Binance gives more reasons to remain decentralized with bitcoin

franky1

legendary

Activity: 4424

Merit: 4794

Quote from: o_e_l_e_o on June 13, 2022, 02:29:16 PM

Either way, they are ripping you off and risking your coins. Get your money off centralized exchanges as soon as possible.

people are..
they are having problems getting their BTC out. so they are doing a MTGox(the mass sell-off before mtgox closed). selling btc for dollar to try getting their money out..

and just like the 2014 days of mtgox. the price tanked and every other exchange stupidly and sheepishly followed the price down even when their exchange didnt have the same withdrawal trouble..

usually you would (in a logical rational world) see people sell btc to buy a stable coin and use a stablecoin$ on another exchange to then buy on btc back on the other exchange meaning binance tanks and other exchanges hype..

this sheep following the sheep is not a good sign and shows how these central exchanges are all partnered up rather then working as independent markets

anyway. while price is down. might be a good time to buy more (ensuring the exchange you use has not suspended its btc withdrawals after the buy)

Hispo

legendary

Activity: 1162

Merit: 2025

Leading Crypto Sports Betting & Casino Platform

Quote from: tadamichi on June 13, 2022, 11:48:23 AM

Its actually weird that celsius is doing the same thing now, i dont buy the backlog story.

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6

Quote from: PX-Z on June 13, 2022, 11:33:25 AM

It's not a new thing, they been doing that to lesten backlog of transactions every now and then, not only bitcoin but also on other blockchains such ethereum.

On the "eye opener to those using centralized exchange" thing, most people already knew that, but what, of course using centralized exchange that has large volume for trading purposes will always be the better choice if you want to trade and to make profit.
With this kind of market, people getting crazy not to sell their holdings, you won't use DEX and wait longer times before it got a buy order unless you dont need to, which you wont sell it in the very first place and will hodl it instead.

Sure but in this case never leave more than you need on a CEX. And then use a DEX to build a long term stash into your cold storage.

I read about the Celsius situation last night and it is quite messier in comparison to the promised enabling of withdrawals after 30 mins.
Most of the people that used Celsius to this day were there because the 17% APY (which is quite good-to-be-true if you ask me), on the other hand people use Binance and others exchanges to trade mostly, there are other products and services provided by Binance like Staking, Mining... but I believe we all can agree their main function is to serve as an exchange of crypto-assets.

It is quite messed up to see people on reddit (https://www.reddit.com/r/CelsiusNetwork/) wondering whether they will ebe have their money back or not.

I'd dare to say that this is not looking good at all for the people who trusted celsius, even if they had the needed liquidity to honor their costumers some weeks ago, because the FUD and bad image this news provide, obviously more people feel urged to withdraw all their coins. Binance does not offer such a high yield for their savings accounts, but at least they seem to be liquid at the time being.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18771

Imagine using an exchange which charges a withdrawal fee 100x higher than it needs to just to just so it can pocket 99% of it as pure profit, and yet still can't figure out how to use a high enough fee for their transactions so that they don't get stuck in the mempool, or how to use RBF or CPFP. Embarrassing for Binance, and embarrassing for anyone who is still using such a scummy exchange.

Or, alternatively, perhaps Binance were caught without adequate BTC in their wallets to process all the extra withdrawals which suddenly hit the mempool and had to stall while they readjusted their fractional reserves.

Either way, they are ripping you off and risking your coins. Get your money off centralized exchanges as soon as possible.

tadamichi

full member

Activity: 168

Merit: 421

武士道

Quote from: Hamza2424 on June 13, 2022, 12:48:58 PM

Bro who Said to Community to Intrect with the Spammy Projects like Celsius.
These So Called Decentralized Projects are a big Spam on the Name of the Decentralized.

The Only Decentralized Currency is BTC ( Only BTC) No arguments on that can be expected, as the ETH is second one but still there are transparency problems with the ETH i don't know why.

Saty safe stay Decentralized with BTC as crypto is not a Revolution only its the Emotion to control own Assets

Because sheeps run after useless yields and only realize they got scammed when its already too late. The amount of people who got liquidated is insane, and the amount of people that still dont take self custody is even more insane.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: tadamichi on June 13, 2022, 11:48:23 AM

Its actually weird that celsius is doing the same thing now, i dont buy the backlog story.

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6

Quote from: PX-Z on June 13, 2022, 11:33:25 AM

It's not a new thing, they been doing that to lesten backlog of transactions every now and then, not only bitcoin but also on other blockchains such ethereum.

On the "eye opener to those using centralized exchange" thing, most people already knew that, but what, of course using centralized exchange that has large volume for trading purposes will always be the better choice if you want to trade and to make profit.
With this kind of market, people getting crazy not to sell their holdings, you won't use DEX and wait longer times before it got a buy order unless you dont need to, which you wont sell it in the very first place and will hodl it instead.

