Bitcoin / Cryptocurrency Discussion (And Predictions)

[Kasimir]

To be clear.
My original plan was to just sell of all altcoin positions entirely and leave bitcoin untouched.

I still might go with that plan. However I might sell some bitcoin.

I am not desperate for cash so that's why I am not 100% sure.

I have more than a years worth of expenses in a savings account right now so not sure why in stressed...

Totally understand that you're stressed. It's always difficult in a new situation which is a little uncomfortable.

 

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[Frinys]

Since posting this, which was not even a full week ago, multiple exchange tokens have taken flight with BNB (binance coin) being the most notable.

Since last week, BNB has gone up over 50%. At the current price of ~$580, it has a fully diluted market cap of ~$97B.

Interestingly, it is sitting today at the valuation many are thinking for the Coinbase IPO scheduled for 2 days from now, also ~$100B.

The kicker, however, is that Binance processes roughly 10x higher daily transaction volume than Coinbase.

Assuming Binance has the same profit/transaction ratio that Coinbase does (800m/330b = 0.2% profit per transaction volume) This would suggest that Binance is 10x undervalued compared to Coinbase at $100B.

Either Coinbase will be valued too high, which seems unlikely because their earnings per share at a $100B valuation would still be great compared to most growth stocks on the market, or BNB is highly undervalued at the moment.

This IPO event is really big - it allows people trading and investing in the traditional markets to put a valuation on crypto transactions and the earnings it comes with. These earnings are not limited to Coinbase since many other CEXs as well as DEXs process insane transaction volumes with yoy growth.

Could there be a mind-numbing face-melting pump coming soon?

Coinbase IPO will reveal a lot about how money might shift in Crypto --> IPO valuation of $100B could suggest room for Binance to climb 10x from here...

I'm trying to imagine what that would mean for Ethereum and the rest of the market, but my mind just melts when I try too hard.

Thoughts?

A cryptocurrency is not a stock. Unlike a stock, you get zero dividends from a cryptocurrency, you own 0% of the company and you have nothing to say in development of the product. You cannot compare those one to one.

I disagree that BNB is a good buy right now. Binance is very good at marketing their coin, but sooner or later people will see through that marketing. A centralized smart chain and reduced fees, that's all there is to the coin.

The coin will probably also fare exceptionally badly in a bear market. Think of it, people buy this coin to get reduced fees at Binance. During a bear market, volume falls. Less volume means fewer people buying, thus less need for BNB. And Eth 2.0 will most probably be released during the next bear market (or sooner), which will make other smart chains less relevant than they are today.

In the short term, it may increase compared to BTC, but I don't think any huge pump will happen.

 

[Timmy C]

A cryptocurrency is not a stock. Unlike a stock, you get zero dividends from a cryptocurrency, you own 0% of the company and you have nothing to say in development of the product. You cannot compare those one to one.

I disagree that BNB is a good buy right now. Binance is very good at marketing their coin, but sooner or later people will see through that marketing. A centralized smart chain and reduced fees, that's all there is to the coin.

The coin will probably also fare exceptionally badly in a bear market. Think of it, people buy this coin to get reduced fees at Binance. During a bear market, volume falls. Less volume means fewer people buying, thus less need for BNB. And Eth 2.0 will most probably be released during the next bear market (or sooner), which will make other smart chains less relevant than they are today.

In the short term, it may increase compared to BTC, but I don't think any huge pump will happen.

Anything that is centralized is a horrible buy in the long term in my opinion, and BNB fits that description.
Some of these more centralized chains may have a future, it is possible, but I won't be a long-term investor in them. I see all centralized exchanges as worthless long-term.

That doesn't mean you can't use them to make money.

 

[AceVentures]

How would traditional financial markets ie the Coinbase IPO affect Crypto Markets besides sentiment?

I'm not a professional market analyst but - common sense tells me that most investors in coinbase will be those who want a piece of the action without the risks.

The spill-over from new investors who can see or envision the expected growth of the cryptoasset class could lead to an increased market cap/lengthened bull cycle.

