Do not be fooled, Binance kneels to centralism.
Most of us assume to adopt our economy and way of life through cryptocurrencies largely because we know the dangers of the fiat world for our absolute freedom, besides being convinced that despite the price fluctuations of the main decentralized digital currency such as Bitcoin (BTC) the truth is that along with gold there is no other better way to give value to our money than relying on this form of money.
The presence of BTC and Altcoins have opened a new perspective in the world, where people take control by themselves of their financial destiny, in this way more and more people put their trust in cryptocurrencies and leave behind the bad experiences that the banking system, a symbol of centralized power that has left as whipping wounds to slaves in our minds. And is that the struggle between the decentralized proposal and the centralized world is determined by who gets the ultimate trust of humanity.
Let's not fool ourselves, it is true that there are more and more people interested in joining our ranks, however our rivals are powerful, they have many means of communication in addition to the dominance of the most popular social networks in the world such as Facebook, Instagram, TikTok or Twiter. But they are also the masters of the so-called Exchanges, which congregate most of the accounts or wallets of crypto holders in the world, where Binance takes the lead as the main exchange house and cryptocurrency transactions globally.
In the crypto world there is a kind of mantra that those of us who know this economic modality usually repeat: 'If they are not your keys, they are not your cryptos', and the fact is that generally those who keep their cryptoassets in these centralized exchange houses delegate the control of their keys to the owners of their capital in the form of digital money or tokens. Certainly these exchanges like Binance usually offer a wide variety of cryptoassets and the possibility to enter the world of Decentralized Finance (DeFi) as well as Non Fungible Tokens (NFT), however in exchange you hand over your identity and your cryptos to the care of the centralized power, that is, a form of formal banking of the world of cryptocurrencies.
Recently Binance CEO Changpeng Zhao took off his mask and stated the following: 'We have realized that we need a centralized entity to work well with regulators'; in short yes, all wallets or accounts that make life on Binance are susceptible to being taken over by your government (central power). It may sound far-fetched but I was born and live in a Latin American country and here we are used to the fact that when governments require funds or bankers usually take it directly from our accounts (Argentines have a lot of experience with this).
But you do not have to live in the third world to suffer the onslaught of the authoritarianism of the elites, in the end they created the economic system that collapses and at the same time they already have ready its replacement in their image and likeness (but digital and with their friends the algorithms), we also know that in the past the government of the United States outlawed the possession of gold to its citizens, therefore the central power was left with the most important value of the time with the help of their lackeys the banks.
Everything seems to indicate that the crisis will worsen and will take us to levels that will dwarf that of 2008 and its mortgage loans (pay attention to China and its ponzi called Evergrande), in any case if you do not take precautions and take control of your keys (hence your cryptos) you risk losing your digital currencies without being able to do anything (see Argentina case). And if you think Binance is going to back you up you better go forgetting that possibility, between you and the central power you know well who they decide for.
Posted Using LeoFinance Beta
