Binance is Becoming a Crypto Monopoly

[Lance203sin]

Agree. Binance and Coinbase are the main poing of centralzation in crypto space

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[Odebowa]

Though Binance is one of the biggest crypto exchanges based on daily trading volume, has revealedthat it will be the chief sponsor of the Blockchain Africa 2020 Conference as it strives to stamp its authority in the continent. Their is also tendency that during the conference, it will announce its expansion plans in African nations, such as South Africa, as well as its initiatives and projects under the arm of the Binance Charity Foundation

Even though Binance is dedicated to increasing the freedom of money and the advancement of blockchain technology. The African continent is a major part of this mission – where millions are unbanked but remain innovative in their use of technology.
 
With this Binance is becoming Monopoly is inconclusive

[hirngespenst]

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.

I don't see any problem of Binance becoming a Monopoly in crypto space! All of their plans impressed me. Binance is trying every way to make crypto acceptable to the rest of the world! They are not just sitting by making an exchange, rather they are extending their range gradually and community supporting them too! In 2019, Binance had lots of new wings, and this year Binance acquiring more! I am waiting to see many more achievement in Binance platform!

[distr@yopmail.com]

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.

I don't see any problem of Binance becoming a Monopoly in crypto space! All of their plans impressed me. Binance is trying every way to make crypto acceptable to the rest of the world! They are not just sitting by making an exchange, rather they are extending their range gradually and community supporting them too! In 2019, Binance had lots of new wings, and this year Binance acquiring more! I am waiting to see many more achievement in Binance platform!

You're right, that doesn't matter about a crypto market monopoly. when a platform has major updates that can be accepted by the market why not. many platforms and large companies in the real world do control a trade in their field.

[rexxarofmoknathal]

Though Binance is one of the biggest crypto exchanges based on daily trading volume, has revealedthat it will be the chief sponsor of the Blockchain Africa 2020 Conference as it strives to stamp its authority in the continent. Their is also tendency that during the conference, it will announce its expansion plans in African nations, such as South Africa, as well as its initiatives and projects under the arm of the Binance Charity Foundation

Even though Binance is dedicated to increasing the freedom of money and the advancement of blockchain technology. The African continent is a major part of this mission – where millions are unbanked but remain innovative in their use of technology.
 
With this Binance is becoming Monopoly is inconclusive

Binance is becoming a crypto monopoly because of its strategies, people and ongoing success. In the end, it is every business owner/s dreams to become obsolete in their industry. However, this is as a result of the rest of the exchanges not taking as many risks or implementing what it takes to be the next competitor. In the end, this outcome is only natural.

[tk808]

As most conversations shift towards Binance's CMC acquistion, few heeded the warning or signs of monopolistic tendencies.

This is even more concerning now due to mounting pressure by the CCP on blockchain and businesses and the tension flare-up between the U.S. and China. I wonder how this will spill over into cryptocurrencies and the behaviors/tendencies of Chinese-centered exchanges.

Despite this, CZ still claims that Binance is run "without an HQ" while in practice they may be the case, in principal Binance has been increasingly responding to China's movements.

[casperBGD]

As most conversations shift towards Binance's CMC acquistion, few heeded the warning or signs of monopolistic tendencies.

This is even more concerning now due to mounting pressure by the CCP on blockchain and businesses and the tension flare-up between the U.S. and China. I wonder how this will spill over into cryptocurrencies and the behaviors/tendencies of Chinese-centered exchanges.

Despite this, CZ still claims that Binance is run "without an HQ" while in practice they may be the case, in principal Binance has been increasingly responding to China's movements.

agree, it is not just Binance, it is a complete dominance of China in crypto regarding mining pools, hash rate and similar, and most of those companies, if not all, are dependent on China state, do not think that any of them would do something different from the politics that are designated from the China state, so it is kind a threat to the crypto community
will see how this is going to play out in the near future

[ZincUnrated]

Very correct..., with the rate CZ is going unchecked by anyone, he is actually turning this crypto space into his personal playground. Man is literally buying up everything and investing in several countries by opening up crypto exchanges and trading promotions. Not that it is illegal but he is truly turning the industry into a monopoly with him being the head of it all. I love the fact that he is a an innovative and ambitious man. He has to leave share for others too though...

