Topic: Binance are the godfather of crypto - page 2. (Read 292 times)

@Charles-Tim - I'm not aware that Binance was hacked in 2017, maybe you meant 2019?

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Binance was established in 2017 though and then just takes over as the top crypto exchange that we have seen right now.

And as far as the Binance hack, they said they are SAFU (Safe Asset Fund for Users) isn't it?

I also don't think it will be the end of crypto, there are a lot of exchanges out there, it's not like that we have just a single biggest exchange like Mt. Gox, that when it's hack back then crypto was cripple. Now we have other options: Coinbase, Kraken, Huobi and others.

For making this statement, you have a lot to learn. Know that cryptocurrencies are beyond ban. Also know that if binance is gone, crypto will still be alive. Crypto are not exiting because of binance, but binance is existing because of crypto. It means binance is nothing but depends on crypto for surviver while crypto do not depend on binance.

But Exchanger are fastest way to exhange.
Specially stable coins.
Yes You can transfer out usdt but look at the prices of  erc20 tokens Transactions fees...
Its grazy nobody dont want to pay so high fees.


And There is no reason to compare our new world with Mt gox kind of things.

Binance is Holding Up People trust and whole crypto.
If binance out the whole crypto is done!

We all know CZ's ambitions for the cryptocurrency space are enormous.  I agree with the maturity that Binance has incorporated into this crypto world with the best reputations, good plans with liquidity by the largest exchange, and the potentially remarkable direction for BSC.  However, it is possible that Binance is an important part of the market but not quite all, and there will be great dependence here.  There will be other ingredients urged to grow and match.  Binance has converted its status  to the “Top 3” markets and that is good faith, but personally I will not put all and trust in Binance or BNB.

Not your key not your coin means you are not having the coins on blockchain, what proves the true ownership of a coin is to have the private key to unlock the coin on blockchain. Exchanges has the coin on blockchain and that is why they have the control, not you that have coins with them.

Blockchain is always available, but exchanges can disable withdrawal. You can withdraw anytime you want on noncustododial wallets like electrum, but exchanges can be under maintenance in which no one at that time will be able to withdraw.

Exchanges can be hacked, there are some that were hacked in the past that users lost their coins.

Due to some reason, exchanges can freeze your coin, in that period, the price may be falling, and the person will lose before releasing the coin

There are many cases someone will send wrong tokens to another token address, but supported by the same private key. Like sending TWT to coinbase, in this case you might lose the coin, but because you have the private key to the coin on noncustodial wallet, you will only import the private key on a wallet that support the coin and you will see your coin.

There are many inconveniences that can be from exchanges, but that does it mean they are not the best for buying and selling and trading generally, but like I ones commented, your coins should be stored on noncustododial wallets, cold wallets are the safest.

Mt GOX was one of the best back in the day. People trusted it a bit too much and everyone knows what happened. Binance got hacked as well but CZ made the right move to recover the funds, anyway you can't trust online wallet to "stake" your funds and keep them there. One thing is for sure, it makes the life easier for those who found out about crypto just now and want to dip their toes in tho the crypto sea, with other words t's good for mass adoption!
I wonder when they will enforce the KYC thing.. it's still open up to 2 btc withdraw per day.. which is over 100K compared to the 2btc ~ 40K back in 2017.

So Now binance are very important so whats the Second option?  Kraken?  But they dont have even the debit card using option.

Coinbase well for Some Reason their rep is not good. There is rumours but People want things whats top quality working 100% always good and Give them easy option to use it.

To trasfer out of exhangers and in we pay high fees.

There should be non fees transfer option for users.


Not your keys not Ur coins dont sound like safe.
Who Ever Say this is justifying thiefs.
I would say not your money dont take it.
We have FBI Police CIA mossad mi6
Thts their Job to hunt down terrorist criminals and thiefs.
If Exchanger Will take your money its stealing, period!

For example someone Will lose
Huge ammount of money....  I dont think he or She Will Ever use crypto Again.

So things are how they are.

Binance.us is support by USA, and they have Decentralized exchange where you can buy/sell directly to your own wallet (binance.org)

Not correct, probably you meant biggest exchange.

Absolutely wrong, Binance was even hacked in 2019. If anything happens to binance, nothing will affect cryptocurrencies especially the decentralized ones like Bitcoin.

Binance make money from trading fee, transaction fee, some percentage gain from profit from money people lend to borrowers.

Not that wallets like electrum are only safe, they also bring privacy to certain level, and you have the private key to your coin which guarantee you to have full control over your coin.

Not your key not your coin, how crypto is designed, noncustodial wallets should represent the bank, while exchanges should represent trading platforms where people can buy and sell cryptocurrencies. After buying, the cryptocurrencies should be moved out of the exchanges into noncustodial wallet, cold wallet storages are the safest.

There are some countries not supporting Binance, like USA, Coinbase is the dominant trading platform.

Exchanges are important to buy and sell, while noncustododial wallets are important for storage. Exchanges will not let you have the full control over your coins, the exchanges do have the full control that can override yours, you do not have the coin on blockchain, Binance (exchanges) do. Always have in mind that so far you do not have the private key to a coin, it is like it is not your coin as it is not yours on blockchain.

So binance are Now one of the biggest.
And its easy to use also have debit card option.
And many People Move there eveyday.

If something happens with binance its end of crypto.
And also Nice pumps and dumps wich crypto People love it.
Also the Good option for uk and eu banks to trasfer in and out.

So my question is what backing binance if binance Holding so big responsebility who or what is behind them to Back it Up?

Also its a Good time for binance to think about insurance if they dont have one.


So to speak People use services whats easy fast and simple
Ye all those wallets like electrum wallet for btc are safe but hey....  People dont like those People Go Where things are simple
I have tried the hard wallets like electrum and im just a regular simple guy I like When things are simple and this hard wallets not my type.


As we Know the crypto Exchangers have become our new banks and binance have done Something what is Holding Up whole crypto.

There are also the coinbase...  But Why need coinbase if binance is all around well known.
There is also the  kraken but nobody Can't beat the simolicity and quality.


To be honest me and many others are in crypto Only becouse binance are in crypto.

So I Hope Long life for binance becouse binance is our crypto center.