Binance Smart chain is not really good

[wanted sliter]

Bill Drummond (freelance cryptocurrency developer) argues that Binance Smart Chain is going against the principles of cryptocurrency. Do you have any comments on this?
https://twitter.com/burn_the_state/status/1304995734354231296

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[bitmover]

Cryptocurrencies have nothing to do with profit, or ownership or whatever

It is a decentralized currency, not free money for parasites

[CucakRowo]

Well.. most ppl saying that crypto ideally decentralized. But as you can see, everything has changed now. AML/KYC is applied. Many exchanges are centralized. USDT, the most popular stable coin is centralized.
For me, centralized or decentralized its not a big deal. As long project have working product, safety guaranteed and convenience while invest, why not?

I think binance creating smart chain mainly for profit purpose. So, investors money still "flowing" to them.

[jajorforce]

In different topics we discussed that Binance was trying to monopolize cryptocurrency. But everything is possible only for Binance secure centralized exchange, when cryptocurrency is for decentralization. I used Binance chain, for me Binance transaction was smoother than Ethereum. Decentralize exchange is now very bad for trading, we need both for different situations.

[jacafbiz]

I don't see anywhere in the tweet that he made mention of Binance smart chain. I think his point is towards the CeDEFI that CZ is promoting, it is left for the market to determine which project will survive. I for one think the BSC has a chance, the ridiculous transaction on Ethereum is not sustainable for the space and let's give other platform chance. I have been looking into Solana and  BSC recently and I think the can help with the crazy transaction fees

[AmoreJaz]

Well.. most ppl saying that crypto ideally decentralized. But as you can see, everything has changed now. AML/KYC is applied. Many exchanges are centralized. USDT, the most popular stable coin is centralized.
For me, centralized or decentralized its not a big deal. As long project have working product, safety guaranteed and convenience while invest, why not?

I think binance creating smart chain mainly for profit purpose. So, investors money still "flowing" to them.

and as long as you will not be screwed, still better than those decentralised platforms deceiving their customers. lets admit it, the bottomline of every business is money so we should not be surprised about this!
 where do you want to bet your money, binance or a substandard decentralised project?
better put your money that you know will be safe and secure rather than those poor quality projects where you have no assurance you will ever get back your funds.

[optimisticcm]

I think the post does not directly target the binance smart chain. The person is simply pointing out the fact that Binance which is also a blockchain based crypto project with BNB coin and also stablecoin BUSD so they should be fully decentralized but the concerns of the person are right that Binance is being run like a centralized and corporate company with all the influence and authority of their owner on it.

[zasad@]

Try this Smart Chain
https://docs.binance.org/smart-chain/wallet/metamask.html

I do not want to argue about centralization or decentralization, but I see that binance wants to bite off a large share of the pie from the DeFi market.

They launch new staking projects, as a result of these actions, the BNB price can dramatically rip out

[electronicash]

its where the market is going which is why everyone wants to take bit of the defi. whether binance is becoming a giant to centralize all, people will keep using them for its where we can easily make money.

but they can't do it until you get into their platform. stay outside and only use wallets that can be used to connect dex like tronlink or tokenpocket then you can be part of the ecosystem but outside their binance network.

[UniversityCoin]

Cryptocurrencies have nothing to do with profit, or ownership or whatever

It is a decentralized currency, not free money for parasites

How are you right !!!
There are a few percent of people left who still remember it.
The rest completely do not care what will happen to cryptocurrencies tomorrow, in a month, in a year or in ten years. The main thing for them is to fill their pockets with money as quickly as possible and then let everything fall apart. With this approach, we cannot build a normal community.

[BitcoinPanther]

Cryptocurrency is supposed to be decentralized but with the presence of centralized exchanges, this idea had been long killed by it.  I also believe that Binance smart chain never goes with the idea of decentralization since the first time I saw the network validation system(consensus),  it is controlled by a few whales individual. This had been long criticized when by the crypto community as stated in this article that it is prone to centralization.

[livingfree]

The chain itself is Binance and that's the reason he's thinking that it is centralized.

In fact that crypto's are decentralized but it's not that only Binance has that power. Look to Tether, XRP, and other centralized cryptocurrencies.

[wanted sliter]

Cryptocurrencies have nothing to do with profit, or ownership or whatever

It is a decentralized currency, not free money for parasites

I like your idea. Cryptocurrencies have nothing to do with profit or ownership. It should be decentralized and have no exploitation.

