Binance Smart Chain - Bruno Upgrade Hot Take
howdy frens
Happy Sunday. Hopefully you're off work and enjoying your family/life. If not, I hope that you have a great day at work. It's a bit rainy today so I guess going out for a walk may not happen but that's fine because technology! The wife and I may visit a local Meadery and sample some local brewed meads. Why? Because I love beer and wine. Also because I've been spending way too much time on the computer and need a break. Anyway - a few days ago, Binance Smart chain saw the "Bruno" upgrade go live. This upgrade contains various updates as well as BEP-95. Here's my 'hot' take lol
BSC is dying
Ok, so don't burn me at the stake here. I have nothing against BSC (aside from the fact it's highly centralized) and hope that it continues to live on. With that being said, I kinda see it going in the opposite direction. Surely I'm not the only one that sees it. @bitcoinflood wrote a post yesterday explaining the BEP-95 upgrade to BSC, which got me thinking about this. Make sure you go check that post out and show some love. In my opinion - BSC is slowly dying. I say this because with the release of more layer 2 solutions for Ethereum and different blockchains that are much better and more decentralized, BSC is becoming less relevant. Sure it still has a pretty huge market cap and all that, but why would I use BSC over something like Polygon?
Just because it was the first really popular alternative to Ethereum doesn't mean it's the best. CZ is doing some questionable shit and at the end of the day, BSC is highly tied to him. Let's look at what BRP-95 is supposed to actually do for the blockchain.
Artificial demand
Did you notice that it's literally all about "increasing the intrinsic value"? Sounds a little like artificially pumping the price of BNB by creating a false sense of scarcity. Basic supply and demand - supply goes down, demand goes up, value increases. That's fucking fine and dandy but it doesn't last very long. Does this even matter if the demand is going down due to people using other chains instead? Solana, Polygon, WAX, Hive, and more are slowly sucking the life out of BSC because at the end of the day - they're better and less centralized.
Now I'm not saying BSC is gunna ever completely die. What I'm saying is it's becoming less relevant. With the shutdown of Binance Bridge, it all of a sudden because harder for a lot of users to get funds onto BSC. Binance has been dead as far as the U.S. goes for quite some time so this just put another nail in the coffin. Obviously there are alternatives and I've written about a few of them. But what does it say to you when the company behind Binance Smart Chain shuts down the bridge between BSC and Ethereum after "regulatory concerns"? Does it get more centralized than that? yeah it does but you get my point I hope.
I have no doubt that this will pump BNB a little bit when people realize how much is expected to be burned. What happens when people start getting priced out of using the network? Will there be layer 2 solutions for BSC? lol
To me this seems like a desperate attempt from Binance to try and make BSC relevant again. All the crazy new projects and whatnot were all launching on BSC for the lower fees. Now there's even better alternatives and people are losing interest. Why not just decentralize like they keep talking about? I have yet to see one more from Binance to make BSC actually decentralized. Why create a false sense of scarcity instead of giving up control of BSC to the community? Wanna drive value? Stop talking about being more decentralized and actually become decentralized. CS has his claws way too deep in this blockchain and it's honestly dangerous.
What do you think?
lemme know.
Posted Using LeoFinance Beta
I just think that as long as Binance retain control of the BSC network (and let's face it, they're not going to be giving up control in the name of decentralisation anytime soon), that they're going to be pumping HUGE money into making it work.
The only reason BSC has become as popular as it has, is due to Binance's insane marketing and project funding efforts.
We like to talk up that people will use a decentralised alternative on top of it when offered the choice... but that's just not true.
The majority of people don't care and just want the easiest, working product to make number go up.
Binance gets this and have filled the niche perfectly.
I don't see this changing any time soon and would bet on Binance Coin (BNB) pumping a lot higher than where we are now as a result.
Posted Using LeoFinance Beta
I really wish people would use the decentralized option. As you said, they won't because they want whatever is the easiest and cheapest. I figure BNB will pump as well. Either way, I don't see BSC being people's first choice forever.