exchanges like HitBTC or P2PB2B at the top (or near) of the list, while at least now they are much further down the list.

In reality, the situation was clearly like that. Everything related to cryptocurrencies, whether it's an exchange or a wallet, is clearly a business. So I agree with your opinion, that only Bitcoin is truly decentralized and there really is no control behind it. Because satoshi is also the creator of bitcoin, until now no one knows about its existence. who knows where Satoshi went and who knows where Satoshi is.

But clearly, Satoshi has provided an example and a clear picture of decentralization, with the creation of bitcoin. Because to be honest, I know the term decentralized, along with the real evidence, that's because I know about bitcoin. So if currently, within the scope of cryptocurrencies, there are those who imitate a decentralized system, it will not be as perfect as bitcoin. Because as we know, bitcoin was created by satoshi, indeed in its totality, especially regarding its decentralization.

And then presented everyone who tries to withdraw bitcoin from Binance the option of withdrawing fake bitcoin on one of these centralized scam chains at a tiny fraction of the outrageous withdrawal fees they charge for actual bitcoin, tricking newbies in to withdrawing fake tokens and not withdrawing bitcoin at all.

Also owns Trust Wallet, which is closed source, but lies about it being open source.

And then miraculously Binance became the number one rated exchange on coinmarketcap! What a coincidence!

Binance has been hacked multiple times already. It will certainly be hacked again in the future. But you are absolutely right - people will keep using it regardless.

You shoudn't because those centralized exchange owners has been playing us a fool for a very long time, they're aren't making the industry any better instead they're centralizing it more. They call the shot on which coins gets to get listed on their popular exchanges and marketed to the public. Their investment in projects takes them to the top and others have to settle for less. They're the reason behind projects like Shiba and Pepe success (as they listed them on their exchange almost instantly they were launched and gave them publicity) If CZ had his way, he'll monopolized the industry, aren't you seeing what he did to coinmarketcap, trust wallet and other projects in the industry. Cz isn't different from what the government wants which is control.


They're all just buzz world and been recycled just like the many projects that we have in the industry that aren't adding anything new but just recycling ideas and people are still falling for their tricks. The most recent is now AI but before that we had Metaverse which Cz was also one of the reasons the projects that launched through his crowdfunding service (launchpad) becomes very famous and top charts because of the billions they poured into the marketing irrespective of those project having little or no valuable real life products. People wasted their money buying land and nfts that're now becoming worthless.

I can mention few 

He created an exchange which was not the first exchange that was created. His exchanges was created in 2017, but exchanges has been existing since 2013, or maybe since 2010.

He created BNB which did not follow bitcoin that was decentralized, but followed Ethereum that was completely centralized and CZ makes it more centralized because he made BNB in a way like USDT, USDC and others that can freeze the coin on noncustodial wallet.

He created BUSD the same way. Now Paxos is no more minting BUSD and its marketcap has fallen and it will continue to fall. Binance will soon have not support for BUSD and the coin will not be listed anywhere again.

He created BEP2 and BEP20 chain which are all centralized and a carbon copy of what other developers like Ethereum has done before

He supported Safepal, a close source wallet

He can not make his own coins price and exchanges listing site but bought coinmarketcap cap

I have forgotten what he did about Forbes some years ago because he wants more recognition.

The last thing I know he did was when his user's are moving their coins out of Binance, I think some people advised him to talk about it and he said moving money to noncustodial wallet is risky. 

With everything I have listed above, you can see that CZ has been the copy cat of other developers.

Being a copying cat is also not an invention.

Even if the exchange is hacked today, some people will remain fools 

What are some of the innovations that CZ brought that improved crypto industry?

Regarding "trust and excitement", you are saying like this is a good thing. People trust exchange way too much already so anyone who makes people trust them even more is not doing a good thing.

This is the point I was making earlier - is there a single point of failure? Even if all the Bitcoin Core devs and maintainers conspired to push some malicious changes to the next version of Core, then every node on the network can respond by doing absolutely nothing and continuing to run their current version of Core, and the network will continue to run completely unaffected as if nothing has happened.

If the person or people who wrote any of these so called "DeFi" smart contracts or run the various "DeFi" platforms decide to rug pull and steal everyone's coins (which has happened literally countless times), there is absolutely nothing anyone can do about it.

We already have decentralized finance. It's called Bitcoin. "DeFi" is almost universally a scam.

The first one on that list is absolutely but unnecessarily over bloated. Just like every new lingo in the crypto space, DeFi instantly became a buzz word. Again, because it has decentralized to it, it became an instant hit like when this industry had ICOs, IEOs, IDOs but it's obvious now that DeFi was just a thing. I bought a few tokens with the DeFi tag in them in the past but they didn't turn out well. None did well. As for the P2P, that's one of the major excitement points in this space and for Bitcoin too. That one is able to transact smoothly with others in exchange without middlemen shows the gains Bitcoin (cryptos) has over traditional financial institutions. In addition, the issue of privacy for me is a personal thing. I'm of the opinion that there's no way anyone in this industry can claim with certainty that they haven't in any way compromised their privacy ever in the past, except they're just starting out now.

I still duff my hat for CZ Binance for what he has been able to achieve with Binance. No matter the criticisms against him, we should remember that the excitement and trust we still have on exchanges is partly because of him and his innovations.

That is not an accurate way to determine if a project is decentralized or not, you don't even know if Satoshi is just a single person, or a group of 5 people, you don't know how many persons were involved in creating Bitcoin. A project can be created by one person and be centralized, the same way a project can be created by 20 people and be decentralized.

A project is centralized when its users can be censored by the creators, like Binance, another way to identify a centralized project is if it can be shut down by those who created it or by a different entity, like Coinbase. There are many other examples, and decentralized projects like Bitcoin are immune to all of these, because even Satoshi cannot shut down the network or censor any user.

It's called jumping on a trend and everyone is doing it but just because everyone is doing it doesn't make it right. Whenever there's a new trend in the cryptocurency industry, every company wants to do what's trending because that's where the money is and that's why all this popular centralized exchanges now have their own (so called) decentralized exchange and P2P exchanges. They do this because they know people are looking to participate in what's trending and considering they already have the reputation and numbers, if they say they're offering those services they'll get people to use their exchange and make them more money. Guess what, many people don't care if what they're using is truly what it should be but provided they get what they wanted or feel a sense of belonging, they'll keep using it and that's why people are using these exchanges P2P and their (so called) decentralized exchanges while others don't truly know the difference.


It won't have been cool because they would have deceived more people and that's that why I'm glad they made their name been centralized and this make it easier to tell anybody trusting them to open their eyes to reality. Binance has been centralized from the very begining and no matter what they call the name of the service they're offering it doesn't change that. Changpeng Zhao wants to control the crypto industry and it's a good thing that he isn't succeeding. Bitcoin will always be the only true decentralized cryptocurency because it was created for the people and made popular by the people and not because of big money backing by influencers used by most other crytpo projects.

It depends on each person's point of view. And don't feel offended if someone calls us stupid.

It was to attract the attention of new people who joined their platform, and they succeeded.

The two exchanges you mentioned are centralized. And when they claim that they have a decentralized exchange, it is not completely decentralized but still centralized. And why is there involvement of a centralized entity? Because they want to get more money from the costs made by those people.

If an exchange already asks for KYC, they are a centralized exchange. In the past, Binance didn't ask for KYC like now and only email. But after pressure from regulators, Binance asked its users to carry out KYC. The same thing happened to Poloniex and Bittrex in the old days.