Binance Downtimes during Panic Trading will cause the next Crypto Market Crash

Bitstar_coin

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

Another bias post about cz and binance, what are you calling? Nothing like that will happen and stop spreading fud thinking any reasonable person will pay attention to it, if you are that afraid you can save yourself and sell quickly,
Even now many people don't want to be on uniswap thanks to eth, if you have a better solution now is your chance to be a hero and provide it rather than making up stories. Grin

masterzino

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

This is false. Many exchanges experience overloads during big dumps.

Kraken & Bitmex are notorious for this. While Bitmex is not going down, you literally cannot place an order due to timeouts. And yet, the crypto trading is still here.

20kevin20

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I think some of these downtimes are in fact intentional. The time during which Doge got massively pumped was certain enough for me that they're using these "overloads" and "downtimes" as excuses to manipulate markets.

It's pretty dumb that people are acting based on what happens to exchanges or based on what celebrities say. But it's 2021 and we should already get used to it.. yeah, corporations and billionaires are going to be the main manipulators.

ChiBitCTy

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As others have already stated, Binance is not the only exchange that crashes. I remember signing up for Coinbase as my first exchange many years back and ever since then they have crashed relentlessly and I do believe they are the largest exchange on earth right now. Binance crashing will not cause the next major crash, most people have already experienced this and still "in the game".

kryptqnick

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

I think when Binance is going down, it's merely due to extremely high traffic, and if people cannot sell or buy temporarily, it's probably not affecting the price that much. The price is still very high, and some corrections are ought to happen. One just shouldn't hold money on an exchange, and in that case it won't be a problem to buy or sell elsewhere at a particular moment, in case Binance is down. Right now, however, it seems to be holding up, and the price has stopped going down as well. Being reliant on an exchange and preferring it to others when there's choice are two different things.

pawanjain

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It sure must be a pain for traders to experience such issues but we all know how high the trading volume on Binance is.
At times of FUD and FOMO the traffic on the site gets bigger and bigger which makes the site to go under a maintenance.
It is one of the disadvantages of a centralized exchange. It's better to have your coins store on multiple exchanges to tackle such an issue.
You would at least be able to trade a portion of your portfolio this way.

Quote from: yazher on February 23, 2021, 10:31:42 PM

That's why you need to think fast before that happened because when the downtime is fixed, the price of BTC might sink to the bottom, and you might lose your chance to sell your BTC at the high price. Yeah! you're right we choose those popular decentralized exchange for their convenience and safety but if ever panic trading has come, then we need to make some best alternative and the best alternative I can suggest is moving your assets to USDT because that's the only way to preserve the current price before you get caught with the downtime.

But if the site is totally down (meaning we can't even login) then how would the user exchange his coins for USDT.

michellee

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If the downtime is not taking too long, I consider that is normal because not just Binance gets a downtime. Many exchanges have that time, and sometimes their downtime takes a long time before they can back online. If the traders got panic, that would be their mistake because Binance will be back with a better. I think the downtime means maintenance for their server because they do not want to see their members get more problems. If you do not like that, you can move your funds from Binance to the other exchanges.

DeathAngel

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I doubt it, there are loads of other exchanges. One having downtime is annoying if you use them (I don’t) but there are plenty of others. Plus, you can just set limit orders so it doesn’t make a difference if there’s downtime, orders get filled regardless.

bassbity

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Quote from: mk4 on February 23, 2021, 09:52:12 PM

Binance sure does have a significant chunk of the total pie, but it's not like they control the majority of the trading volume. Also taking into consideration that Binance handles downtime a lot better than the likes of Coinbase.

But whatever. A temporary price crash would be really beneficial for the long-term holders.

there are several methods when yesterday's decline occurred, we can divide it into several parts. adjust the balance in the portfolio as best you can. well the total is 100% divided into 5 queues that have a range of distances according to resistance. the more the price falls a good opportunity will be taken advantage of by us. it's just that most of us don't set aside some of our funds to prepare for the price when it falls.

masterrex

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

I'm a Binance user and I think compared to other popular cryptocurrency exchange Binance handles the problem more efficiently, So with that reality, I can say that Binance is one of the most trusted and reliable crypto exchange in the market today, And the Influx of new users is the proof that Binance still a trusted crypto exchange service provider even it is centralized in nature. As one of the users just make sure that you are aware of the market movement so that if any unfortunate incident happens you are always ready.

