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Author Topic: SOS.BInance going to adquire coinmarketcap - crypto MONOPOLIZATION on way  (Read 593 times)
ChiNgadOr
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March 31, 2020, 09:26:09 AM
Last edit: March 31, 2020, 01:15:13 PM by ChiNgadOr
 #1

Please help me spread this!we can't allow this to happen. We MUST do something or the monopolization of Binance will end with crypto.
What the hell is going on?   coinmarketcap to be adquired by Binance?
Coinmarketcap sold for 400M. Cryptoindustry will belong to Binance.
https://www.theblockcrypto.com/post/60371/binance-is-set-to-acquire-coinmarketcap-the-deal-could-be-worth-as-much-as-400-million

Post edited: I don't know what the hell I wrote about end of decentralization, in fact it is the path to MONOPOLIZATION!!
Let me remind you that this is the guy that suggested Bitcoin's  ROLLOVER to recover the 7000BTC hacked to his exchange. Now he would be able to manipulate also the top1 cryptoaggregator.


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March 31, 2020, 09:39:16 AM
Merited by dbshck (4), o_e_l_e_o (1)
 #2

Binance acquiring Coinmarketcap is the end of decentralization? I think you are over reacting. First of all, Coinmarketcap is just one of the many websites for tracking prices, volumes, and other crypto-related things. If you don't like the change in ownership, switch to other data aggregators like Coingecko, Bitcoinaverage, Cryptocompare, Nomics, and many others. Coinmarketcap is the most visited and most popular right now but it doesn't mean they are the most accurate and most trusted by serious traders.  

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March 31, 2020, 09:43:44 AM
Merited by dbshck (4), o_e_l_e_o (1)
 #3

Neither Binance or Coinmarketcap is decentralized, so i don't see how it threat decentralization at all.

Even though it's true Binance will have more influence on cryptocurrency world, there are various alternative of CMC which have more features and better reputation such as CoinCap and BitcoinAverage.

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March 31, 2020, 09:52:32 AM
Merited by ETFbitcoin (1)
 #4

Coinmarketcap is not, and never was, decentralized, so being bought out changes nothing from that front.

There are plenty of competitor websites you can use, but none of them are decentralized either.

Market cap is an inherently flawed metric, and tells us very little useful information about the value, worth, utility, development, etc., of a coin. Ranking coins by market cap appeals to newbies who don't understand any better and encourages people to spend their money on scams like BCash and EOS.

If you don't like that fact that Binance are starting to stick their grubby fingers in as many pies as possible, then don't use them. I have never used Binance (or any other centralized exchange for that matter), and I have absolutely no problem buying, selling, trading, using, and spending bitcoin.

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March 31, 2020, 09:59:46 AM
 #5

We still have options like https://www.coingecko.com/en, which is much better in my opinion.

And as far as cmc, I think people used it to quickly glance the price, so I don't think that you can consider it a end of decentralisation if ever Binance acquire it. So I don't think that we need to be alarm or something here as it will definitely not affect crypto's decentralisation.

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March 31, 2020, 10:00:13 AM
 #6

I am not supporter of taking over such large projects in one hand, but we can not fall into paranoia. I don't think that such a takeover will have big impact on the market, unless you want to accuse Binance that want to use Coinmarketcap to manipulate information?

I think that this takeover may have some positive aspects, because for some time coimarketcap has been suspected of inaccurate checking of, for example, volumes of exchanges. I think that when Binance will check it, results can be more accurate.

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March 31, 2020, 10:10:45 AM
 #7

For sure, Binance will benefit more from the advertisement on the coinmarketcap after acquiring this. No decentralization of cryptocurrency will get affected this. It's still your choice to use coinmarketcap, beside that we still have a lot of alternatives to Coinmarketcap, just also like Coinpaprika(https://coinpaprika.com/) or Coingecko as what @btc_angela said.
For sure, after this, we can see some new alternatives of Coinmarketcap will grow.





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March 31, 2020, 10:19:09 AM
 #8

Binance as an exchange already controlling a major chunk of the crypto market. If that is not termed as monopolization, then how come their acquisition of CMC can be termed as monopolization? Also how come it is an end of decentralized economy?

Your statement makes no sense! Rather, it shows that crypto market has grown into a serious business which is attracting millions dollar acquisition.

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March 31, 2020, 10:22:34 AM
Merited by ETFbitcoin (1)
 #9

Please help me spread this!we can't allow this to happen. We MUST do something or the monopolization of Binance will end with crypto.

What should any of us do now to stop a completely legal business? It is not the first or last time that such large companies invest their money by buying other companies, and I do not see how the fact that CMC is owned by Binance will change anything...

