Binance CEO becoming main in decentralization

[udayantha11]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

[Bttzed03]

Binance main exchange is centralized.
Binance DEX runs on centralized servers.
Binance Smart Chain have 21 node validators only which can be considered centralized as well.

Having said all that, traders and investors alike doesn't seem to care. Thus, he can do whatever he thinks that might help the Binance brand grow. However, he cannot control the entire crypto space.

[semobo]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

You can't assume that it is going to be the same forever, there is always something which replaces the existing projects so Binance maybe replaced by some new exchange in the future. But if we let the centralization of Binance grow further then its nit really good for the decentralized community.

[Anonylz]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

It will be better to stop insinuating what you have no knowledge of, cz is a business man and he knows the ropes on making a good business, I don't think he will want to sabotage his own effort he has spent years building, what should be the next plan is bringing in new stakeholders into the company,  not thinking low.
I don't know why some people are too concerned about what cz will do, Binance is a centralized system already you and I know that, so there is no point repeating the very obvious.

[bitkanu]

All of the things related to the binance were centralized. That's BS to call that if any service that was running by binance become decentralized. I think that you didn't know what meant of decentralized.

Exchange, BSC, wallet, coin and all of the things.

I think that you must try to understand the difference of decentralized and centralized.

[TastyChillySauce00]

It seems most of people don't give a damn with the fact that BSC is centralized because they are already happy enough with the low fee offered by BSC although it's centralized and could be manipulated by the people who have authority over the nodes although there's better alternative out there but people just pick the easiest one to use and I do agree that CZ at this point has too much influence in crypto space more specifically in the platform created by him but the thing is, people are given freedom to choose and most of the people choose to stick with the centralized ones.

[rhomelmabini]

Binance even at the very start was centralized but they prove it in years that they can be trusted but was this enough to trust them? I am still skeptical about the chain but on the main exchange I guess that's fair since they started on that but I think over the years they can improve too, who knows they developed a sister decentralized exchange just like Uniswap.

I don't think they are into decentralization as of the moment and even in the medium term and only time will tell but decentralized market is way booming and improving and maybe that's where they are heading too.

[concept2]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

Of course that can happen. And to tell the truth, various cryptocurrency exchanges are centralized. Only few of them are truly decentralized. But so far so good, Binance CEO has a good team and he works assiduously with his team to bring the best experience to us. There are still many shady answerability in their operation but big companies indeed have such issues. So as to avoid losing your money (using any exchange has a rate of losing all of your money),  only deposit a part of your hold capital. The rest you should keep in your cold wallet

[WalkerIVIV]

OP, when a company was controlling all of the platforms that linked to them and then that can't be considered as a decentralization.
The decentralization means it being controlled by so many parties. ANy product that already developed by binance is fully controlled by binance itself.
Can you call this as decentralization?
When binance doing diversification for its business and it doesn't mean it goes from centralized to the decentralized.

[electronicash]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

You can't assume that it is going to be the same forever, there is always something which replaces the existing projects so Binance maybe replaced by some new exchange in the future. But if we let the centralization of Binance grow further then its nit really good for the decentralized community.

none of them is going to give up control over their users. with the money they get from the exchange none of them is going to let go.
even the DEX we see today are not even really DEX as long as there is someone behind it who owns the domain and server. uniswap is owned by someone, traders still like it because there's no KYC.

[Coin_trader]

It's impossible to centralized the crypto market because the main purpose why crypto exist at the first place was to decentralized all the current system existing on our daily life such as finances, business and other business industry. Surely, CZ is having the best time of his life for adapting all the trending idea on his system that's why Binance is the leader of the new technology but its impossible for him to monopolize it all.

[fia_naila]

It is because most of volume and trader used binance. They also provide one stop solution for investment, with stable coin you can deposit. Binance is like a bank of crypto or we can call it the biggest bank fir crypto. But it is little bit unsafe when crypto volume centralised only on binance.

People trus binance because they have insurance for fund ( SAFU ).


Another exchanger need to be big and compatitor for binance too to keep the community health and safe.

[semobo]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

You can't assume that it is going to be the same forever, there is always something which replaces the existing projects so Binance maybe replaced by some new exchange in the future. But if we let the centralization of Binance grow further then its nit really good for the decentralized community.

none of them is going to give up control over their users. with the money they get from the exchange none of them is going to let go.
even the DEX we see today are not even really DEX as long as there is someone behind it who owns the domain and server. uniswap is owned by someone, traders still like it because there's no KYC.

Even of the decentralized exchanges are owned by someone it is not on the control of them or atleast our funds are in our control and there is no KYC so the exchanges may earn money while the users can still maintain their privacy.

[Johnyz]

He's tweeting a lot recently, and probably making a good hype in the market and as the head of Binance he sure have the influence in the market which I think is not just a hype because BNB delivers, and they exceeded the expectation of many. I also heard about their plan to decentralized BSC but not the Binance exchange itself, let's see if they can do it because this team continues to develop great things and we are always welcome for that.

[int03h]

As per the views.

Now Binance CZ have

- Most traded Exchange
- Smart chain
- Wallets
- 3rd Best Crypto - BNB

So he can influence more and more to crypto space. One day he can centralize these system. Whats your view about this

CZ also includes the Binance LABS investment fund. This fund sponsors many different crypto projects. My personal opinion is that CZ is actively supporting the crypto market while creating an ecosystem. Everyone finds it convenient to join CZ's ecosystem. It also gives a solid flow of money in the crypto market.
The decentralization in the crypto market has gradually disappeared as the involvement of investment funds in recent times has been very large. In addition to Bitcoin, all remaining coins on the market are manipulated and not decentralized.

[blockman]

I thought that there's something about decentralization that you're going to say. Well, he can make the system centralized if it's related to his business.
We as crypto people can choose whatever we want, if we're going to use his exchange or not, the cex or the dex that they have which isn't really a dex.

[hugeblack]

All this dominance will end if someone manages to find a decentralized way to transfer between cryptocurrencies with low fees and acceptable speed.
Some models will threaten this control, such as ADA chain, Ethereum V2, and others real DAX.

Until that time, I do not think that there is a competing company that can reduce the impact of Binance as they can manipulate the prices of many altcoins and make profits for their benefit.

Not forgetting that they impose restrictions of 2 Bitcoins before verifying their identity, which means that many will use that money to add more altcoins.
A change will happen if the authorities track them down.

[mindrust]

The dude wanted to rewind the bitcoin blokchain lol and like it was said above, every product he offers is centralized even if it carries the word "decentralized" on it. BNB is a centralized product as well. I don't think even ETH is completely decentralized because of Vitalik.

Binance DEX runs on centralized servers.

That too.

True decentralization is above laws and only a handful of projects that really provide that feature and Binance isn't one of them.

[DarkDays]

Binance main exchange is centralized.
Binance DEX runs on centralized servers.
Binance Smart Chain have 21 node validators only which can be considered centralized as well.

Having said all that, traders and investors alike doesn't seem to care. Thus, he can do whatever he thinks that might help the Binance brand grow. However, he cannot control the entire crypto space.

The three points above are correct and does lend towards a centralized system. Which can be something to consider before getting on the exchange, but at the same time lets not forget the volume that comes through Binance - I suppose you can never have too much of a good thing without sacrifices.

As for the last point, Zhao has done a great job at expanding and becoming a leading DEX exchange. An example of its success is the trend and value brought through BNB...

[Cappex]

the centralization of binance is already here and its influence continues to grow, but I think this is not an immediate problem because I believe that CZ is the first to want to maintain and grow its ecosystem.

Perhaps years later its centralized monopoly will cause problems but at that point things could be profoundly different.