Binance to purchase coinmarketcap.com, good news or bad news?steemCreated with Sketch.

in GEMS6 months ago

Binance to purchase Coinmarketcap for $400 million

If you haven't heard about the latest mega crypto news this morning, Binance announced they will be acquiring coinmarketcap.com.

The official announcement can be seen here:

https://coincodex.com/article/7612/400-million-acquisition-of-coinmarketcap-by-binance/

Easily the largest acquisition in the crypto world for some time.

It may not sound like that big of a deal on first glance, but coinmarketcap has become the place to go to check all kinds of market stats.

From exchange volumes, to coin listings, to historical charts, it's all there.

Now, with the recent acquisition, much of that could change...

And it's not due to the acquisition itself per say, but instead due to WHO is doing the acquisition...

Conflict of interest?

The acquisition is being done by the largest crypto exchange in the world.

An exchange that has a major conflict of interest now if it owns and operates the largest data resource collection of prices and exchanges in the world.

Everyone wants their coin to climb the ranks on coinmarketcap, Binance included.

There is now major conflict of interest for them and an incentive to juice their exchange numbers as well as the price of their coin.

Things that weren't an issue before, but now they are.

My guess is this will cause users to lose trust and eventually stop using it altogether.

I'm not sure about you, but in my opinion, this acquisition likely spells the end for coinmarketcap...

It was an independent trusted third party, but not anymore.

$400 million for the acquisition may have seemed like a good deal for Binance, but that $400 million might as well have been burnt if everyone stops using coinmarketcap.

It won't happen all at once of course, but as a couple shady things start to pop as they relate to Binance and coinmarketcap, people will migrate elsewhere.

I used to check coinmarketcap multiple times every day, it is sad day indeed that Binance had to get involved and corrupt things.

I am hoping I am wrong, but over time, I probably won't be.

Goodbye coinmarketcap, hopefully we will see you again in a 3rd party trusted kinda way.

Stay informed my friends.

Image Source:

https://coincodex.com/article/7612/400-million-acquisition-of-coinmarketcap-by-binance/

-Doc

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I will use only Coingecko, I start to really like this site.

Independent and decentralized are just a buzz words in crypto to bring in clueless people. It's all rigged and corrupt. Like in real world.

While there is some truth to that, this is worse than it was prior.

I do agree about centralization vs decentralization overall though. The place that shall not be named that left steem isn't all that decentralized either, it's controlled by a handful of people as opposed to a single individual, so there is that I guess.

In general, the more decentralized something gets the harder it is to get anything done. The ideal world is ruled by a benevolent king... but those don't really exist.

I'm not so sure about the king.
And in my opinion Sunny boy is one of the biggest whales on the new chain that shall not be mentioned.

If he was the driving force behind the millions in steem bought on the exchanges just prior to the snapshot, he sure is. It's entirely possible he has tens of millions of the place that shall not be mentioned.

And guitar player with nice hair too.

I'm not worried about CMC as they refused to list my coin...

Maybe it's @coingecko chance to jump in there!

CoinGecko and coinpaprika already have my coin listed... But all the important people look up coins from CMC...

Off-topic question.

Why'd you power up 4000 coins yesterday?

You showed up on @penguinpablo's list as the third largest powerup yesterday.

I'm planning on keeping around 200k sp on here to see what happens...

There may be a pump or two left in this thing.

Fair enough.
I could see that happening.
However, with JSun continuing the censorship spree,
on top of giving bribes/delegations to users who aren't good for the platform,
and a return of all the reward pool abusers...

I just can't imagine Steem outperforming Bitcoin.
Millions of coins are being dumped on the market,
and the price is being supported via buying pressure.

However, I'm wracking my brain trying to figure out who has incentive to buy.
The only person I can think of is Justin Sun himself.
Even the users he supports make it very clear they just want to farm the reward pool.
As if their are infinite rewards to be had without bringing value...

Still Justin is the master of pump/dump so there is that.
If he's not dumping he expects a pump.

In order to farm more from the reward pool, you need more sp. Farming alone can drive some demand for steem. How much remains to be seen, but the more stake, the more you make. Greed may drive some demand...

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