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

[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.