Thoughts on BNB (Why it won’t replace ETH)

[eckmar]

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.
This remind me the most of Shitcoin Cash and what they tried to do before.
Only ones buying this are inexperienced in the crypto space, or those looking to make short term profit.

To app developers: Imo your app would be more decentralized if you bought 10 servers from aws and host it there, than making a dapp for binance eth clone.

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[Jawhead999]

People aren't learning before investing, this is why they will loss in the long run. Just like many people are more prefer to choose Centralized exchanges rather than Decentralized exchanges. I know the problem is about the liquidity, I mean if many people are joining more into DEX the liquidity will goes up and no lack of liquidity.

Since the fees on Ethereum network is ridiculous, many investors with low budget can't buy Ethereum or they only loss with the fees. That's why they migrate to another coin with cheap fees.

If Ethereum 2.0 already launched, the fees will be cheaper and there's another story will be make by Ethereum.

[LogitechMouse]

The recent rise of Binance Coin is because of the low fees of it compare to Ethereum and its Binance Smart Chain. More new projects prefer BSC compare to ETH.

Like they said, when Ethereum 2.0 will be released those new Dapps and DeFi projects will return to Ethereum for sure. The recent rise and development of Binance Coin isn't enough for it to replace Ethereum. If you bought BNB at the bottom and you are having a huge profit right now. better sell it now . Binance are just duplicating other people's work that's it.

[hatshepsut93]

Altcoin people have learned from Bcash, BSV and other forks that you can't just replace Bitcoin by saying that you have lower fees. Eventually they will learn the same about Ethereum - it has support of developers and crypto community, whiile Ethereum competitors are only interesting for speculators who sit on bags of some shitcoin and want to dump it on new investors.

You're right that BNB is centralized, and the same applies to a lot of other Eth competitors like TRON, ADA, Polkadot, etc. Ethereum itself is becoming more and more centralized with each day, so I'd be worried for its long-term future too.

[OasisDre]

BNB is fully centralized and as a matter of fact BNB is an exchange coin, Ethereum is superb and can't be compared to BNB, I don't ever even think about this once because they aren't the same, this doesn't mean I like decentralized projects more, it actually depends for me but high gas fee is what's stopping ethereum right now, to me 2000$ per ETH is still undervalued, I knew it has something to do with the high gas fee if not ethereum will worth more

[DoublerHunter]

^ BNB was rise because of the binance exchange and most trader use their coin just to cut fees, there is nothing else matter. We know that BNB will impossible to replace ETH, which is far behind. Besides, as they said, BNB is fully centralized rather than ETH and that is the reason probably that BNB can not surpass ETH. I think there is nothing special with the BNB, it is coincidentally that the fees on ETH were ridiculous these days and traders find a way to move their money and to save from the high fees.

[sangkler11]

yep, basis of blockchain technology is a decentralized structure. but Binance Smart Chain released by the Binance exchange(centralized).
We will see what the BSC will turn into over time. ETH is decentralized and ETH is advantageous.

I think ETH will fix this(high gas fee) after Ethereum 2.0 fully launched. But this was the losing side in this bull season.

[Viscore]

I'd never think that will happen, and even in the future.

People make a choice of BNB but they are not also saying goodbye to ETH. Ethereum a having a big role in crypto development more than to a thing that BNB can do. The surge of BNB in its early days until now, was proven to have a market potential but it only just stop there. As long as there is a high demand for ETH, no other coins could dethrone its position. I disregarded the fees this time as it wasn't the basis why Ethereum will be replaced.

[Evgenklm]

I don't think so, BNB is in fact a fork of ETH and all those flaws have ETH recycled chain BSC, cheap and fast transactions in network there is enough ordinary man in the street, no matter what, people are interested in profit here and now.

[Bellarg]

There are still a lot of ETH fans, they will use eth despite of everything

[Stewart66]

There are still a lot of ETH fans, they will use eth despite of everything

That's right, man. I'm also still convinced that someone out there is using the Binance platform only temporarily, and not completely leaving ethereum. I'm sure someone still needs ethereum, especially for coin holders who are generated from bounty projects. they are just waiting for the right time to sell and while waiting for gas costs to come down.

