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1/12 Binance Smart Chain Thread:
I recently started using Binance Smart Chain recently after being totally against it for the sake of decentralization. Though the experience was fun, there are some flaws that I would like to address.
I recently started using Binance Smart Chain recently after being totally against it for the sake of decentralization. Though the experience was fun, there are some flaws that I would like to address.
2/12 I will start with the good. The cheaper fees are definitely a breathe of fresh air compared to Ethereum fees I will admit. The ability to chase high yield at a fraction of the cost is a big plus. #Pancakeswap is really fun to use and I urge people to give it a shot.
3/12 Now I will begin with the bad… *exhale*… With the cheaper fees comes with a whole new set of problems. Granted, Ethereum has had it’s problem with scams, #BSC 
has taken scams to the next level.
has taken scams to the next level.
4/12 There are constant rugpulls and multiple worthless pump/meme coins popping up everyday. It has literally turned into the Wild Wild West. Some make money where most will lose. There is a level of greed seen in pump groups that is quite sickening and disheartening.
5/12 This is honestly the least of my concerns though. Due to the centralized nature of #BSC , I’ve noticed there is a very tight control of what moves in and what moves out of their “chain”, this is extremely troubling for a number of reasons.
, I’ve noticed there is a very tight control of what moves in and what moves out of their “chain”, this is extremely troubling for a number of reasons.
6/12 I personally have been trying to move funds into #BSC for the past 3 days with no luck. There seems to be some sort of block IRT the bridge. Sounds pretty regressive to me but then again, this is what happens with centralization.
for the past 3 days with no luck. There seems to be some sort of block IRT the bridge. Sounds pretty regressive to me but then again, this is what happens with centralization.
7/12 So I figured I’d find another way to get some $BNB only to find out it’s next to impossible to obtain it hassle free. It’s definitely much easier to get your hands on $BTC & $ETH than it is to access $BNB, see centralization.
8/12 The REAL troubling part for me is moving your funds OFF of #BSC . You have to go through the gatekeepers who’s none other than @Binance & @cz_binance. This is a single point of failure that just isn’t acceptable IMO.
. You have to go through the gatekeepers who’s none other than @Binance & @cz_binance. This is a single point of failure that just isn’t acceptable IMO.
9/12 This is no knock on @cz_binance or @binance, but it begs the question, do they deserve to have that much control over YOUR FUNDS??? The simple answer for me is NO!!! This is a gigantic flaw in my eyes and why I view $ETH and others as superior.
10/12 What makes $ETH so great is ACCESS!!! Despite high fees, I have access when I want and I don’t need to ask for permission. This is key for me and gives you the sort of freedom you deserve. Access and freedom to move my funds freely is more important than cheaper fees.
11/12 There’s always a trade off at the end of the day. These central authorities only care about THEIR bottom line. For all of #BSC successes, it’s flaws far outweigh them for me. Maybe one day they’ll get it right, who knows?
successes, it’s flaws far outweigh them for me. Maybe one day they’ll get it right, who knows?
12/12 Closing argument; BSC’s fees do make it enjoyable to use. However, the bottleneck of control on what goes in and out is a deal breaker for me. When the time comes, others will experience the same thing and these words will resonate.
