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Author Topic: Is Binance market domination bad for crypto?  (Read 178 times)
icoblog
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November 04, 2018, 03:37:41 PM
 #1

Currently Binance is by far the largest exchange around. If you want your project to be extremely succesfull you'll need to be on Binance. In my opinion this is a bad thing, for a few reasons:

  • Market domination leads to unethical behaviour. Binance can make or brake coins. If we want to move forward, we don't want that kind of dominance. We want the market to make decisions, not Binance
  • If you'll pay, you'll get listed. That's not good. We want good projects to be listed, not the ones that pay the most. At least Binance should be transparant about the projects they listed because of quality and the ones they listed because they paid for it.
  • We once started this crypto-thing because we where sick and tired of banks and governments tell us what to and what not to do. Now it almost seems it's not the banks, but Binance determing what is happening in the market nowadays. And that's against the philosophy of crypto in general.
  • Binance is starting to become a little bit lazy. We need them, because the platform has so much volume. But to be honest, I don't think it's a really great platform. For example, I miss a lot of trading options. They are not developing the platform at high speed. And that's a bad thing, because we are all stuck at Binance. And in fact now they are slowing down the development of crypto trading.

I think it's time that one or two new competitors enter the market and come up with something better. But it's still the question if that's good enough to beat Binance. Because there's so much volume there, I don't think it will be easy to switch to another platform.

How are you guys thinking about this?
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November 04, 2018, 03:54:42 PM
Merited by milewilda (1)
 #2

I think that every exchange out there has done some market manipulation at one point or another, just because they have not been caught, doesn't mean it didn't happen. Also, as of a week ago or so, Binance is no longer taking fees for listing coins.

It's also worth mentioning that they are developing a decentralized exchange which you could find a demonstration of on YouTube. I don't think that's something someone who wants to control would do. Until now, they've been nothing but professional and I don't think It's fair to be paranoid about them just because other exchanges failed to compete with them.

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November 04, 2018, 03:59:11 PM
 #3

Yes. It's heavily concerning in my opinion. Majority of exchange funds on one exchange. Imagine Binance getting hacked! It's going to be MtGox all over again. The trust that people have with Binance right now is probably the same level of trust people had with MtGox in the past.

  • Market domination leads to unethical behaviour. Binance can make or brake coins. If we want to move forward, we don't want that kind of dominance. We want the market to make decisions, not Binance
Definitely. I think Binance is doing really good so far though. But Binance is doing too good that it makes me really skeptical.

  • If you'll pay, you'll get listed. That's not good. We want good projects to be listed, not the ones that pay the most. At least Binance should be transparant about the projects they listed because of quality and the ones they listed because they paid for it.
While paying sucks, well it's their exchange anyway. They can do pretty much almost anything they want. There has been a lot of discussions about this, and Binance claims that they donate 100% of the listing fees to charities. If this is true, then I'm completely fine with listing fees.

  • We once started this crypto-thing because we where sick and tired of banks and governments tell us what to and what not to do. Now it almost seems it's not the banks, but Binance determing what is happening in the market nowadays. And that's against the philosophy of crypto in general.
How is Binance determining what is happening to the markets though? Besides the coin/token listings and insider trading(while significant, it's not like they control the markets entirely). They did really great, hence why they're the #1 exchange right now; and they completely deserve it in my opinion.

  • Binance is starting to become a little bit lazy. We need them, because the platform has so much volume. But to be honest, I don't think it's a really great platform. For example, I miss a lot of trading options. They are not developing the platform at high speed. And that's a bad thing, because we are all stuck at Binance. And in fact now they are slowing down the development of crypto trading.
You can freely use other exchanges. It's not like you're forced to use Binance. And I'm pretty sure they're busy right now, as they're still developing the Binance DEX. Not sure about you, but I never had any problems with Binance. No KYC too! But then again, they're doing so good that it makes me skeptical.

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November 04, 2018, 05:14:47 PM
 #4

For Binance to be where it is right know, they had to work hard for it. Back then Bittrex was the thing. Binance introduced policies that would make it become the most dominant exchange. Whereas Bitrex's support stuff was so slow and proud, Binance's stuff was supportive, quick and welcoming .It does not matter how many exchanges will be out there. People will always get to one where they feel the service is the best. There can never be two kings in one Kingdom.
This actually has a positive out come of increased competition thus increased incentives to the traders as the other exchanges try to fight to win back some traders.