What Coinbase does is put $ to crypto transactions and provide the investors that are waiting on the sidelines for regulation (in the US) access to some of the action.

Most people still don't understand DeFi... We're still early to such a radical idea that most people in both Finance and IT still haven't gotten their minds wrapped around the whole thing. But it's coming in at laser speed and it will leave a lot of people behind.

Coinbase becomes a direct analogue to what's happening in the background with DeFi.

Access to DeFi is one bridge from Coinbase away. DeFi is one click away in Binance. DeFi is growing exponentially and becoming accessible from new wallets, new exchanges, and growing options are providing on-ramp off-ramps.



What Coinbase IPO does is put eyes on this chart.

 

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[EvanOkanagan]

To be clear.
My original plan was to just sell of all altcoin positions entirely and leave bitcoin untouched.

I still might go with that plan. However I might sell some bitcoin.

I am not desperate for cash so that's why I am not 100% sure.

I have more than a years worth of expenses in a savings account right now so not sure why im stressed...

Looks like BTC is about to take off

 

[AceVentures]

A cryptocurrency is not a stock. Unlike a stock, you get zero dividends from a cryptocurrency, you own 0% of the company and you have nothing to say in development of the product. You cannot compare those one to one.

I disagree that BNB is a good buy right now. Binance is very good at marketing their coin, but sooner or later people will see through that marketing. A centralized smart chain and reduced fees, that's all there is to the coin.

The coin will probably also fare exceptionally badly in a bear market. Think of it, people buy this coin to get reduced fees at Binance. During a bear market, volume falls. Less volume means fewer people buying, thus less need for BNB. And Eth 2.0 will most probably be released during the next bear market (or sooner), which will make other smart chains less relevant than they are today.

In the short term, it may increase compared to BTC, but I don't think any huge pump will happen.

I've got to say I disagree with you - but I'd love to explain why.

The term "cryptocurrency" aside, what I'm talking about is the "tokenization" of something - the abstraction of a computation into a cryptographic representation - which can in fact provide "dividends" as well as a "say in the development" of the product. Both of these are achievable and already shape-shifting at lightning speed with variations of the idea. Although the current meme of a DAO run loose is idealistic and likely not optimized - structured versions of DAOs are beginning to take shape, and protocol fees or "blockchian as a service" products can redistribute those fees back to token holders.

On the note of Binance - There are 5-6B people with a bank account. There are ~100M people that have interacted with crypto. There are 1.8M people using DeFi. I've said this before but it's worth saying again - adoption requires on-ramp into the system. The on-ramp/off-ramp exchanges have a major role to play.

Moreover, this is a stastic from the worldbank about the distribution of the unbanked people in the world (dated 2017). Interestingly, China and India take a big chunk of this pie. Binance is growing it's presence in Asia and has acquired one of India's growing exchanges WazirX.

 

[AceVentures]

Tomorrow's IPO will be very revealing. If US stock market has appetite for a 100B Coinbase - that certainly means there is appetite for a piece of the pie. Coinbase does 2-3B transactions a day, Binance does 40B transactions.

If we talk about network effects, where is the binance network effect? Is that baked into the price? I don't think so...



Which network has the ability, capital, and freedom to navigate as it wishes? Binance has so much money coming in, they're becoming a self-funded giant software company.

I don't believe in this zero-sum game.

BSC is a side-chain but could just as easily be conceived of as an L2. It could create it's own L2. With zKsync going live this summer, what's preventing Binance from offering an L2 channel on ETH?

This space is evolving at lightning speed, and the guys that have the most liquidity, the most users, and an exponentiating list of services and products with a key differentiator being a detailed approach to User Experience - are just going to go to zero?

Maybe it's just me, but I'm happy betting on CZ. Go watch an interview with Hayden Adams from UNI and tell me which entrepreneur you think has a bigger vision for the future.

 

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[Timmy C]

I've got to say I disagree with you - but I'd love to explain why.