Well.. most ppl saying that crypto ideally decentralized. But as you can see, everything has changed now. AML/KYC is applied. Many exchanges are centralized. USDT, the most popular stable coin is centralized.
For me, centralized or decentralized its not a big deal. As long project have working product, safety guaranteed and convenience while invest, why not?

I think binance creating smart chain mainly for profit purpose. So, investors money still "flowing" to them.

Yes, ALM / KYC is used to prevent money laundering and other things that can affect the market. Working for profit is good, but the way they do things focused isn't really good and can destroy creativity. See Binance copying the idea from the decentralized market. The first is the smart contract, they force developers to pay for DAPP creation on the Binance chain.
They copied DEFI and put it on their CEX and called it CEFI.

In different topics we discussed that Binance was trying to monopolize cryptocurrency. But everything is possible only for Binance secure centralized exchange, when cryptocurrency is for decentralization. I used Binance chain, for me Binance transaction was smoother than Ethereum. Decentralize exchange is now very bad for trading, we need both for different situations.

Ethereum is old, but the way to create a contract on it is cheaper, every developer can work on it, with Binance being forced to pay a sizable fee as NEOs did.
Ethereum's sluggishness because its technology is old, but when Ethereum 2.0 launches, things will be different.

[Reid]

I would have agreed if he had taken out the "profit" thing.
This is why people are misinformed.
So many guys trying to know it all when their real purpose is just for profit.
Create money yourself but don't risk other's money because of wrong information about what cryptocurrency really is.

Obviously the answer is in the name. "currency"

[CucakRowo]

Yes, ALM / KYC is used to prevent money laundering and other things that can affect the market. Working for profit is good, but the way they do things focused isn't really good and can destroy creativity. See Binance copying the idea from the decentralized market. The first is the smart contract, they force developers to pay for DAPP creation on the Binance chain.
They copied DEFI and put it on their CEX and called it CEFI.

Isn't really good : yeap. For decentralizaton purpose, what binance did is not good. But in investors eye. This is good. Why? Investors (or person with lots money) main thought are safety. They want invest with lots of money they have only to 'safe' place. So, if anything goes wrong, at least there's binance that will back (support) them.

Destroy creativity : Ehmm.. i dont think so. Check DEFI project and uniswap. There's lot creativity in those spaces. beside creativity, there's lot money flowing on to those spaces. Binance (as a company), for sure doesn't want to missed this chance. So, what they doing first is listing sushi in their platform, without any fees. Creativity will not stopped coz of this acts (read= such as binance creating smart chain). I believe, there will be next creativity after defi.

They copied DEFI and put it on their CEX and called it CEFI. : yeap. Binance has facilities, big members and money. For sure they won't let this chance. Where's big money flows, there will be binance on there.

One more thing to not forgot. Most project (defi, pow, pos, etc). They want their project to be widely known by many people. This is part of acceptance, adoption and use case. And as we know, most of big money owners are in CEX.

[(o)(o)ilikeboobs(o)(o)]

I know him, a talented blockchain developer. He created BOA, TOB, and XAMP, his community on telegram has about 7,000 members. His projects are only personal but extremely creative.
He doesn't like Binance or CZ very much because their way of doing is centralize and copy projects from decentralized space.

[UniversityCoin]

I would have agreed if he had taken out the "profit" thing.
This is why people are misinformed.
So many guys trying to know it all when their real purpose is just for profit.
Create money yourself but don't risk other's money because of wrong information about what cryptocurrency really is.

Obviously the answer is in the name. "currency"

Show me who's goal is not to make a profit? You also write messages here in order to earn money on the subscription campaign.
All projects here are created for profit, only some earn it honestly and give others the opportunity to earn. And others earn money by fraud

[yhiaali3]

Yes, I completely agree with him in this statement, yes, the primary goal of Bitcoin and Crypto in general is to achieve a decentralized world and achieve profit and benefit for all equally, but Binance unfortunately all it does is the opposite of that. It is trying to build a centralized crypto empire by trying to control Everything is in Crypto. Binance has acquired a very large portion of Crypto services and gathered all the leads in its hand, and this is the central and it is against Crypto.

[hrunya102]

No one forces you to use Binance smartchain, don't like it use another, the choice is huge, everyone wants decentralization and anonymity, there is Monero for this.

[bttmember]

Lately some decisions of binance have made me change my view about Binance. I respected it as the biggest and high liquidity exchange and also due to its strict criteria to list new tokens because they accept and list only the best. But with recent sushiswap issur and the statement from Binance owner clearly indicated that this project is no different as well, like others they are greedy as well so i agree everything in the binance ecosystem is not decentralized it is run like a private limited company.

[ryzaadit]

How fanny the tweets part of "Profits"~LOL.

