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Author Topic: How Binance Is Becoming Too Powerful (and really scary).  (Read 684 times)
cryptocreampuff
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April 22, 2019, 11:52:48 AM
 #1

So I wrote this on Medium.com, if you want to read it on Medium you can find it here: https://medium.com/@creampuff/how-binance-is-becoming-too-powerful-4550f6155f5d

Here is the article:

Before beginning, let’s introduce you to Binance. Binance is a company which ran an ICO in 2017 and launched its cryptocurrency exchange during the same year. They quickly became very popular, and a few months after its launch, the exchange was already the largest one in terms of daily volume. Binance, and even more their CEO, Changpeng Zhao (CZ), is constantly incentivizing companies to use Binance Coin (BNB) as a payment method.

Besides, they recently relaunched Binance Launchpad, a way for users to directly participate in ICO’s on Binance. A few days after that relaunch, most of the major exchanges had already announced their versions of Launchpad, showing the impact of Binance in the cryptocurrency world. And even more recently, Binance Chain, was launched. Binance Chain will not only power Binance DEX, Binance decentralized exchange, but will also power tokens.

That’s scary.

Why?

Because if we take the tokens powered by Binance Chain for example, they will become incredibly dependent of Binance. And actually, it’s already the case without even taking in consideration Binance Chain. If we take a look at a low-cap coin listed on Binance, SONM for example, if they were delisted of Binance, their project would be considered as dead, because it wouldn’t have any volume anymore.

Quick side note: I’m not blaming Binance here, with this article, I’m blaming the other exchanges who aren’t capable of competing with Binance and Ethereum not being capable of competing in terms of scalability with Binance Chain. I actually like Binance, I really do. They have a great exchange, they know what they are doing, and they are certainly the most professional exchange I know. So I don’t have any problem in regards with the product itself, the only thing I’m saying is that they are becoming too powerful.

So the main problem behind Binance Chain is that it gives too much power to Binance because with their blockchain, Binance will be able to put even more pressure on cryptocurrency projects.

Imagine you have a company which has created a dApp and a token based on Binance Chain. You raised funds through Binance Launchpad, and were listed on Binance Exchange. Because you are fully based on Binance, you start accepting BNB, logical right?

Congratulations! You are now officially fully dependent of Binance. Smiley

Your dApp activity depends of Binance, most of your clients use BNB instead of your token because it’s much easier, the trading volume of your token fully depends of Binance and 95% of the people who are hodling your token are Binance users because, remember: you ran your ICO on Binance! Because of that, the majority of your token supply is located in Binance wallets.

The result is that your company’s success entirely depends of Binance, not you.

As a conclusion, I think it’s fair to say that Binance is becoming too powerful.
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April 22, 2019, 12:23:17 PM
 #2

Binance has always been supported by the community during the past time and they have many strategies to make their investors unable to leave this exchange. I think thanks to the obvious development of CZ, Binance is being considered a leading exchange and there are no competitors that can compete with Binance. In my opinion, CZ has helped many people earn big profits as the main reason why people have great faith and they will always believe until this market collapses.


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April 22, 2019, 12:30:07 PM
 #3

It is far from too powerful, sure it is doing really well but its by no means becoming too powerful. Some of the changes (like trying to move towards decentralization of sorts and a few more things) are the things that the community has been hoping for ages. Binance is just the first big player to really do them, thats also why they are getting this much traction
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April 22, 2019, 12:32:56 PM
 #4

Binance has proven to its community that it cares a lot about its members and that it might do the impossible to make peoples happy about it.. It's becoming too scary as you mentioned but in a good way. It's gathering alot of investors and its trying to fly to the moon even without a bull run. That's incredible and scary tbh.


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April 22, 2019, 12:42:57 PM
 #5

Binance has proven to its community that it cares a lot about its members and that it might do the impossible to make peoples happy about it.. It's becoming too scary as you mentioned but in a good way. It's gathering alot of investors and its trying to fly to the moon even without a bull run. That's incredible and scary tbh.


Their main goal is money, don't be fooled.  I have moved over to smaller exchanges that actually care about their customers.  I don't really trust this CZ guy and his crazy twitter posts, he seems mentally unstable.
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April 22, 2019, 12:53:12 PM
 #6

Binance had a lot of achievements in 2019, typically launching DEX and successfully organizing the IEO. they still have many other plans, it can be said that Binance has done very well in developing the platform and supporting users. CZ is one of those who have a great influence in the field of crypto, with the lead of CZ, I think Binance will grow strongly in the future.