[Convery]

It could be a serious problem in the future because now they bought also the coinmarketcap website which should provide independent informations about cryptocurrencies. So if they own everything - exchange, medias, stable coins, crypto, then they will completely control the market.

[Dollar_Hunter]

It could be a serious problem in the future because now they bought also the coinmarketcap website which should provide independent informations about cryptocurrencies. So if they own everything - exchange, medias, stable coins, crypto, then they will completely control the market.

like a conspiracy theory, to be honest I prefer coinmarketcap held by CZ, because of course the volume that is informed there is the original volume, I like it, and we should support it, dont make conspiracy theory 

[Banadony]

First, this is a proof that Mankind will always be greedy whenever he is control. he will try to dominate as long as he tasted power. binance wield such powers that whatever projects they laid their hands on may survive whether it is a dead project or Not. Recently, they decided to stop withdrawal for some fiat currency with claims that they can not handle withdrawal yet deposits were open for people.
i think it is because the owner has such power that determine the market and projects.  such has led to what we are experiencing.

[7788bitcoin]

As most conversations shift towards Binance's CMC acquistion, few heeded the warning or signs of monopolistic tendencies.

This is even more concerning now due to mounting pressure by the CCP on blockchain and businesses and the tension flare-up between the U.S. and China. I wonder how this will spill over into cryptocurrencies and the behaviors/tendencies of Chinese-centered exchanges.

Binance is having the money to purchase every company and they are diversifying in their investment but i do not see this as a war between US and China but the way in which CZ wants to dominate the other exchanges with this acquisition.

agree, it is not just Binance, it is a complete dominance of China in crypto regarding mining pools, hash rate and similar, and most of those companies, if not all, are dependent on China state, do not think that any of them would do something different from the politics that are designated from the China state, so it is kind a threat to the crypto community

Here is a fact that anyone can start a mining pool, all you need is to invest money, develop a good hardware that could challenge the Chinese hardware and then you can build a competition, if no one is willing to compete then who is to complain. The Chinese investors are more than happy to invest in mining farms and so is the reason the big farms are located in China, anyone is free to start their own elsewhere and why it is not happening is a food for thought .

[alan2here]

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.

Binance is indeed dominating the entire crypto market, and recently CZ acquired CMC which surprised many investors.

I think in the near future, Binance will be the most mentioned name, and new investors will tend to choose more investment. Of course, this is just my prediction, and it all depends on how CZ is developing because he has a lot of say in the crypto market.

[asriloni]

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.

Binance is indeed dominating the entire crypto market, and recently CZ acquired CMC which surprised many investors.

I think in the near future, Binance will be the most mentioned name, and new investors will tend to choose more investment. Of course, this is just my prediction, and it all depends on how CZ is developing because he has a lot of say in the crypto market.

It caused by CMC has become the main site to get the latest data of crypto capitalization and that's why so many people were feeling surprised when binance bought CMC. I guess there will be more major service will be bought by binance too in the future.

Binance has already started to dominate crypto business.

[AB de Royse777]

It's quite dangerous for a centralized entity 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, or in a different perspective; how people view success and failures through the lens of being affiliated or blessed by Binance, that's the direction we're headed in and how they want us to perceive what Binance brand 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 and reputation.

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.

Again, Binance has done a great deal of good for crypto, a worthy topic in its own with: more capital, exposure, legitimacy...etc, the list is bigger than their biggest fault. But their biggest faults are treading into a major contradiction to crypto.  

There's no denying, Binance is appearing to be the main monopoly of crypto, a true centralized powerhouse. If there is one takeaway here, centralization is the single most dangerous idea or action to the very nature of all cryptocurrencies.


2019

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. 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/

I think this is a good time to bump this thread and the OP deserves some credits. It's not good to give too much to one hand. It's bad for crypto.

[tk808]

It's quite dangerous for a centralized entity 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, or in a different perspective; how people view success and failures through the lens of being affiliated or blessed by Binance, that's the direction we're headed in and how they want us to perceive what Binance brand 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 and reputation.

