I've written about moneymaking opportunities on the Binance Smart Chain, and I've also written that I'm not sticking around for the long term. Why? Centralization. I'm opposed to it. BSC is a money generation machine for me. I'm not married to it; I don't even like it. And this latest story is exactly why.

Submitting to pressure from the Financial Action Task Force, BSC added CipherTrace to track "illegal transactions." ON THE ENTIRE CHAIN. The premise is to stop money laundering. But as defined by whom? Is there some kind of court that determines what laundering is, or will BSC be required to put a halt on any account that the FATF deems unacceptable on sight? If your account is stopped, to whom do you actually appeal?

Just goes to show — if an entity is centralized in any form, it can be attacked and compromised. BSC is supposed to be defi, but there's nothing less decentralized than the ability to add a tracking service to an entire chain with no prior warning or vote. BSC is not defi. It's cefi. You can bet that eventually, every account on BSC that isn't connected to a KYC'd account on Binance will be labeled as laundering money and halted from moving funds.

You can bet I'll be gone way before that happens. 

By the way, the same thing will happen to all of these other centralized chains like Solana. And these chains don't even have the advantages you think they do. The reason that most people move to BSC or Solana is supposed to be speed and fees. The fees, yea. I'll give you that. The speed thing is bullshit. I've been in game opening events on BSC and Matic, the My Neighbor Alice land sale on BSC and the Embersword land sale on Matic. They both completely crashed the chain, destroyed the website and worked like shit.

So these other centralized chains with their fake defi have no real advantage over Ethereum. Your time on them should be short and specific — to make money and leave. Unless you don't care about being regulated in "defi."

And don't even come into my comment section talking about CipherTrace is good for stopping dev scams and rugpulls or flash loan exploits. The community was doing that on its own without regulation. Do you really think the FATF is going to be able to react quickly enough to a rug pull to label an account as laundering and stop it? The community was already doing that! The FATF is going to use its new power over BSC to red tag accounts that offend the FATF. They don't care about devs that rug you.

You've been warned.

———

AlucardCrypto Telegram JoinUp Link ---> https://t.me/alucard0x
Once we hit 10K followers on Publish0x, we're doing exclusive AMAs. I believe that's a first here, so let's do it!

YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE ---> Making Money in Crypto Part 1
Why you should buy your Tesla (and everything else) in BTC ---> Why You Should Buy Tesla With Bitcoin
Find out why Chainlink 2.0 is a problem for your freedom ---> Why Chainlink Will Kill Crypto

Gems I'm investing in:

Privacy - Swirl
Health - Defit
Banking - Fortube
Gaming - Abyss