The term "cryptocurrency" aside, what I'm talking about is the "tokenization" of something - the abstraction of a computation into a cryptographic representation - which can in fact provide "dividends" as well as a "say in the development" of the product. Both of these are achievable and already shape-shifting at lightning speed with variations of the idea. Although the current meme of a DAO run loose is idealistic and likely not optimized - structured versions of DAOs are beginning to take shape, and protocol fees or "Gas as a service" products can redistribute those fees back to token holders.

On the note of Binance - There are 5-6B people with a bank account. There are ~100M people that have interacted with crypto. There are 1.8M people using DeFi. I've said this before but it's worth saying again - adoption requires on-ramp into the system. The on-ramp/off-ramp exchanges have a major role to play.

Moreover, this is a stastic from the worldbank about the distribution of the unbanked people in the world (dated 2017). Interestingly, China and India take a big chunk of this pie. Binance is growing it's presence in Asia and has acquired one of India's growing exchanges WazirX.


View attachment 37557

Well, yes, in the short term it's a bridge.

But in the long term, that bridge won't be a centralized one.

It will be permissionless.

Just my opinion.

 

[Timmy C]

Tomorrow's IPO will be very revealing. If US stock market has appetite for a 100B Coinbase - that certainly means there is appetite for a piece of the pie. Coinbase does 2-3B transactions a day, Binance does 40B transactions.

If we talk about network effects, where is the binance network effect? Is that baked into the price? I don't think so...

View attachment 37558

Which network has the ability, capital, and freedom to navigate as it wishes? Binance has so much money coming in, they're becoming a self-funded giant software company.

I don't believe in this zero-sum game.

BSC is a side-chain but could just as easily be conceived of as an L2. It could create it's own L2. With zKsync going live this summer, what's preventing Binance from offering an L2 channel on ETH?

This space is evolving at lightning speed, and the guys that have the most liquidity, the most users, and an exponentiating list of services and products with a key differentiator being a detailed approach to User Experience - are just going to go to zero?

Maybe it's just me, but I'm happy betting on CZ. Go watch an interview with Hayden Adams from UNI and tell me which entrepreneur you think has a bigger vision for the future.

It's not an IPO either, it's a direct listing.

 

[AceVentures]

Question for the group: What is your catalyst for the bear market?

With what's happening everywhere in the world, with the WEF wanting to rid of debt and a new system, with *excuse my french* all the F*ckery going on in the US and global politics, with a growing distrust for the establishment, with global access to internet and educational services,

What is the more likely scenario?

Ethereum, today's most developed version of the permissionless world computer, drops 70% in value as people ditch their ownership of this computer to own some fiat in a bank account

or

When this summer brings 20,000TPS and $0.01 fees for transactions on ETH - there is a flood of new users that may or may not decide to go back to the legacy banking system?

 

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[Matt Sun]

@AceVentures where did/do you go to learn DeFi ?

 

[Timmy C]

Question for the group: What is your catalyst for the bear market?

Obviously for me, when more people are selling than buying.

People needing liquidity of the worthless US Token.

Leverage traders.

Some people have also made life changing money. More will the higher it goes.

You think they aren't cashing out at least some of it?

 

[AceVentures]

@AceVentures where did/do you go to learn DeFi ?

Might not like the answer if you were looking for a book or a course, but I get most of my info from Twitter and Medium. I hear it straight from the horse's mouth in real-time.

I don't think there is a right or wrong place to start - just start with anything and keep going down the rabbit-hole. All you need is to ask a question, and find answers, and keep doing this. You need to have patience with yourself, and by that I mean you should be open to look-up ANYTHING you don't understand, and take the time to understand it.

If you're impatient, you will slow down your learning process. Just keep learning and don't stop.

 

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[AceVentures]

Obviously for me, when more people are selling than buying.

People needing liquidity of the worthless US Token.

Leverage traders.

Some people have also made life changing money. More will the higher it goes.

You think they aren't cashing out at least some of it?

Yea for sure, I think a lot of people either are already taking profits or will continue to take profits.

But I also think there is so much money going around that hasn't made it's way into the ecosystem yet. And I think the new money coming will be more than the money that will be going out as profits. You only need to look at the number of ETH and BTC going off exchanges to see this pattern is not looking to reverse all of a sudden.

