Binance Extends Market Share for Fourth Consecutive Month (coindesk.com) 26
Binance, the world's largest crypto exchange by trading volume, has extended its spot market share across crypto exchanges for a fourth consecutive month. From a report: The exchange market share increased from 59.4% in January to 61.8% in February, according to a report from crypto market data provider CryptoCompare. Binance had a 13.7% increase in its spot volumes to $504 billion, an all-time high market share for the exchange. This comes as regulators in the U.S. and beyond have ratcheted up their scrutiny of the exchange in recent months. Most recently, a U.S. Securities and Exchange (SEC) official said that agency staff believe Binance.US may be operating an unregistered securities exchange in the U.S., an assertion to which Binance.US objected. Binance is a corporate entity that operates in US through Binance.US.
"Despite the recent criticism the exchange has received, market participants continue to take shelter on Binance under the premise that the largest exchange is seen as one of the safer trading venues," said Jacob Joseph, a research analyst at CryptoCompare, in an interview with CoinDesk. Joseph also attributes the exchange's dominance to the vast amount of liquidity available on Binance, which means reduced slippage costs and spreads, an attractive benefit for traders. "It is one of the exchanges with the most trading pairs and services available," Joseph said.
"Despite the recent criticism the exchange has received, market participants continue to take shelter on Binance under the premise that the largest exchange is seen as one of the safer trading venues," said Jacob Joseph, a research analyst at CryptoCompare, in an interview with CoinDesk. Joseph also attributes the exchange's dominance to the vast amount of liquidity available on Binance, which means reduced slippage costs and spreads, an attractive benefit for traders. "It is one of the exchanges with the most trading pairs and services available," Joseph said.
decentralized (Score:5, Insightful)
Just keep believing that it is safe and decentralized.
How long (Score:2)
6 months? More? Less? Taking all bets.
Re: (Score:2)
Revealed? Everyone paying attention already knows, eh?
Binance: I'm betting will be in deep shit by the end of the year at latest as the Feds have already taken interest or next year if the Feds move slowly, it gets tangled up in court, etc.
I think we've got a few years (Score:2, Redundant)
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The SEC only has civil jurisdiction not criminal and they always defer to the DOJ (criminal jurisdiction) if criminal investigations/prosecutions are underway. The most the SEC can do is levy fines which isn't much of a penalty for a company guilty of printing billions of counterfeit dollars they can pay those fines with.
That the SEC is still active tells me that no criminal charges will be pursued against the hundreds if not thousands of people who rightly deserve them. In other words, they're all going
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Here's a hint; last night I saw a commercial that had the line " Who cares if you put all your money in crypto and called your boss and idiot? Start fresh..."
Video here: https://www.youtube.com/watch?v=H8iBrH3l448 [youtube.com]
Re:How long (Score:5, Insightful)
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It's not 'just like' gambling. It IS gambling, and the owners of the crypto casino may be a bit on the shady side.
Nope, with gambling there are laws that limit how much the games can be set up against you. Also in many countries the companies have to take some care about how much they advertise and try to ensure they don't cater for addicted gamblers. Gambling more or less follows some form of laws.
Crypto is worse than gambling.
The betting pool is on (Score:2)
Name your wager and how long 'til something fishy happens and some C-Level goes to jail.
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The Binance scam by end of year. Someone arrested by mid next year.
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Wow, that's a lot longer than most others give them, you're trying to get some killer odds, don't you?
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The wheels of justice grind slowly. That's the only reason for such a long time frame. And with that much money they're going to have a lot of lawyers, too. It won't be like picking up some drunks at a bar fight.
...because everyone else went bust (Score:2)
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Yep. A dying "market".
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Simple as that - fewer participants = everyone gains share, some more than others.
^THIS^
Easy to do when all your competitors (Score:1)
So far the SEC seems to be content with slowly picking the crypto "industry" apart by applying basic money laundering and securities regulations. If that keeps up we
Karma whoring, my continuing series of posts... (Score:1)
Blockchain is not the revolution everyone thought it was. It is a processing pig that is unbelievably wasteful, and the processing power uses energy.
That's a useless waste. Until we're properly on renewables, it also contributes to climate change.
Quantum computers, should they be successful, may render the whole thing useless.
This is NOT the wave of the future. It's a dead end.
I Wish Them Well. (Score:2)
I hope it works out for those who bought in, but I won't feel an instant's worth of empathy if it doesn't. They're participating in their own abuse.
At this point the market is full of people who are either poor investors, or people looking to fleece poor investors. Inside the fence there are sheep and wolves. Just don't go inside, and you'll be fine.
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bullshit - fuck them. A bunch of arrogate, produce nothing "bro's" who only believe in their superiority while living off others. (shilled investors). You won't feel that way when your 401k drops even further when they tank or get seized by some Govt because of money laundering, because the fund manager buys their nonsense. Crypto is a disease that should be eradicated.
Crypto itself is not the problem. If everyone involved in crypto kept all of his "coins" in his own private wallet, hosted on his own computer, the current problems would not exist. The problem is with people who persuade others to loan them their "coins", and then don't give them back. The same scam could be conducted with fiat currency--adding crypto just makes it seem more exotic.
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But if all the trading were honest, and cost free, you still can only get money out that someone else is willing to pay in, and not a penny more. Since there are expenses, everything will eventually be eaten up.
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That is the current problem - including outright scams that don't actually involve any crypto, just claims that there is crypto somewhere. But if all the trading were honest, and cost free, you still can only get money out that someone else is willing to pay in, and not a penny more. Since there are expenses, everything will eventually be eaten up.
I think investing in crypto is unusual in that, unlike other things you can invest in, it has no inherent value. With other kinds of investments, like land or gold, if the bottom drops out of the market you can live on the land or make jewelry out of the gold.
Aren't they gated? (Score:2)