Each chain has its own advantage and disadvantage for each chain, but the reason why he said "Binance Smart Chain" is not good just because not give him profit ~LOL. Come on @OP he not really famous at all, so reading or thinking about his tweets not getting impact at all.

[poodle63]

Well that's actually true but people still gonna uses binance chain anyway. but so many project still take advantage of it and some people aren't really fond of the idea about decentralization which actually was cryptocurrency's number 1 purpose.
so long it still has the demand it will definitely exist.

[stmar]

I liked this network. I think that we will use it, especially since it is an easy-to-use network by connecting MetaMask.
Perhaps many projects will switch to this network, due to the high fees in the Ethereum network.
I also liked:
How can I transfer tokens, such as Bitcoin, from other block chains onto Binance Chain?
BEP3: HTLC and Atomic Peg
But this still needs to be understood)))

[KimmyF]

How fanny the tweets part of "Profits"~LOL.

Each chain has its own advantage and disadvantage for each chain, but the reason why he said "Binance Smart Chain" is not good just because not give him profit ~LOL. Come on @OP he not really famous at all, so reading or thinking about his tweets not getting impact at all.

Whatever we tweet about against legit anything, the results can be effective for a short time. Binance chain is really usable. I like this chain only for transaction cost. Where we have cost 0.5-6 USD in Ethereum blockchain, Binance only costs you a few cents. I want to give tips to Op's, use Binance coin to move your money from one exchange to another.

[UniversityCoin]

Yes, I completely agree with him in this statement, yes, the primary goal of Bitcoin and Crypto in general is to achieve a decentralized world and achieve profit and benefit for all equally, but Binance unfortunately all it does is the opposite of that. It is trying to build a centralized crypto empire by trying to control Everything is in Crypto. Binance has acquired a very large portion of Crypto services and gathered all the leads in its hand, and this is the central and it is against Crypto.

At the same time, Binance remains not just a top exchange, they are very successful in creating an ecosystem around their exchange. They issued not just a token like many other exchanges, they launched their own blockchain on the basis of which they continue to develop. The future of cryptocurrencies will be written by projects like Binance.

[yhiaali3]

At the same time, Binance remains not just a top exchange, they are very successful in creating an ecosystem around their exchange. They issued not just a token like many other exchanges, they launched their own blockchain on the basis of which they continue to develop. The future of cryptocurrencies will be written by projects like Binance.

Certainly, no one can ignore the great accomplishments that Binance has made in Crypto, which has great popularity and a huge range of services that are the most popular in the world of Crypto, but at the same time this makes many people afraid that there is one company (Binance or other) ) It controls all this large group of services because this will centralize it in the end and this is against the Crypto principle.

[imstillthebest]

At the same time, Binance remains not just a top exchange, they are very successful in creating an ecosystem around their exchange. They issued not just a token like many other exchanges, they launched their own blockchain on the basis of which they continue to develop. The future of cryptocurrencies will be written by projects like Binance.

Certainly, no one can ignore the great accomplishments that Binance has made in Crypto, which has great popularity and a huge range of services that are the most popular in the world of Crypto, but at the same time this makes many people afraid that there is one company (Binance or other) ) It controls all this large group of services because this will centralize it in the end and this is against the Crypto principle.

thats simple . if people doesnt want that to happen then they shouldnt put all thier trust on binance but im not saying they will ignore everything ofered by binance but they can still continue using the exchange  . like others  , i want to argue on it at first when i saw this thread but i realized that binance also have thier own decentralized exchange which means that they dont only want to become centralized and control everything on this space but they support decentralization as well  . they support both sides of cryptos  . lets not judge them quick shall we

[southerngentuk]

Why do you care about it's good or not?
you take your profit out of it and get out when you could, there are a lot of shitcoins out there but people still making money out of them no matter if they are good or not, it only matters if you wanna hold one of them for a long long time, that would be a different subject.

[Gayong88]

In my opinion, the terms and conditions apply if we have chosen to use such a platform for an exchange, in this case Binance. whatever the position when we have entered their platform.

[todiefor17]

In recent years, Binance has learned from their predecessors, but they are not creating new solutions or groundbreaking ideas, but focusing on getting people to rely on tricks at CEX Binance to increase value for BNB.
BSC is not bad but it is in CZ's control and developers may not like it. I just see BNB as an investment rather than a place for developers to build anything on it.

