Binance is Becoming a Crypto Monopoly

[e@symode]

Binance today is indeed a cryptocurrency monopoly, the rest of the stock exchanges today for some reason are not so popular, probably because today there are big demands on ordinary traders.

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[monalia]

For long term such emergence of few exchanges are really not good in my point of view. Just think if anything happens to binance like Mt. Gox exchange. If there any big hacking attack on binance we cannot stop the market fall.
We must wisely think and split the fund from the exchange and take that fund different investment.

I was tried to their telegram, for 1 hour more than 5k messages are falling like something. Such a big community but we people need to think whether that is worthy or not.

[darkangel]

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

When Binance CEO threatened to Delist BSV after the erratic claim of Craig Wright as Satoshi which he carried out and influenced other exchanges like Kraken to delist too is a clear indication that there is a sinister plan or move to monopolise cryptocurrency. The will not be good for the crypto community and should be rejected

[Osarman]

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.

Of course they are trying to monopolize the crypto market but I think that they have been of great importance to the crypto users for long and compared to other exchanges, many out there prefer to use Binance as an exchange for trading crypto. It is already having the maximum consumer base in the market besides Coinbase and in the next decade or so, it would be a monopoly but not a pure one.

[crzy]

Binance today is indeed a cryptocurrency monopoly, the rest of the stock exchanges today for some reason are not so popular, probably because today there are big demands on ordinary traders.

I don't think so, because some exchanges are still have good volume and I'm pretty sure most of the users of Binance also have their accounts in other exchanges. Monopoly means only one in the market, which is not in the case of binance. I understand their aggressiveness but I think binance are still far from controlling the cryptomarket.

[hovrah]

Binance today is indeed a cryptocurrency monopoly, the rest of the stock exchanges today for some reason are not so popular, probably because today there are big demands on ordinary traders.

I don't think so, because some exchanges are still have good volume and I'm pretty sure most of the users of Binance also have their accounts in other exchanges. Monopoly means only one in the market, which is not in the case of binance. I understand their aggressiveness but I think binance are still far from controlling the cryptomarket.

The fact is that there are a lot of questions to binance, especially after their administration members make certain statements.  First of all, I want to note the fact that it was precisely the excitement in the information space that gave binance such an impetus to success.  Note that such situations do not happen by chance.  In addition, a statement to a member of the administration of binance.com that they can confiscate user funds or block an account at any time is alarming and contradicts all the rules of decentralization.  Of course, this applies only to offenders, but nevertheless, this situation already speaks volumes.

[trudovik]

This is being spoken about very actively lately, probably it really is and we don’t really need monopolists today, because today cryptocurrency should be decentralized and I hope that they will maintain this status.

[cryptowolfsu]

Too much power in could be dangerous as it is a small market but Binance is doing
great and innovative things and dominating among the exchanges in a fair competition.
Other exchanges should follow Binance path and start doing innovative things not
just collecting the fees.

[Jcga]

I heard a rumor that Binance is going to launch a stable coin, did you too?
I like CZ's way of doing things in crypto. Holding here Bnb for long.

[tk808]

https://www.coindesk.com/binance-may-consider-bitcoin-rollback-following-40-million-hack

CZ contemplates if he wants to/or can dictate Bitcoin miners

[Tipstar]

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
Edit 2: CZ Believes he can dictate the Bitcoin miners and blockchain, do to Binance's team incompetence. https://www.coindesk.com/binance-may-consider-bitcoin-rollback-following-40-million-hack

The recent hack also makes the point clear why we need to diverge away from Binance. Depending on a single exchange for our trading needs would hurt us one way or other. If we just diverse, we'll be getting lighter blows.

[abake]

I saw a post way back whereby CZ indirectly advised the crypto community to keep funds in Binance, stating its safe on twitter. For me it's best to store crypto assets on personal wallets.  In my opinion, Decentralized exchanges and hybrid exchanges will win in the long run, is just that most decentralized exchanges right now do not have what it takes to compete. Well, the progress with developments on Binance like Binance chain and DEX is a plus, still impressive.

[Mr.Noda]

This exchange has long been a monopolist in the cryptoindustry. Something not very good is coming with this exchange.

[novaprime]

I saw a post way back whereby CZ indirectly advised the crypto community to keep funds in Binance, stating its safe on twitter. For me it's best to store crypto assets on personal wallets.  In my opinion, Decentralized exchanges and hybrid exchanges will win in the long run, is just that most decentralized exchanges right now do not have what it takes to compete. Well, the progress with developments on Binance like Binance chain and DEX is a plus, still impressive.

Think about if there is no centralized exchange, asset management will be more difficult if we are attacked. I think the presence of a centralized exchange has helped people get insurance when participating in trading. In fact, decentralized exchange is better but it is very easy to be attacked and it will be very difficult for us to get money back when that happens so BINACE DEX is just my second choice in future

[sidoroffalex]

Binance and its coin will be popular among traders till this platform and IEOs can make xxxxs, the same story was with ICOs

[MakeMoneyBtc]

I heard a rumor that Binance is going to launch a stable coin, did you too?
I like CZ's way of doing things in crypto. Holding here Bnb for long.

I heard that too but don't know if they can really achieve what they said because their plan is to create one of the biggest coin available on the market right now and their target is to reach 10 billion users which is kind of inimaginabile. Anyway, Binance did a great job with their BNB coins and if they can do that again with the other coin they are planning to launch I'm sure we'll have a new coin sitting in the top 10.

[South Park]

The recent hack also makes the point clear why we need to diverge away from Binance. Depending on a single exchange for our trading needs would hurt us one way or other. If we just diverse, we'll be getting lighter blows.

I agree, even if binance is the most widely used exchange around the world, it is better to use several exchanges than to use just one, while this means having several accounts and making sure that each one is properly secured, in the case of a hack to one of those exchanges your losses are going to be limited to only a fraction of your capital, however what we really need is that decentralized exchanges become more popular but I do not know what it will take to make traders to wake up to the reality that centralized exchanges will never be completely safe.

[monineklutak]

it should be a good thing for all of us, because it will make it easier for us to choose a good investment, they are a large community so it will be very profitable to see and follow their steps because as we know that large communities can change many things , so when we invest according to what they say, then we will most likely benefit and isn't that what we are looking for?

[sidoroffalex]

The recent hack also makes the point clear why we need to diverge away from Binance. Depending on a single exchange for our trading needs would hurt us one way or other. If we just diverse, we'll be getting lighter blows.

I agree, even if binance is the most widely used exchange around the world, it is better to use several exchanges than to use just one, while this means having several accounts and making sure that each one is properly secured, in the case of a hack to one of those exchanges your losses are going to be limited to only a fraction of your capital, however what we really need is that decentralized exchanges become more popular but I do not know what it will take to make traders to wake up to the reality that centralized exchanges will never be completely safe.

It is better to store the funds on the Ledger, only several percents on exchanges for trading

[jabrix]

it should be a good thing for all of us, because it will make it easier for us to choose a good investment, they are a large community so it will be very profitable to see and follow their steps because as we know that large communities can change many things , so when we invest according to what they say, then we will most likely benefit and isn't that what we are looking for?

Such thinking does make sense because Binance is exchanging crypto which has a large market share, after which it creates crypto to be traded. The result is quite good because the sales are large and the price is high. Today Binance Coin costs US $ 32.
The achievement of this price is very good compared to other coins that have already circulated. Maybe investors believe in the work of the professional Binance team and master crypto technology so that coin sales reach high prices. It's not as high as Bitcoin or Ethereum, but it's already very good.