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April 22, 2019, 01:23:36 PM
 #7

I agree that this is very bad for decentralization. But it is we who allow ourselves to grow a this monster. But at the same time, it is a good way for a project to attract investment.. The success of Binance is incredible. In one year, they created a powerful structure.

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April 22, 2019, 01:59:59 PM
 #8

I agree that this is very bad for decentralization. But it is we who allow ourselves to grow a this monster. But at the same time, it is a good way for a project to attract investment.. The success of Binance is incredible. In one year, they created a powerful structure.

And no wonder why a lots of people around this industry trusted binance because of that achievements, but yet they are not done yet, introducing more progress will simply brings more investors to support them, scary in the sense of we might be left behind without knowing how things materialize with this project, we need to be always prepared and willing to take chances.

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April 22, 2019, 02:04:04 PM
 #9

Indeed Binance has become the most powerful exchange. It even should be because there is hardly any exchange that matches it's reputation, customer support, developments, listings, volume etc..
Binance keeps itself balanced between all of these thus providing a user friendly experience and a trusted platform for crypto enthusiasts. If other exchanges don't keep up with it, it's gonna be easy for Binance to dominate the market. BNB is also a potential investment right now since Binance has created a lot of dependency on it. It has already reached it's ATH now and is just a few cents away from crossing it's ATH.
I remember buying BNB at $16 and you can see the price now  Tongue  Grin



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April 22, 2019, 02:08:59 PM
 #10

I don't think this is a matter of a scare! You don't have to migrate in Binance chain, you can willingly choose Ethereum, NEO or WAVES chain! But the fact is Binance is the most profitable chain for any coin. And it is being more popular than Ethereum day by day. Binance has the strongest community. They did not stick in their roadmap, they are doing something beyond of roadmap and papers. If you don't want to depend on Binance then you don't need to go through their chain or Launchpad! To me, Binance is a big asset in the crypto industry!

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April 22, 2019, 03:06:44 PM
 #11

The great promise of the blockchain has been decentralisation and the democratisation of finance. Unfortunately we live in a World where Governments and Regulators are terrified of people being able to operate outside their control. They like markets made up of large monolithic players that they can use to force their will on the market. It is going to be interesting watching when one of the monoliths fail, because I don't see the Governments coming to the rescue of investors that have lost everything. I do my trading on Dex's because if you don't own the private key you don't own the coins.

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April 22, 2019, 03:18:07 PM
 #12

Binance become most powerful exchange because they are very innovative and know what people want. This can be for so long as long as binance know how to treat users. But, I dont think think this will last forever. In the next few years, there must be more innovative exchanges that will surpass binance. Isn't it how the crypto exchange work?

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April 22, 2019, 03:19:48 PM
 #13

Well this is something developers needs to worry about not investors, developers  who aren't ready for binance shouldn't get there tokens listed on there because once binance decide to unlist the token it's the end and since crypto world is unpredictable binance might not last long, we are seeing new exchanges already,one might take over someday

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April 25, 2019, 06:09:56 PM
 #14

What have been working for binance is their team work and their commitment to the project, I admire them so much because I love the way they are so organized and will love to follow their pattern in making my business grow. I have been a freelancer for quite a while now and I am already planning on working on my own project because I see that there is nothing as good as owning your project, and am learning from binance pattern in order to build my own project and I hope that it goes well.

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April 25, 2019, 07:08:13 PM
 #15

A very good team will build something good and Binance where their journey is not easy with various regulations and agreements from the country and whatever it is, Binance is a reliable and reliable platform as a safe and quality platform, but hopefully they don't too confident with market conditions or including cryptocurrency because there are so many groups who want to overthrow it, very serious about it because of the risks they bear a lot and must be held accountable and there are now a lot of news that Binance's hype is in very dangerous conditions US side, I only pay attention to it.
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April 25, 2019, 07:18:15 PM
 #16

I don't agree with you.
New companies and icos are not dependent on binance, they are dependent on their own business skills and success.
To me, your argument sounds like this:

A kid fails a class.
Instead of saying the kid is responsible for failing you say it is the school or teacher's fault.

that is just ridiculous.
If there was evidence that the school or teacher did many things to make sure the kid was gonna fail, then yeah, it could be the school or teacher's fault.
In binance's case, there is no evidence that shows they are trying to make coins they launch fail.

