Topic: The Monopoly of Binance - page 2. (Read 755 times)

I do think that increasing monopoly of binance is not a good thing atleast there should be some kind of healthy competition among top 5 exchanges but seems like binance is way ahead both in terms of providing products and services and also the volume, i hope even if binance stay ahead they will use this to help create awareness and crypto adoption among masses.

Interesting fact. Binance has claimed its DEX to be decentralized, when theoretically it is not. This is more of a marketing scheme in order to attract most people from crypto land into using the platform. The term "decentralized" has become more of a niche than anything else, as companies take advantage of the situation in order to fool people like you and me (especially newcomers). The truth is, that privately-controlled Blockchains will never achieve true decentralization as there is a single point of failure. This is happening right now with Binance, where it's the only one maintaining its Blockchain network (Binance Chain) required for the DEX to operate as intended.

Seasoned crypto enthusiasts will understand this easily, but newcomers into crypto will not. Since many people still trust Binance, they're willing to continue using the platform despite its centralization risks. Comparing Binance versus other alternative exchanges, it seems to be in the lead every step of the way. As it continues to grow, its chances of dominating the crypto industry become higher each day. But, Binance's success will largely depend on the people themselves.

Nonetheless, I believe that other exchanges like Coinbase and OKEX have a higher chance of competing against Binance over the long term. Coinbase acquired a 0x-based exchange some time ago, while OKEX is creating its own DEX. Eventually, both Coinbase and OKEX will have their respective "DEXs" that will allow them to stay in par with Binance. Once this happens, Binance's dominance within the crypto market will be lesser than it is right now. Just my opinion

They are widening the gap as well, that is the weird thing. They are clearly the best one out there and they are basically controlling whole of the exchange market but they are still looking after getting more stuff, they got into IEO so they could corner the ICO market with new coins as well, they are now going into margin as well to get from bitmex, they are doing plenty of stuff that would eventually get more money from other people.

I am not going to be shocked if they open a casino as well in order to make more money, I know that is irrelevant to exchange but with the speed of improvement I am fully expecting dapps systems, games, casinos, interests, masternode sharing, collective staking and many more from binance all in one website to make themselves the sole survivor of exchange market.

Binance is doing everything right, in early 2019, in my opinion it Binance pulled us out of the pit, but it's too early to talk about monopoly, too many competitors, Binance has much to grow.

it's still too early to say Binance has monopolized. good exchange is not just Binance now, there are many exchanges that are still good.

binance is good only because it provides innovation, the rest there is nothing different. maybe they can monopolize their Tokens (BNB), but for the whole I think it's very difficult.

yes, that is to maintain the trust of their platform. and we can see binance growing with market confidence in them. trade is increasing, and amazingly now he is the best. whatever happens, it will not change the trust of traders and investors on their platform.

As long as the goal is for good, what do you say that binance controls and controls many branches of business. is something that is usually done by large companies, but will start kotraductive if binance will do a monopoly because it is no longer fair and all are regulated by themselves and others just follow the rules.

There are lots of crypto exchanges and Binance has always been the choice of many people to make a profit, the Dapp developers have also swapped at the Binance DEX exchange, there is always an increase in the price of new coins listed there, but I am not a Binance exchange user, because I prefer using DEX exchanges and Yes, maybe a monopoly has been done because every BNB coin holder will get a lot of benefits at the Binance exchange

And it is bad? Binance is one of the most trustworthy exchange currently, they care about their customers, do you remember last time when they were hacked? They solved everything very quickly and transparently.

With all this discussion, I'd like to caution people that it's not a good idea to keep all of your asset in an exchange. There can be individual phishing attacks where the exchange won't be able to help you and not every hack could be covered by SAFU.

Exactly, they deserve on their success now, and why they were successful is because they also shared to the community their profits when you invest with their coin.

Other exchange only want to take a commission when you trade but by buying BNB token, you can benefit on the success of the exchange, and demand of the BNB now is also brought by the increasing number of investors and traders who are trusting them, especially now that they are also very popular with their IEO, I can see that this exchange will continue to grow, it's already a billion dollar industry but it could go to trillion if they'll take care and keep improving the business.

I also agree that Binance maybe now is the most used exchange, but there are other exchanges which should do more to have some equality and not a monopol exchange, but Binance show is possible to have success on crypto and other exchanges should follow.

For any exchange or trade, the first thing comes in my mind is binance. They have a robust system, largest volume, low fees. So, why would people look anywhere else. With now Dogecoin finally added to the Binance, I have no reasons to look anywhere else.

Bininance doing a very good job and I think that now they are leaders and they deserve it. they develop themself faster and better than other exchanges

I also think so, and binance has indeed become a monopoly. Why? yes because so far binance has a very large influence in the crypto industry. This is truly a binance main goal, just look at them always developing and improving their platform to have trust in the market so that only their platform dominates the market.

But that does not mean that no one will be able to defeat binance someday, it could be the same fate as the previous exchanges that he defeated.

Binance has the right to claim it by themselves or us, since they are dominating in terms of trading volumes and the number of users and all others, but we could not tell in the long run, as the possibility of having a new exchange would eventually come at no time. For now, i like binance actually because its easy to transact business whether you are not a KYC verified, among all others binance dominates them all.

Binance giving a super service thats why they are in remarkable position. from the past times, you can go through you will see what are the improvments given to cryptoworld by binance

no it is not too early to tell, Binance has indeed turned into a monopoly and that was their goal from the start. right now they not only have the highest volume in the altcoin market but also they fully control the altcoins and many of their prices too. they can easily decide which coin lives or dies, which coin to pump or dump and  a lot more.

the only thing that is too early to tell is when will this monopoly be broken. in the past we have had many other exchanges that had such monopoly states such as poloniex but they all come to an end.
now i don't know whether Binance is going to be replaced by another centralized exchange like it did with its predecessors or this time will it be killed by real decentralized ones.

binance has become a monopoly in the crypto world. I take some real examples, like any altcoin that has just entered the binace exchange, it will definitely experience an increase in price and volume.

There are over 19000 exchanges on the market (according to CMC)

So how can we talk about monopoly in the market now? You can always prefer other exchanges. Do you have any bullies for Binance?