SOS.BInance going to adquire coinmarketcap - crypto MONOPOLIZATION on way

[o_e_l_e_o]

But what if 2-3 years later Binance will own most of the largest utilized websites and services in our crypto sphere?

What services are you imagining here? The whole point of bitcoin is to not require trusting third parties. It is perfectly easy to utilize bitcoin without using any third party service, exchange, website, etc. It doesn't really matter to me who owns most services because I know I will never use them.

Unfortunately, the converse of this is that there are plenty of people who will continue to use any service, regardless of how shady, unethical, untrustworthy, or insecure, they are, or who they are bought over by.

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.

Now imagine just how many people and third parties across the "Binance" umbrella of sites and services have access to your KYC documents if you send them over.

Binance are rapidly becoming as untrustworthy as Coinbase, but since there is no shortage of people who are willing to give them their business despite this, they will continue to grow and take over more and more services. If you don't like it, then stop using centralized services.

[ice18]

I dont understand why you relate the buying of Binance into decentralization are you saying that Binance as of now is decentralized?  What Im thingking on the other hand is maybe is time to make coinmarketcap improved its services by listing trusted coins and delisting such exchanges which uses bots to manipulate trading volume in order to attract traders.

[fabiorem]

This is actually good news. The CEO of Binance is bullish on bitcoin.
I dont use it, because I lost my password there a long time ago.

On the other side, Bitmex is a bearish exchange and have too much influence on the price.
If I'm not mistaken, Bitmex have three times more volume than the main exchanges combined. This happens because of the leverage they offer.
If anything, its Bitmex which is monopolizing the market, and Binance wants to bring some balance to it.

[BlackFor3st]

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.

I recently read this news and I was rather sad to this happening if in case the CMC owners will decide to proceed with the deal as that amount is kinda huge for them also. CMC owners can do a lot with that amount especially if they didn't care about their website and they only care about their ROI as it is their big opportunity, being offered by that amount.

But on the other hand, I am not so sure if CMC will still remain at the top if in case the ownership will be change because we cannot assure already whether the data that are being provided by the site are 90-100% accurate because we know that Binance will do everything just to make sure that the data that they provided will favor to them. I am a CMC user and I will likely look for other sources of data if in case this deal will happen.

[Exolix]

Maybe this is an April Fool’s joke? 
just a little in advance

[Sanitough]

Binance are everywhere now, they are envading the crypto space and I won't be surprise if one day, BNB  is going to be sitting next to bitcoin.
Another good move by Binance, and to invest with the huge amount of money, they know it can help them a lot, and please OP don't think of a threat as there is no threat here, CMC just giving us information on the coins in the market, it's just an information and it's still us who will evaluate.

[gentlemand]

please OP don't think of a threat as there is no threat here, CMC just giving us information on the coins in the market, it's just an information and it's still us who will evaluate.

I wish that were the case but I don't think it is. CMC can make or break a project. It doesn't matter if you yourself are objective, the majority aren't. I was hoping that by now people would be using other options but people are lazy so stick to what they know.

[ChiNgadOr]

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.

let's change monopoly for olligopoly.. makes this feel you better?

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 .. you are really in love with me  

[snip]

He actually mean to give you back a reply after his presumption come to pass.

Scared for being fired ?  


I would prefer to eat a bucket full of shit, that working for Binance! So I would leave inmediatelly if this comes true

[Fundamentals Of]

Last I checked, this is still a world of capitalism. Whoever has the money has the power and therefore the control. Binance is clearly bent on becoming a giant in the crypto industry. There is no international law against one site getting sold to a rich company. So, what really can we do here? We can only hope that there will be another one to closely compete with this red dragon.

[Csmiami]

let's change monopoly for olligopoly.. makes this feel you better?

I already replied on the thread on Spanish, and I believe it's been said here before; but what is the problem of a company buying another company, be it a monoply or whatever on a system that does not require those companies?

Bitcoin is P2P for a reason

[Lucius]

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

You just show that you are not the person who keeps your promises, and you also show signs of serious psychic problems with these outbursts of love.

Better read the forum rules (posting in a row is not allowed), and with the such large images in your posts you show your disrespect for members who have slow and limited internet. Please leave forum until BTC drops to $1000 and stop promoting that scam project in your avatar/signature

[ChiNgadOr]

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

You just show that you are not the person who keeps your promises, and you also show signs of serious psychic problems with these outbursts of love.

Better read the forum rules (posting in a row is not allowed), and with the such large images in your posts you show your disrespect for members who have slow and limited internet. Please leave forum until BTC drops to $1000 and stop promoting that scam project in your avatar/signature

I know that you are in love with me , but I am sorry to tell you I got a complicated life already with a girlfriend and a child.. a stalker won't make it better.  

oh by the way.. you can keep following me and posting as much as you like, but your messages are from now ignored by me

[The Sceptical Chymist]

Binance acquiring Coinmarketcap is the end of decentralization? I think you are over reacting.

Yeah, I'd say so.  Coinmarketcap doesn't really provide anything except for data, which is something that your typical online stock brokerage does, and I see this as sort of an acquisition of a research tool to complement what Binance already has.  I don't see where the monopoly comes from, nor does it matter to me who owns CMC.  And hey, maybe if a legit exchange like Binance owns it, the site will stop reporting all that fake market data from other exchanges.