If anything, an improved exit strategy this time will be out of coins that fall out of favor either due to hacks, failures to deliver, alternative solution that outperforms it, or paradigm shift in the stack that eliminates the need for the protocol - into long-term value-add coins like ETH or other safe yield tokens with network effect.

There is enough liquid capital across the ecosystem today to fund the growth of it's best ideas - a lot of shit projects with capital that can find better homes.

 

[Frinys]

I've got to say I disagree with you - but I'd love to explain why.

Thank you, I live a good discussion

The term "cryptocurrency" aside, what I'm talking about is the "tokenization" of something - the abstraction of a computation into a cryptographic representation - which can in fact provide "dividends" as well as a "say in the development" of the product. Both of these are achievable and already shape-shifting at lightning speed with variations of the idea. Although the current meme of a DAO run loose is idealistic and likely not optimized - structured versions of DAOs are beginning to take shape, and protocol fees or "blockchian as a service" products can redistribute those fees back to token holders.

I agree. Sooner or later, we will see stocks on chain. And as you say, as blockchain mature, we will see more and more well run DAOs. But I don't see how this matters to BNB.

On the note of Binance - There are 5-6B people with a bank account. There are ~100M people that have interacted with crypto. There are 1.8M people using DeFi. I've said this before but it's worth saying again - adoption requires on-ramp into the system. The on-ramp/off-ramp exchanges have a major role to play.

Moreover, this is a stastic from the worldbank about the distribution of the unbanked people in the world (dated 2017). Interestingly, China and India take a big chunk of this pie. Binance is growing it's presence in Asia and has acquired one of India's growing exchanges WazirX.


View attachment 37557

Binance is huge, and will probably keep growing. But BNB is currently near an ATH, driven mainly by speculation and high Ethereum fees. The coin, aside from giving lower fees, does not give any ownership of Binance's income.

Many coins have entered the top 3 and left again, and I think BNB will do the same.

That said, you got some great arguments!

 

[James Fake]

3 weeks later, I must be looking at the wrong charts.

Ah, yes. Consolidated a bit longer than I would prefer. Hmm... I'll post a chart I made just a few days ago before this last pop.

 

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[James Fake]

The BEFORE:




On TradingView prediction posts; you can hit the Play button to see how one's prediction went. Here's the AFTER (this week when it popped and breaking out the big weekly ascending triangle:


My mid-term target is $77,000.

I will be doing an ultra deep analysis on the markets and Bitcoin and crypto and sentiment and mass psy when we get around to this area.

Something in my gut telling me to take a deep look at if it's a possibility a mid-term Big Top is put in place somewhere before $100k. To be determined lol...

 

[Kevin88660]

A cryptocurrency is not a stock. Unlike a stock, you get zero dividends from a cryptocurrency, you own 0% of the company and you have nothing to say in development of the product. You cannot compare those one to one.

I disagree that BNB is a good buy right now. Binance is very good at marketing their coin, but sooner or later people will see through that marketing. A centralized smart chain and reduced fees, that's all there is to the coin.

The coin will probably also fare exceptionally badly in a bear market. Think of it, people buy this coin to get reduced fees at Binance. During a bear market, volume falls. Less volume means fewer people buying, thus less need for BNB. And Eth 2.0 will most probably be released during the next bear market (or sooner), which will make other smart chains less relevant than they are today.

In the short term, it may increase compared to BTC, but I don't think any huge pump will happen.

Almost all coins besides bitcoin are too early to worry about centralization/ decentralisation.

Centralization is effective way to push things forward for adoption and development. Centralized exchange tokens are very competitive in market cap ranking for a reason.

The start-up scene is like a war. I would bet on a well organized army against a community of bandits.

It is only when most problems are solved then there should be movements towards decentralisation to avoid a single point of failure.

Ethereum is facing the issues now due to over-decentralization. Miners are resisting changes. Community expects Vitalik to do the heavy lifting but it has been delaying and delaying. Vitalik has no incentives to push because he doesn’t own the chain.