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Quote from: doctor877 on February 24, 2021, 08:26:00 AM

this downtime dosent happen for long and binance usually handle it very well. i dont think a small crash will be what will crash the whole market or make everything tank for so long especially in a upward trend. these are times when people are looking to buy cheaper or lower so there are many orders to pick it up and only panick sellers will lose.

Binance will have the back-up solution with this and the fact that this is not the first handling such downtime, they can solve it faster.

And for us who trusted Binance, we shouldn't have to worry about this anyway. But I doubt how emotional traders and investors responded to the sudden change or/ they are of the selling now. I don't wonder this thing happens because that is the reality, panic sellers will always be in a panic when seeing any market correction.

doctor877

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this downtime dosent happen for long and binance usually handle it very well. i dont think a small crash will be what will crash the whole market or make everything tank for so long especially in a upward trend. these are times when people are looking to buy cheaper or lower so there are many orders to pick it up and only panick sellers will lose.

Dave1

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

To be fair, there are other exchanges that goes down during the highs and downs of bitcoin, i.e. Coinbase is known notoriously for this cases. Yes Binance could be the top exchanges right now, but there are still a lot of competition that it's hard to say that they have garnered the majority of volumes. In any case, Binance and CZ has built their reputation already, so I doubt that they won't negate this down time in the future because they don't want traders or customers to move out of their trading platforms.

Leviathan.007

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The binance downtime in the current situation is totally normal, the price increases and decreases rapidly and make huge movements. There are currently many people panic selling and many other people buying bitcoin with a discount this huge amount of users being active all the time will make the servers go down. However, It's not the first time for binance and maybe they do need to upgrade their servers.

Yogee

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Binance already survived the negative impact of the hack that happened in 2019. These downtimes won't cause traders to panic and dispose their bags in the fear that the exchange will cease from operating. Perhaps the insurance also gives confidence that's why traders trust this platform.

serjent05

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I wonder if Binance is the only exchange in the world, if so then there is truth in OP's insight but luckily, Binance is only one of the many exchanges that are available in the industry. I do not think that the Binance temporary shutdown has that huge effect on the market that will trigger a cryptocurrency Market crash. It may affect Binance users but I bet there are more people trading on other cryptocurrency exchanges that do not care about Binance temporary downtime.

meanwords

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

That's too far stretched of a prediction and it seems that you are wrong because Binance is back and there really wasn't any huge panic that you are speaking of. In fact, the price of Bitcoin actually pump from the recent dump. Remember, Binance might be the biggest but it doesn't hold all of cryptos volume.

pooya87

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Binance is experiencing downtime because bitcoin price keeps going up and down which means altcoins get dumped on both rise and fall of bitcoin. When there is such a massive altcoin dump it is expected to see the altcoin exchange that practically handles all the altcoin trading volume go down like this.
I don't think it changes that much about the altcoin dump though because the traders will continue trying to dump their altcoins as bitcoin price keeps rising.

DapanasFruit

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There is no platform that has no problem. Whether that platform can be centralized or decentralized, there will always be instances when they can be down for a variety of reasons. Anyway, one of the many reasons why Binance is taking a big chunk of the cryptocurrency market is because it is quite easy to use and has a good reputation of rising from ashes of its own problems. When it was hacked, many assumed it can be its end but no - just like the Phoenix it rose from its grave. I am sure that many are concern on its centralized nature but then again what matters most to me is that I can transact in there with fewer problems and lesser fees.

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Quote from: CryptoCarlos on February 23, 2021, 08:42:10 PM

I am calling it today. Binance usually goes down during peak and panic trading, which makes fear and uncertainties grow bigger. Most volume is being handled by Binance world wide. We are in a sad state with all these beautiful decentralised crypto currencies, but we all went for one exchange plattform because of low fees and convenience.

That's why you need to think fast before that happened because when the downtime is fixed, the price of BTC might sink to the bottom, and you might lose your chance to sell your BTC at the high price. Yeah! you're right we choose those popular decentralized exchange for their convenience and safety but if ever panic trading has come, then we need to make some best alternative and the best alternative I can suggest is moving your assets to USDT because that's the only way to preserve the current price before you get caught with the downtime.

Topic: Binance Downtimes during Panic Trading will cause the next Crypto Market Crash (Read 224 times)