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Symmetrick (OP)
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August 02, 2021, 06:05:05 AM
Last edit: December 01, 2023, 07:34:07 PM by Symmetrick
Merited by magneto (2)
 #1

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August 02, 2021, 07:41:50 AM
 #2

What do you think about this?
I'd prefer to not comment in regards to the possibility of having a connection between them [regardless of the above recent events], but it makes perfect sense [for them] to have some sort of a safety net in place since there are a lot of things at stake.
- Having said that, I see such moves as unethical behavior by exchanges, and unfortunately, only a small group of people or exchanges value such things.

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crwth
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August 02, 2021, 08:55:04 AM
 #3

Upon experience, I feel that Bybit is the clone of Binance regarding GUI and user experience. The colorways also add to the "thought" of it having being cloned or something. I'm curious as to how much it could've been to do that, and if it's true, how many more exchanges could there be? There are probably overlaps of connections between these exchanges, and they have probably the same devs or something. Lol.

I think that it's hard to create an exchange if you don't have the experience and connections to design and develop one. When you have relationships, like someone in Binance, you can re-create how it's being done.

Having alternatives are the way to be in the game for a very long time.

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crwth
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August 03, 2021, 08:20:35 AM
 #4

Well, after all, the coincidence in the graphical interface is more secondary than the coincidence in the concept of the exchange itself, Binance is a multi-platform, while Bybit has been a strictly derivative platform like Bitmex for almost three years. with the same simple registration and simple margin accounts as opposed to the more complex one on Binance.
Well, yeah, I think I understand why they have to mirror their interface because that's what works and most new companies that see potential in the market copy the ones who has been successful. I didn't look at it in the back-end side but I see where you are coming from.

Regarding the fact that the creation of an exchange itself requires certain skills and knowledge, of course, and the creation of a billion dollar exchange is all the more so, here you cannot do without the professional support of experienced people who already have knowledge in the field of managing such exchanges.
That's probably the reason why there are connections and similarities between them. Programming that from the ground-up would require thousand hours of work with multiple engineers producing it.

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.Duelbits.
..........UNLEASH..........
THE ULTIMATE
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DUELBITS
FANTASY
SPORTS
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/// PLAY FOR  FREE  ///
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dkbit98
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August 03, 2021, 09:21:27 AM
 #5

Clones mean that something is identical to original, and those exchanges you mentioned are not at all identical clones to Bitmex and Binance.
I never used Bybit exchange so I can't speak much about it, but FTX is not owned by CZ even if he did invested a lot in FTX, but owner is Sam Bankman-Fried.
You can also notice important differences in fees and interface, and you can even withdraw Bitcoin from FTX without paying any fee and that is something Binance never had.

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August 03, 2021, 11:22:28 AM
 #6

Did I claim that FTX is owned by CZ?
No, but you said even worse thing that all those exchanges are clones, and I hope you understand the meaning of that word,  CLONE = IDENTICAL, look up in dictionary.
I am not going to reply here anymore. Cheers.

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bbc.reporter
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August 04, 2021, 03:25:08 AM
 #7

@Ratimov. FTX is an exchange that offers both of what Bitmex and Binance offers, I reckon. FTX was the taker of much of the volume that Bitmex lost when Arthur Hayes was hiding from the regulators. I am quite certain FTX will also again be the taker of much of Binance volume when the regulators take it down.

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.Duelbits.
..........UNLEASH..........
THE ULTIMATE
GAMING EXPERIENCE
DUELBITS
FANTASY
SPORTS
████▄▄█████▄▄
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magneto
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August 06, 2021, 09:37:33 PM
 #8

If true, and undisclosed, then they would certainly be considered anticompetitive by most countries antitrust laws and could face repercussions that way.

It would make sense for exchanges to do this, although I'm not sure about the linkage between FTX and Binance. Didn't Binance heavily criticise FTX's leveraged tokens a while back, and used that as an excuse to launch their own "variable leverage" tokens?

I may be mistaken and out of the loop with the current developments, but that certainly does not look like a synchronised step to me. I'm fairly sure FTX fired back with a counterargument as well. Either they are really good at hiding their stuff or this has no grounding, but interesting nonetheless.
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August 15, 2021, 09:15:16 AM
Merited by Symmetrick (1)
 #9

A coincidence? https://twitter.com/BinanceFraud/status/1426831962950483974

Massive fraud by financial regulators: BitMEX.com and Bybit.com, Binance.com and FTX.com - https://scambinance.com/investigations/190-massive-fraud-by-financial-regulators-bitmexcom-and-bybitcom-binancecom-and-ftxcom.html

For the overall picture, we will supplement the information.
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August 15, 2021, 12:05:44 PM
 #10

A coincidence? https://twitter.com/BinanceFraud/status/1426831962950483974

Massive fraud by financial regulators: BitMEX.com and Bybit.com, Binance.com and FTX.com - https://scambinance.com/investigations/190-massive-fraud-by-financial-regulators-bitmexcom-and-bybitcom-binancecom-and-ftxcom.html

For the overall picture, we will supplement the information.

Not sure why they would be drawing attention to each other if they were actually clones/associated companies, though?

I agree that the motive is definitely there to monopolise the market and to protect market share even after a catastrophic event like regulation.

I find it hard to believe that they would accuse each other and still somehow be interconnected, though. Maybe indirectly, but probably not directly through a share holding arrangement.

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August 24, 2021, 02:22:15 PM
 #11

According to the SEC, Binance is under investigation by the US federal government - https://twitter.com/BinanceFraud/status/1429821311946219523
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