Is Binance poised to become a monopoly? - page 2.

tvplus006

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Quote from: sunsilk on November 10, 2022, 04:04:11 AM

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.

sunsilk

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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.

People have been trusting them that much and they're capitalizing that because they know that people will stay on them regardless of what they do.

It's sad that we're seeing them looking good but it doesn't feel and look good to us even if they tried to help FTX. In a tweet of CZ, I've read that he said he's trying to make the market more decentralized as it is because that's more favorable to us, I don't think so.

o48o

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Quote from: Abiky on November 09, 2022, 08:59:27 PM

Consider how Cryptsy (a now defunct exchange) caused a severe blow to the crypto market prices as it was one of the biggest exchanges in the world. Just like it happened with Cryptsy, it could happen with Binance at some point in the future. I believe regulators should step in to help prevent Binance from becoming a monopoly. Only then, there will be healthy competition which results in greater decentralization in the long run. It looks like the merger won't happen anytime soon (Binance backed down after it saw FTX's books), so we should have nothing to worry about. Just my thoughts Grin

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.

Abiky

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Quote from: tvplus006 on November 09, 2022, 11:24:05 AM

Binance and before the takeover, FTX was a monopolist in the cryptocurrency market, whose trading volumes exceeded trading volumes on other exchanges by dozens of times. And this carries a great risk for the entire cryptocurrency market. And if something like this happens to Binance, the consequences will be impossible to predict.

Yes. But Binance was still considered FTX's biggest contender in the crypto/Blockchain space. Merging FTX into Binance would make the latter much more powerful than what it is right now. Imagine if Binance keeps buying other exchanges until the becomes the sole player in the industry. It would pose unnecessary risks crypto was meant to avoid in the first place (single points of failure). If Binance goes down, you can expect the whole crypto market to crash all the way down to rock bottom. It'll be hard if not impossible for prices to recover within the short term.

Consider how Cryptsy (a now defunct exchange) caused a severe blow to the crypto market prices as it was one of the biggest exchanges in the world. Just like it happened with Cryptsy, it could happen with Binance at some point in the future. I believe regulators should step in to help prevent Binance from becoming a monopoly. Only then, there will be healthy competition which results in greater decentralization in the long run. It looks like the merger won't happen anytime soon (Binance backed down after it saw FTX's books), so we should have nothing to worry about. Just my thoughts Grin

Teraboy

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Quote from: o48o on November 09, 2022, 06:04:26 PM

Quote from: pawanjain on November 09, 2022, 12:52:53 PM

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.

CZ knew what he was doing.

It's better for binance to stay away from FTX, The donation that already made by SBF to the democrats and republicans meant nothing for now as US is also starting to interfere and that makes binance think for hundred of times before try to acquire FTX. It's impossible now for help FTX. that was also answering my question why alameda has unlimited funds for sure.

That was also become a disaster to the all of projects invested by this VC. I will always avoid any projects that invested heavily by some VCs. this project may not so healthy like what already shown by the price performance.

Alameda is trying so hard to cash hard cash by dumping the remaining funds that is still in the crypto form.

o48o

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Quote from: pawanjain on November 09, 2022, 12:52:53 PM

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.

CZ knew what he was doing.

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I don't really get surprised if FTX founder sell his exchange to Binance because recently there is some issues going with FTT tokens which are native tokens of FTX can cause huge downfall in their business. Binance is already at the verge of becoming monopoly of cryptocurrency exchanges which is not good for the crypto market since we are talking about decentralized assets can be manipulated by the centralized exchanges.

But this shows there a lot of opportunities for new exchanges to succeed if they are giving best user experience and gain the trust of consumers and I am expecting Elon to launch one soon. Cheesy

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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.

Crypt0Gore

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It's not safe if binance is the only one taking the lead as the most powerful exchange in crypto space, things will be more balanced if there are two or more exchanges as powerful as binance exchange ..

There is a big difference here though, Binance always have Safu fund just in case, I think every other exchanges should do the same thing, even crypto projects that aren't exchanges should start doing the same, the more I think about this the more it makes sense.

In the future things can get extremely challenging for Binance too and there won't be anyone there to safe them..

My advice is CZ should stop taking over other platforms and instead empower others to be like him..

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Quote from: Abiky on November 09, 2022, 06:35:16 AM

...Do you think Binance is (or will become) a monopoly?..

Binance and before the takeover, FTX was a monopolist in the cryptocurrency market, whose trading volumes exceeded trading volumes on other exchanges by dozens of times. And this carries a great risk for the entire cryptocurrency market. And if something like this happens to Binance, the consequences will be impossible to predict.

dansus021

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as far that i know binance is doing LOI to buy FTX but can be cancelled at any time so we do not know if binance is going to buy FTX but if binance buys it will become more centralized and will be more danger to crypto space and will too big too fail

if i was CZ i will buy but still ftx can be operated as normally ftx do not merger it with binance

cryptoaddictchie

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Quote from: Abiky on November 09, 2022, 06:35:16 AM

What are your thoughts? Do you think Binance is (or will become) a monopoly? If not, why? Do you think purchasing FTX is a good idea? Your input will be greatly appreciated. Thanks in advance.

Actually Im not sure if this is a good idea. First of all their main exchange is Binance, so buying another exchange is really a conflict of interest, as if his gonna do major upgrade or changes to that. Im thinking his gonna do it out of respect to SBF if ever, since they are needing hus help.

But for some reason, others are probably will like the idea since FTX can still be rebuild and knowing CZ, he will not let it to go down or get ruined.

AB de Royse777

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User tk808 already talked about it in 2019. I think he deserves credit for it. Everyone can read this topic.

Kelvinid

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Binance is getting bigger and very known globally. We can't deny the influence they make in the market that can be a tool also for the possible monopoly if they wanted. We couldn't just neglect that as once you are in business, greediness will even grow as well and doing evil is likely what we see. Might not all can imagine this thing but with the competition is growing, we'd might expect that "monopoly" think especially if you have the capability to do. I wouldn't wish for Binance of doing that but we never know their next move.

TravelMug

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I think it's already a monopoly, they are the biggest crypto exchanges right now and absorbing FTX.com, they became bigger.

So CZ is one of the most powerful crypto personality that we have right now, his worth is growing, his influence encompasses everything crypto related. And this has been a issue for some already. Telling that it's going to be bad as CZ is so influential that he could become the Mark Z of crypto already. Could this be dangerous? that is the big question and hopefully it won't harm crypto in the long run if he become so big in the next bull run.

Abiky

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Binance has been a moving force in the crypto industry for quite some time, making it one of the biggest exchanges in the world. While there are many competitors striving to take Binance's "throne", but none have been able to succeed so far. Most recently, Binance offered to buy FTX for a hefty sum of money. If the deal goes through, that means Binance will become more powerful than what it is right now. After all, FTX is the second-largest crypto exchange in the world. That's a dangerous play because Binance would be one step closer towards becoming a monopoly. Imagine if Binance buys everything, and becomes the sole player in the industry. A hack, a government shut down, or any other undesired situation would destroy the crypto market completely. That's why I think it's important to have competition for the good of the industry. I can't imagine how high BNB's price will go if Binance gets to control all of the crypto market.

What are your thoughts? Do you think Binance is (or will become) a monopoly? If not, why? Do you think purchasing FTX is a good idea? Your input will be greatly appreciated. Thanks in advance.

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