Topic: Is Binance poised to become a monopoly? (Read 334 times)
I think that Binance won't be able to become a monopoly as more and more not-so-big exchanges rear their heads and expand. HitBTC as an example. now offers a new Crypto Wallet in addition to its services. They are developing and expanding, which is a good sign, in my opinion.
I remember all of those days when they were supreme in the market and they were the top exchanges not until Binance came, and the other popular these days like kucoin, crypto.com, etc.
It's not always that they'll be at the top and when there's something new, the customers will come to it and after trying it out, they'll be able to stay there for long if there are a lot of incentives and benefits.
I do even remember that Coinbase is already existing on that time but didnt really get that much attention and popularity but still nowadays it is really running and operational.It's not always that they'll be at the top and when there's something new, the customers will come to it and after trying it out, they'll be able to stay there for long if there are a lot of incentives and benefits.
Well, its expected for something which is heavily centralized compared into those past exchanges where they are anonymous and not really that regulated.
On the time that they had made themselves abide with regulation then they had been started to get some criticisms and then Binance came where people had
seen this to be looking interesting and they had just been overtaken in speaking with popularity and relevance But now Binance is starting on heading up
that way or shall we say the normal cycle of things on where or when government is starting to get involved.
It is the counterpart of those hacking in centralized exchanges. People who have been so critical and concerned about these events will make them want to find another place where they can continue trading without anything to worry about. Although the decentralized exchanges are not exempted from this hacking at least, most of its traders get to still hold their funds as they trade and connect their wallets from here and there to different exchanges. It's true that the reign of Binance at the top won't be staying there forever but if they know the formula of sitting and maintaining their position, they can but someday, time will come that it's going to be for another exchange company to rise. But it's a different thing about ranking if it's all about bitcoin, it'll stay there for long.
Just to remember into those old years about on how Poloniex and Bittrex had dominated the market on which lots had been anticipated and already make out some conclusions that they cant really be dethroned.Until the time comes where regulation issues had been faced where these platforms had become heavily centralized and that time Binance did came out and people had flocked away into those exchange and stay up on BInance and we are seeing on whats today.
If we do speak about probabilities then its always there, there's no such thing about remaining like forever but the current things that they've been doing is really that
for the benefit on prolonging their dominance on this crypto space.We dont know on how long but lets see it along the way.
It's not always that they'll be at the top and when there's something new, the customers will come to it and after trying it out, they'll be able to stay there for long if there are a lot of incentives and benefits.
Well, its expected for something which is heavily centralized compared into those past exchanges where they are anonymous and not really that regulated.
On the time that they had made themselves abide with regulation then they had been started to get some criticisms and then Binance came where people had
seen this to be looking interesting and they had just been overtaken in speaking with popularity and relevance But now Binance is starting on heading up
that way or shall we say the normal cycle of things on where or when government is starting to get involved.
We're not seeing these statements when FTX was buying failed platforms like Voyager, Celsius, and Blockfi. They were trying to monopolize and even lobbied politicians for the regulations. So far we are not seeing Binance buying any platforms but the CMC.
But CZ seems to be assertive that he even asks coinbase if they have the funds. He is fishing. The guy is counting funds that are not his.
But CZ seems to be assertive that he even asks coinbase if they have the funds. He is fishing. The guy is counting funds that are not his.
Binance tried to buy FTX, which was the world's second-largest crypto exchange. If the deal would've gone through, Binance would've become truly unstoppable. Even now with FTX's collapse, Binance has gained a large percentage of market dominance. CZ is a powerful force in the crypto industry whenever you like it or not. This is dangerous, because a collapse of Binance would be something completely catastrophic to the whole crypto/Blockchain industry. It will be worse than the Mt. Gox and the FTX collapse combined.
Crypto is all about eliminating the middleman anyways, so I don't see why people are giving power to centralized exchanges. It's like such entities are the "bankers" of the crypto industry where they can dictate their own terms. This is a step backward to what Satoshi originally envisioned. Hopefully, things will improve for the better as people notice the inherent failures of CEXs. Who knows if the collapse of FTX would serve as a pivotal moment for crypto to turn itself towards full decentralization? Just my thoughts
Can you imagine Binance falling one day because of negligence, a major hack, or a government shutdown? If that happens, crypto will be doomed for good (although Blockchain networks will still be up and running as usual). Most people are only into crypto because of the price, so a collapse from a major exchange such as Binance will cause a loss of confidence among investors and traders alike. You can see how the recent FTX collapse has set back the crypto industry for a couple of years. No one knows what the future holds, so we can only hope for the best. Just my thoughts
I can understand this point, perhaps the dex should step up their game, do what it takes to push the centralize exchange down the line, so far i don't see any dex putting up a fight. Maybe they should first look into why people (despite kyc requirement) prefer to use cex than dex. There is a major issue that needs to be address, binance is taken advantage of all this to expand its brand.
what about the great crypto pioneers, what are they doing regarding supporting dex to gain more liquidity so that whales can revert to using dex instead of cex.
