Binance is Becoming a Crypto Monopoly

[pageraji]

In the company's economic principles, good service, low fees, so many token, not complicating KYC are mostly binance advantages, this is what makes their services preferred by crypto users

[superstarbtc]

Now it is very easy for Binance and CZ to control the entire crypto market.
But how Binance become the biggest crypto exchange? What they extra offered?

See Binance secure this position only because they are very serious about the business, even they have very talented people behind the Binance blockchain. Firstly, they are very active in responding to the people question and the developments they do. The community will show more interest only when there i active developments and updates from the team. Transparency is a major key in cryptocurrency.

[FlamingFingers]

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

with what CZ_Binance is doing,  it's more than just making  his coin more popular it's about centralizing it, where by he owns how to control and manipulate his coin which is so bad for the crypto space, had it been bittrex was not overthrown such might not have happened

[RomanPetrush]

Yes, but not for a long time, we always have rising and failing projects. Binance could die at any time only because it's in the 1'st place.

[Mila52]

Binance is a well done site, very functional and that occupies a very important position today. This is in large part due to all the innovations that the site has shown, it is a forerunner in several areas. However, I personally keep a distance because I think there is necessarily a shadow part behind this success. 

For example, when the team keeps reminding us that its 'dex' is completely decentralized, I invite you to watch the following video that tends to prove ... the opposite  

https://www.youtube.com/watch?v=xXmYxN8g2TQ

I'm full an agree with your conclusion and support the approval the opinion  by TS-Binance is a way to monopolize. Centrally support the price increase BNB is a marketing method of manipulating the desire of community members to get instant profit and not tomorrow, but today. I think there are many successful and worthy exchanges besides Binance.

[Wolfwar]

The fact is that all declarations on decentralization are no more than a marketing move, as things are very different.  Already appeared information that no one with the administration of binance announced the ability to control user accounts and accounts.  In a centralized platform, this can not be done, so why is it possible here.  This situation is one of those moments that I must alarm those users of cryptocurrency who use binance.

[sempak]

It is very possible to happen where binance can later play a price or move the price of bitcoin. because at this time binance exchange is also the biggest in terms of volume and also the interest of people in investing in ieo binance is quite large

[robaya]

maybe, if on the crypto market there is only one exchange, namely binance.
now we can choose many platforms that we can choose and like according to our beliefs.
binance will monopolize and do politics on their own coins and exchanges. and I think it's natural, because they have plans and strategies for developing their platform in the future.

[AUruHM]

I afraid other situation. When Binance will become so big that the real big money will pay more attention to owners and users. About decentralization I don't have any issues because it's their money. That's why it will be distributed ledger only. No any DAO or miner nodes. It's a business and nothing more

[Pffrt]

Not sure how much related my reply is with your thread, maybe it's an offtopic.
Exchanges are mostly shady and doing every movement with objectively, of course, profit is the 1st thing everyone wants but there something else as well.

Kucoin has started Staking Reward for DeepOnion. Please notice that the current reward for DeepOnion PoS is 1%.

For your info, I am an investor of DeepOnion but I have my self-respect and I can't bear it if something shady happens.

As I said, current DeepOnion PoS reward is 1% but Kucoin is offering 2% which looks like fishy to me. How can that be possible? Why they will pay out of their own pocket? What's the purpose behind it?
I know, probably they will pump the market hugely, I can make thousands of dollars but hell, I don't want this fake movement.

I have posted it to hear your opinion on this.

[Jaggi90]

It's only because all crypto investors are using binance for their crypto transactions. It's all in our hands wether we want to trade on one specific platform or choose another one.

[Metall303]

It's only because all crypto investors are using binance for their crypto transactions. It's all in our hands wether we want to trade on one specific platform or choose another one.

it would be very silly to choose another platform. Binance is very convenient for everyone at that moment, but if this exchange somehow will threat to the cryptocurrency world, then we can always prevent it altogether

[acmakc12]

This is true, at the moment BNB is really dominant, but I don’t think that monopolization is possible, all this will stop at one moment, as more and more new exchanges appear, that is, more competition, and anyway, better, faster, and convenient solution.

[hell_slayer]

Binance is constantly working on expanding their trading functionality and improving the security system so that their users can feel most comfortable. They raised the level of service among cryptoexchanges to a new level and now they deserve to lead in the number of active users. I cannot call them monopolists, because they are leading in an absolutely honest and competitive struggle in the crypto market and other exchanges should raise their quality of services in order to match the level that binance has set .

[istiak2277]

Binance is becoming the most influencer company in the crypto world. I am afraid that by gaining so much power they will manipulate the market with the resource they have. They own CMC now too. I think what makes this exchange very popular is its active support system and very fast and good service for every kind of user. I think a centralized company in the crypto world should not get that much dominance.

[OasisDre]

I have no worries about everything binance is doing since 2019 now, no one is doing it and binance is taking the giant step, someone have to do this and stand up right for crypto sake and keep the technology alive, either manipulations or not bitcoin still stands decentralized and other coins too, the power that binance have or will have will end in centralized boundary

[fudster]

Binance is owning all that makes crypto interesting. CMC will definitely change, I feel it could be better though because right now its the worse. But it may not be listing something that competes binance's pet. Its payback time for the Chinese exchange to be listed though. There's been been just few that is listed.

[Vishnu.Reang]

No matter how much they try to hide the fact, the links that the Binance promoters have in China will surface eventually. And with the Western nations going after Chinese companies such as Huawei with all their might, it will be quite foolish to believe that they will grant an exemption to Binance. They need to plan for any hostile action from the Western governments, in the near future.

[royalfestus]

Am surprised to see this thread started a year ago, then I considered the space ambitious but now the exchange look like a threat to the space especially other exchanges and altcoins. I expect a reaction from other crypto force against acquisition except the CZ is not the owner of the exchange as some people rumored. He could be a name behind all this projects, and some funded by strong and wealthy hands around the world.

[turkandjaydee]

CMC will be shaped, guided, directed and stripped of data by Binance.

Then this is the time to be wise and we no longer should rely on coinmarketcap.

There is another cryptocurrency data/statistic source like coingecko which is pretty decent and even it provides more data than coinmarketcap.

Sometimes, the threat of monopoly arises because there are no competitors. But in this case, the competitor is already there and now it is in the hands of the user whether the monopoly will actually happen or not.

And if we start using Coingecko earlier, this will help the site get a good ranking on the Google search engine. And then people will prefer to use this site.