Topic: SOS.BInance going to adquire coinmarketcap - crypto MONOPOLIZATION on way - page 2. (Read 684 times)

Even Binance will fall someday so no need to panic if binance is going to something which causes loss to the crypto community or like manipulating the prices then the community will pick another option so Binance will lose their reputation so all they were trying is to make money nothing like manipulating anything.

I think you underestimate the potential of Coinmarketcap.com, this is one of the most visited websites in the space and the most go to space for crypto prices, I believe Binance did their home work well before approaching them with an offer, this is going to draw alot of new users to their exchange, just analyse the amount of referers CMC has collected from users all this while.

About decentralization, I doubt this would move a needle, you can't blame a business for trying to integrate his/her business horizontally.

Cartelization will be good for crypto, as the price will only go up, thus increasing adoption. Greed for profit is the main reason why people buy bitcoin, and merchants wont adopt it if nobody is buying.

Binance is doing the first step in this direction. They could lead a Union of exchanges to tackle the permanent bear market we are facing at the moment, putting mechanisms in place, like circuit breakers for shorts, inflation of numbers in the marketcap, infinite printing of tethers, utility tokens, mining incentives, lower fees, etc. This will be good for bitcoin, bringing it back to its origins. People will flock in to buy, adoption will skyrocket and some day we will not need fiat anymore, leaving the debt system for good.

Those who are against it, are the same ones who screams "hodl" to newbies, expecting them to hold empty bags, while the market is liquidated to zero.

I agree with your point here, but this is already happening on a massive scale. If you use Chrome, then Google already know which sites you visit and know all your logins. They know if you have a Binance account, they know your web wallets, they know which coins you own. If you frequently look up your own addresses on a block explorer, then they know your addresses and therefore your transactions too. This is, of course, all linked to your real identity, real name, real address. The same can probably also be said of anybody using Microsoft Edge and Windows 10, and Facebook probably aren't far behind with all the tracking cookies and scripts they use. Having a central entity track you like this is absolutely something that should be avoided, but Binance aren't the first, won't be the last, and aren't even close to the big league guys like Google.

But they won't own bitcoin. There will always be open source or decentralized alternatives to wallets, exchanges, marketplaces, etc. Just like there is with all things Google, all things Facebook, etc. These large data harvesting companies are nothing new, but it is entirely possible to live your life without interacting with them whatsoever.

Unforunately, we see time and time again that people do not care about their privacy, even people who are interested in bitcoin and cryptocurrency. The masses will always be more than happy to send their KYC to complete strangers or give shady companies unlimited access to all their private information in exchange for some minor convenience.

Coinmarketcap and Binance are both centralized system, they can list and delist any project, while coinmarketcap is just a way of tracking prices and some other metrics it's the most popular market tracker. Binance is the exchange with the highest traded volume and this is is a centralized exchange. Binance acquiring the tracker is a way of expanding their business, anyone who cares to rival Binance should buy coingecko, no need for rivalry but a healthy competition.

Bitcoin was designed to be impossible to centralize thanks to proof of work and peer-to-peer network of nodes. The fact that some exchange buys some datamining site isn't really affecting the protocol. Maybe it's indeed bad news to some shitcoins whose survival depends on their market price, but Bitcoin is much-much bigger than that. One single exchange isn't a threat to it, it has seen much worse, like the attempts to fork it and force those forks on the community, and it survived them all.

I sincerely don't blame CZ, he is a business guy and looks on to different ways to expand his business, if he offer to buy cmc and the owners agree to sell then who is to blame for that, if they have interest in their project they should keep and think of ways to make it better not sell it off, but I guess they are in for the money,
Mark Zuckerberg also bought off WhatsApp and Instagram and they are still doing great,  since the original owners can't maintain their project let those who have the means to take over, maybe now it will be well managed.

No big deal bro. Coinmarketcap was at the end of it's days anyway.
We all have heard news of how coinmarketcap had manipulated it's data and showed wrong numbers on it's page.
We have seen it faking the trading volume quite a few times. Most of us had decided by then to use a different source of medium for seeing price and volume details. I would still stay to stop using coinmarketcap and instead use an alternative for the same.

Reading some comments on social media after these news came out: "CZ is a good guy", "the community is his priority"...Many people seem to forget what CZ suggested doing last year after a Binance hack...the fact that he actually thought about doing that...What a good guy, eh? It's a matter of time before power gets to his head and he does some crazy shit.

This guy gets it. Next thing you know CZ and his gang will create a crypto version of eBay, then they'll buy 'blockchain.com', then they'll create crypto web browser with built-in cryptocurrency features , then they'll buy the most popular crypto ATM tracker and other popular crypto apps, etc, etc...And before you know it, Binance brand will literally own every single cryptocurrency service that the average joe will have access to.