Instead of other exchanges (dex or cex) stepping up their game and competing with binance, they are rather dying one after the other. I don't know whose fault is that.
We're not seeing these statements when FTX was buying failed platforms like Voyager, Celsius, and Blockfi. They were trying to monopolize and even lobbied politicians for the regulations. So far we are not seeing Binance buying any platforms but the CMC.
But CZ seems to be assertive that he even asks coinbase if they have the funds. He is fishing. The guy is counting funds that are not his.
Centralizing factors greatly affect crypto's ability to reach its full potential. While decentralized exchanges exist, they aren't as perfect as one thought they would be (limited performance, low liquidity, higher learning curve). The more centralized exchanges and services take control over the industry, the farther we will be towards eliminating the middleman for good. I'd say we've already moved away from Satoshi's original vision. With Binance's quick accession to glory, crypto is set towards a very dangerous path.
On the contrary, i think centralized exchange contributed to crypto reaching a high potential level (won't say full because we aren't there yet). i can understand the resentment towards centralized exchange due to kyc and all, but with the emergence of centralized exchange, people can easily buy crypto using their local currency. I remember back in 2016 the trouble i had to go through just to buy btc, but things have change for the better. If not for centralized exchange, probably the popularity of crypto will be limited.
imo, i would say centralized exchange help to expand crypto access.
Can you imagine Binance falling one day because of negligence, a major hack, or a government shutdown? If that happens, crypto will be doomed for good (although Blockchain networks will still be up and running as usual). Most people are only into crypto because of the price, so a collapse from a major exchange such as Binance will cause a loss of confidence among investors and traders alike. You can see how the recent FTX collapse has set back the crypto industry for a couple of years. No one knows what the future holds, so we can only hope for the best. Just my thoughts
I can understand this point, perhaps the dex should step up their game, do what it takes to push the centralize exchange down the line, so far i don't see any dex putting up a fight. Maybe they should first look into why people (despite kyc requirement) prefer to use cex than dex. There is a major issue that needs to be address, binance is taken advantage of all this to expand its brand.
what about the great crypto pioneers, what are they doing regarding supporting dex to gain more liquidity so that whales can revert to using dex instead of cex.
Instead of other exchanges (dex or cex) stepping up their game and competing with binance, they are rather dying one after the other. I don't know whose fault is that.
Cryptos are already known to be decentralized even before but the introduction of centralized platforms and then the regulations lately makes it less decentralized. I don't know if what is that single point of failure you mean but crypto is about eliminating the middle man or the third party.
Satoshi's vision is about escaping slavery caused by banks but you shouldn't forget that many people here didn't care about it but they only care about making more money. Satoshi didn't think that the supposed to be currency that he have created will now function as an asset as well but he or we should be thankful about it as it made btc more popular.
Satoshi's vision is about escaping slavery caused by banks but you shouldn't forget that many people here didn't care about it but they only care about making more money. Satoshi didn't think that the supposed to be currency that he have created will now function as an asset as well but he or we should be thankful about it as it made btc more popular.
Centralizing factors greatly affect crypto's ability to reach its full potential. While decentralized exchanges exist, they aren't as perfect as one thought they would be (limited performance, low liquidity, higher learning curve). The more centralized exchanges and services take control over the industry, the farther we will be towards eliminating the middleman for good. I'd say we've already moved away from Satoshi's original vision. With Binance's quick accession to glory, crypto is set towards a very dangerous path.
Can you imagine Binance falling one day because of negligence, a major hack, or a government shutdown? If that happens, crypto will be doomed for good (although Blockchain networks will still be up and running as usual). Most people are only into crypto because of the price, so a collapse from a major exchange such as Binance will cause a loss of confidence among investors and traders alike. You can see how the recent FTX collapse has set back the crypto industry for a couple of years. No one knows what the future holds, so we can only hope for the best. Just my thoughts
It is the counterpart of those hacking in centralized exchanges. People who have been so critical and concerned about these events will make them want to find another place where they can continue trading without anything to worry about. Although the decentralized exchanges are not exempted from this hacking at least, most of its traders get to still hold their funds as they trade and connect their wallets from here and there to different exchanges. It's true that the reign of Binance at the top won't be staying there forever but if they know the formula of sitting and maintaining their position, they can but someday, time will come that it's going to be for another exchange company to rise. But it's a different thing about ranking if it's all about bitcoin, it'll stay there for long.
