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We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
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CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
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More than $14 trillion of trading volume has occured on centralized crypto exchanges in 2021.
The top 5 centralised exchanges (CEXs) traded $34.36B in 24h volume on 29th Sep 2022.
That is just a day’s worth of trading volume.
And Binance traded $18.84B, nearly half of it.
Exchanges are powerful.
Are they too powerful?
Will they become too powerful for their own good and be bad for the greater good in the long run?
Let me paint a few scenarios to show just powerful exchanges are.
“Binance to Delist Three Stablecoins and Fold Balances into BUSD
Beginning Sept. 29, Binance will automatically convert users’ accounts and new deposits of USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) into Binance USD on a one-to-one basis.”
You read that?
They basically converted user’s stablecoins into their own and delisted other coins.
Can users protest or object?
Not sure if it matters.
They could do whatever they want with users’ crypto and money.
Just like that.
Who’s gonna stop them?
Are they regulated by any laws?
Sure, if one country slows them down, they just uproot and migrate to another country with friendlier regulators.
Binance, FTX and Coinbase has been shifting their headquarters and changing their passports more often than a Hollywood spy.
Next one, the centralization of crypto.
Exchanges have always been a prime example of CEXs.
They are more convenient, slightly more user friendly, in some ways faster, have customer support and have some sort of security for your funds.
Are they actually safer than DeFi?
Perhaps, but not always.
In Defi, you trust smart contracts so you have to learn how to read and use them properly.
Make a mistake, send to the wrong address, and your entire wallet is gone.
But all the ease and convenience of CEX means that more users are onboarded quickly.
And during peak market activities, majority of the transactions are done via CEXs.
When the CEXs goes down (which they do very often), users are unable to withdraw funds or make trades.
So CEXs are powerful and increasingly centralised, but how much is too much?
They hold the users’ private keys, so technically they own the crypto.
They do in-depth Know Your Customer (KYC) procedures, so they own your identity.
They control the operations and trades, so they own when and how you trade.
They tell you how much you can trade, impose limitations, enforce rules and serve as the defacto lord of your crypto.
All we can hope for is for them to behave and not abuse all that power.
Well, look what happened to Celsius, though they aren’t a CEX, they share many of the same powers.
Want to know just how powerful exchanges are?
Almost all of the founders of the top CEXs are billionaires many times over.
They have become cult of personalities with immense followings on social media and wherever they go, the market follows.
I am not saying DeFi is a better alternative, but it is always good to have checks and balances.
Having options and competition is always healthy in any markets.
-
Are crypto centralised exchanges too powerful?
-
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #coinbase #ftx #celsius #binance #markets #bearmarket #NFT #cexs #trades
More than $14 trillion of trading volume has occured on centralized crypto exchanges in 2021.
The top 5 centralised exchanges (CEXs) traded $34.36B in 24h volume on 29th Sep 2022.
That is just a day’s worth of trading volume.
And Binance traded $18.84B, nearly half of it.
Exchanges are powerful.
Are they too powerful?
Will they become too powerful for their own good and be bad for the greater good in the long run?
Let me paint a few scenarios to show just powerful exchanges are.
“Binance to Delist Three Stablecoins and Fold Balances into BUSD
Beginning Sept. 29, Binance will automatically convert users’ accounts and new deposits of USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) into Binance USD on a one-to-one basis.”
You read that?
They basically converted user’s stablecoins into their own and delisted other coins.
Can users protest or object?
Not sure if it matters.
They could do whatever they want with users’ crypto and money.
Just like that.
Who’s gonna stop them?
Are they regulated by any laws?
Sure, if one country slows them down, they just uproot and migrate to another country with friendlier regulators.
Binance, FTX and Coinbase has been shifting their headquarters and changing their passports more often than a Hollywood spy.
Next one, the centralization of crypto.
Exchanges have always been a prime example of CEXs.
They are more convenient, slightly more user friendly, in some ways faster, have customer support and have some sort of security for your funds.
Are they actually safer than DeFi?
Perhaps, but not always.
In Defi, you trust smart contracts so you have to learn how to read and use them properly.
Make a mistake, send to the wrong address, and your entire wallet is gone.
But all the ease and convenience of CEX means that more users are onboarded quickly.
And during peak market activities, majority of the transactions are done via CEXs.
When the CEXs goes down (which they do very often), users are unable to withdraw funds or make trades.
So CEXs are powerful and increasingly centralised, but how much is too much?
They hold the users’ private keys, so technically they own the crypto.
They do in-depth Know Your Customer (KYC) procedures, so they own your identity.
They control the operations and trades, so they own when and how you trade.
They tell you how much you can trade, impose limitations, enforce rules and serve as the defacto lord of your crypto.
All we can hope for is for them to behave and not abuse all that power.
Well, look what happened to Celsius, though they aren’t a CEX, they share many of the same powers.
Want to know just how powerful exchanges are?
Almost all of the founders of the top CEXs are billionaires many times over.
They have become cult of personalities with immense followings on social media and wherever they go, the market follows.
I am not saying DeFi is a better alternative, but it is always good to have checks and balances.
Having options and competition is always healthy in any markets.
-
Are crypto centralised exchanges too powerful?
-
#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #eth #btc #crypto #coinbase #ftx #celsius #binance #markets #bearmarket #NFT #cexs #trades
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