BINANCE TO LAUNCH ITS OWN MINING POOL

[hugeblack]

Binance is topping the news daily with more news, acquisitions and more cooperation. It is planning to launch its first bitcoin mining pool which will be in addition to its already numerous offerings.

Yes, there is a #BinanceMiningPool coming soon. 👀

A new addition to our suite of #BinanceFinance products we offer including: Staking, Earn, Savings and Loans.#useBNB https://twitter.com/cz_binance/status/1245357138978861057 …

It is unclear exactly what the Binance pool will offer but unofficial sources have said that Binance has already hired professionals to work on this new project (Some of these hires come from Bitmain.)

read more and source ---> https://templeoftech.net/binance-to-launch-its-own-mining-pool/

[Pffrt]

They are trying to build a centralize system in my opinion because they are trying to themselves into all sphere of cryptocurrency. That's good from a business view that they are acquiring lots of subsidiaries but that can later give CZ more power to manipulate a lot of things.

[joniboini]

Well, centralization aside, I think it's understandable considering they're trying to make as much money as possible. If they can build their own mining pool then why not? After all, it's about money.

People are not that stupid after all. If he did try to do some stupid things I bet it will get noticed. Just like their drama with Steem fork.

[Kemarit]

So Binance has official venture into the mining pool business and hiring people from Bitmain.

I don't know how Bitmain will react to this, but I'm sure Jihan will not take this lightly. It will be a challenge to them to keep the majority of mining pool, but as guess Binance has the money now to put up a good competition. And yes, this is definitely all for the money, after-all all the moolah is flowing 24x7 here.

[carlfebz2]

Im not that surprised that CZ would jump into other crypto-related businesses and yes this all for the sake of money and reputation. Spreading the scope of this company is great but we do know that it do becomes centralized.

On mining venture im sure that this wont be easy for Binance but at least we are seeing some competition against Bitmain.Lets see on how this thing goes.

[nc50lc]

That's a genius way to use their famous brand to something low-cost but profitable.

And look at the bright side: In Bitcoin, more mining pools means less accumulation of network hashrate to a single entity.
If that pool makes it to the top, then the risk of a mining pool reaching the power enough of a 51% attack will drop significantly.

It's a win-win in a 90-10 way  

[o_e_l_e_o]

Spreading the scope of this company is great but we do know that it do becomes centralized.

Binance is a private company. It has never been anything other than centralized.

It is concerning that there is one (incredibly shady) company trying to stick their finger in every pie they can find (mining, Brave browser, CoinMarketCap, debit card, all in the last week). I am fully expecting them to continue to look for other avenues to venture down or other businesses they can buy out. It is certainly worrying that they seem to be trying to turn themselves in to ubiquitous, all encompassing, crypto company - the Google of crypto, if you will. It will be terrible for user privacy and security, and I would encourage everyone to stay away from everything they touch for your own safety.

However, the Binance has never been decentralized, and Binance acquiring all these things doesn't change the decentralized nature of bitcoin. Stop trusting third parties like Binance and use bitcoin as it was intended.

[hugeblack]

What worries me is the terrible expansion of this platform at the expense of many of the well-known services that it is closer to what Facebook does and therefore it is wrong to trust such companies, if Facebook sells personal data, we will find it easy for Binance to sell more than that.

Do not forget that the company, despite being fully centralized, is trying to hide its headquarters and a lot of information.

I hope people will stop trusting these platforms completely. History proves that.

[Finestream]

Educate me please, what are the negative possibilities on what CZ has been doing lately?
I'm sure there will be more acquisition going into a different venture aside from exchange, what would CZ are planning here?

for typical investor like me, I'd think it's a good thing as Binance is growing and it like to dominate the market.
A reputable company will attract more people to adopt, I think this is what we need, or correct me if I'm wrong.

if Facebook sells personal data, we will find it easy for Binance to sell more than that.

They know the consequences, that's illegal and that might stop their big business.
If we believe they would do that, I think we should not also trust banks or any financial institution that requires and store our KYC.

[o_e_l_e_o]

Educate me please, what are the negative possibilities on what CZ has been doing lately?

