We in the crypto space love decentralization. It was a cornerstone of Satoshi’s vision and it’s something that most projects and communities hold dear. Last year’s DeFi Summer is already the stuff of legends, and it looks like with rollups that this summer could be just as revolutionary.

But we really need to acknowledge the elephant in the room. Binance coin is trading now at $485. It’s up 12x this year and showing no sign of slowing down. Now, all indications are that it’s not decentralized, although it claims to be. However, there’s two reasons I think it’s going to be Ethereum’s main competitor for quite some time.

There’s so many new people coming into the crypto space now that it’s really taking off. Many of them just want a quick buck and don’t really care about any of the ideals crypto was built on. They just want something they can turn a profit on. Pancake swap is just a Uniswap clone, but it’s got low fees and cute mascots. People are clearly using it, and you’re seeing influential YouTube shills pushing it hard every day. These newbie crypto investors are probably a big part of this rally.

It’s the Chinese crypto. China mines like 75% of new Bitcoin currently. In general, the country has surged both technologically and economically for the past several decades. They’re likely to overtake the US as the world’s preeminent superpower in the coming decades, and they tend to strategize for the long term. China is also very centralized; their government runs aspects of their economy that are privately run in most of the western world. With China’s continued economic development, I could see BNB becoming the #1 crypto just because it’s the coin of choice for a growing Chinese middle class.

Just some thoughts. So far I’ve refused to buy in due to idealism, but the FOMO is hitting me hard right now. Are there flaws in my logic? Why is this sub largely ignoring the fastest growing large market cap crypto?