Scary monopoly.

I'm talking about any possible service someone can offer through blockchain: exchanges, news, block explorers etc. If one buys the top one from each .. domain? (sorry, non-native English speaker so when I get to explaining in details I suck) and has the power for all of them, they'll slowly head towards the same route Facebook went: bought WhatsApp, bought Instagram.

Within 2 moves, Zuckerberg now owns the platforms used by probably more than half of the entire world. Now run some analysis, try out different things (including censorship) and you have an idea of how masses work.

You, me and only a handful thousands of people out there have stopped using these corporation-controlled services and that's sad.. hence the main idea of mine that the multi-billionaire cryptocurrency business slowly making moves to own a large part of the most-visited and most-used websites & services in this sphere is bad.


Say there are 3 persons: you, me and Joe. You run a top exchange used by 10M people, I run a block explorer used by 5M people, Joe runs CoinMarketCap visited by 15M people. We're 3 different entities with 3 completely separated businesses. Now you have billions and decide to purchase my block explorer and Joe's CMC. Within these 2 moves, you will have the power of using the trust of all these millions of people to your own advantage. Hence, you now start creating a pretty large web of businesses of which data only YOU own and do whatever you wish with it. That's what scares me. The way all the information is going to be stored by a central entity.

Even if CMC, Binance and Blockchain are not decentralized in any manner, they at least have right now 3 different databases. Hopefully you get my point now, I'm pretty shit when it comes to explaining.

There is nothing illegal with the Binance move if they want to acquire the Coinmarketcap, it is just a price monitoring device that we use when stalking the market, so why worry? Binance is huge, actually the biggest man in this industry and it's not surprising at all if they want to have the top ranking price monitoring website and integrate to their exchange as to receive the latest of the latest prices.

Obviously, We've known binance for a long time and I'm sure they are not just taking it but they are also improving it if they did acquire it. Aside CMC is just one of the websites where we can track the prices, there is the Coingecko and many more.

I am just happy that a few months ago coinmarketcap was down, and fellow members of Bitcointalk community advised to switch to Coingecko. I am not sure it's better in terms of centralization issues, though, but it does address the issue a bit. Namely, if Coinmarketcap.com is not to be trusted anymore since it belongs to an exchange (I agree there's a certain conflict of interest here), Coingecko is at least owned by different people and can thus provide a different perspective on the market which will make Binance's intrusions into the data portrayal on Coinmarketcap (if it happens) very apparent.

Binance will get big benefits on this one, CMC attract a very huge traffic that Binance can put their advertisements, project on IEO, so they are really investing on advertising, and though they already have a huge trading volume, they are not contented yet and it seems like they have a big plan ahead on why they pay a lot of money to acquire coinmarketcap.

Yeah, I'd say so.  Coinmarketcap doesn't really provide anything except for data, which is something that your typical online stock brokerage does, and I see this as sort of an acquisition of a research tool to complement what Binance already has.  I don't see where the monopoly comes from, nor does it matter to me who owns CMC.  And hey, maybe if a legit exchange like Binance owns it, the site will stop reporting all that fake market data from other exchanges.

CMC isn't decentralized, by the way.  Binance isn't either, so the way I see it there's no net change in decentralization.  And I also don't see any of that as a real problem.

I know that you are in love with me , but I am sorry to tell you I got a complicated life already with a girlfriend and a child.. a stalker won't make it better.  

oh by the way.. you can keep following me and posting as much as you like, but your messages are from now ignored by me

You just show that you are not the person who keeps your promises, and you also show signs of serious psychic problems with these outbursts of love.

Better read the forum rules (posting in a row is not allowed), and with the such large images in your posts you show your disrespect for members who have slow and limited internet. Please leave forum until BTC drops to $1000 and stop promoting that scam project in your avatar/signature

I already replied on the thread on Spanish, and I believe it's been said here before; but what is the problem of a company buying another company, be it a monoply or whatever on a system that does not require those companies?

Bitcoin is P2P for a reason

Last I checked, this is still a world of capitalism. Whoever has the money has the power and therefore the control. Binance is clearly bent on becoming a giant in the crypto industry. There is no international law against one site getting sold to a rich company. So, what really can we do here? We can only hope that there will be another one to closely compete with this red dragon.

let's change monopoly for olligopoly.. makes this feel you better?

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Scared for being fired ?  


I would prefer to eat a bucket full of shit, that working for Binance! So I would leave inmediatelly if this comes true

I wish that were the case but I don't think it is. CMC can make or break a project. It doesn't matter if you yourself are objective, the majority aren't. I was hoping that by now people would be using other options but people are lazy so stick to what they know.