Binance Is straying deceitfully from the ideologies of Blockchain technology

[JohnMacZeppelin]

The most important thing that people think about this. If people agree to do so and not pay attention to decentralization, it turns out that they do not need decentralization at all. Therefore, we can just once again be deceived through decentralization.

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[Mcmich]

The poor who wish to tap into the potentials of burdening projects will be deprived, the rich will keep getting richer  while the poor gets  poorer.

Or maybe he will save himself from losing the little money he has if the project fails, there is no guarantee that all these IEOs, ICOs, STOs or whatever they call them will be successful. Anyway, I guess what they are trying to do is just to create demand for their token to increase its value.

Exactly my thoughts. People would sooner or later come to see the damage this IEO hype will cause. This is just the preamble of it. I just advise anyone going into it to be careful. Coming to the issue the poster made, Binance is only in business. It's just bad that people do not consider the common man, the poor masses when it comes to business.

[talkbitcoin]

this has always been the same series of events that follow up when you add centralization into this world, everything turns into crap. and Binance as a centralized exchange is currently the front runner of a lot of things which will start going wrong slowly but surely.

starting with their platforms then followed up but their billion dollar centralized token BNB which is over pumped right now and the worst thing and the most dangerous thing is going to be the IEOs which will not only corrupt them but also wreck the cryptocurrency economy too.

[D1jay]

with the way things are going, IEO will soon turned out to be survival for the fittest or it already is  
requiring a total of 100 bnb before participating on their ieo just tells you, "all poor people who cant afford to hold 100 bnb should take a hike"  
now who among us here prefare to still have ico's around where both the rich and the poor can equally be given an opportunity to invest according to their ability

i think they should put the impact of this approach in a wider perspective, lets assume there are no more ico's around and all exchange ieo's bring their different t&c for investment, it basically means only certain group of people can now afford to invest, rest people wait for exchange with probably x3 in price
maybe this is next strategy for bull run, look on the bright side

[ricardobs]

I might not be in support of what binance team are doing right now, but I can stand for them that they actually care about the funds of investors unlike other IEO platforms that just come up just because they see a new trend rising and not because they care about their investors and buy the idea of IEO.

I personally might not participate in any IEO because on thing I always love to be is anonymous in the crypto space since this is the actual ideology of why Satoshi Nakamoto created bitcoin and the blockchain.

[Viceroy]

You are right, though it's very sad to admit it. But, I think it's not so bad, they have a right to make money.

[darewaller]

You should not expect it to be like the others because there are no regulations here and it is possible for everyone to set conditions as they wish. While you think your own interests, they are also considering their own interests.

Thank you for this. All these anger would have been better poured out on ICO scammers and bad projects rather than innocent companies just doing that own job that they think suits their business. If we even look at it, After all, they are still practicing their own decentralized system too, since there are no regulations or rules backing their action.

Aside that, when it even comes to Initial coin offering, every ICO has a limit to they offer to a particular investor before they can participate, and it is only when it gets to exchange that one can buy any amount one desires to buy, probably part of this policy of ICO is what they incorporated into their own system to guide every ICO generally.

[m0Ray]

I think this is a very bad strategy for the Binance team but it has to happen. Negative experience is also an experience and without a visual experiment we will not be able to prove something to the community. Errors have a very good effect on progress and in this case it can positively affect the development of the blockchain. Satoshi proposed the idea and created bitcoin but at the moment bitcoin is outdated and many of the principles of the blockchain is still not implemented. I'm for any action that would be the main development continued.

[GregH37]

Well, it is their system and they have the right to bring out any policy that deemed fit for them, it is now left for the user to take it or not. I really doubt if many exchanges will follow this rules because of the stiff competition in the market but Binance can afford to do so because they are already big and popular.

Looking at Binance, we should not forget that they have their own coin and they need to work on or with any idea that will make their BNB coin appreciate, my only challenge with them is that now that they are imposing minimum of 1600 dollars investment,are they giving any form of assurance too to investors that the project will not fail in the long run?

[pinoycash]

I might not be in support of what binance team are doing right now, but I can stand for them that they actually care about the funds of investors unlike other IEO platforms that just come up just because they see a new trend rising and not because they care about their investors and buy the idea of IEO.

I personally might not participate in any IEO because on thing I always love to be is anonymous in the crypto space since this is the actual ideology of why Satoshi Nakamoto created bitcoin and the blockchain.

This is a centralized solution offered by binance to root out and separate legit projects from scam's ones. Which is good for the benefits of all investors.

And yes most investors in binance launchpad are not buying because of the idea & future technology behind the project but to get x2 x3 or x5 on the investment which is a proven trend in the previous 2 IEO projects.

[South Park]

The poor who wish to tap into the potentials of burdening projects will be deprived, the rich will keep getting richer  while the poor gets  poorer.

Or maybe he will save himself from losing the little money he has if the project fails, there is no guarantee that all these IEOs, ICOs, STOs or whatever they call them will be successful. Anyway, I guess what they are trying to do is just to create demand for their token to increase its value.

I see it this way as well, being excluded from investing in icos is not all that bad in my opinion after all if you really like the coin you could always buy it in the open market where there are no requirements to the amount of bnb that you need to be holding, also since binance is a business they are not really thinking about the ideals and goals of cryptocurrencies in general they're only looking to make more money and to make their coin more valuable so they are creating artificial demand for their coin by demanding that you are holding a minimum amount of the binance coin.

[VanDeinsberg12]

I might not be in support of what binance team are doing right now, but I can stand for them that they actually care about the funds of investors unlike other IEO platforms that just come up just because they see a new trend rising and not because they care about their investors and buy the idea of IEO.