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.

Again, Binance has done a great deal of good for crypto, a worthy topic in its own with: more capital, exposure, legitimacy...etc, the list is bigger than their biggest fault. But their biggest faults are treading into a major contradiction to crypto.  

There's no denying, Binance is appearing to be the main monopoly of crypto, a true centralized powerhouse. If there is one takeaway here, centralization is the single most dangerous idea or action to the very nature of all cryptocurrencies.


2019

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. 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/

I think this is a good time to bump this thread and the OP deserves some credits. It's not good to give too much to one hand. It's bad for crypto.

Obviously this thread is outdated in the respective dates and timelines mentioned, but in terms of the core concepts and ideas this thread is more relevant than ever. CZ is an intelligent individual and Binance has done a world of good for crypto as a whole. In the end it's survival of the fittest. Binance will continue to crush its competition and gain more market share. As long as user's feel safe* and continue to profit from Binance.

Coinbase is shackled by regulations in the U.S. to make any significant grounds. But where Coinbase ultimately lacks is on the international stage, the territories were Binance has claimed supremacy over all other CEX's. Binance is bounded by almost no country (due to being shielded by subsidiaries that are not linked to the core Binance company) and their pockets are deeper than any other business currently operating in this space.

Is a monopoly in crypto a good thing? No monopoly is good due to a stagnation in innovation. But the general sentiment is that user's don't really care about the core philosophy behind blockchain and cryptocurrencies as much as they used to. So having a monopoly isn't seen as a bad thing currently, but will become a bigger problem years down the line. Governments are also a big pressure on this front in terms of regulation. Although, that's an entirely different topic. I will say most of Binance's success has come from not obeying regulations or doing the absolute bare minimum. And any company executive would do exactly the same. There's no reason for Binance to do anything but the bare minimum in each of their respective countries they are operating in. That's essentially their edge along with their trusted brand name.

[Heulahee]

I'm very confused about one thing, that, sometimes I thought that coins are nothing without BTC, because most of the time, when I see the bitcoin price falls then other coins' price also falls, and vice versa. I didn't understand how Binance is working on all of these and BTC to the top of every coin, that is out of control.

[Orange89]

Binance is amongst top holders in many project they can easily Maunplate the Market Like Just Check the Binance holding with Twt they are amongst top holders of the Twt and Cz tweet had pump the TWT token Binance doesn't like the competition so that's the reason we can't trust any Centerlized exchange it is always recommend to store less funds in all Centerlized exchange if it's Binance also we just can't know what are they cooking inside like Ftx

[Vaskiy]

Binance is amongst top holders in many project they can easily Maunplate the Market Like Just Check the Binance holding with Twt they are amongst top holders of the Twt and Cz tweet had pump the TWT token Binance doesn't like the competition so that's the reason we can't trust any Centerlized exchange it is always recommend to store less funds in all Centerlized exchange if it's Binance also we just can't know what are they cooking inside like Ftx

Business is always business. When it comes to cryptocurrency, Binance have already topped the market. It always wants the rest to be down to it. When it feels the competence high, it looks for the possible chances to drag the competitors down. One such incident have happened recently. This could continue.

[BlackPinker]

Binance is amongst top holders in many project they can easily Maunplate the Market Like Just Check the Binance holding with Twt they are amongst top holders of the Twt and Cz tweet had pump the TWT token Binance doesn't like the competition so that's the reason we can't trust any Centerlized exchange it is always recommend to store less funds in all Centerlized exchange if it's Binance also we just can't know what are they cooking inside like Ftx

Business is always business. When it comes to cryptocurrency, Binance have already topped the market. It always wants the rest to be down to it. When it feels the competence high, it looks for the possible chances to drag the competitors down. One such incident have happened recently. This could continue.

It is undeniable that Binance is already the strongest existence. It is right to defeat competitors and go to the altar. No strong person is allowed to share his supremacy with another person. Although we support decentralization, it does not mean that centralization is completely dead. , I think Binance can exist until we don't need it anymore, during which time I hope Binance can really protect itself and users' funds.