Binance is Becoming a Crypto Monopoly

[BitcoinHodler]

it is best that we also discuss the solutions to the problems at hand. the problem is not just with the monopoly, that is not a serious thing in my opinion as it is a passing fancy. throughout the past couple of years this position of power has changed hand at least 4 times! and it will change hand soon again.

the bigger problem is all the shadiness and the huge risk that all the traders take by using these platforms. the solution to all this is not that simple either, although it exists. the solution is distancing ourselves with anything centralized and moving towards true decentralization (again not centralized exchanges disguising as decentralized like Binance DEX!!!)

[HardFireMiner]

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.

They are going down, quote this in 6 months from now.

[okala]

Binance have done great work in the entire cryptocurrency ecosystem by taking the bull by the horn when they issue a warning before going ahead to delist bitcoin SV, but as you have said absolute power corrupts so giving them the monopoly to dictate what goes in and out in the cryptocurrency industry will lead to kiosk in the future.

[Annalise24]

In as much as I agree with your submission , I also think that it's other Cryptocurrency exchanges that are giving binance the stage to be acting out it's monopolistic tendencies.
To break the hold of binance on the cryptosphere, the other exchanges should be up and doing.
Binance is a cool exchange, better than most exchanges, the support staff are very proactive in handling users issues.
CZ is a smart ass fellow whose  Innovative ideas is beginning to shape the world of Cryptocurrency.

[Kasabus]

It's not Binance fault, we are the reason why Binance is currently standing at the top, and only us can take them down.
Remember the popular exchanges in the past like Poloniex, it's not having a trading volume as usual, they have the power to do what they want
and of course they influence the decision making of some investors due to their popularity and reputation but the final say is coming from us.

[fuer44]

realized or not, the coin that goes to binance suddenly the price goes up, and can this be called monopoly? it could be, because an exchange that is able to lift asset prices suddenly, usually in the end there will be a dump, but that also cannot be ascertained.

[zissmieus]

I think the trading platform has been through a lot of experience and there are ways to solve many problems to be able to make a big impact on such communities. So, but what you mention sometimes is a compliment about his success. However, after that, the crypto community is not foolish enough for him to have a big impact on investors' decisions. I think people need their own views and skills to be able to participate in this community,

[JeffBrad12]

realized or not, the coin that goes to binance suddenly the price goes up, and can this be called monopoly? it could be, because an exchange that is able to lift asset prices suddenly, usually in the end there will be a dump, but that also cannot be ascertained.

Lol it looks like you don't know about how it works. Binance has a lot of money and they can monopoly the market easily. that's about to get or grab whole of demands from the crypto market and that's the main point. as the biggest exchange site and that will be so easy for them to monopoly any business in the crypto.

[Terrmit]

Oh well, they will be a big company. But let's admit. If there is a top stock exchange with by-products that is useful to everyone. Can he hold the lead. Of course there is no doubt this is a cool organization.

[Loopper]

realized or not, the coin that goes to binance suddenly the price goes up, and can this be called monopoly? it could be, because an exchange that is able to lift asset prices suddenly, usually in the end there will be a dump, but that also cannot be ascertained.

Binance is a very good exchange place in my opinion and if there is a new Altcoin registered at Binance, It will experience a very clear goodness.

[HBBZ]

You're completely right, I agree with you. Binance is a good exchange and it has good prospects. However, so much hype around Binance can turn it into a crypto monopoly.

[ATSgrowth]

It is true we are fighting for decentralized world and now we see the power of one man - CEO of Binance - CZ. Look what happened to Bitcoin Satoshi Vision after delisting from Binance.

[Chrystora123]

You're completely right, I agree with you. Binance is a good exchange and it has good prospects. However, so much hype around Binance can turn it into a crypto monopoly.

what Binance is currently experiencing is unintentional, Binance is big because customers believe in it.  here I won't blame Binance if it's like monopolizing crypto, we must realize that Binance is indeed the best exchanger.

[Mealea]

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.


Edit: For more detailed explanation https://bitcointalk.org/index.php?topic=5135400.msg50745817#msg50745817

How i wish many will accept this truth and do something about it.Many are shying away from this fact because this so called exchange has made name for itself but the truth most be told,most of this big exchanges are trying to monopolize everything.

[Fammosh82]

The problem is that, in the future, you will not even have to be listed on Binance to be dependent of Binance. If you used Binance Launchpad to raise funds for example, it means that most of your token supply will be located in Binance wallets. If you create a token on Binance Chain, your token entirely depends of Binance. If you have a dApp based on Binance Chain, your dApp activity depends of Binance. So at the end, being listed on other exchanges doesn't even matter anymore, because you will be dependent of Binance, even if you are listed on other exchanges.

[Melo20]

Binance does have the power of life or death over many smaller cap coins, and even some of the larger ones as we have just seen. Its Launchpad program injected the first breaths of life into Tron’s Bittorrent Token simply because it had exclusivity, a huge audience, and a lot of marketing kung fu. As Google can dictate the success of a website in terms of search rankings, Binance appears to be wielding the same power over token listings and it clearly doesn’t plan to stop there.

[HardFireMiner]

Some articles for those interested in future of Binance and more. Check it up

https://decryptmedia.com/5985/binance-seeking-diplomatic-immunity-avoid-regulators-say-cryptofund-execs

https://www.asiatimes.com/2019/04/article/will-us-crash-binances-holiday-on-the-med/

[enhu]

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.

Must be what he meant when he said its becoming a monopoly. CEO seem to dictate what everybody has to do. Though I like what had happened to BSV, I'd be glad to see if there is still a consensus. Kraken tried doing it by asking votes whether to delist or not. I have no idea whether the votes came form Kraken's users though but it should have been.

[bartusv]

It would be nice to have a self regulated crypto market but it is not happening, in fact we have no regulations
on the ICOs. Binance is just resolving the problems we could not solve ourselves. Centralization is not a good
direction at all, that it not what Satoshi was envisioning.

[rarkenin]

I don't deny the fact about the power of the big crypto exchange but there is no need for drama. Monopoly is always there and it will be replaced by the speculation of small exchanges instead of the big manipulators.