> What are "the people" going to do about this? What does blockchain have to do with this? Not a damn thing.
You have Coinbase, Kucoin, Gateio, Crypto.com, Kraken, Bitfinex, Uniswap, Sushiswap, Pancakeswap, ...
Competition is also a form of decentralization.
Yes. Just like Amazon has lots of competition in ecommerce.
Whoever controls the majority of the trading volume sets the "market" price. The "competition" has little choice but to follow along.
Don't look now but "decentralization" and "power to the people" are already gone in the crypto market.
Blockchain is a novel accounting system. But has any organization *ever* derived any real power from an accounting system? Are Google and Apple and Amazon market leaders because of a novel accounting system? I don't think so.
In a capitalist system, real power is derived from marketplace control. Accounting is just a way of keeping score.
Likewise, in the crypto market, Binance has now consolidated it's power position as marketplace leader and has effectively become the "central bank" of crypto with the power to mint it's own currency (Tether and BUSD) and use it to manipulate the marketplace at will. In a brazen demonstration of their power, they plan to crush other stable coins by simply replacing them with their own.
https://fortune.com/2022/09/06/binance-moves-against-rival-s...
What are "the people" going to do about this? What does blockchain have to do with this? Not a damn thing.
Power to the Binance! They are now driving the crypto bus and everyone else is just along for the ride.