BINANCE TO LAUNCH ITS OWN MINING POOL

[Harlot]

~snip~

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.

Nothing to worry about that one since even if the parent company, Binance, will be under legal action all of these subsidiaries will be acting as an independent company as long as they don't have any direct links with the main business operation of Binance or is part entirely of their legal action. That's assuming that Binance will keep it that way not only absorbing this businesses but keeping them as a separate operating entity under them. Also if you are worried about that then that is the bad thing monopolizing the crypto industry because if they fall then we all know everything around them will be affected not only the companies part of them but also us individuals especially the ones using their services.

[gentlemand]

Binance management seem both dim and reckless. If anywhere is to attempt to corner everything I would vastly prefer it to be someone other than their fine selves. More than likely they'll wind up screwing up big time before taking over the world, or someone with a bit more up top takes them over.

[pugman]

I really hope binance isn't trying to lie/deceive people again. I might have brought the VISA bullshit at first, but never-mind me.

I really hope Binance isn't going for a monopoly move here, it will kill the whole industry if they do so. Maybe not at first, but sooner or later things will escalate and will go from bad to worse. Binance mining pool sounds cool on paper, but in reality, it will be a mess. Binance is just trying to make acquisitions in a desperate attempt to come over the top,and once this whole acquisition war is over, they will be left with shitty companies, and no money in their pockets. 

[gentlemand]

Binance mining pool sounds cool on paper, but in reality, it will be a mess.

Even the stupidest and greediest miner is a whole lot better versed in crypto than their average retail customer. Binance will be up against rivals with vast amounts of experience. If they can't cut it they'll soon be gone.

I hope that is the case because CZ has already proven himself to be very stupid with his roll back talk. That didn't matter when he ran an exchange, it might if he ran a pool though it would be deserted in a shot.

[pugman]

Binance mining pool sounds cool on paper, but in reality, it will be a mess.

Even the stupidest and greediest miner is a whole lot better versed in crypto than their average retail customer. Binance will be up against rivals with vast amounts of experience. If they can't cut it they'll soon be gone.

I hope that is the case because CZ has already proven himself to be very stupid with his roll back talk. That didn't matter when he ran an exchange, it might if he ran a pool though it would be deserted in a shot.

Agreed, most of Binance's users only know how to copy paste an address, and how to send coins back and forth. Mining is so NOT that. And beating the competition would be tough, but Binance's reputation is what is handy to them, enough to give them a noticeable headstart in the game.

I am eager to see how this all turns out, I really don't want binance to fail, it will manage to disrupt the whole industry(there's no other exchange as good as binance right now), but I also don't want binance to have a zillion acquisitions and fuck it up with all of Binance crap(over-polluting the industry), and eventually establishing monopoly.

[rexxarofmoknathal]

If Binance is going to launch its own mining pool, well let's say that that it will be big. Sure, they have resources but will they have enough to keep the crypto going? Now we're not only talking about man power but computer power with better, more efficient computing power, one which is already limiting mining already? It will be interesting to first of all see if this will be the case and whether Binance will be able to maintain it 

[gentlemand]

If Binance is going to launch its own mining pool, well let's say that that it will be big. Sure, they have resources but will they have enough to keep the crypto going? Now we're not only talking about man power but computer power with better, more efficient computing power, one which is already limiting mining already? It will be interesting to first of all see if this will be the case and whether Binance will be able to maintain it 

Binance is highly likely to not be mining themselves. Miners will. It's down to Binance to tempt them with the right terms.

I can't imagine any universe where mining makes more money than running an exchange. Mining costs millions to set up and keep going with no guarantee of profit. An exchange is a fountain of money no matter what the market does, as long as it does something.

[cabron]

Binance mining pool sounds cool on paper, but in reality, it will be a mess.

Even the stupidest and greediest miner is a whole lot better versed in crypto than their average retail customer. Binance will be up against rivals with vast amounts of experience. If they can't cut it they'll soon be gone.

I hope that is the case because CZ has already proven himself to be very stupid with his roll back talk. That didn't matter when he ran an exchange, it might if he ran a pool though it would be deserted in a shot.

Agreed, most of Binance's users only know how to copy paste an address, and how to send coins back and forth. Mining is so NOT that. And beating the competition would be tough, but Binance's reputation is what is handy to them, enough to give them a noticeable headstart in the game.

I am eager to see how this all turns out, I really don't want binance to fail, it will manage to disrupt the whole industry(there's no other exchange as good as binance right now), but I also don't want binance to have a zillion acquisitions and fuck it up with all of Binance crap(over-polluting the industry), and eventually establishing monopoly.

It will not be possible to roll back just as he suggested when they were hacked. That will definitely be a potential mess in the future, looks like they haven't scratch that idea. The more centralize it could become, they have purchased the large companies in crypto, get away with the steemit votes issue and they may even get away more of what they can do when they have more power.

[gentlemand]

It will not be possible to roll back just as he suggested when they were hacked. That will definitely be a potential mess in the future, looks like they haven't scratch that idea. The more centralize it could become, they have purchased the large companies in crypto, get away with the steemit votes issue and they may even get away more of what they can do when they have more power.

It's one thing to meddle with a shitcoin, and even then what little community there is rose up and fucked them, quite another to attempt to mess with BTC. Literally everyone who is not CZ would go all out to wipe him out. I think he might possibly be dim witted enough to attempt something some day. He will get rapidly and brutally put in his place.

[countryfree]

I guess it's good.
Who's against more competition between mining pools?

If they can offer better conditions (or returns) than existing pools, let them do it.

[hugeblack]

Update !!!
Guess what is this?

It’s the first block mined by the @Binance Mining Pool (closed-beta.)
Once the beta phase is completed, the new service will be officially launched with the lowest fees offered in the industry

Source ---> https://twitter.com/cz_binance/status/1253675202656915457

They are moving with very fast steps, I hope these things will end well.