There are many. Look first of all at Binance's approach to their customers' data and privacy:

Your Personal Data will be protected and kept confidential, but subject to the provisions of any applicable law, your Personal Data may, depending on the products or services concerned, be disclosed to the following third parties:

(i)transaction counterparties;
(ii) other divisions or entities within Binance Holdings Ltd and our affiliates;
(iii) our joint venture/ alliance partners and business partners;
(iv) our agents, contractors, vendors, third party service providers and specialist advisers who have been contracted to provide us with administrative, financial, research, operational, IT or other services, such as telecommunications, information technology, payment, payroll, processing, training, market research, storage and archival;
(v) any third party business partners who offer goods and services or sponsor contests or other promotional programmes, whether in conjunction with us or not;
(vi) insurers or insurance investigators and credit providers;
(vii) the Credit Bureau, or in the event of default or disputes, any debt collection agencies or dispute resolution centres;
(viii) any business partner, investor, assignee or transferee (actual or prospective) to facilitate business asset transactions (which may extend to any merger, acquisition or asset sale) involving the Binance group;
(ix) our professional advisors such as our auditors and lawyers;
(x) relevant government regulators or authority or law enforcement agency to comply with any laws or rules and regulations imposed by any governmental authority;
(xi) anyone to whom we transfer or may transfer our rights and obligations;
(xii) banks, credit card companies and their respective service providers; and
(xiii) any other party as may be consented to by you, as specified by that individual or in the applicable contract.

I'm struggling to think of a single entity which isn't covered by that list.

Binance aren't just holding your personal information from KYC and tying it to all your trades and holdings, but now they will be tying it to which pages you view and which links you click on at Coinmarketcap, they'll link your IP to any miners running in their pool, they'll monitor all your real world purchases you make with their new debit card, they will likely even be tracking your web browsing through their new Brave "partnership". And with that information, they will quite happily share it or sell it with anyone they damn well please, including the government and other authorities. They are turning themselves in to the Google or Facebook or crypto. Sure, your trading fees are valuable to them, but your data is just as valuable on the open market. Binance are turning themselves from a simple exchange in to a data harvesting company, and that is concerning.

[Finestream]

Educate me please, what are the negative possibilities on what CZ has been doing lately?

There are many. Look first of all at Binance's approach to their customers' data and privacy:

Your Personal Data will be protected and kept confidential, but subject to the provisions of any applicable law, your Personal Data may, depending on the products or services concerned, be disclosed to the following third parties:

(i)transaction counterparties;
(ii) other divisions or entities within Binance Holdings Ltd and our affiliates;
(iii) our joint venture/ alliance partners and business partners;
(iv) our agents, contractors, vendors, third party service providers and specialist advisers who have been contracted to provide us with administrative, financial, research, operational, IT or other services, such as telecommunications, information technology, payment, payroll, processing, training, market research, storage and archival;
(v) any third party business partners who offer goods and services or sponsor contests or other promotional programmes, whether in conjunction with us or not;
(vi) insurers or insurance investigators and credit providers;
(vii) the Credit Bureau, or in the event of default or disputes, any debt collection agencies or dispute resolution centres;
(viii) any business partner, investor, assignee or transferee (actual or prospective) to facilitate business asset transactions (which may extend to any merger, acquisition or asset sale) involving the Binance group;
(ix) our professional advisors such as our auditors and lawyers;
(x) relevant government regulators or authority or law enforcement agency to comply with any laws or rules and regulations imposed by any governmental authority;
(xi) anyone to whom we transfer or may transfer our rights and obligations;
(xii) banks, credit card companies and their respective service providers; and
(xiii) any other party as may be consented to by you, as specified by that individual or in the applicable contract.

I'm struggling to think of a single entity which isn't covered by that list.

Binance aren't just holding your personal information from KYC and tying it to all your trades and holdings, but now they will be tying it to which pages you view and which links you click on at Coinmarketcap, they'll link your IP to any miners running in their pool, they'll monitor all your real world purchases you make with their new debit card, they will likely even be tracking your web browsing through their new Brave "partnership". And with that information, they will quite happily share it or sell it with anyone they damn well please, including the government and other authorities. They are turning themselves in to the Google or Facebook or crypto. Sure, your trading fees are valuable to them, but your data is just as valuable on the open market. Binance are turning themselves from a simple exchange in to a data harvesting company, and that is concerning.

