Binance Moving Towards Centralization When The World Is Going The Other Way?
Binance reportedly is buying Coinmarketcap.com for $400 million. This is a move that doesn't make a ton of sense in terms of the money.
In this video, I cover how things are moving the other way due to the coronavirus.
Article mentioned in this video:
▶️ 3Speak
0
0
0.000
Well, looks like CMC is going to be pointing people to Binance. All good though, I use the superior @coingecko.
Been using @coingecko for many months now, since I found out they were a Steem witness. Haven’t used CMC since.
It is a nice video, and we need to show to the world what decentralization has to offer.
Coingecko is better and faster in listing new coins.
Yeah CoinGecko has been my go-to for a long time, I especially like their price widget for websites.
Nice, looks like you read my most recent article! ;) Kidding, I'm glad other people are watching this disturbing trend.
They are buying it because it is the number one spot people go to to check prices. Coinmarketcap has a lot of good tools as well.
Summary:
In this episode, the speaker delves into the topic of centralization versus decentralization within the cryptocurrency world. He highlights the recent news of Binance acquiring coinmarketcap.com for $400 million and questions the motive behind such a move. The speaker emphasizes the importance of decentralization, especially in the wake of the coronavirus pandemic, and discusses the implications of centralized systems in various industries like healthcare. He mentions a project at MIT working on an open-source ventilator as an example of the potential disruptions to traditional systems. The episode concludes with a call to continue supporting decentralization efforts and the significance of individual contributions towards achieving a more decentralized ecosystem.
Detailed Article:
The speaker starts by addressing the centralization versus decentralization debate within the cryptocurrency space, focusing on Binance's acquisition of coinmarketcap.com for $400 million. He expresses skepticism regarding this move, questioning the rationale behind such a significant investment in a data aggregator platform. The speaker speculates on possible motives behind the acquisition, hinting at concerns about centralization and potential misuses by Binance due to its nature as a leading exchange.
Furthermore, the speaker delves into the concept of decentralization in the cryptocurrency industry, drawing parallels between different figures within the space like CZ from Binance and Justin Sun, emphasizing the need for real decentralization amid conflicting statements from industry players. He underscores the importance of supporting projects that promote decentralization, advocating for widespread participation to enhance decentralization efforts.
Amidst discussions on the cryptocurrency world, the speaker shifts focus to real-world applications of decentralization, particularly highlighting a project by a team at MIT working on an open-source ventilator. He underscores the significance of this project during the current COVID-19 crisis, emphasizing the potential cost-effectiveness and efficiency of open-source solutions compared to traditional, patented systems. The speaker raises questions about patent laws, especially in times of crises, and advocates for open-source licensing to promote innovation and accessibility in essential industries like healthcare.
The episode continues with the speaker highlighting the impact of decentralization in various industries, touching on the music industry's evolution towards zero marginal cost with digital downloads and drawing parallels to the negligible transaction costs in the cryptocurrency sector. He emphasizes how decentralization can revolutionize traditional systems, offering more efficient and cost-effective alternatives.
Towards the conclusion, the speaker stresses the collective responsibility towards decentralization, citing examples from the cryptocurrency space where widespread distribution of tokens empowered communities to navigate external threats. He underscores the pivotal role of decentralization in preserving individual freedoms and challenging centralized systems prevalent in society. The episode concludes with a call to action, urging continued support for decentralization efforts and emphasizing the transformative potential of decentralized systems in reshaping various industries for the betterment of society as a whole.