Just to remember into those old years about on how Poloniex and Bittrex had dominated the market on which lots had been anticipated and already make out some conclusions that they cant really be dethroned.Until the time comes where regulation issues had been faced where these platforms had become heavily centralized and that time Binance did came out and people had flocked away into those exchange and stay up on BInance and we are seeing on whats today.
If we do speak about probabilities then its always there, there's no such thing about remaining like forever but the current things that they've been doing is really that
for the benefit on prolonging their dominance on this crypto space.We dont know on how long but lets see it along the way.
It's not always that they'll be at the top and when there's something new, the customers will come to it and after trying it out, they'll be able to stay there for long if there are a lot of incentives and benefits.
I'm afraid people will continue to lose trust on CEXs due to constant hacks/theft and/or misuse of funds. This is good because it will make crypto more decentralized by forcing people to use DEXs as an alternative to existing centralized exchanges. After all, crypto is all about eliminating the single point of failure. When you give too much power to an exchange, that's when crypto becomes no different than traditional Fiat. Satoshi gave us Bitcoin to help us escape today's banking system. That means getting away from centralization as much as possible.
Most of the people i know already stores them in their own wallet, but that's because they are digitatives that have been using crypto for a long time. We have to remember that most people far from tech-savvy and, these people are not going to store huge or even small amounts of wealth. Even if the skills to handle the sec ops required to secure the wallet is low to us, it's not to lot of people. They need to back their wallet up, encrypt the backup, and make sure someone else knows how to access them in case something happens to them. And they can't lose their keys. These people are way better off trusting CEX, but if they won't they will be cashing out. I know that people like to think that self custody is the one of the essential points why crypto is popular. But the thing is, we are giving way too much credit for skills that we think people have, and their ability to navigate in crypto world. These people struggle to know how to operate windows os.
Empires don't last forever, so who knows if Binance becomes history sometime in the future?
Binance will eventually meet challengers, but if crypto starts to grow again, we have room for many more big exchanges blossoming side to side.
I'm afraid people will continue to lose trust on CEXs due to constant hacks/theft and/or misuse of funds. This is good because it will make crypto more decentralized by forcing people to use DEXs as an alternative to existing centralized exchanges. After all, crypto is all about eliminating the single point of failure. When you give too much power to an exchange, that's when crypto becomes no different than traditional Fiat. Satoshi gave us Bitcoin to help us escape today's banking system. That means getting away from centralization as much as possible.
Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
It is the counterpart of those hacking in centralized exchanges. People who have been so critical and concerned about these events will make them want to find another place where they can continue trading without anything to worry about. Although the decentralized exchanges are not exempted from this hacking at least, most of its traders get to still hold their funds as they trade and connect their wallets from here and there to different exchanges. It's true that the reign of Binance at the top won't be staying there forever but if they know the formula of sitting and maintaining their position, they can but someday, time will come that it's going to be for another exchange company to rise. But it's a different thing about ranking if it's all about bitcoin, it'll stay there for long.Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
Until the time comes where regulation issues had been faced where these platforms had become heavily centralized and that time Binance did came out and people had flocked away into those exchange and stay up on BInance and we are seeing on whats today.
If we do speak about probabilities then its always there, there's no such thing about remaining like forever but the current things that they've been doing is really that
for the benefit on prolonging their dominance on this crypto space.We dont know on how long but lets see it along the way.
I'm afraid people will continue to lose trust on CEXs due to constant hacks/theft and/or misuse of funds. This is good because it will make crypto more decentralized by forcing people to use DEXs as an alternative to existing centralized exchanges. After all, crypto is all about eliminating the single point of failure. When you give too much power to an exchange, that's when crypto becomes no different than traditional Fiat. Satoshi gave us Bitcoin to help us escape today's banking system. That means getting away from centralization as much as possible.
Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
It is the counterpart of those hacking in centralized exchanges. People who have been so critical and concerned about these events will make them want to find another place where they can continue trading without anything to worry about. Although the decentralized exchanges are not exempted from this hacking at least, most of its traders get to still hold their funds as they trade and connect their wallets from here and there to different exchanges. It's true that the reign of Binance at the top won't be staying there forever but if they know the formula of sitting and maintaining their position, they can but someday, time will come that it's going to be for another exchange company to rise. But it's a different thing about ranking if it's all about bitcoin, it'll stay there for long. Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
I'm afraid people will continue to lose trust on CEXs due to constant hacks/theft and/or misuse of funds. This is good because it will make crypto more decentralized by forcing people to use DEXs as an alternative to existing centralized exchanges. After all, crypto is all about eliminating the single point of failure. When you give too much power to an exchange, that's when crypto becomes no different than traditional Fiat. Satoshi gave us Bitcoin to help us escape today's banking system. That means getting away from centralization as much as possible.
Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
Cryptos are already known to be decentralized even before but the introduction of centralized platforms and then the regulations lately makes it less decentralized. I don't know if what is that single point of failure you mean but crypto is about eliminating the middle man or the third party. Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
Satoshi's vision is about escaping slavery caused by banks but you shouldn't forget that many people here didn't care about it but they only care about making more money. Satoshi didn't think that the supposed to be currency that he have created will now function as an asset as well but he or we should be thankful about it as it made btc more popular.
I agree. I remember people trusting Cryptsy and Mintpal too (currently both of their ceos are indicted). But markets weren't really even regulated. Whales played pump and dumps and exchanges didn't require KYCs and for some reason Bittrex didn't seem that legit at the time when it came as a rival.
When Binance came, regulators were just catching up. And newbie investors didn't have the trauma of big CEXes exit scamming, failing or getting hacked. People who came before 2017 knew that anything can happen and tried to warn everyone with the facts like "not your keys, not your coins".
I still think that the whole game has changed a lot. Regulators are watching things more closely and CEXes are working with them. FATF laws are coming and soon Regulated DeFi will be a thing and losses by theft can be covered by insurances. Security now is way more sophisticated and normies can trust security of Binance way more they can trust their own tech savviness to keep hackers away.
Only thing that can seriously mess things up now are unseen disasters we haven't thought about, or huge lawsuits and stuff that happened to FTX and even then you have to fear more market volatility then some exchange stealing your coins.
When Binance came, regulators were just catching up. And newbie investors didn't have the trauma of big CEXes exit scamming, failing or getting hacked. People who came before 2017 knew that anything can happen and tried to warn everyone with the facts like "not your keys, not your coins".
I still think that the whole game has changed a lot. Regulators are watching things more closely and CEXes are working with them. FATF laws are coming and soon Regulated DeFi will be a thing and losses by theft can be covered by insurances. Security now is way more sophisticated and normies can trust security of Binance way more they can trust their own tech savviness to keep hackers away.
Only thing that can seriously mess things up now are unseen disasters we haven't thought about, or huge lawsuits and stuff that happened to FTX and even then you have to fear more market volatility then some exchange stealing your coins.
I'm afraid people will continue to lose trust on CEXs due to constant hacks/theft and/or misuse of funds. This is good because it will make crypto more decentralized by forcing people to use DEXs as an alternative to existing centralized exchanges. After all, crypto is all about eliminating the single point of failure. When you give too much power to an exchange, that's when crypto becomes no different than traditional Fiat. Satoshi gave us Bitcoin to help us escape today's banking system. That means getting away from centralization as much as possible.
Binance make have taken the reign as the biggest exchange in the world, but it has a long road ahead before it becomes the sole player in the industry. I hope that never happens, or it will be a complete disaster for crypto. Competition is always needed to help the industry grow towards new heights. Empires don't last forever, so who knows if Binance becomes history sometime in the future? Just my thoughts
FTX has already announced a bankruptcy officially and SBF has run away to Argentina.
If CZ would have made this deal it would have only made losses but fortunately that didn't happen.
Also, there are rumors that SBF had designed a backdoor into FTX which enabled him to transfer funds without alerting anyone.
If this is true then SBF is in very deep trouble. God knows whats gonna happen next.
He is going to be way more wanted by police then McAffee soon, that's whats going to happen next. And he better run as $1-2 billion of their funds are not accounted for. I don't know if he could run as far that it would hide him. I am pretty sure he would have enough money stashed to stay underground but it needs so much will to do so.If CZ would have made this deal it would have only made losses but fortunately that didn't happen.
Also, there are rumors that SBF had designed a backdoor into FTX which enabled him to transfer funds without alerting anyone.
If this is true then SBF is in very deep trouble. God knows whats gonna happen next.