Well, as long as It's not illegally divulge then I am okay with it, I'm sure everyone understands everything before they sign up with Binance.
But then maybe as the crypto progresses, government will have to carefully check the TOS or the rules of an exchange if they comply with the standard, in short the government has to make a standard rules for regulating crypto exchanges or businesses.

[o_e_l_e_o]

Well, as long as It's not illegally divulge then I am okay with it, I'm sure everyone understands everything before they sign up with Binance.

What a ridiculous position to hold. You're OK with Binance tracking everything you do in crypto, every order you place, every trade you make, every thing you buy, every purchase, etc., building up a complete profile of all your activities linked to your real name and address, and selling that information to anyone they like or the government? If you are completely happy with a third party having such complete and total control over your money and your data, then why bother with bitcoin at all? You can get all that with fiat.

in short the government has to make a standard rules for regulating crypto exchanges or businesses.

No, they don't. The reason they do is because they want to tax everything they can. They want a slice of the exchange's profits and they want a slice of your profits. It's entirely possible to buy and sell bitcoin using a decentralized platform like BISQ, without any rules, regulations, or other privacy invading government nonsense.

[Harlot]

Well, centralization aside, I think it's understandable considering they're trying to make as much money as possible. If they can build their own mining pool then why not? After all, it's about money.

People are not that stupid after all. If he did try to do some stupid things I bet it will get noticed. Just like their drama with Steem fork.

I do agree with you with the recent acquisition of CoinMarketCap and now they are planning to have their own mining pool this just means that they are trying to monopolize certain parts of the crypto industry which I think would be a bad thing for us. When they first got axed out of the US market they quickly have  gotten their footing back in which just shows that they are determined to cover all big markets as well. I don't know that if this will be a good thing for us or it will just mean more less and less competition in some big segments of the industry.

[logfiles]

I do agree with you with the recent acquisition of CoinMarketCap and now they are planning to have their own mining pool this just means that they are trying to monopolize certain parts of the crypto industry which I think would be a bad thing for us. When they first got axed out of the US market they quickly have  gotten their footing back in which just shows that they are determined to cover all big markets as well. I don't know that if this will be a good thing for us or it will just mean more less and less competition in some big segments of the industry.

Just like someone said... at the end of the day it's all about making more and more money and there is nothing we can do about it. I can't even keep track of the promising projects binance have acquired so far. Here are a few I know of
- 3commas trading bot service
- Wazirx
- Trust wallet
- Brave Browser
- Coinmarketcap
- Dappreview

My worry is if binance goes crashing as you know how unfriendly the crypto space can be, the projects it acquired will also be at a risk of collapsing.

[Finestream]

What a ridiculous position to hold. You're OK with Binance tracking everything you do in crypto, every order you place, every trade you make, every thing you buy, every purchase, etc., building up a complete profile of all your activities linked to your real name and address, and selling that information to anyone they like or the government? If you are completely happy with a third party having such complete and total control over your money and your data, then why bother with bitcoin at all? You can get all that with fiat.

Ridiculous it is, but can we do anything about it if we still choose binance to be our exchange.
I am also a banker most of my life and I understand that submitting my information to the bank might be use for other purposes but I just hope they will not divulge it illegally. The same thing would happen in an exchange as they are still under monitoring of the authority and if they set a very simple law for them but sooner it will be improve as crypto is still young and sure more improvement int he long run.

I know it sounds stupid, but are we really getting the decentralization we are expecting with crypto? the answer is no, because the government will always interfere, if they are just interested with the taxes, then other countries will not declare crypto as illegal as they can collect huge taxes from it, for example China. 

No, they don't. The reason they do is because they want to tax everything they can. They want a slice of the exchange's profits and they want a slice of your profits. It's entirely possible to buy and sell bitcoin using a decentralized platform like BISQ, without any rules, regulations, or other privacy invading government nonsense.

I understand they want to get a slice of what crypto world is making through taxes but with regulation there are some rules to be followed and they will still employ their centralized policy on exchanges, most popular are KYC and AMLC reporting as crypto exchanges once under the regulation by the government will loss its privacy or confidentiality. EXCHANGES are US as WE COMPOSE THE EXCHANGES.