[diskodasa]

Yes, I completely agree with him in this statement, yes, the primary goal of Bitcoin and Crypto in general is to achieve a decentralized world and achieve profit and benefit for all equally, but Binance unfortunately all it does is the opposite of that. It is trying to build a centralized crypto empire by trying to control Everything is in Crypto. Binance has acquired a very large portion of Crypto services and gathered all the leads in its hand, and this is the central and it is against Crypto.

At the same time, Binance remains not just a top exchange, they are very successful in creating an ecosystem around their exchange. They issued not just a token like many other exchanges, they launched their own blockchain on the basis of which they continue to develop. The future of cryptocurrencies will be written by projects like Binance.

For me, Binance has everything investors need and I have never been disappointed that this exchange is changing every day to make things better and better.

During the trading period at Binance the exchange always provides liquidity for all coins and any projects listed here are very carefully moderated. One more thing, Binance always has a way of attracting new investors and this makes Binance an integral part of me.

[wack slacker]

In recent years, Binance has learned from their predecessors, but they are not creating new solutions or groundbreaking ideas, but focusing on getting people to rely on tricks at CEX Binance to increase value for BNB.
BSC is not bad but it is in CZ's control and developers may not like it. I just see BNB as an investment rather than a place for developers to build anything on it.

They did, recently a Bill Drummond project was copied but it was on the Binance Chain, which disappoints him.
https://twitter.com/burn_the_state/status/1305529873025265675
Binance is trying to grow its ecosystem since launch, there have been a lot of projects moving to BSC but that's not so impressive since there aren't many real development projects but it's just a way to hold seats and create hype with everyone.

[deathcode]

In recent years, Binance has learned from their predecessors, but they are not creating new solutions or groundbreaking ideas, but focusing on getting people to rely on tricks at CEX Binance to increase value for BNB.
BSC is not bad but it is in CZ's control and developers may not like it. I just see BNB as an investment rather than a place for developers to build anything on it.

They did, recently a Bill Drummond project was copied but it was on the Binance Chain, which disappoints him.
https://twitter.com/burn_the_state/status/1305529873025265675
Binance is trying to grow its ecosystem since launch, there have been a lot of projects moving to BSC but that's not so impressive since there aren't many real development projects but it's just a way to hold seats and create hype with everyone.

it is only network usage in use. won't be much different from ethereum. there are many considerations why use and choose the blockchain network to use for the platform. but seeing that currently, some projects have migrated to the binance network only to be listed on binance DEX. I have also seen several projects that have finally returned to the ethereum network again after previously migrating to the Binance Chain.

[mersal]

If it is not a good chain then better move to completely decentralized coin called bitcoin.Binance is not really dominating the market cap at the moment so burning 800 tokens less and give the remaining to the lost trader seems good as well but they are taking control which is bad butnits upto user preferences.

[UniversityCoin]

At the same time, Binance remains not just a top exchange, they are very successful in creating an ecosystem around their exchange. They issued not just a token like many other exchanges, they launched their own blockchain on the basis of which they continue to develop. The future of cryptocurrencies will be written by projects like Binance.

Certainly, no one can ignore the great accomplishments that Binance has made in Crypto, which has great popularity and a huge range of services that are the most popular in the world of Crypto, but at the same time this makes many people afraid that there is one company (Binance or other) ) It controls all this large group of services because this will centralize it in the end and this is against the Crypto principle.

Most of us don't care about the principles of crypto. If this were not the case, then exchanges where you need to pass KYC identification would not be popular.
The main thing for everyone is to make good money, and the principles of the crypt are unimportant.

[Hypnosis00]

Things can be changed somehow, from time to time crypto market changing its image and some valuable features. Besides, the growing number of centralized exchanges had shown that people now started to like on it than keeping on the decentralized exchanges. But in the case with the Binance chain, I don't see any problem here but it was the conflict of interest that bought this tweet to happen, and I don't think that people will buy this issue.

[dhemasm]

It will be changed somehow but for the answer basically we must wait till the end, To be honest Centralized it's not really good but still needed i suppose on some factor. I can't really much comment much about this and basically really want to see some opinion for other people about this.

[yhiaali3]

For me, Binance has everything investors need and I have never been disappointed that this exchange is changing every day to make things better and better.

During the trading period at Binance the exchange always provides liquidity for all coins and any projects listed here are very carefully moderated. One more thing, Binance always has a way of attracting new investors and this makes Binance an integral part of me.

Yes, it is true, Binance has all these beautiful and many things that attract investors, but owning all these things by one party makes matters central and this is against the Crypto principle, even if it is a large and popular company like Binance that may not control everything, is there a guarantee that Does Binance set new conditions?