 

[Kevin88660]

Tomorrow's IPO will be very revealing. If US stock market has appetite for a 100B Coinbase - that certainly means there is appetite for a piece of the pie. Coinbase does 2-3B transactions a day, Binance does 40B transactions.

If we talk about network effects, where is the binance network effect? Is that baked into the price? I don't think so...

View attachment 37558

Which network has the ability, capital, and freedom to navigate as it wishes? Binance has so much money coming in, they're becoming a self-funded giant software company.

I don't believe in this zero-sum game.

BSC is a side-chain but could just as easily be conceived of as an L2. It could create it's own L2. With zKsync going live this summer, what's preventing Binance from offering an L2 channel on ETH?

This space is evolving at lightning speed, and the guys that have the most liquidity, the most users, and an exponentiating list of services and products with a key differentiator being a detailed approach to User Experience - are just going to go to zero?

Maybe it's just me, but I'm happy betting on CZ. Go watch an interview with Hayden Adams from UNI and tell me which entrepreneur you think has a bigger vision for the future.

Binance has been capitalizing well on offering an alternative playing ground in bsc when ethereum is facing a major scalability issue.

Now ethereum players just view bsc as a place to farm with stables. Once people realised that the promised eth 2.0 scalability is never coming people are going to swap their erc20 assets into bnb and bsc defi native tokens.

I have been bullish on cz, bnb and binance ecosystem too. There is no viable competitor on the space now.

I think the next possible competitor is huobi going out of China. We already see them launching bsc chain platforms to grow their defi presence. Even though they are just starting they already explicitly stated that they have a lot of ambitions in their defi project called mdex. Top Chinese companies have a reputation of very fast execution and hyper-aggressive price war tactic (higher yield and lower fee) to gain new market shares. There will be a lot of opportunities for consumers/investors to benefit from these.

 

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[Timmy C]

I'm sorry, but anyone who thinks ETH is dead doesn't understand the technology.

Just like how BTC had scaling issues in 2017.

ETH is going through the same growing pains now.

ETH could do what Binance coin has done any time they want. They have chosen not to as they sacrifice decentralization.

 

[AceVentures]

What if tomorrow, Wallstreet dumps their shitcoins for the only coin on their exchange that has exposure to the real game?

 

[Ocean Man]

Made the jump and purchased my 1st Ethereum. I've been reading this thread for the past couple of weeks and I appreciate you guys sharing so much info. I definitely believe that this is going to change the world or at least be a big part of our future.

As an options trader, it's interesting to see the different ways to make money with cryptocurrencies, but also I believe in the technology. A problem for me as a frequent traveler is remittance and international wire transfer fees. They're so damn expensive and cumbersome to get my money. I think cryptocurrencies are going to help with this problem.

Learning as much as I can about everything. DeFi, dApps, Yield Farming, etc... all super interesting.

 

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[Frinys]

Almost all coins besides bitcoin are too early to worry about centralization/ decentralisation.

I disagree. Centralization is like putting a barrier in front of the blockchain, essentially saying this is my chain, not ours. Yes, you can use it, but I control it.

Why do you think there are so many Ethereum Improvement Proposals? Because everyone owns the chain. Try to find the same for BNB, you won't.

Centralization is effective way to push things forward for adoption and development. Centralized exchange tokens are very competitive in market cap ranking for a reason.

No. Centralization like a layer of makeup that makes the chain look good to investors with less technical knowledge.

The start-up scene is like a war. I would bet on a well organized army against a community of bandits.

The world has been moving toward open-source for the last 20 years. Why? Because we notice that it's better to have many people controlling the codebase than just a few. This does not mean that open source software is built by bandits, rather the opposite.

It is only when most problems are solved then there should be movements towards decentralisation to avoid a single point of failure.

Both centralized and decentralized blockchain solutions avoid SPOFs. The move from centralized to decentralized is both very hard and extremely risky. Cardano is close to making it, but they still have centralized issued that need to be solved.

The point is, we still haven't seen many chains make the shift from a centralized to a fully decentralized structure yet.