I find it much more dangerous that BTC is largely centralized in the way that the most influential crypto exchanges have millions of BTC in their possession (only Coinbase almost 1 million BTC), which just means that most people still haven't figured out what BTC really is.

Since I know your position on what is going to happen with BTC in next few months, why are you even worried about something like this? You promised to return to the forum only when BTC drops to $1000.

Well, I come back to you when BTC reach 1k or 2k  in the next months.. and I would be expecting your answer here.

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March 31, 2020, 10:47:18 AM
 #10

CMC was already a poo with far too much power that it didn't deserve or earn. Nothing much will change. Perhaps Binance will be a bit more rapid to respond to the blatant piss taking.

And some say CMC was owned by the Bytecoin/HitBTC/Freewallet/Changelly/Cointelegraph mafia so it didn't have the most fragrant ownership to start with.

As for decentralisation, wut?
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March 31, 2020, 10:51:21 AM
 #11

This is a billion dollar business, and Binance is on top of it, and as much as we don't want this to happen, at the end of the day, the people behind coinmarketcap will have to make more money out of their business and it just so happen that Binance is more willing. We can't really stop that.

So it's either you learn to accept that fact, or move on and not trust coinmarketcap when Binance takes over, you don't need to overreact to it and call it the end of decentralisation and crypto.

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March 31, 2020, 10:58:21 AM
 #12

Please help me spread this!we can't allow this to happen. We MUST do something or the monopolization of Binance will end with crypto.

What should any of us do now to stop a completely legal business? It is not the first or last time that such large companies invest their money by buying other companies, and I do not see how the fact that CMC is owned by Binance will change anything...

I find it much more dangerous that BTC is largely centralized in the way that the most influential crypto exchanges have millions of BTC in their possession (only Coinbase almost 1 million BTC), which just means that most people still haven't figured out what BTC really is.

Since I know your position on what is going to happen with BTC in next few months, why are you even worried about something like this? You promised to return to the forum only when BTC drops to $1000.

Well, I come back to you when BTC reach 1k or 2k  in the next months.. and I would be expecting your answer here.

I am overhelmed Grin .. you are really in love with me  


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March 31, 2020, 11:08:32 AM
 #13

CMC was already a poo with far too much power that it didn't deserve or earn. Nothing much will change. Perhaps Binance will be a bit more rapid to respond to the blatant piss taking.

And some say CMC was owned by the Bytecoin/HitBTC/Freewallet/Changelly/Cointelegraph mafia so it didn't have the most fragrant ownership to start with.

As for decentralisation, wut?

But what if 2-3 years later Binance will own most of the largest utilized websites and services in our crypto sphere? I feel like that's the true danger of these moves: when you'll want to access a service and know that no matter what you go for you're going to use Binance's service, that becomes a Facebook-like shitty situation.

On the other hand though, I guess even if we try our best not to make a corporation head towards this move, there will always be someone willing to take in more power and more profit. Thanks God there are great people working on providing our crypto sphere the best services, but decentralized.

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March 31, 2020, 11:36:05 AM
 #14

Quote
Post edited: I don't know what the hell I wrote about end of decentralization, in fact it is the path to MONOPOLIZATION!!
Let me remind you that this is the guy that suggested Bitcoin's  ROLLOVER to recover the 7000BTC hacked to his exchange. Now he would be able to manipulate also the top1 cryptoaggregator.

OP,do you know what a monopoly actually is?
A monopoly is a company or business,which is THE ONLY OPTION for it's customers.Hence,they are forced to buy the products and services of the monopoly(or they could simply refuse to buy and use those products or services).Is Binance the ONE AND ONLY cryptocurrency exchange platform in the world?NO!
Is Coinmarketcap the ONE AND ONLY cryptocurrency market cap and price comparison service?NO!
Are customers around the world forced in any way to use Binance and Coinmarketcap?Nope...
I'm not advocating Binance(especially with the Bitcoin rollover shit),but they are not a monopoly.




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March 31, 2020, 11:46:59 AM
Merited by suchmoon (7)
 #15

But what if 2-3 years later Binance will own most of the largest utilized websites and services in our crypto sphere? I feel like that's the true danger of these moves: when you'll want to access a service and know that no matter what you go for you're going to use Binance's service, that becomes a Facebook-like shitty situation.

On the other hand though, I guess even if we try our best not to make a corporation head towards this move, there will always be someone willing to take in more power and more profit. Thanks God there are great people working on providing our crypto sphere the best services, but decentralized.