If a company does not have a growth mentality and expand beyond the platform they originally used, then I would say its not a problem that binance is too powerful.
The problem is the company itself is disfunctional.

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April 25, 2019, 07:24:42 PM
 #17

Binance's management team are really awesome than any exchanges available currently so we need to appreciate them for the efforts on handling the projects and doing scam buster working by ignoring them.
As volume and circulation of the exchanges increases gradually as well as their community were moving faster and faster.
These all made the market boom for the Binance and now they are staying at the 1st place in crypto exchanges list.

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clonely
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April 25, 2019, 07:32:14 PM
 #18

Binance's rapid development sometimes scares me, but we should not worry about it too much. Under free market conditions, it will surely be a competitor. As these competitors grow, market equilibrium will come.

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April 25, 2019, 07:51:58 PM
 #19

Binance is seen as a shinning example of what a exchange should be, an ecosystem that interfaces directly with the community.
   They have a top notch platform that offers a directory of resourceful guides, charts and tools! I like the fact that they provide very detail oriented and accurate information.

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April 25, 2019, 09:29:01 PM
 #20

So I wrote this on Medium.com, if you want to read it on Medium you can find it here: https://medium.com/@creampuff/how-binance-is-becoming-too-powerful-4550f6155f5d

Here is the article:

Before beginning, let’s introduce you to Binance. Binance is a company which ran an ICO in 2017 and launched its cryptocurrency exchange during the same year. They quickly became very popular, and a few months after its launch, the exchange was already the largest one in terms of daily volume. Binance, and even more their CEO, Changpeng Zhao (CZ), is constantly incentivizing companies to use Binance Coin (BNB) as a payment method.

Besides, they recently relaunched Binance Launchpad, a way for users to directly participate in ICO’s on Binance. A few days after that relaunch, most of the major exchanges had already announced their versions of Launchpad, showing the impact of Binance in the cryptocurrency world. And even more recently, Binance Chain, was launched. Binance Chain will not only power Binance DEX, Binance decentralized exchange, but will also power tokens.

That’s scary.

Why?

Because if we take the tokens powered by Binance Chain for example, they will become incredibly dependent of Binance. And actually, it’s already the case without even taking in consideration Binance Chain. If we take a look at a low-cap coin listed on Binance, SONM for example, if they were delisted of Binance, their project would be considered as dead, because it wouldn’t have any volume anymore.

Quick side note: I’m not blaming Binance here, with this article, I’m blaming the other exchanges who aren’t capable of competing with Binance and Ethereum not being capable of competing in terms of scalability with Binance Chain. I actually like Binance, I really do. They have a great exchange, they know what they are doing, and they are certainly the most professional exchange I know. So I don’t have any problem in regards with the product itself, the only thing I’m saying is that they are becoming too powerful.

So the main problem behind Binance Chain is that it gives too much power to Binance because with their blockchain, Binance will be able to put even more pressure on cryptocurrency projects.

Imagine you have a company which has created a dApp and a token based on Binance Chain. You raised funds through Binance Launchpad, and were listed on Binance Exchange. Because you are fully based on Binance, you start accepting BNB, logical right?

Congratulations! You are now officially fully dependent of Binance. Smiley

Your dApp activity depends of Binance, most of your clients use BNB instead of your token because it’s much easier, the trading volume of your token fully depends of Binance and 95% of the people who are hodling your token are Binance users because, remember: you ran your ICO on Binance! Because of that, the majority of your token supply is located in Binance wallets.

The result is that your company’s success entirely depends of Binance, not you.

As a conclusion, I think it’s fair to say that Binance is becoming too powerful.
Well I don't completely share your sentiments.. For one I also don't think binance blockchain will support dapps.. Although am quite weary of the monopolistic nature the binance team has taken lately, I don't think too many projects will patronize the binance blockchain just yet.. The fear of the unknown will make most stick to ethereum and the absence of dapps and smart contracts functions further restricts the scope of the binance chain..

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