Binance is Becoming a Crypto Monopoly

[mR.k0fka]

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

Nah.. just did the right thing thats why other followed

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[Danslip]

Binance can change the rules of the game by changing their strategy on the long term view. The vision of the exchange can influence the projects and this is not the same thing with manipulation.

[imsotiredofmoviereboots]

I also noticed that Binance is becoming very powerful and influential but we should not treat as a negative thing. We should be glad that that their IEO is a success because they have revived the dying ICOs which we expected not to do well anymore. I think CZ is not a bad guy and it is not his intention to dictate what coin will succeed. It is just that they have so much reputation in this market.

[waynechong1995]

It somehow privatise ICO, although it's not necessary a bad thing still it causes a perception of only the riches with more BnB stake can get a taste of popular tokens that ensured volume on our platform. Tokens are fighting to be listed for the so called binance effect to uphold their price, in a long term its not beneficial for the crypto majorities but what do cause investors cares 10x tokens more

[chocopapaya]

What are you talking about?
Binance is the best thing to happen to the crypto economy.

You can't compare it to Mt. Gox at all.
That was way back when crypto was totally fringe.
It had a monopoly because no one cared about it at all.

Binance has significantly raised the standard for what an exchange should be.
It has created an ecosystem that encourages different trading pairs.
It has launched a lot of successful projects.
They are the biggest because they are the best.

On top of it all, they are pushing forward with a dex.
That is the true spirit of crypto right there, decentralized exchanges.
Rather than worrying about how they will "take over" worry about how other comapnies aren't up to standard.

[cahbagus555]

I also noticed that Binance is becoming very powerful and influential but we should not treat as a negative thing. We should be glad that that their IEO is a success because they have revived the dying ICOs which we expected not to do well anymore. I think CZ is not a bad guy and it is not his intention to dictate what coin will succeed. It is just that they have so much reputation in this market.

I am agree. Binance is a company and every company must be need and want profits. Its not their fault if binance become biggest exchangers because the always improve on security and user like their UI or service.

[Adhichan]

I also noticed that Binance is becoming very powerful and influential but we should not treat as a negative thing. We should be glad that that their IEO is a success because they have revived the dying ICOs which we expected not to do well anymore. I think CZ is not a bad guy and it is not his intention to dictate what coin will succeed. It is just that they have so much reputation in this market.

I am agree. Binance is a company and every company must be need and want profits. Its not their fault if binance become biggest exchangers because the always improve on security and user like their UI or service.

binance wasn't social foundation, and they need income to pay their employment salary.and if they become biggest and most profitable exchanges if caused their work and they didn't kill other exchanges.

[khufuking]

I tried to get in Binance IEO and failed for whatever reason and  I was a little angry but it was okay but what really got to my nerve and made I started to think similar to what you wrote in this thread in the new requirement they added for people to be able to join their so-called IEO, they are trying hard to pump BNB which I think is a very dangerous and bad move because they are giving BNB tokens a value that is totally fake and build only on the desire of joining the upcoming BNB, well I love Binance but I do not like their latest moves which made me withdraw my money from there ( Binance was the only exchange that I was feeling safe holding my money on it).

100% Agree having all this control in a field that built on Decentralization is hmm.. I can't really come with proper words to describe it.

[crwth]

I think with what we have now, there are a lot of other competitors that are being used, not just Binance. I think Binance is smart that their current strategies that is doing so well and so far and a lot of people might think that they are going to abuse it, we don’t know, just like what you are speculating about now. As long as we know how much we are investing in that exchange, the another Mt. Gox incident could offer less hurt in your portfolio,  and prevention is better than cure, as they say.

[futureofeth]

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.

It is a trend that will apply to differently based on the works they do, sometimes we have to accept it because now Binance is a monopoly company which they are doing according to their roadmap. Last year it is completely ETH blockchain which due to many fake ICO's the community is fed up with the ETH blockchain.

[junkerr]

It is a trend that will apply to differently based on the works they do, sometimes we have to accept it because now Binance is a monopoly company which they are doing according to their roadmap. Last year it is completely ETH blockchain which due to many fake ICO's the community is fed up with the ETH blockchain.