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November 04, 2018, 11:39:40 PM
 #5

Market domination leads to unethical behaviour. Binance can make or brake coins. If we want to move forward, we don't want that kind of dominance. We want the market to make decisions, not Binance

this is an age-old problem. people have been complaining about the politics around exchange listing for years, long before binance existed. binance just happens to be the market leader at the moment.

a private company should be able to list whatever markets they want. what's the alternative? voting?---who should have a right to vote? how do you determine what the market wants, without listing coins and seeing what volume the market produces?

If you'll pay, you'll get listed. That's not good. We want good projects to be listed, not the ones that pay the most. At least Binance should be transparant about the projects they listed because of quality and the ones they listed because they paid for it.

it comes down to profit and market share. coinbase doesn't charge listing fees, but they only have a few markets. at the end of the day, CZ and binance are here to make profits.

We need them, because the platform has so much volume. But to be honest, I don't think it's a really great platform. For example, I miss a lot of trading options. They are not developing the platform at high speed. And that's a bad thing, because we are all stuck at Binance. And in fact now they are slowing down the development of crypto trading.

poloniex was the market leader. then everyone left. then bittrex was the market leader........then everyone left. what do you think will happen with binance? you're not the only person thinking this way. Smiley

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November 05, 2018, 10:53:35 AM
 #6

i dont think the domination will last. some other exchanges will rise to compete with Binance.
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November 05, 2018, 01:06:28 PM
 #7

Binance dominant will not last long because there are other exchanges that have great potentials that are coming up lately. Is a question of little time, Binance will be outwitted by other great potential exchanges.
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November 05, 2018, 01:09:54 PM
 #8

Currently Binance is by far the largest exchange around. If you want your project to be extremely succesfull you'll need to be on Binance. In my opinion this is a bad thing, for a few reasons:

  • Market domination leads to unethical behaviour. Binance can make or brake coins. If we want to move forward, we don't want that kind of dominance. We want the market to make decisions, not Binance
  • If you'll pay, you'll get listed. That's not good. We want good projects to be listed, not the ones that pay the most. At least Binance should be transparant about the projects they listed because of quality and the ones they listed because they paid for it.
  • We once started this crypto-thing because we where sick and tired of banks and governments tell us what to and what not to do. Now it almost seems it's not the banks, but Binance determing what is happening in the market nowadays. And that's against the philosophy of crypto in general.
  • Binance is starting to become a little bit lazy. We need them, because the platform has so much volume. But to be honest, I don't think it's a really great platform. For example, I miss a lot of trading options. They are not developing the platform at high speed. And that's a bad thing, because we are all stuck at Binance. And in fact now they are slowing down the development of crypto trading.

I think it's time that one or two new competitors enter the market and come up with something better. But it's still the question if that's good enough to beat Binance. Because there's so much volume there, I don't think it will be easy to switch to another platform.

How are you guys thinking about this?
If only one exchange is dominating the crypto market for years then it maybe not good but Binance become the most volume exchange only in the recent times so people are picking out of the best available for them so we no need to worry much because if they are not doing good or some exchange having better support than them then people will move to that.

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November 05, 2018, 01:20:47 PM
 #9

I think that every exchange out there has done some market manipulation at one point or another, just because they have not been caught, doesn't mean it didn't happen. Also, as of a week ago or so, Binance is no longer taking fees for listing coins.

It's also worth mentioning that they are developing a decentralized exchange which you could find a demonstration of on YouTube. I don't think that's something someone who wants to control would do. Until now, they've been nothing but professional and I don't think It's fair to be paranoid about them just because other exchanges failed to compete with them.
Manipulation does exist but pointing it out or detecting it would really be hard.The thing you said was right, on all the developments and updates they had made when it comes to no listing fees plus making a dex
isnt really a thing that would really be done by a shady exchange.We just accept the fact that they are doing pretty well on the entire market.Too hard to compete on the current reputation or ranking of Binance.

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November 05, 2018, 01:28:42 PM
 #10

Binance market domination is a direct product of building a brand over the years and building market confidence in the crypto world. Remember there's still Bittrex, Poloniex, and the rest of others, and Binance took the market from there due to some screw ups by Bittrex and the fact that Binance provided good customer services, non KYC requirements for accounts, etc. 
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November 05, 2018, 02:13:50 PM
 #11

Binance dominant will not last long because there are other exchanges that have great potentials that are coming up lately. Is a question of little time, Binance will be outwitted by other great potential exchanges.

Binance is the most capable exchange in this space, with probably the best and most responsive support department available. No other exchange can match that, they just don't have the financial resources to do so. And the exchanges who do have the financial resources, don't invest it there where it should be invested, because their shareholders prefer better profit margins over better support.

Binance's main problem isn't other exchanges, but the legal side of things. They don't care about anything till governments start to knock on their door to tell them what the fuck they are doing without the required licenses and registrations.