[todiefor17]

it is only network usage in use. won't be much different from ethereum. there are many considerations why use and choose the blockchain network to use for the platform. but seeing that currently, some projects have migrated to the binance network only to be listed on binance DEX. I have also seen several projects that have finally returned to the ethereum network again after previously migrating to the Binance Chain.

Well, Ethereum seems to make it easier for developers to work with than the Binance chain, so they choose to switch back to Etherum.
People find it easier to use Ethereum as it has more wallet applications to accommodate. New Binance chain for everyone and the community. They are only interested in BNB in ​​CZ's CEX, no one is interested in developing something on the Binance chain.

[wack slacker]

They did, recently a Bill Drummond project was copied but it was on the Binance Chain, which disappoints him.
https://twitter.com/burn_the_state/status/1305529873025265675
Binance is trying to grow its ecosystem since launch, there have been a lot of projects moving to BSC but that's not so impressive since there aren't many real development projects but it's just a way to hold seats and create hype with everyone.

it is only network usage in use. won't be much different from ethereum. there are many considerations why use and choose the blockchain network to use for the platform. but seeing that currently, some projects have migrated to the binance network only to be listed on binance DEX. I have also seen several projects that have finally returned to the ethereum network again after previously migrating to the Binance Chain.

As I said, they focus on making money rather than creating a product that developers can easily work with.
Developers need a platform that is easy to use and widely used by many people. For example, Ethereum is well known and easy to use and has been developed by many applications that support Ethereum wallets. The cost of developers creating a DAPP on Ethereum is cheap, but right now the platform's transaction costs are too high and could be a major hurdle in getting their DAPP to everyone.

[TopT3ns]

They did, recently a Bill Drummond project was copied but it was on the Binance Chain, which disappoints him.
https://twitter.com/burn_the_state/status/1305529873025265675
Binance is trying to grow its ecosystem since launch, there have been a lot of projects moving to BSC but that's not so impressive since there aren't many real development projects but it's just a way to hold seats and create hype with everyone.

it is only network usage in use. won't be much different from ethereum. there are many considerations why use and choose the blockchain network to use for the platform. but seeing that currently, some projects have migrated to the binance network only to be listed on binance DEX. I have also seen several projects that have finally returned to the ethereum network again after previously migrating to the Binance Chain.

As I said, they focus on making money rather than creating a product that developers can easily work with.
Developers need a platform that is easy to use and widely used by many people. For example, Ethereum is well known and easy to use and has been developed by many applications that support Ethereum wallets. The cost of developers creating a DAPP on Ethereum is cheap, but right now the platform's transaction costs are too high and could be a major hurdle in getting their DAPP to everyone.

because the Binance exchange already has a good name and has a good reputation so they will not create any new projects anymore and they only focus on creating a place between buyers, investors and whales to buy and sell on the Binance exchange platform does not close anyone from working together to IEO as long as the project is really useful.

[Kupid002]

it is only network usage in use. won't be much different from ethereum. there are many considerations why use and choose the blockchain network to use for the platform. but seeing that currently, some projects have migrated to the binance network only to be listed on binance DEX. I have also seen several projects that have finally returned to the ethereum network again after previously migrating to the Binance Chain.

Well, Ethereum seems to make it easier for developers to work with than the Binance chain, so they choose to switch back to Etherum.
People find it easier to use Ethereum as it has more wallet applications to accommodate. New Binance chain for everyone and the community. They are only interested in BNB in ​​CZ's CEX, no one is interested in developing something on the Binance chain.

binance only creating that for business they think they can have many dev to support that chain  and have the same adoption as ETH platform.

Many developer prefered to use  ethereum chain because of easy function of it in and in terms of demand wth platform still the highest demand for creating token even the fees is too high for everyone .

[Shallow]

On one hand one can argue that Binance chain isn't decentralized but yet it is trying its best to offer good services, and that's why most people don't really bother about it. In my own opinion, the only decentralized smart contract is that of Ethereum.
Also on the other hand, Binance has made a name for itself and with each passing day, they keep improving on their services to ensure they remain on top, so this shows that, even centralized they are doing better than those that claimed to be decentralized; thus in somewhat essence good products and services matters.

[UniversityCoin]

It will be changed somehow but for the answer basically we must wait till the end, To be honest Centralized it's not really good but still needed i suppose on some factor. I can't really much comment much about this and basically really want to see some opinion for other people about this.

There are two main opinions here. Those who are in favor of centralization for the sake of making money. They agree to any centralized blockchain as long as they can make money on it.
Another group of people who perceive cryptocurrencies primarily as a way to gain financial freedom. That's why they don't like everything centralized.