I don't think there is a problem with the ethereum chain. their network is still good, only incidentally there are some projects that use the ethereum chain to make a project scam. that does not mean it is a bad effect for etheruem. ethereum will be fine. but the binance chain is just about to be released, and it will require major updates and a long journey to make their chains attractive to the market.

[jets567]

Nahhhh not because binance is one of the top it will not be a right thing to call it a monopolization. It's just when it comes to multiple coins aside from btc binance has a good volume compare to others because of being a good provider of a user interface. I think these are just detracting thread i believe CZ is doing good.

[Queen_Amber]

It sounds like OP is mad because binance delisted the scam "Bitcoin SV" coin.. and OP is holding it lol smh awwww poor baby

[Mpamaegbu]

They've done a lot of good for crypto as a whole since they were founded...

I like this part of your post and that's why I took it out of the heap. The Binance Exchange has proved itself trustworthy and no one should begrudge it its fame. Not so many gave it a chance in 2017 but look at where it is today through dint of hard work and all that and you say it's running a monopoly? Where are the ilks of Poloniex, Bittrex, Coinexchange, just to mention a few which got established way ahead of Binance? The other exchanges lack innovations and no one should blame CZ for that.

It sounds like OP is mad because binance delisted the scam "Bitcoin SV" coin.. and OP is holding it lol smh awwww poor baby

He shouldn't be. He has the choice of transferring it out to other exchanges accepting it or to his own private wallet.

[veraro]

Binance is one of the biggest and most powerful exchange nowadays. Isn't it a purpose which every exchange or any other project want to reach. Binance developing and improve their work all the time. It is a process of evolution of cryptocurrency and crypto exchanges. And it also example for all that small exchanges , they can repeat Binance success.

[prtty2gal2]

I don't really think that they are all powerful. As the listing of coins is very expensive, other exchanges are going to list more coins more easily.
The bull run of BNB was just because of the announcement of the DEX exchange. But now, people are really going to see who is going to use it and if it was worth the wait or not.
What i see is the BNB coin looks like a pump and dump scheme.

I guess you really don’t know what they stand for, Binance is the most reputable exchange I have ever come across in this industry, they are highly effective and full of genuine strategies, their work, product and services is what is umping their coin and I can assure you that the growth of their coin has nothing to do with whales.

The value of BNB you see is the true reflection of how largely and widely community has adopted it and using it, Now they are also coming up with their own chain, which might make lots of Binance believer migrates to it, if they do, what do you think will happen to the coin value, would it not shoot higher?

[eagle10]

I don't think that's a monopoly when other exchanges follow what Binance did to delist BSV. They have good reason to defend it and those exchanges that follow thru see also the reason why.

And being in Binance as the number one exchanger today keeps one feel that they are protected from trading their coins. I feel like it is good for me to take and exchange them all my coins and then withdraw it without really trading because I can withdraw it without the fear of doing KYC because my withdrawal is still in the limit level. That's one that makes Binance ahead of the other great exchanges before they impose the KYC on all coins withdrawal.

[Soberb]

It is not good for an exchange to dominate the market. But this happens in a free market. If an exchange dominates the market, competition in the market would take a back seat. But I do not understand why an exchange delists a coin based on just its low trading volume. This is bad trend. A coin should not be delisted unless it commits a grave violations of norms of cryptocurrency. Sometimes a project may fail to perform well.

[jcarlo]

It is not good for an exchange to dominate the market. But this happens in a free market. If an exchange dominates the market, competition in the market would take a back seat. But I do not understand why an exchange delists a coin based on just its low trading volume. This is bad trend. A coin should not be delisted unless it commits a grave violations of norms of cryptocurrency. Sometimes a project may fail to perform well.

I dont think binance dominating the market because binance not list all crypto in their platform. Many big exchanger have bigger daily transaction volume and i think its normal for binance if they want profits. Good exchanger must be always evaluating the coin or token because they have responsibility for their customer.

[Yemolou]

It is already a crypto monopoly, because this is the most famous exchange in the world with the largest trading volumes. I just remember about the CEO decision to delist BSV from Binance and it dropped the price by 40 percent.