[pooya87]

it has always been about two things with Binance: making as much money as possible and having as much centralized power in the scene as they can.
right now they are fully controlling the altcoin market as they have kicked almost all altcoin exchange competition out of the scene. they won't stop there, entering mining scene will also give them a lot more power specially if they start mining altcoins and could get a big enough pool to control the altcoins that way too. it won't cost them much either since it is just a pool not a mining farm needing as much electricity.

[o_e_l_e_o]

Ridiculous it is, but can we do anything about it if we still choose binance to be our exchange.

Then don't choose Binance. There are plenty of other options out there. I don't use centralized exchanges and have never completed KYC anywhere, and yet I have no problems interacting with the bitcoin ecosystem, buying, selling, trading, spending, etc.

I am also a banker most of my life and I understand that submitting my information to the bank might be use for other purposes but I just hope they will not divulge it illegally. The same thing would happen in an exchange as they are still under monitoring of the authority and if they set a very simple law for them but sooner it will be improve as crypto is still young and sure more improvement int he long run.

This is one area where fiat has a clear advantage over bitcoin. When was the last time you saw a centralized fiat bank being hacked for their customers' KYC documents? Pretty much never. When was the last time you saw a crypto exchange being hacked for the same thing? Pretty much every week. Even the largest and most "reputable" exchanges, including Binance, have been hacked or otherwise leaked, sold, or shared customers' data.

I know it sounds stupid, but are we really getting the decentralization we are expecting with crypto? the answer is no, because the government will always interfere

Then don't let them. If you are going to willingly use an exchange which is government regulated and shares all your information with the government, then you can't complain about the government sticking their nose in your business. Trade peer-to-peer or decentralized, keep your KYC documents and other private information to yourself, and use bitcoin how it was intended without any third party telling you what you can and cannot do with your own money.

[ethereumhunter]

It seems Binance wants to be the king in the crypto worlds as what Google keeps trying to be the king in many things

That is one step from Binance that can make Binance step forward than the other exchanges. While Binance is one of the popular exchanges that we know, CZ wants to expand the business, and now he is trying to entering the mining pool industry.

[Finestream]

Then don't choose Binance. There are plenty of other options out there. I don't use centralized exchanges and have never completed KYC anywhere, and yet I have no problems interacting with the bitcoin ecosystem, buying, selling, trading, spending, etc.

I am not sure if there are other better exchange than Binance as per experience, I like Binance the most.
Well, I guess I'll just have to stick around since I believe in the long run, all exchange will be subject to centralize regulation.
That's sad but that is the reality.

This is one area where fiat has a clear advantage over bitcoin. When was the last time you saw a centralized fiat bank being hacked for their customers' KYC documents? Pretty much never. When was the last time you saw a crypto exchange being hacked for the same thing? Pretty much every week. Even the largest and most "reputable" exchanges, including Binance, have been hacked or otherwise leaked, sold, or shared customers' data.

Well that's true because banking industry has been here before we were burn, they were able to build and develop the necessary controls to regulate the banking industry, however in crypto its' still quite new, some countries are still even in a debate whether they will legalized crypto or not.

[o_e_l_e_o]

Well, I guess I'll just have to stick around since I believe in the long run, all exchange will be subject to centralize regulation.

How is a government going to slap regulations on a decentralized exchange such as BISQ, which is run by a DAO? There is no company, no owners, no office, which they can regulate. It's simply a piece of software. It would be like a government trying to regulate bitcoin itself. It is impossible to enforce short of shutting down their citizens' internet access. Even in countries where bitcoin is completely illegal, it is still possible to buy, sell, and use bitcoin.

Bitcoin was designed to be censorship resistant. We should be striving to also use exchanges and services which are similarly censorship resistant, and not ones which are actively colluding with various governments and handing over our details willingly.

https://docs.bisq.network/intro.html#why-bisq-exists

Well that's true because banking industry has been here before we were burn, they were able to build and develop the necessary controls to regulate the banking industry, however in crypto its' still quite new

It's partly because crypto is filled with scammers and idiots. Scammers who will launch fake exchanges, services, wallets, etc., and idiots who will blindly send their coins and KYC documents to anonymous strangers without a second thought.