Sure but in this case never leave more than you need on a CEX. And then use a DEX to build a long term stash into your cold storage.

The backlog story may just be a front, but at least with binance, your funds are in SAFU.
This is why even if binance is a CEX, I have my confidence in using this exchange.
But not for storing my coins, just for trading purposes. Another situation to remind crypto users not to store their coins in centralized platforms.

Quote from: jackg on June 13, 2022, 11:43:01 AM

Yeah they've done it quite a lot before and they might've been responding late to the block that took about an hour to be mined this morning (afaik it took that long - as well as increased withdrawals from holders and dip buyers).

It might come from funds being less accessible from cold wallets too but I'm not too sure how likely that'd be - especially since cz probably has a reserve of their own somewhere.

What I like with binance, is that their CEO is very visible to the public.
And he will use social media to announce any important news or updates.
Not many centralized exchanges' owners are known to public.
So for me, it is easy to reach out binance if in case you really have important case to settle with.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: tadamichi on June 13, 2022, 11:48:23 AM

Its actually weird that celsius is doing the same thing now, i dont buy the backlog story.

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6

Quote from: PX-Z on June 13, 2022, 11:33:25 AM

It's not a new thing, they been doing that to lesten backlog of transactions every now and then, not only bitcoin but also on other blockchains such ethereum.

On the "eye opener to those using centralized exchange" thing, most people already knew that, but what, of course using centralized exchange that has large volume for trading purposes will always be the better choice if you want to trade and to make profit.
With this kind of market, people getting crazy not to sell their holdings, you won't use DEX and wait longer times before it got a buy order unless you dont need to, which you wont sell it in the very first place and will hodl it instead.

Sure but in this case never leave more than you need on a CEX. And then use a DEX to build a long term stash into your cold storage.

Bro who Said to Community to Intrect with the Spammy Projects like Celsius.
These So Called Decentralized Projects are a big Spam on the Name of the Decentralized.

The Only Decentralized Currency is BTC ( Only BTC) No arguments on that can be expected, as the ETH is second one but still there are transparency problems with the ETH i don't know why.

Saty safe stay Decentralized with BTC as crypto is not a Revolution only its the Emotion to control own Assets

tadamichi

full member

Activity: 168

Merit: 421

武士道

Its actually weird that celsius is doing the same thing now, i dont buy the backlog story.

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6

Quote from: PX-Z on June 13, 2022, 11:33:25 AM

It's not a new thing, they been doing that to lesten backlog of transactions every now and then, not only bitcoin but also on other blockchains such ethereum.

On the "eye opener to those using centralized exchange" thing, most people already knew that, but what, of course using centralized exchange that has large volume for trading purposes will always be the better choice if you want to trade and to make profit.
With this kind of market, people getting crazy not to sell their holdings, you won't use DEX and wait longer times before it got a buy order unless you dont need to, which you wont sell it in the very first place and will hodl it instead.

Sure but in this case never leave more than you need on a CEX. And then use a DEX to build a long term stash into your cold storage.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Yeah they've done it quite a lot before and they might've been responding late to the block that took about an hour to be mined this morning (afaik it took that long - as well as increased withdrawals from holders and dip buyers).

It might come from funds being less accessible from cold wallets too but I'm not too sure how likely that'd be - especially since cz probably has a reserve of their own somewhere.

PX-Z

hero member

Activity: 1554

Merit: 880

Notify wallet transaction @txnNotifierBot

It's not a new thing, they been doing that to lesten backlog of transactions every now and then, not only bitcoin but also on other blockchains such ethereum.

On the "eye opener to those using centralized exchange" thing, most people already knew that, but what, of course using centralized exchange that has large volume for trading purposes will always be the better choice if you want to trade and to make profit.
With this kind of market, people getting crazy not to sell their holdings, you won't use DEX and wait longer times before it got a buy order unless you dont need to, which you wont sell it in the very first place and will hodl it instead.

Dunamisx

hero member

Activity: 952

Merit: 555

20BET - Premium Casino & Sportsbook

Binance gives more reasons to remain decentralized and by now i believe this would have been an eye opener to those using centralized exchanges.

Binance halt Bitcoin withdrawals, should this be a thing of concern?

.

As this was officially announced by the Binance CEO, many are taken into consideration the better advantage altcoins could have over bitcoin but i can boldly say that this is one of the unavoidable lapses of using a centralized exchange like Binance, they are in custody of the coins and have right to do whatever they wish to implement over your financial assets with them, I'd rather prefer users having a second thought to stop the use of centralized exchanges and go strictly decentralized.

Quote

Binance, the world’s largest exchange, is pausing its Bitcoin (BTC) withdrawals today, June 13, due to a backlog caused by a stuck transaction.
https://coinquora.com/binance-halts-bitcoin-withdrawals-due-to-stuck-transactions/

Topic: Binance gives more reasons to remain decentralized with bitcoin (Read 194 times)