Ethereum is facing the issues now due to over-decentralization. Miners are resisting changes. Community expects Vitalik to do the heavy lifting but it has been delaying and delaying. Vitalik has no incentives to push because he doesn’t own the chain.

This is simply not true. Yes, miners want to keep on mining, but stakers are ready to take the role. But I agree, the shift towards Eth 2.0 is a difficult one. I'm not convinced that they will be able to do it effectively.

Centralized solutions are effective, yes. It's easy to have low fees when you don't have to reward protectors of the chain. And both private and consortium blockchains plays a role in the blockchain space, but decentralized solutions will be the one that exists forever. And by forever, I mean as long as the Internet exists.

Some solutions, like VeChain, can use consortium blockchains because their main focus is on B2B operations. But smart contract chains meant for the public cannot do this and expect to live a long life.

 

[Timmy C]

I disagree. Centralization is like putting a barrier in front of the blockchain, essentially saying this is my chain, not ours. Yes, you can use it, but I control it.

Why do you think there are so many Ethereum Improvement Proposals? Because everyone owns the chain. Try to find the same for BNB, you won't.

No. Centralization like a layer of makeup that makes the chain look good to investors with less technical knowledge.


The world has been moving toward open-source for the last 20 years. Why? Because we notice that it's better to have many people controlling the codebase than just a few. This does not mean that open source software is built by bandits, rather the opposite.


Both centralized and decentralized blockchain solutions avoid SPOFs. The move from centralized to decentralized is both very hard and extremely risky. Cardano is close to making it, but they still have centralized issued that need to be solved.

The point is, we still haven't seen many chains make the shift from a centralized to a fully decentralized structure yet.


This is simply not true. Yes, miners want to keep on mining, but stakers are ready to take the role. But I agree, the shift towards Eth 2.0 is a difficult one. I'm not convinced that they will be able to do it effectively.

Centralized solutions are effective, yes. It's easy to have low fees when you don't have to reward protectors of the chain. And both private and consortium blockchains plays a role in the blockchain space, but decentralized solutions will be the one that exists forever. And by forever, I mean as long as the Internet exists.

Some solutions, like VeChain, can use consortium blockchains because their main focus is on B2B operations. But smart contract chains meant for the public cannot do this and expect to live a long life.

Centralized tokens go 100% against everything that cryptocurrency is about.
Centralized exchanges will 100% lose ground to decentralized ones, in fact, it is already happening.

 

[Timmy C]

People believe that Ethereum can’t scale and don’t realize they are betting against a bunch of geniuses.
EIP-1559 will happen and I hold about a 50/50 ratio of ETH/BTC heading into EIP-1559.
expect volatility to dampen for BTC from here on out as people say it's to expensive and rotate to altcoins for Rekt city.

 

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[AceVentures]

I disagree. Centralization is like putting a barrier in front of the blockchain, essentially saying this is my chain, not ours. Yes, you can use it, but I control it.

Why do you think there are so many Ethereum Improvement Proposals? Because everyone owns the chain. Try to find the same for BNB, you won't.

No. Centralization like a layer of makeup that makes the chain look good to investors with less technical knowledge.


The world has been moving toward open-source for the last 20 years. Why? Because we notice that it's better to have many people controlling the codebase than just a few. This does not mean that open source software is built by bandits, rather the opposite.


Both centralized and decentralized blockchain solutions avoid SPOFs. The move from centralized to decentralized is both very hard and extremely risky. Cardano is close to making it, but they still have centralized issued that need to be solved.

The point is, we still haven't seen many chains make the shift from a centralized to a fully decentralized structure yet.


This is simply not true. Yes, miners want to keep on mining, but stakers are ready to take the role. But I agree, the shift towards Eth 2.0 is a difficult one. I'm not convinced that they will be able to do it effectively.

Centralized solutions are effective, yes. It's easy to have low fees when you don't have to reward protectors of the chain. And both private and consortium blockchains plays a role in the blockchain space, but decentralized solutions will be the one that exists forever. And by forever, I mean as long as the Internet exists.