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November 05, 2018, 03:53:17 PM
 #12

the theory is decentralised > centralised

which i agree for the long run, but we still gonna use centralised exchanges for now till they work out the bugs

heard binance is launching decentralised version of it

currently the best is IDEX

https://www.altcoinsidekick.com/blog
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November 05, 2018, 06:44:00 PM
 #13

Binance isn't a hugely dominant exchange, just because it's the biggest and the best doesn't mean that it has an unfair share. They should have a bigger market share in my opinion because they offer that much of a better experience to users. Of course people use other exchanges because binance is more select with the coins that they list.

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November 05, 2018, 08:20:43 PM
 #14

Let's compare this with Bitcoin, so, how bad is Bitcoin's dominance in the market? Anyway, if Binance was not there, it would be another exchange. This is the rule of being better and this rule will always continue. In my opinion, nothing to do with being good or bad, just Binance is superior than others in competition.

currently the best is IDEX
How do you know that IDEX is decentralized? Because I'm not sure about that. Besides its slow and gradual work can be a separate subject. You are right about decentralized exchanges, but all decentralized exchanges are useless at this moment.

 
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November 05, 2018, 08:42:28 PM
 #15

I have no problem with Binance. Low fees for trading, secure platform, they are very generous a lot of money they are sending to charity.
So, thumbs up!


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timmmers
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November 05, 2018, 08:45:29 PM
 #16

the theory is decentralised > centralised

which i agree for the long run, but we still gonna use centralised exchanges for now till they work out the bugs

heard binance is launching decentralised version of it

currently the best is IDEX

https://www.altcoinsidekick.com/blog
Are you kidding? IDEX? IDEX was the first and probably currently the biggest decentralized exchange, but not the best!
IDEX plans to implement KYC for users, is this really a decentralized exchange? Maybe until now. Thats why I am leaving this platform. Waitining for Binance DEX!


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exstasie
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November 05, 2018, 09:52:21 PM
 #17

Binance market domination is a direct product of building a brand over the years and building market confidence in the crypto world. Remember there's still Bittrex, Poloniex, and the rest of others, and Binance took the market from there due to some screw ups by Bittrex and the fact that Binance provided good customer services, non KYC requirements for accounts, etc. 

Part of it is obviously branding and excellent services. But we can't deny the role that KYC and US customers play in all of this. Bittrex and Poloniex implemented mandatory KYC, pushing users elsewhere. Others like Bitmex and Bitfinex officially prohibited US customers.

Not only does Binance not mandate KYC, but they allow US customers. These are massive segments of the market that Binance targeted and converted into their customers.

That's all well and good until the US government starts knocking at their door. Shapeshift only does altcoin conversion, but they just started mandating KYC, probably due to pressure from the US government. I'm not sure how much longer the status quo at Binance will survive.

figmentofmyass
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November 06, 2018, 01:05:32 AM
 #18

Binance's main problem isn't other exchanges, but the legal side of things. They don't care about anything till governments start to knock on their door to tell them what the fuck they are doing without the required licenses and registrations.

exactly. i assume that's what happened to bittrex. one moment, they're the biggest altcoin exchange in the world. the next moment, they're locking accounts left and right and mandating KYC with no grace period.

if binance pulls that shit, customers will be running for the exits.

Are you kidding? IDEX? IDEX was the first and probably currently the biggest decentralized exchange, but not the best!
IDEX plans to implement KYC for users, is this really a decentralized exchange? Maybe until now. Thats why I am leaving this platform. Waitining for Binance DEX!

as IDEX themselves point out, they're not a fully decentralized exchange. it's more like a centralized non-custodial exchange. you don't trust them with your funds, but the site is still "centralized" in various ways that allow a much better order matching engine and trading experience. but it unfortunately also means they can mandate KYC to allow continued trading.

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November 09, 2018, 10:15:38 AM
 #19

If they took advantage of this situation it certainly would have been bad but I do not think they are doing anything wrong for the customer. Their only downside has been offering to list coins in exchange for money, which means even a scam coin could potentially pay binance to get listed and seem legit and than sell all they have and run, which is bad business but it does not mean binance is doing this out of scamming people, they are doing it to make more money, considering their fee's are low they need to find a way.

On top of that they have a high withdrawal fee which can be dropped to half and even more, however they are not doing it to make more money via withdrawal fee's, how much do you really believe they could rack up on that profit, they are just doing it to keep you from withdrawing smaller amounts and keep on trading for another while. I really believe if customers make a lot of money it would mean a lot more business for them so they really hope we all make a lot of profits so we keep on trading and making them money.
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