[microsurfer]

Binance have too much power right now. They have a lot of money for marketing, so they can push bsc to one of the most popular chain

[Coin_trader]

BSC is more superb rather than ETH blockchain right now in terms of speed and transaction fee. Decentralized feature is least concern of traders compared on suffering from high transaction fee with slow confirmation. Let's be honest. A lot of DEX such as Uniswap and 1inch is suffering from it that's why they are giving airdrop to compensate those users that suffering huge transaction fee just to trade on there exchange.

[Yogee]

What is the point of Ethereum? To run decentralized applications.

You means those dex and dapps that were hacked or exploited? Nah, they aren't decentralized as we think they are either.

What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new. Will it replace eth? No.

People have accepted Binance even though it's a centralized exchange and it makes no sense at all for them not to accept BSC even if it's centralized as you claim.

I don't know if it will ever replace ETH by market cap but one thing I observed is that retail traders prefer lesser fees. We don't even know if those who are investing in ETH actually believe in the decentralization" it's marketed for or they just look at it as an investment asset waiting to pump higher.

[Fesatmas]

isn't the purpose behind this all referring to changing Ethereum to BNB. They tried to attract all traders to glance at BNB. and as a result we saw a massive increase from BNB. But the question is, can BNB shift Ethereum position? while everyone was sick and desperate seeing Ethereum's growth making it difficult for small traders to send $ 5 Tokens. more precisely a digital wallet-based ban ..

Finally, BNB took various complaints seriously. so which will be the real shitcoin.

[JHORN]

BSC is more superb rather than ETH blockchain right now in terms of speed and transaction fee. Decentralized feature is least concern of traders compared on suffering from high transaction fee with slow confirmation. Let's be honest. A lot of DEX such as Uniswap and 1inch is suffering from it that's why they are giving airdrop to compensate those users that suffering huge transaction fee just to trade on there exchange.

Decentralized but prone to attacks and hacks, tell me what is so decentralized about all this? Even centralised project are far more secured than decentralized projects in crypto space today so let's just for once stop thinking that the centralised project are the future they are not safe

[KuromaYoichi]

^ BNB was rise because of the binance exchange and most trader use their coin just to cut fees, there is nothing else matter. We know that BNB will impossible to replace ETH, which is far behind. Besides, as they said, BNB is fully centralized rather than ETH and that is the reason probably that BNB can not surpass ETH. I think there is nothing special with the BNB, it is coincidentally that the fees on ETH were ridiculous these days and traders find a way to move their money and to save from the high fees.

The price was indeed increased because people can use it to cut fees, but if it just like that then there's no way the price explode like right now. It's more like because ethereum transaction fee is so high that people move their project to binance smart chain and people see it as the second coming of ethereum, meaning the price is very undervalued for that kind of use case (not just as exchange token to cut fee). If the transaction cost problem of eth is solved then i believe people will move back and the value of bnb will decrease again.

[hd49728]

What is the point of Ethereum? To run decentralized applications. What Binance did, is basically saying lets copy Ethereum code and change (remove) the decentralized (the most important) part of it and rebrand it as something new.
Will it replace eth? No.

Binance create their Binance coin (BNB) to shill their exchange in 2017 with airdrops. Last year, they created Binance Smart Chain to give people cheap transaction fee internally on Binance. And in past months, they moved further to try to attract more users, developers on Binance Smart Chain. They want to take over Ethereum network but I don't think it will be an easy task for them.

They grow a lot and fast but to take over Ethereum will not be too easy.

https://twitter.com/binance/status/1359162971130392582

[Review Master]

ETH always will be ETH and many projects will come to replace with so many attractive products. At the end, it won't have any effects on ETH. Also, it's reality that dapps on BSC are having small fees compare to Ethereum and it's just like on kind of hype/trend to participate on those. TBH, only small amount of projects are having real use-cases and most of the BSC projects are shit one without any fundamentals. And surprisingly, those projects pump more than 5x or 10x whenever it's get listed on coingecko because of the hype of that hype/trend. Beware of those projects whoever's using BSC to interact with any projects.

[m_nief]

i as small trader will still think about the decentralized of ethereum. high gas costs will reduce my profitability. that's why at the moment i still excel at binance than ethereum