A Look At Crypto Space

I feel the need to address a topic that has been of popular debate with various opinions and thoughts expressed on the topic with no real thoughts of the possibilities of what could happen with the topic at hand. THE TOPIC IS CRYPTO CURRENCIES THAT ARE CREATED BY CRYPTOCURRENCY EXCHANGES , this topic has various angles and sides and I will try cover most in this documentation - article as well as my own personal opinion on the matter however it's up to you to draw your own conclusions.
For the sake of Time and this topic I will only use three Big name players who have created for themselves a custom crypto currency , Bitmart has BMX ,Kucoin has KCS , Binance has BNB .This in itself isn't a malicious act , any one should be able to to create their own digital assets without fear of being judged for it.However these three companies sell a lot cryptos and by all accounts are big brand names and represent the crypto space in a very real way, if you ask someone who buys and or sells crypto they will all , but a few say they have used one of these exchanges at some point in time.So it is important to pay attention to their actions ,and ask them to reform if they act unfairly ,so on that note I would like to call into question their actions on making a custom cryptocurrency and the way they use them. That can only be used on their respective platforms for cashing out value and should they be considered fair in the manner they promote them.When there are many more valuable and more useful crypto currencies they could accept instead as payment, well for the most part they also accept other Cryptos as well as their own created token in most cases and use incentives of reduced trading fees for getting people to use them Bitmart and Kucoin . Except Binance which has felt the need to conduct special sales for certain digital assets new to the space that have an extreme amount of popularity and hype about them only in BNB their custom token so therefor they could completely regulate the price, or in other words, Price Fixing, because they do control the minimal price tag for BNB so that being said people wanting the new digital product are whipped into a frenzy buying up as much BNB as they can driving up the BNB price .Now at first glance this could be seen as a smart business tactic until you think about how it would be for your grocery store to do this . I mean how would it be if the grocery store made its own dollar bills but each is worth 10$ regular dollars , and so a loaf of bread is worth 5 Store dollars , or 50$ regular dollars , but there are only a certain supply of these store dollars so the cost of the store dollar goes up to 20$ dollars so now you are paying 100$ regular dollars for what used to be much lower in cost bread. Pretty unfair wouldn't you think? I say it's out right manipulation. Thankfully the other two exchanges have not copied this particular trick, but that could change if there is no push back or if people continue to use binance’s BNB and don't complain about how they are exploiting it. The old rule of he's getting away with it so why can't I? , but the risk runs deeper than that though. You are all aware crypto whales?There are Bitcoin whales , light coin whales ,Dash whales, all kinds of whales right ?
Well there are hundreds maybe thousands of these whale types, while we would all probably agree most of us aren't a fan because of how they can affect prices. We all would probably have to agree that we like to be one and that they make us money at times too. So where am I going with this you may ask ?Well it's pretty simple by embracing a crypto created by an exchange we are in short, CREATING A KILLER WHALE BIGGER THAN EVEN A REGULAR WHALE. Now you're probably going that's crazy talk how are we doing that ? Well simple traditional whales none of them hold more than a 25%,30% maybe even 40% percent or less of any total supply which is extremely rare to hold that much by the way, but with an exchange they would hold all at least 50% Percent of their tokens at any given time most likely even more than that so what you have complete and centralized control of a cryptocurrency , that they can push the price around however they want , so essentially these killer whales could go around pushing their crypto on you while devouring your more valuable Crypto assets and essentially leave you holding something with very little value. They also can decrease the supply by burning tokens inflating the price then releasing a large supply basically whatever they wanted to make a bigger profit...

So ask yourself is it worth it to support these kinds of behaviors for a little profit in the short term is their spikes in cost sustainable?, cause if you say yes don't be surprised when the exchange decides to see if they can make more money using this tactic at your expense , may be seeing the profit gains, binance could suddenly decide that more Crypto currencies can only be purchased using BNB , and it's worth noting the two sales they did using this trick , the BitTorrent and fetch AI ,the people who have bought in thanks to the over hype have lost a lot of money ,a real blood bath really. SO IN CONCLUSION don't create the problem if we don't use their Monopoly money they won't push the issue~. DON'T FEED THE PROBLEM! UNLESS YOU ARE WILLING TO RISK YOUR SAFETY! Thank you for reading my article A Look At Crypto Space , if have comments or questions or you would like me to write an article on a topic contact me on telegram @viciouswolf