I personally might not participate in any IEO because on thing I always love to be is anonymous in the crypto space since this is the actual ideology of why Satoshi Nakamoto created bitcoin and the blockchain.

This is a centralized solution offered by binance to root out and separate legit projects from scam's ones. Which is good for the benefits of all investors.

And yes most investors in binance launchpad are not buying because of the idea & future technology behind the project but to get x2 x3 or x5 on the investment which is a proven trend in the previous 2 IEO projects.

Not all of investors can't buy and i never seen someone created a thread with the proof if he can participate on IEO, IEO is a good thing to separate the legit from the scam ico but it doesn't look good if you are seeing it can be manipulated by its own exchange site.

[Coltpython]

As much as I hate what binance is doing, I believe they will play a major factor in initiating the next bull run with this their launchpad service for listing new projects. So I am having mixed feelings towards them

[BossJames042]

In all these, one thing is sacrosanct, the crypto space is vast and offers unlimited opportunities. I am certain that if binance don't realise timely these core principles of blockchain technology, it won't be long before their popularity would begin to wayne as people would seek other exchanges that would accommodate the collective community interest in the spirit of financial inclusion and equitable wealth distribution

[coinbirds]

Binance is here to make money and they should not follow anybody`s else vision just their own.
Whatever they were doing in the past had much business sense and I think we should look at the new rules as a package and we can like it or not, take it or leave it.

[dabenko]

Every project in whatever form it might be or wherever it is emanating from is most times for the sole purpose of making profit by creating an enabling environment for more demands. This is still a normal happening in the crypto space, depending on how the team if the project is able to strategize.

[FanEagle]

In all these, one thing is sacrosanct, the crypto space is vast and offers unlimited opportunities. I am certain that if binance don't realise timely these core principles of blockchain technology, it won't be long before their popularity would begin to wayne as people would seek other exchanges that would accommodate the collective community interest in the spirit of financial inclusion and equitable wealth distribution

It is really a good thing for what they are doing and everyone new this and gave them the kudos when they first introduced it, many investors started having hope again in crowd funding projects but I think that they are beginning to blow it out of proportion by introducing minimum amount an investor can bring in.

This is more like creating a segregated system because only rich people can afford to make investment, 1600 dollars is way too much to commit in one project, many people will end up practicing a lot of dumping at the lightest opportunity they get in order to be able to invest in other projects.

[Mrsparks]

Today I saw the latest news release by the Binance Team and I sincerely disapprove of the mechanicms and tactics binance is trying to enforce on investors. The idea of blockchain technology is a community driven ecosystem where financial inclusion for all is guaranteed and the presence of equity in wealth distribution and rights. Today the Binance team is strategically straying away from this Ideology  by changing the mechanism of purchase on the binance launch pad for start-ups from  the first come first serve to an allocation model based on the BNB token held. Now a minimum of 100 bnb which is equivalent to 1600 dollars is literally required to participate in the IEO process on binance launchpad.
This mechanisms greatly deviates from what satoshi had In mind when he pioneered blockchain technology and in my opinion should not be entertained at all. The poor who wish to tap into the potentials of burdening projects will be deprived, the rich will keep getting richer  while the poor gets  poorer.
Why don't we take a minute to properly examine this  initiative binance is kick-starting which i am certain will be emulated by other exchange in the nearest future? Isn't these the same shortfalls of traditional funding models?. I say we take a United stand against this discriminatory and deviant act binance is kick-starting before it completely deteriorate the blockchain community..
Click the link below to view the complete release by  the binance team and feel free to share your opinion.
https://www.binance.com/amp/en/blog/316491046311071744/Update-to-the-Binance-Launchpad-Token-Sale-Format

Good news today is that binance has reduced the amount of bnb that most be held to 50 bnb.. So one needs 900 dollars worth In order to participate in the IEO process.. I think they are beginning to fill the impact of competitors or better still let me call the rest copy cats..

[OluwaTosin10]

Today I saw the latest news release by the Binance Team and I sincerely disapprove of the mechanicms and tactics binance is trying to enforce on investors. The idea of blockchain technology is a community driven ecosystem where financial inclusion for all is guaranteed and the presence of equity in wealth distribution and rights. Today the Binance team is strategically straying away from this Ideology  by changing the mechanism of purchase on the binance launch pad for start-ups from  the first come first serve to an allocation model based on the BNB token held. Now a minimum of 100 bnb which is equivalent to 1600 dollars is literally required to participate in the IEO process on binance launchpad.
This mechanisms greatly deviates from what satoshi had In mind when he pioneered blockchain technology and in my opinion should not be entertained at all. The poor who wish to tap into the potentials of burdening projects will be deprived, the rich will keep getting richer  while the poor gets  poorer.
Why don't we take a minute to properly examine this  initiative binance is kick-starting which i am certain will be emulated by other exchange in the nearest future? Isn't these the same shortfalls of traditional funding models?. I say we take a United stand against this discriminatory and deviant act binance is kick-starting before it completely deteriorate the blockchain community..
Click the link below to view the complete release by  the binance team and feel free to share your opinion.
https://www.binance.com/amp/en/blog/316491046311071744/Update-to-the-Binance-Launchpad-Token-Sale-Format

The nearest future is here already and binance did not start ieo
It started with dobi and latoken  exchange platform

But since there is decentralized in place, binance has done the right thing on their own terms I suppose

[oriontab]

It all comes down to making profits on their tokens, if everyone is holding BNB, prices go up and they benefit.But it is really not a fair condition, 1600$ is a lot in many climes and it therefore makes the platform only for the rich and that in itself already introduces some level of centralization which is bad for crypto