What it comes to Binance, they have no real competition right now and they seem like good guys. So everything is a win-win for them
CZ did a good thing by backing out from the deal otherwise all his investment in order to save FTX would have gone down the drain.
Currently, FTX has officially announced of going bankrupt and I wonder what's gonna happen next.
Things doesn't get settled here because FTX was the second largest crypto exchange and I think we will get to see some traction in the next few days/weeks.
Considering what has been revealed, yes. It would have been a worst move ever to acquire something that's now been under the close eye of regulators and law enforcement and Sam is probably being sued for numerous reasons. This happened so fast my head is still spinning. It would need a miracle for FTT to survive from this as FTX didn't. Maybe at some day some people could make a group lawsuit that would be for FTT token holders. I am not sure how that would play out.Currently, FTX has officially announced of going bankrupt and I wonder what's gonna happen next.
Things doesn't get settled here because FTX was the second largest crypto exchange and I think we will get to see some traction in the next few days/weeks.
FTX has already announced a bankruptcy officially and SBF has run away to Argentina.
If CZ would have made this deal it would have only made losses but fortunately that didn't happen.
Also, there are rumors that SBF had designed a backdoor into FTX which enabled him to transfer funds without alerting anyone.
If this is true then SBF is in very deep trouble. God knows whats gonna happen next.
CZ did a good thing by backing out from the deal otherwise all his investment in order to save FTX would have gone down the drain.
Currently, FTX has officially announced of going bankrupt and I wonder what's gonna happen next.
Things doesn't get settled here because FTX was the second largest crypto exchange and I think we will get to see some traction in the next few days/weeks.
Considering what has been revealed, yes. It would have been a worst move ever to acquire something that's now been under the close eye of regulators and law enforcement and Sam is probably being sued for numerous reasons. This happened so fast my head is still spinning. It would need a miracle for FTT to survive from this as FTX didn't. Maybe at some day some people could make a group lawsuit that would be for FTT token holders. I am not sure how that would play out. Currently, FTX has officially announced of going bankrupt and I wonder what's gonna happen next.
Things doesn't get settled here because FTX was the second largest crypto exchange and I think we will get to see some traction in the next few days/weeks.
Hasn't binance already announced that it is acquiring FTX ?
Even if not then binance is already a leading crypto exchange which makes a step closer to monopoly already.
Now that FTX is collapsing, Binance is becoming even more stronger which we can clearly see on BNB charts.
It's a very though situation out there in the crypto market currently. Stay strong is what I would say.
CZ just backed out from that deal. This makes it so much worse for FTX. They were desperate, signaling how bad things were over there. And now even Binance won't bail them out. If i had still money in, i would be panicking now. Also anything that has exposure to ftx/Alameda will get market dumped. Bank run will be a race and only rule is to get out FAST.Even if not then binance is already a leading crypto exchange which makes a step closer to monopoly already.
Now that FTX is collapsing, Binance is becoming even more stronger which we can clearly see on BNB charts.
It's a very though situation out there in the crypto market currently. Stay strong is what I would say.
CZ knew what he was doing.
CZ did a good thing by backing out from the deal otherwise all his investment in order to save FTX would have gone down the drain.
Currently, FTX has officially announced of going bankrupt and I wonder what's gonna happen next.
Things doesn't get settled here because FTX was the second largest crypto exchange and I think we will get to see some traction in the next few days/weeks.
Although the deal won't happen anymore as Binance wagged their tail and won't proceed. It's a serious matter that a big exchange, Binance is trying to make a monopoly in here...
CZ explained his actions with good intentions to help exchange participants get their coins and save the cryptocurrency market from collapse. But the desire to buy FTX disappeared after the facts about the misuse of funds in the amount of $8 billion became known.
Too many companies were involved to the misused funds of FTX because most of those came from different companies investment to them. I was wrong I guess there when I've thought about CZ's intention.
Recent news that binance is not going to acquire FTX maybe they just lend some money to them ..
..This is no longer news, since it happened already 2 days ago and there is already a message about it a few posts above. After FTX received a rejection of the deal, SBF turned to another exchange - https://twitter.com/SBF_FTX/status/1590709182684360705, presumably the american Kraken exchange, from which an official response has not yet been received.
Recent news that binance is not going to acquire FTX maybe they just lend some money to them
Source : As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of http://FTX.com.
https://twitter.com/binance/status/1590449161069268992
Source : As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of http://FTX.com.
https://twitter.com/binance/status/1590449161069268992
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