CMC's power was already a big problem. It had way, way too much and I'll guess it didn't expect to end up with so much. It wasn't run in a particularly responsible manner. I can't see Binance doing a worse job and people should already have been aware of its malignance.

It's natural for money to make money and drive towards consolidation. It's the way of the world. It's up to us to vote with our money and spread it around where possible.
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March 31, 2020, 11:50:18 AM
Merited by tomahawk9 (1)
 #16

Binance as an exchange already controlling a major chunk of the crypto market. If that is not termed as monopolization, then how come their acquisition of CMC can be termed as monopolization? Also how come it is an end of decentralized economy?

it does seem like a conflict of interest. an exchange running the single most influential exchange/coin ranking site---what could go wrong? Tongue

And some say CMC was owned by the Bytecoin/HitBTC/Freewallet/Changelly/Cointelegraph mafia so it didn't have the most fragrant ownership to start with.

what bothers me is that binance has a finger in every pie. exchanges, VC, token sales, "dex", trust wallet, visa debit cards, etc etc etc. meanwhile they're like hiding in some undisclosed location and don't follow any laws or pay any taxes. this will all end in tears someday.

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March 31, 2020, 11:53:56 AM
 #17

what bothers me is that binance has a finger in every pie. exchanges, VC, token sales, "dex", trust wallet, visa debit cards, etc etc etc. meanwhile they're like hiding in some undisclosed location and don't follow any laws or pay any taxes. this will all end in tears someday.

Agreed. They should officially shape up or piss right off. It shows CZ to be seriously tone deaf to steer it in the way he does. For better or worse cryptoland is only heading in one direction. Anyone who doesn't make an effort to accommodate that is going to wind up damaging it.
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March 31, 2020, 12:13:58 PM
 #18

Post edited: I don't know what the hell I wrote about end of decentralization, in fact it is the path to MONOPOLIZATION!!
Let me remind you that this is the guy that suggested Bitcoin's  ROLLOVER to recover the 7000BTC hacked to his exchange. Now he would be able to manipulate also the top1 cryptoaggregator.


I don't know why everyone is just trying to bash the poster of this thread, i can't deny there's a bit of wrong choice of words with the MONOPOLIZATION but things he accused binance of isn't entirely wrong...... Man is trying to be a Godzilla in the cryptocurrency space and if not for the intervention of many other prominent people, he would have successfully rollover that 7000BTC stolen from his exchange which will be totally against what the entire cryptocurrency and blockchain technology stands for.

Already, many tradees have called out binance CEO for sending fake price alert through binance mobile app alert functionality, and he the CEO of  binance has many times accused CMC and other exchanges for having fake trading volumes. What do you all think will happen ls when he controls the most used price tracker and coin analysis platform in the whole crypto space. I smell something fishy too

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March 31, 2020, 12:15:00 PM
 #19

I believe the OP should know better that our opinion don't amount to something because the rightful judgment belong to capital market and if they choose to give it up to Binance so be it. Besides, this could bring some amendment of fake data information we once complain about.
Note : Could this be, the OP is fighting for himself cause he works for coinmarketcap and he might loose his position is the company is acquire by Binance?

Please help me spread this!we can't allow this to happen. We MUST do something or the monopolization of Binance will end with crypto.

What should any of us do now to stop a completely legal business? It is not the first or last time that such large companies invest their money by buying other companies, and I do not see how the fact that CMC is owned by Binance will change anything...

I find it much more dangerous that BTC is largely centralized in the way that the most influential crypto exchanges have millions of BTC in their possession (only Coinbase almost 1 million BTC), which just means that most people still haven't figured out what BTC really is.

Since I know your position on what is going to happen with BTC in next few months, why are you even worried about something like this? You promised to return to the forum only when BTC drops to $1000.

Well, I come back to you when BTC reach 1k or 2k  in the next months.. and I would be expecting your answer here.

I am overhelmed Grin .. you are really in love with me  

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He actually mean to give you back a reply after his presumption come to pass.
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March 31, 2020, 12:20:43 PM
 #20

Man is trying to be a Godzilla in the cryptocurrency space and if not for the intervention of many other prominent people, he would have successfully rollover that 7000BTC stolen from his exchange which will be totally against what the entire cryptocurrency and blockchain technology stands for.

He's not a miner or a developer. He has no power to do that. Absolutely everyone other than him would reject any attempt. He got laughed at and torn a new one for even thinking out loud about it.

It is something that people should remember though. It demonstrates major hubris and stupidity. So far he has not demonstrated the qualities that someone with that much potential power could do with.

Ultimately he's just another service provider that leeches off the real system underneath. He'll be forgotten dust eventually just like most others.
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