Binance is Becoming a Crypto Monopoly

[Shallow]

Seriously I just took time to go through it and you are not far from the truth, and with recent happenings, it is becoming more clear; this year alone has shown the true colour of what they are trying to achieve. There is no doubt, Binance is a very good exchange that keeps advancing but trying to takeover or rather becoming a crypto monopoly just like you analysed (which is of course true) is not good for anyone in this space. With CMC alone, everything will change and of course will be for their own profit, therefore I think it's time to start getting acquainted with coingecko before it gets out of hand and at least to an extent reducing their monopoly.

[AmoreJaz]

CMC will be shaped, guided, directed and stripped of data by Binance.

Then this is the time to be wise and we no longer should rely on coinmarketcap.

There is another cryptocurrency data/statistic source like coingecko which is pretty decent and even it provides more data than coinmarketcap.

Sometimes, the threat of monopoly arises because there are no competitors. But in this case, the competitor is already there and now it is in the hands of the user whether the monopoly will actually happen or not.

And if we start using Coingecko earlier, this will help the site get a good ranking on the Google search engine. And then people will prefer to use this site.

though their intentions maybe good, but you really cant remove the idea that they have some suspicious agenda here. they should have thought what people might think about this cmc acquisition. how can they counter the bias intent here? hiring a known third party auditor???

[moonblocks]

Monopoly? They're likely here to just outright control the majority of information sources available to new comers and steer them in their own direction which is smart business sense just most newbies do not know what they are getting themselves into, so if there's an educative introductory program available on the ins and outs of cryptocurrencies for new investors that might help if that's not in place already

[moonblocks]

CMC will be shaped, guided, directed and stripped of data by Binance.

Then this is the time to be wise and we no longer should rely on coinmarketcap.

There is another cryptocurrency data/statistic source like coingecko which is pretty decent and even it provides more data than coinmarketcap.

Sometimes, the threat of monopoly arises because there are no competitors. But in this case, the competitor is already there and now it is in the hands of the user whether the monopoly will actually happen or not.

And if we start using Coingecko earlier, this will help the site get a good ranking on the Google search engine. And then people will prefer to use this site.

though their intentions maybe good, but you really cant remove the idea that they have some suspicious agenda here. they should have thought what people might think about this cmc acquisition. how can they counter the bias intent here? hiring a known third party auditor???

The intention is to make profits as with any business but they aren't Bitfinex or Tether and still have a long way to go to get any of that marketshare but being an exchange that is not too strict on compliance is admirable for decentralization in this space

[Mianae]

It's really scary having one man dominate a space the way CZ has done so far. If anything happens to Binance any day from now, it will affect the entire cryptocurrency space and give negative feedback but so far he's trying to have an upper hand which will entail dictating what happens in cryptocurrency space.

[doctor877]

This is a very valid point for the long term. It's like capturing the whole crypto market and controling it. I also think it's dangerous z for now it might be helpful but lateron its dangerous. At the end of the day I hope we will have the freedom we thought we will have. Let's keep watching.

[Hellkas]

You are right, Binance environment and community is growing every year. I think that it`s not bad for crypto sphere that such corporations appear in cryptocurrency world. One problem is that there are few such companies. I know only Binance and Kucoin, hope that companies like this will be positively influence on all cryptocurrency

[Crypto5060]

Binance CEO isn't free from personal bias and ego as we have seen in the past. We can't really rely on him to make the best decisions at all times, but of a truth Binance is wielding more power in crypto than necessary.

[CryptopreneurBrainboss]

It was a surprise when I saw the announcement on coinmarketcap after quite sometime of not visiting that site. Reading through your OP, I think the aim/plans of Cz is quite obvious, he wants to take control over the industry. Well if you ask me I'll say he is been backed secretly by the Chinese government. China is very well interested in the cryptocurrency industry but don't want to show their full support until they have secretly taken control over the industry to prevent the US from having a share in what the future holds for the technology.

China is very interested in overtaking US for world power and if the future will revolves round the blockchain industry then the safest bet right now would be to dominate that industry and that's exactly what they're doing although for now individually.

[StephenJH]

Binance CEO isn't free from personal bias and ego as we have seen in the past. We can't really rely on him to make the best decisions at all times, but of a truth Binance is wielding more power in crypto than necessary.

Yeah, CZ has blocked the CEO of the Okex exchange after the offered help of the second-mentioned. The Binance exchange is a threat for centralization at one point and the Binance team should think twice before buying every sector in the crypto industry.

[poodle63]

This is a very valid point for the long term. It's like capturing the whole crypto market and controling it. I also think it's dangerous z for now it might be helpful but lateron its dangerous. At the end of the day I hope we will have the freedom we thought we will have. Let's keep watching.

It caused by this is a potential market that still has a lot of room to grow. As far as i know, if binance has a lot of resources to do that. In my opinion, the current step that has already taken by binance to acquire the CMC is also a big move to spread the binance service widely. Binance is wanna trying to monopoly crypto.

[pikkie]

This is a very valid point for the long term. It's like capturing the whole crypto market and controling it. I also think it's dangerous z for now it might be helpful but lateron its dangerous. At the end of the day I hope we will have the freedom we thought we will have. Let's keep watching.