CMC isn't decentralized, by the way.  Binance isn't either, so the way I see it there's no net change in decentralization.  And I also don't see any of that as a real problem.

[Finestream]

Binance will get big benefits on this one, CMC attract a very huge traffic that Binance can put their advertisements, project on IEO, so they are really investing on advertising, and though they already have a huge trading volume, they are not contented yet and it seems like they have a big plan ahead on why they pay a lot of money to acquire coinmarketcap.

[kryptqnick]

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.

I am just happy that a few months ago coinmarketcap was down, and fellow members of Bitcointalk community advised to switch to Coingecko. I am not sure it's better in terms of centralization issues, though, but it does address the issue a bit. Namely, if Coinmarketcap.com is not to be trusted anymore since it belongs to an exchange (I agree there's a certain conflict of interest here), Coingecko is at least owned by different people and can thus provide a different perspective on the market which will make Binance's intrusions into the data portrayal on Coinmarketcap (if it happens) very apparent.

[Twentyonepaylots]

I dont understand why you relate the buying of Binance into decentralization are you saying that Binance as of now is decentralized?

There is nothing illegal with the Binance move if they want to acquire the Coinmarketcap, it is just a price monitoring device that we use when stalking the market, so why worry? Binance is huge, actually the biggest man in this industry and it's not surprising at all if they want to have the top ranking price monitoring website and integrate to their exchange as to receive the latest of the latest prices.

 What Im thingking on the other hand is maybe is time to make coinmarketcap improved its services by listing trusted coins and delisting such exchanges which uses bots to manipulate trading volume in order to attract traders.

Obviously, We've known binance for a long time and I'm sure they are not just taking it but they are also improving it if they did acquire it. Aside CMC is just one of the websites where we can track the prices, there is the Coingecko and many more.

[20kevin20]

What services are you imagining here? The whole point of bitcoin is to not require trusting third parties. It is perfectly easy to utilize bitcoin without using any third party service, exchange, website, etc. It doesn't really matter to me who owns most services because I know I will never use them.

Unfortunately, the converse of this is that there are plenty of people who will continue to use any service, regardless of how shady, unethical, untrustworthy, or insecure, they are, or who they are bought over by.

~

I'm talking about any possible service someone can offer through blockchain: exchanges, news, block explorers etc. If one buys the top one from each .. domain? (sorry, non-native English speaker so when I get to explaining in details I suck) and has the power for all of them, they'll slowly head towards the same route Facebook went: bought WhatsApp, bought Instagram.

Within 2 moves, Zuckerberg now owns the platforms used by probably more than half of the entire world. Now run some analysis, try out different things (including censorship) and you have an idea of how masses work.

You, me and only a handful thousands of people out there have stopped using these corporation-controlled services and that's sad.. hence the main idea of mine that the multi-billionaire cryptocurrency business slowly making moves to own a large part of the most-visited and most-used websites & services in this sphere is bad.


Say there are 3 persons: you, me and Joe. You run a top exchange used by 10M people, I run a block explorer used by 5M people, Joe runs CoinMarketCap visited by 15M people. We're 3 different entities with 3 completely separated businesses. Now you have billions and decide to purchase my block explorer and Joe's CMC. Within these 2 moves, you will have the power of using the trust of all these millions of people to your own advantage. Hence, you now start creating a pretty large web of businesses of which data only YOU own and do whatever you wish with it. That's what scares me. The way all the information is going to be stored by a central entity.

Even if CMC, Binance and Blockchain are not decentralized in any manner, they at least have right now 3 different databases. Hopefully you get my point now, I'm pretty shit when it comes to explaining.

[tomahawk9]

Reading some comments on social media after these news came out: "CZ is a good guy", "the community is his priority"...Many people seem to forget what CZ suggested doing last year after a Binance hack...the fact that he actually thought about doing that...What a good guy, eh? It's a matter of time before power gets to his head and he does some crazy shit.

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.

This guy gets it. Next thing you know CZ and his gang will create a crypto version of eBay, then they'll buy 'blockchain.com', then they'll create crypto web browser with built-in cryptocurrency features , then they'll buy the most popular crypto ATM tracker and other popular crypto apps, etc, etc...And before you know it, Binance brand will literally own every single cryptocurrency service that the average joe will have access to.

Scary monopoly.

[pawanjain]

No big deal bro. Coinmarketcap was at the end of it's days anyway.
We all have heard news of how coinmarketcap had manipulated it's data and showed wrong numbers on it's page.
We have seen it faking the trading volume quite a few times. Most of us had decided by then to use a different source of medium for seeing price and volume details. I would still stay to stop using coinmarketcap and instead use an alternative for the same.

[Mulann2]

I sincerely don't blame CZ, he is a business guy and looks on to different ways to expand his business, if he offer to buy cmc and the owners agree to sell then who is to blame for that, if they have interest in their project they should keep and think of ways to make it better not sell it off, but I guess they are in for the money,
Mark Zuckerberg also bought off WhatsApp and Instagram and they are still doing great,  since the original owners can't maintain their project let those who have the means to take over, maybe now it will be well managed.