Bitcoin Forum

So many projects now leaving the ethereum network for binance chain,,...

 I fear soon binance may just be a crypto monopoly
while CZ will be the one to point out project that will succed and project that will die out..

Do we really needs this??

If CZ can be a guide for projects that will succeed and projects that will die, then we will really need it, because now there are several projects that attach binary images to their website with the aim that people can be interested in partnering with binaries, even though both cooperate.

maybe because the hype of binance exchange with their IEO
in my opinion ethereum platform always better than binance chain,
because ethereum is fully decentralized, but i don't know about binance chain

I only heard that there are 4 projects who switches to Binance chain or at least used it (correct me If I'm wrong). So I don't think that is many, assuming that there are hundreds ICO right now and there are one born everyday.

And the only reason why they shift to Binance chain is that it is fast. So yes it has advantages but I don't think that ICO will totally moved to Binance chain for now. Might takes years if Binance chain has proven to be efficient, effective and cost wise, will save a lot of money for upcoming projects.

In my opinion, Binance will not be a crypto monopoly, because binance has its own concept, so it is difficult to be a monopoly by other parties. moreover now they do not agree if there are ICOs that attach binary images without their consent.

I think that we definitely do not need Binance. Binance is good as an exchange, but I think that switching to a centralized blockchain is something that the cryptocurrency community does not need. I do not think this blockchain will be able to resist bitcoin

Binance had dominated the crypto though so its almost becoming like a monopoly but then the decentralization belongs to all. Since we need binance to make crypto more popular, there will be more tokens moving onto it. I have no complete idea to the binance chance though but if it happens that the BNB token is going to also be the gas fee, its going to make its price moon.

The exchange should earn on good conditions for traders, and not on pumping new govnotoken and delisting coins because of stupid emotions, one thing about Bitcoin SV, what it says

I'm surprised as well what binance is trying to do ,many projects will switch chain for sure but I think binance should have stay on been an exchange ,I hope this won't have a negative impact someday

...and then it turns out that the cryptocorporation was created. Who needs decentralization, if there is an opportunity to earn well from nothing?
If Binance will be successful all the time, this is not good for crypto.

CZ will not be a crypto monopoly and the young guy have done great in recent time, success they say have many friend's and projects moving on the binance chain is due to they recent success recorded and no lies binance is a great cryptocurrency exchange with a lot of great works done one of which is the binance coin which is doing great and binance due diligence check before allowing any project on the chain.

I'm not sure that will happen soon, because ETH still has their own strengths. Projects that swap via Binance Chain are still very few compared to the number of projects on ETH. I think it is a pump dump of BNB

Well maybe some of people will choose to use Binance chain, and this is their choice, but i still think the Ethereum chain will be used more than Binance chain, and will need more time and i think they will somehow be used equally 50%-50% over more time.

It is more of a hype and people are looking for a safe place to invest. And almost everything that is being listed on Binance is pumping. If projects that will transfer their chain from ethereum to binance. I don't think they are up for something.

I guess they are all in there because of the popularity of binance. And the tag line that is being included for Binance is attached to any project that will be using Binance chain, so I understand that this is more of a hype than real project's view to what's on their road map.

I do not think that all will go from ETH to Binance blockchain, people haven't even tested Binance blockchain, there can be a lot of bugs and problems. Binance have hype and money, but Vitalik is a genius, and we trust him.

50 to 50 will never be. Ethereum will always go in front. it is already a more competent blockchain and smart investors and projects will be entrusted to it

Since the most coins and traders are on binance to seek profits they willl do anything to please the crowd to there own benefits. binance chain is just a part of it. 

I agree with your point and i really think that there was no need of binance chain and smart contracts it is just being trying to capture all avenues. When binance as an exchange is doing great i think they do not need to jump on another board rather they should keep focussed and dedicated towards their exchange and traders.

Well, that makes sense. But we need strong exchanges for realizing the blockchain related cryptocurrencies. Centralized exchanges will stay with crypto traders until the popularity of the decentralized exchanges.

It is too early to say about the massive switch to Binance. However, this can happen and then Binance will become a crypto monopoly.

It’s not entirely what we need; it’s what those project gets
Now has gained increase in value upon a swap announcement

Everyone is taking advantage of the binance hype at the moment

There are still many coins that runs on the ethereum blockchain network. It is too early for anyone to assume  that binance can take over anytime soon. It is still early days yet as ethereum has a well established and trusted network for many years now.