It caused by this is a potential market that still has a lot of room to grow. As far as i know, if binance has a lot of resources to do that. In my opinion, the current step that has already taken by binance to acquire the CMC is also a big move to spread the binance service widely. Binance is wanna trying to monopoly crypto.

well maybe this is april mop because it seems impossible if the coin marketcap acquires by binance, hopefully what I'm saying is true because if not then maybe the binance exchange place could be threatened because it would definitely be disliked by many other exchange places.

[Coinpaper.io]

As an alternative to coinmarketcap you could check out https://coinpaper.io - The site convinces with one-liners for each cryptocurrency and sophisticated analysis tools, including a rating for each top 100 coin.

Bitcoin = https://coinpaper.io/coin/btc-bitcoin
Ethereum = https://coinpaper.io/coin/eth-ethereum

[flagpara]

After everything I will trust Binance until I realized the problem. In my point  if Binance get success by monopolize than everything can control Binance coin. By wishes any project can success, cryptocurrency is for not to do that, after stock crisis 10 years ago, cryptocurrency is trying make independent everything.

[reallester]

It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.

Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.

I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.

There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.

2019

Binance is beginning to look a lot like MT. Gox, but for a whole new era.

The BitcoinSV Dilemma: For more detailed explanation https://bitcointalk.org/index.php?topic=5135400.msg50745817#msg50745817
Binance Hacked, Power plays: CZ Believes he can dictate the Bitcoin miners and blockchain, due to Binance's team incompetence. https://www.coindesk.com/binance-may-consider-bitcoin-rollback-following-40-million-hack



2020

The Steemit Takeover by Justin: https://www.coindesk.com/trons-takeover-of-steemit-is-internet-history-repeating-itself
More about Steemit: https://bitcointalk.org/index.php?topic=5229984.msg53952652#msg53952652
Binance's Acquisition of CMC: Binance Continues to make headway towards total crypto dominance: https://blog.coinmarketcap.com/2020/04/02/a-letter-to-our-users-post-acquisition/

This is very bad for Binance to becoming a monopolistic.  Binance just want to acquire and dominate. Binance just want to acquire the largest shares of company. Well I love the fact that the CEO is being ambitious. But is his ambition healthy and safe for the cryptocurrency space? Well I never supported his move for acquiring Coin Market. If that is true.

[Little Mouse]

Surprise! Surprise!!
You have predicted this years ago and now it has turned into true? Yes, true that Binance is trying to acquire as much space as possible in crypto space and they already have that position. It has both advantages and disadvantage. Bad side has been mentioned by you while CMC will have a better look with Binance is an advantage for us.

[cryptothreads]

This is a very valid point for the long term. It's like capturing the whole crypto market and controling it. I also think it's dangerous z for now it might be helpful but lateron its dangerous. At the end of the day I hope we will have the freedom we thought we will have. Let's keep watching.

It caused by this is a potential market that still has a lot of room to grow. As far as i know, if binance has a lot of resources to do that. In my opinion, the current step that has already taken by binance to acquire the CMC is also a big move to spread the binance service widely. Binance is wanna trying to monopoly crypto.

Binance wants to become stronger in the crypto market and the acquisition of CMC has proven they have the financial resources to build a better exchange in the near future.

I think all information and data will now be managed by Binance. I just hope they can get rid of these scam coins out of this market because these are the only coins that make investors feel more risky.

[awik p]

Surprise! Surprise!!
You have predicted this years ago and now it has turned into true? Yes, true that Binance is trying to acquire as much space as possible in crypto space and they already have that position. It has both advantages and disadvantage. Bad side has been mentioned by you while CMC will have a better look with Binance is an advantage for us.

as long as service to customers is maintained or even improved, it is not difficult for binance to achieve the highest position in the crypto world. this is good, to turn off exchange that is less credible, so that as bitcoiners we feel safer due to fraud

[joshua123]

After everything I will trust Binance until I realized the problem. In my point  if Binance get success by monopolize than everything can control Binance coin. By wishes any project can success, cryptocurrency is for not to do that, after stock crisis 10 years ago, cryptocurrency is trying make independent everything.

Binance is very huge empire. From exchanges and firm that they acquired it surely proves how strong they are. I am not saying this will ruin the crypto market and point of view of other people, but this is a good start that Binance extending their wide range of businesses. Coinmarketcap is one of the best analysis tool and portfolio tracker, I am looking forward on how Binance can improve it perfectly.

[Lexurdania]

After everything I will trust Binance until I realized the problem. In my point  if Binance get success by monopolize than everything can control Binance coin. By wishes any project can success, cryptocurrency is for not to do that, after stock crisis 10 years ago, cryptocurrency is trying make independent everything.

Binance is very huge empire. From exchanges and firm that they acquired it surely proves how strong they are. I am not saying this will ruin the crypto market and point of view of other people, but this is a good start that Binance extending their wide range of businesses. Coinmarketcap is one of the best analysis tool and portfolio tracker, I am looking forward on how Binance can improve it perfectly.

It's amazing what Binance has done since it began operating. Only in less than 3 years, Binance became one of the exchangers with the largest transaction value and also began to open branches in various countries. The innovations that continue to be made by Binance make this exchanger have a good reputation and I think this innovation will continue to be made