Yes. It's heavily concerning in my opinion. Majority of exchange funds on one exchange. Imagine Binance getting hacked! It's going to be MtGox all over again. The trust that people have with Binance right now is probably the same level of trust people had with MtGox in the past.
- Market domination leads to unethical behaviour. Binance can make or brake coins. If we want to move forward, we don't want that kind of dominance. We want the market to make decisions, not Binance
Definitely. I think Binance is doing really good so far though. But Binance is doing too good that it makes me really skeptical.
- If you'll pay, you'll get listed. That's not good. We want good projects to be listed, not the ones that pay the most. At least Binance should be transparant about the projects they listed because of quality and the ones they listed because they paid for it.
While paying sucks, well it's their exchange anyway. They can do pretty much almost anything they want. There has been a lot of discussions about this, and Binance claims that they donate 100% of the listing fees to charities. If this is true, then I'm completely fine with listing fees.
- We once started this crypto-thing because we where sick and tired of banks and governments tell us what to and what not to do. Now it almost seems it's not the banks, but Binance determing what is happening in the market nowadays. And that's against the philosophy of crypto in general.
How is Binance determining what is happening to the markets though? Besides the coin/token listings and insider trading(while significant, it's not like they control the markets entirely). They did really great, hence why they're the #1 exchange right now; and they completely deserve it in my opinion.
- Binance is starting to become a little bit lazy. We need them, because the platform has so much volume. But to be honest, I don't think it's a really great platform. For example, I miss a lot of trading options. They are not developing the platform at high speed. And that's a bad thing, because we are all stuck at Binance. And in fact now they are slowing down the development of crypto trading.
You can freely use other exchanges. It's not like you're forced to use Binance. And I'm pretty sure they're busy right now, as they're still developing the Binance DEX. Not sure about you, but I never had any problems with Binance. No KYC too! But then again, they're doing so good that it makes me skeptical.