Some solutions, like VeChain, can use consortium blockchains because their main focus is on B2B operations. But smart contract chains meant for the public cannot do this and expect to live a long life.

In the long-term, decentralized wins everything. Key word, in the long-term.

Open-source software is not built by bandits, but bandits freely use it. Look at all the anonymous groups that rug-pulled the shit out of normy users that didn't understand the ecosystem? How many people still getting scammed on the daily on Uniswap?

These are issues that centralized entities are addressing for their users. When you swap your ETH for some whatever coin on Binance, you're not afraid that you exchanged the wrong coin. Also, what you see on the order book is what you get -- you don't get sandwiched by flashbots into paying a higher price or selling at a lower price than you would have liked to. Some bots will literally sandwich your order between their 150-200 ETH buy/sell and make you pay exorbitant prices. Also, you don't worry about cross-chain compatibilities. Your "binance wallet" gives you access to almost every damn platform out there. No hardware wallet or even hot wallet has integrations between all chains - so on your own you've got your tokens scattered between different wallets.

These are issues that are part of the growing pain and clever solutions will find their way to the users. Compromises need to be made between security and decentralization in the interim. It's rather naive to assume the likes of Binance and Coinbase don't have a critical role to play in onboarding users.

Another argument to make here is: it's not just about fees. You keep mentioning fees as if that's what users are all raving about. User Experience is F*cking KING, and very few people in the blockchain space get it right. You need all the blockchain interactions to happen under the hood, and from a user's experience, to notice nothing different between their web2 and web3 experience - that is a stronger enabling force for adoption than the promise of decentralization. Binance is crushing it at this.... You can play the crypto-casino-game on decentralized applications, but most of them suck and are very boring to interact with. Where are all the users? Where is all the volume? Where are all the features? Oh, they're all stacked and continue to build on Binance, whereas all these dApps come up with one-trick-pony solutions paired to unique token which they often don't distribute fairly, consequently creating a solution that has a downward sell pressure in an ecosystem with fragmentation in liquidity.

Innovation comes from people, and there are such diverse sets of people building on blockchain today. You know what's in common with all of the innovators on blockchain today? They would suck CZ's dick for their innovation to be listed on Binance - because what you need is users, and what you need is liquidity, and Binance has more of it to go around than anybody else.

List your token on UNI, but unless you do months of bro-marketting and spamming everything for people to take note of your technology - nobody gives a shit. List something on Binance, make a twitter announcement about the new listing, and watch billions of dollars of trading volume take place. Not everybody has that kind of power - and the people that are trying to genuinely build something will NEED users and liquidity, so in my estimation they will continue to integrate their technology with BSC, and continue to suck CZ's dick with hopes of getting eyes on their project.

Last note: binance doesn't own BSC... It's an ETH copy-cat, and yes it has fewer nodes and validators, but thinking CZ is sitting there validating every transaction on BSC and claiming it's his chain is bullshit - you need to listen to CZ talk about BSC.

 

[Ocean Man]

Believe the Ethereum Berlin Upgrade comes out today or has already come out:

Ethereum Berlin Upgrade Announcement

TL;DR Berlin is ready to be deployed! We’re moving fast: the first testnet to upgrade, Ropsten, is scheduled to upgrade on March 10th. Mainnet is scheduled for April 14th. If you are running an Ethereum node, you should upgrade it to a Berlin-compatible version ASAP for testnets and before April...

blog.ethereum.org

People believe that Ethereum can’t scale and don’t realize they are betting against a bunch of geniuses.
EIP-1559 will happen and I hold about a 50/50 ratio of ETH/BTC heading into EIP-1559.
expect volatility to dampen for BTC from here on out as people say it's to expensive and rotate to altcoins for Rekt city.

I mean if there's other currencies that people start building on then so be it, but at this point I think Ethereum is what people are mainly building on and it's got a great foundation. I don't see people leaving any-time soon. Although there are high gas-fees currently, it's supposed to get better.

 

[Timmy C]

I mean if there's other currencies that people start building on then so be it, but at this point I think Ethereum is what people are mainly building on and it's got a great foundation. I don't see people leaving any-time soon. Although there are high gas-fees currently, it's supposed to get better.