Binance chain is new in the market while ethereum network is run for so many years but because of CZ hardworking and being on top of Binance exchange no suprises if some project will switch to Binance chain, but its too early to say or analysing everything ethereum network is being used for some project no need to switch after all.

honestly I don't really need it because there are already ethereum, bitcoin, NEO and EOS and I think that's enough but because binance is soaring the market is triggered to increase and I think this is important because in a crisis like this we really need a trigger so the market can recover and I think binance is one of the triggers so in the end I need binance not as a platform or anything but as a trigger or a change in state

I do not think it becomes a monopoly, we need binance, because currently decentralized exchanges do not have much volume and is one of the main problems for many investors and that is why they do not use it, it is expected that binance can bring

Maybe Binance developers want their chain to be used by new companies who want to list IEO in Binance.
If you want to listing IEO in Binance, you dont need to create ERC20 token in ethereum, Binance can make the token on their own chain.

This is a very important step in the development of Binance himself. I am confident in the great prospects of this coin and I am even now investing in this Altcoin.

Well, I think people always change their minds, their favors, and anything. Currently, people just love to use Binance that's why Binance take the chance and challenge the crypto industry to the next level.However, it can't be forever!

A monopoly? Don't you think that Bitcoin value on the market is controlled by some people and maybe from the government? Why don't you ask about it?

I think that all that moves are just a marketing, everybody knows that nowadays most powerful projects in that industry are blockchains and of cource all of them have their own chains and mainnets, they dont need Binance chain.

Binance DEX is just the start of the advancements to the industry that Binance Chain can bring. Decentralisation not only helps to keep data more secure from hacking attempts but it also guarantees a more peer-based future for the markets. At its heart, both cryptocurrencies and blockchain should be free from centralised control.

I also see with great suspicion the growing power binance seems to be accumulating, which is still a huge paradox in a cryptouniverse where one of the fundamental bases of this growing ecosystem is supposed to be decentralization. And so much power concentrated in a single exchange and a single person can not be absolutely good for anyone.

But I hope that with the opening of new and innovative exchanges can arise a serious competition for binance that, on the other hand, has earned the power and reliability that it holds today.

The visible enthusiasm that Binance held when calling on coders to help them develop Binance Chain illustrates the perceived necessity of developing a coherent decentralised exchange in order to futureproof both the company and the security of crypto trading.

It's the binnce blockchain fully functional!.. How do we even attain that it's trully faster than conventional blockchain and has what it takes to handle a large volume of transactions?..
I think we should take it slow with the hype and see what the binance blockchain can offer because running a blockchain is a different ball game in contrast to an exchange.. 

That depends on your intention. Any blockchain has different specification and that's the point. not all of icos are required the same blockchain but they must try to search which one that meets their requirements.
various algo and consensus.

This is exactly my point I fear cz may just be the vilian soon.. You can't trust a one man with so much power.. in a  centralized space.. even though I don't like self proclaimed satoshi nakamoto.. but still see what he did to Craig Wright's bsv

Rome wasn’t built in a day, and Binance Chain wasn’t a technology that came into being overnight. As the Binance team explains, Binance Chain was the product of ‘extensive research and analysis’ of decentralised exchange frameworks and existing market research. Significantly, the company also stated its belief that the future won’t see us dealing with a centralised or decentralised monopoly in the crypto exchange market, rather both forms will co-exist complementing each other, but also having interdependence.

Well one of the reason people are moving to binance chain is because of the hype binance have created write from time, I understand that the binance team right from time knows how the market works and since the onset have been taking advantage of it to make sure they maintain a status for themselves and they have been doing a very good job, we are still waiting for ethereum to come up with an upgrade that might be able to solve the problem of scalability on the blockchain, then people might move back to the ethereum chain.

I hear and read news for binance which is like going to monopolize crypto
I need an explanation with this in more detail, because I don't understand
maybe there are friends here who can explain it more simply so they are easy to understand

You're right. Binance is literally becoming a monopolist in the crypto industry. This is a threat to decentralization of cryptocurrency. This is more dangerous than Chinese mining farm.

How do you mean, CZ and the binance team are just doing they job as an exchange and chain developer's they have no right over any project in the crypto space and at that can not be a threat to decentralization after all binance is a beneficiary of decentralization.

because cz gives really good decision about future plans.

for example ieo strategy. holding at least 50 binance. etc.
it will be one of the top5 coin until eof.

So what do we expect Binance to do, they should just fold their hands and not double their effort in making their company grow? Blockchain technology/ cryptocurrency is not being controlled by a general body that gave them the power to monopolize their operation, anyone is free to also follow the path of Binance and do what Binance is doing.

If anyone is threatened by the operation of Binance, then they should also stand up to the task and create their own chain too to break the monopoly, instead of bad mouthing innocent project that are just doing their work.

If we talk about monopoly, I think ethereum is even the one monopolizing it, they would have also left it for bitcoin alone, ethereum came, built on BTC weakness to make blockchain better to operate, so I don’t think Binance should be picked on for doing so, they have simply seen the weak point of ethereum too that they need to develop on.

There is need for Binance chain, because ethereum has not completely resolve the issue of their slow transaction, I don’t know why they have been unable to resolve this but I believe it will be due to the large user database and number of transactions going through them, so they need more hands and Binance has chosen to be the helping hand.