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When you take a moment and step back and look at what Binance has been doing over the last year you can start to see a very similar picture as to what big companies do when they start to become a bit power hungry.
This is the very thing we in the cryptoverse are fighting to avoid where one or a few companies end up controlling a vast amount of wealth and power.
It seems like Binance might be headed down this same path even thought their intentions when first starting out seemed to be good.
Two big things sticking out at me recently are Binance owner threatening and starting to get rather offensive in their battling. What started out as a defensive measure which I supported against BSV they seem to have let this go to their head and are starting to issue more threats vs other coins and just overall becoming a little overly offensive in my opinion.
The next is the move from ETH while we knew it was in the works for a while this ends up giving them even more power. While they have been collecting small fees from every transaction already now their BNB coin launch and own mainnet seems to be rather centralized to the "company" and nothing on Binance to me seems decentralized which is what I thought the whole goal was.
Again these are my own views and opinions at the moment.
What are you thoughts? Do you think Binance is becoming a little power hungry company that we fought so long and hard to rid of in crypto? or are they doing the right things ?
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For all the freedom and decentralized talk, I am continually surprised at how people are so trusting of Coinbase and Binance.
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Forget about decentralization.
It's just not gonna happen.
I believe that to be true. Then the best thing for bitcoin and cryptos to gain in value will be SEC and ETFs? But will they just pump and then dump the system and replace it with their own ?
Its partially our fault for allowing them to gather the power but thr reality is that they have been ahead of most in thr space. I would be highly disappointed if they remain decentralized when they launch the DEX; it would be a signal to beware of for sure.
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@bitcoinflood I don't want anything to do with Binance Tokens or Their Exchange. In Fact I would rather just stay right here and accumulate STEEM and interact with fellow Steemians..............
Yup, the centralization of crypto... I blame human behavior and greed 😂
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I’m still waiting for a binance coin use other than discounts
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Stay away from them. Centralize exchange from China is a risky business.
Just a new kind of Chinese pump'n'dump. . More cunning
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Wasn't Binance supposed to work on a DEX? Is that still on their roadmap?
Yeah, I agree, too much revolves around Binance these days, including BNB at ATH until yesterday (the only coin with some history at ATH?).
I think so, but its also part of the fact they quickly became the preferred exchange for many users, they have a good product and let it go to their head. The profit motive is simply too strong in centralized projects. I think they are being greedy but we will have to use them until DEX become more popular.
Does anyone know how much volume at Binance is from API? Like 80-90%, I’m guessing...
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I'm not really sure, Just hope it's not.