Binance coin is basically a clone of ETH exactly.
But they took the easy route (not solving any problems and using centralization to lower fees, increase speed etc)
ETH is the value play, I don't care if Binance coin or Ripple pump 10,000%
I WILL NOT BUY THEM.

ETH will stand the test of time.

Just be patient, we will be fine.

 

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[Frinys]

In the long-term, decentralized wins everything. Key word, in the long-term.

Open-source software is not built by bandits, but bandits freely use it. Look at all the anonymous groups that rug-pulled the shit out of normy users that didn't understand the ecosystem? How many people still getting scammed on the daily on Uniswap?

These are issues that centralized entities are addressing for their users. When you swap your ETH for some whatever coin on Binance, you're not afraid that you exchanged the wrong coin. Also, what you see on the order book is what you get -- you don't get sandwiched by flashbots into paying a higher price or selling at a lower price than you would have liked to. Some bots will literally sandwich your order between their 150-200 ETH buy/sell and make you pay exorbitant prices. Also, you don't worry about cross-chain compatibilities. Your "binance wallet" gives you access to almost every damn platform out there. No hardware wallet or even hot wallet has integrations between all chains - so on your own you've got your tokens scattered between different wallets.

These are issues that are part of the growing pain and clever solutions will find their way to the users. Compromises need to be made between security and decentralization in the interim. It's rather naive to assume the likes of Binance and Coinbase don't have a critical role to play in onboarding users.

Another argument to make here is: it's not just about fees. You keep mentioning fees as if that's what users are all raving about. User Experience is f*cking KING, and very few people in the blockchain space get it right. You need all the blockchain interactions to happen under the hood, and from a user's experience, to notice nothing different between their web2 and web3 experience - that is a stronger enabling force for adoption than the promise of decentralization. Binance is crushing it at this.... You can play the crypto-casino-game on decentralized applications, but most of them suck and are very boring to interact with. Where are all the users? Where is all the volume? Where are all the features? Oh, they're all stacked and continue to build on Binance, whereas all these dApps come up with one-trick-pony solutions paired to unique token which they often don't distribute fairly, consequently creating a solution that has a downward sell pressure in an ecosystem with fragmentation in liquidity.

Innovation comes from people, and there are such diverse sets of people building on blockchain today. You know what's in common with all of the innovators on blockchain today? They would suck CZ's dick for their innovation to be listed on Binance - because what you need is users, and what you need is liquidity, and Binance has more of it to go around than anybody else.

List your token on UNI, but unless you do months of bro-marketting and spamming everything for people to take note of your technology - nobody gives a shit. List something on Binance, make a twitter announcement about the new listing, and watch billions of dollars of trading volume take place. Not everybody has that kind of power - and the people that are trying to genuinely build something will NEED users and liquidity, so in my estimation they will continue to integrate their technology with BSC, and continue to suck CZ's dick with hopes of getting eyes on their project.

Last note: binance doesn't own BSC... It's an ETH copy-cat, and yes it has fewer nodes and validators, but thinking CZ is sitting there validating every transaction on BSC and claiming it's his chain is bullshit - you need to listen to CZ talk about BSC.

These are some great arguments! We see the blockchain space with very different eyes. You focus more on the social/people side of things, while I mainly look at the tech. I still find it strange that so many jumps on the Binance wagon, but these arguments make it easier to understand why!

In the long term, as you say, decentralization will be the winner. That's why I only invest in decentralized solutions. I don't think I'll ever understand why someone would prefer a centralized smartchain solution, so I just don't invest in those.

I guess we will have to wait and see how high BNB can go. I still think it's overpriced and that it will be absolutely shreked in a bear market, but I'm not willing to bet on it.

 

[galaxybrain]

In the long-term, decentralized wins everything. Key word, in the long-term.

How so? Decentralized cryptocurrency solves a whole bunch of problems and introduces a whole host of new ones. For the majority of use cases, don't most people prefer the convenience and security of "trusted third party" transactions like Visa/PayPal/Banks?