Binance is Becoming a Crypto Monopoly

[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/


2021

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2022


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[Twinkledoe]

But honestly, I did like the move of the CEO when he delisted BSV. Tweeted a straightforward message, no fuss. I don't know if he was thinking at that time that with that such action, other exchanges will follow thru. I believe, it is his inner desire to do that not considering anybody else's opinion.

Let us see how things unfold for Binance. But right now, they are one of the reputable exchanges out there.

[2tang]

binance coins can really damage the dominance of other coins even I believe that one day at least the BNB will be able to be in the top 5 coins because the BNB movement is really good, they have strong weapons namely binance exchangers and they use that weapon to attack other coins when conditions are weak and that's what makes it dominate the market and will continue to dominate the market

[patz22]

I quite agree with your statement regarding the actions of CZ and binance but thats how it works just like Mcafee was doing before. On other hand, it has a bad effect on cryptoworld specially on its IEO that has a lot of conditions and surprisingly few people can get in. Tweets that will cause pumps and dumps and all name it, CZ can do it all.

[Adriano2010]

I also agree with your opinion, and is not good that this happen and this can affect the crypto overtime but if people will not join IEO on Binance maybe they will not be like Mt Gox. Maybe they will revise what they are doing and will be better for crypto to not be so centralized.

[jakelyson]

They can play it whatever they want. In the end, they are still a centralized entity in a decentralized community. If ever we see them too powerful, they cannot stop the community from abandoning them. The community still have the real power. If we stop using their service, they are done.

[Red-Apple]

i warned about this a while ago, nobody listened.
i warned about it again when the IEOs started becoming a thing and gave even more power to exchanges like Binance and nobody listened.

basically like always people are blinded by the advertisement and the promises these centralized powers are giving them and while the profit is there, they don't care... until something shady starts to happen and all hell breaks loose. but by then it will be too late.
the worst part is that this is not the first time...

[Borocoin]

Binance is like a virus 

[Tipstar]

But that's not their fault. They have been able to address users issue better than anyone else. We as users should try to decentralize our trades in different exchanges so that we would also give chances to new one and mitigate the risk of failure of Binance in the future.
There are many other newer exchanges that are trying to follow the path of binance but would require a long trial to prove themselves worthy.

[lobat999]

The fact that there are also many big exchanges that can do or replicate what Binance does only shows that Binance cannot be a crypto monopoly and if ever there will be signs leading to it, I think the crypto community won't allow it to happen. I guess the latest developments on Binance is only a part of a crypto evolution where cryptoverse is now getting more mature and we should try to embrace those developments as well.

[Borocoin]

Monopol ?

I using 12 exchanges, Binance is not on my list

Maybe in future

[pushups44]

I fail to see how Binance can act like a monopoly when there are so many competitors out there to siphon away customers who are unhappy. As far as I can tell most Binance customers are pleased with their level of service and believe the exchange is fair. They are also rolling out a decentralized exchange so customers will have complete control over their funds on the platform.

[antsam]

I disagree because it is not only binary that is currently holding the IEO, so I feel that worry is excessive. All definitely want to give the best, being the biggest including Binance. There are several exchanges that have held IEOs, including the top 10 in the coinmarketcap.

[tk808]

I disagree because it is not only binary that is currently holding the IEO, so I feel that worry is excessive. All definitely want to give the best, being the biggest including Binance. There are several exchanges that have held IEOs, including the top 10 in the coinmarketcap.

It's not just IEO's, this post includes IEO's also regards their new blockchain and coins being associated with Binance Chain, gaining favorability and recognition among the top CEX. Along with that, DEX listings, their go-to shilling platform of Trust Wallet and etc.

Owning the bullets and the bandages. From which chain coins could "potentially" be utilizing, to exchange and sale hosting. Not to mention, the amount of resources capital and etc they have to push new projects from 0 to hero with 1 tweet.



Also this leads to the first post...

But honestly, I did like the move of the CEO when he delisted BSV. Tweeted a straightforward message, no fuss. I don't know if he was thinking at that time that with that such action, other exchanges will follow thru. I believe, it is his inner desire to do that not considering anybody else's opinion.

Let us see how things unfold for Binance. But right now, they are one of the reputable exchanges out there.

I quite disagree with this, but it appears I'm in the minority. I don't disagree with it on the basis from a Craig perspective and doing 1-ups, social, being a fake and etc. I look at this situation purely from a crypto standpoint. Despite what a crypto may be associated, connected or birthed from, CZ is out of line in dictating the markets based on how he feels that day.

Ofc the reserve arguments is its his exchange, fine, but a monopoly is going to hold weight in dictating which coins get delisted off of other notable exchanges (the little exchanges). Because the action didn't just stop with Binance, other exchanges also recriporcated the same behavior and delisted BSV.

I'm not defending Craig, nor do i want to hear arguments on how he's damaged crypto and this actually benefited x and y and z. All that matters is the reasoning and judgement behind this and the implications for doing so.


I'm 100% with Vitalik in all this and his thoughts he continues to share about CEXs.


There are alarming red-flags occurring and yes some would also argue competition. But, crypto is an infant, this can be the normal for a decade to come. Who knows? I encourage readers to not embrace everything with open arms, especially if you're not directly invested in BNB.

[Leonardo7]

I don't like the fact that priority has been given to big guys or rich dude in the Binance IEO, crypto does not succeed with few, but grows with large community input. Just Imaging if the price of bitcoin had started at $500 and only a few could afford it and restriction was placed on the minimum trade order many persons would have missed out. Although Binance has contributed greatly to crypto development and has shown that impossibility is nothing.

[Siren]

Let us see how things unfold for Binance. But right now, they are one of the reputable exchanges out there.

I can only vouch for this as binance is one of the most trusted and reputable exchange we have right now,compared to others(except from Codex in which i find very legit and trustworthy also)binance has an accurate volume and movements,i sometimes compared the movements from CMC and there is a big discrepancy since we know now that CMC has lost their reputation after the issue of fake volume has been thrown to them

[NightMar_1St]

I think that's a plan to attract investors to binance. they do so to raise their trading floors. Many people like to use it with many people because of profit problems.

[nicster551]

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.


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

Yeah I agree with you, too much hype on binance and its very overpowered in the crypto industry because of CZ fame and marketing skills. But what I like in this case is that fake/scam projects are eliminated. But Binance is not really overpowering the crypto, there are too many projects with revolutionize technology that are very quiet developing their product.

[Simple_Plan]

If you're talking about "delisting" then it's nothing out of the norm cause every centralized exchange does that. But if you're specifically mention BCHSV's case then it's a bit of personal problem. I can see some controversial stories involving BCHSV but it's not worth deleting. Maybe CZ wanted to boost his fame. Hope he won't go too far on this.

[bonker]

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.


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

But no need to panic,the monopoly on crypto field won't stay too longer for that history you said is the proof.There are lot of new exchanges also emrging which can make the reputed exchange to act fairer or they will be out of the competition like many reputed exchanges were fallen in the recent years.