Binance Data Shows 40% of Major Holdings Are BUSD, BNB - Bloomberg

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Quote from: The Sceptical Chymist on November 12, 2022, 10:51:45 PM

Quote from: dkbit98 on November 12, 2022, 02:09:35 PM

I don't think Binance will collapse soon or in few days, but there is good chance this could happen in near future, so better be safe than sorry.

I've been following news about this situation, and I haven't yet gotten the impression that Binance is in danger. In fact, the feeling I got is that CZ is at least partially responsible for FTX collapsing (and he had every reason for wanting them to).

I don't think binance is in danger as well. However, who was expecting FTX to collapse? Probably no one, and it collapse in just a few days.

Although binance looks much more solid, and probably is, it may fall as well someday in some unexpected event. Many of those cryptocurrency companies may be much more connected than they look like.

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Quote from: dkbit98 on November 12, 2022, 02:09:35 PM

who knows what other dirty connections we don't know yet.

Indeed. If these exchanges' customers had complete information about what's happening behind the scenes, none of them would have lost money in the last two disasters, i.e., FTX and the Terra Luna/USTC meltdown. Unfortunately I doubt that's ever going to happen. The average investor, whether it's in stocks, crypto, real estate, or whatever, never really knows what's happening with the big players that have the power to bankrupt everyone--and I don't think any amount of regulation is going to change that, either.

Quote from: dkbit98 on November 12, 2022, 02:09:35 PM

I don't think Binance will collapse soon or in few days, but there is good chance this could happen in near future, so better be safe than sorry.

I've been following news about this situation, and I haven't yet gotten the impression that Binance is in danger. In fact, the feeling I got is that CZ is at least partially responsible for FTX collapsing (and he had every reason for wanting them to).

I don't use Binance and have never owned BNB or any other exchange's coin, and I never will. I'm not opposed to altcoins as a general rule, but I've seen enough crap go down with the biggest, most popular exchanges over the years that any coin or token associated with any of them is off the table as far as I'm concerned. Any exchange can collapse, and as dkbit98 said, we don't know what's happening behind the scenes and most likely won't see it coming.

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Quote from: bitmover on November 12, 2022, 12:54:20 PM

Do you have bnb, busd, or any cryptocurrencies in your binance account?

Think about it. Binance might fall overnight just like ftx. If for some reason bnb price drop (which is absurdly high now btw, as a top5 coin) we will see a massive Holdings withdrawal in binance. Just like ftx.

With the way I detest BNB, BUSD and all those other shit chains of theirs,i don't even trade any pair involving them when using their exchange...

Something bad is most likely to happen in the near future and when it does we better be ready.

Quote from: dkbit98 on November 12, 2022, 02:09:35 PM

Binance is seriously connected with FTX, heck they wanted to buy them few days ago, and who knows what other dirty connections we don't know yet.

Most importantly why the hell would an exchange have $500M worth of a "rival" exchange's tokens?

There is definitely something we don't know yet.

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Quote from: bitmover on November 12, 2022, 12:54:20 PM

So it looks like binance is in a similar situation compared to FTX.
so let me ask. Do you have bnb, busd, or any cryptocurrencies in your binance account?

Even if they are not on Binance exchange, and you have this shitcoins (including fake bitcoin on bsc chain) in your non-custodial wallet, you are in danger of losing your money.
If BNB token or BSC chain collapses for any reason, all on-chain transactions will stop, fake dex exchanges will stop working, and value of this coins will go down fast, probably to zero.
I would never keep larger amount of coins on Binance or any other exchange, but I also recommend converting all shitcoins to Bitcoin and withdrawing them to hardware wallet or cold wallet.
Binance is seriously connected with FTX, heck they wanted to buy them few days ago, and who knows what other dirty connections we don't know yet.
I don't think Binance will collapse soon or in few days, but there is good chance this could happen in near future, so better be safe than sorry.

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Binance Data Shows 40% of Major Holdings Are BUSD, BNB

Binance Holdings’ major crypto token holdings include $74.7 billion worth of coins, of which around 40% are in its branded stablecoin and native coin, according to data compiled by Nansen based on information from the world’s largest digital-asset exchange.

Of the $74.6 billion termed as net worth, about $23 billion was in the BUSD stablecoin, issued by Paxos, and $6.4 billion in its Binance Coin, according to Nansen.

https://www.bloomberg.com/news/articles/2022-11-11/binance-data-shows-40-of-major-holdings-are-busd-bnb?leadSource=uverify%20wall

So it looks like binance is in a similar situation compared to FTX.
so let me ask. Do you have bnb, busd, or any cryptocurrencies in your binance account?

Think about it. Binance might fall overnight just like ftx. If for some reason bnb price drop (which is absurdly high now btw, as a top5 coin) we will see a massive Holdings withdrawal in binance. Just like ftx.

Topic: Binance Data Shows 40% of Major Holdings Are BUSD, BNB - Bloomberg (Read 92 times)