Binance sees a large uptick in the amount of BTC held on their exchange - page 2.

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Quote from: tread93 on April 28, 2023, 01:55:51 PM

What are your thoughts on this?

I have mixed feelings. On the one hand centralized exchanges are not ideal, they deviate from the initial idea of Bitcoin, they require KYC and they can sell your data or hackers can steal it. On the other hand, they are largely responsible for the price rising from less than a penny to tens of thousands of dollars because of the great liquidity they provide.

Quote from: Zaguru12 on April 28, 2023, 10:31:59 PM

But one thing that is alarming is the fact that people have returned back to trusting the centralized exchanges in holding their bitcoin again after all the saga caused by the FTX scandal. Personal I see this as a bad thing because people haven’t learn their lessons that it is best to have control of one’s funds than trusting even the top exchange. FTX was ranked third on list of top exchanges and still got into trouble same thing happened to Mt.Gox then, so i don’t see anything good in trusting binance once again

That's another one, that some exchanges may be scams or ponzi schemes like FTX, but hopefully this will become more and more unlikely.

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Quote from: tread93 on April 28, 2023, 01:55:51 PM

Market Analyst from Matrix port states that this isn't great news, and that this generally means that large amounts of Bitcoin may be set to be sold. I'm not sure, but that usually is a big indicator. Another point made in the article is that the increased amounts of BTC held on exchanges might renew investors confidence following the FTX collapse 'late last year' trying to make it seem like it was forever ago lol.

There are two things I can’t deduce from this, it’s either the bitcoin was transferred to binance by those heavily involved in trading on centralized exchanges with features of like spot trading and future trading, or many people sold off their Alticoins to purchase the bitcoin which is clearly a good idea.

But one thing that is alarming is the fact that people have returned back to trusting the centralized exchanges in holding their bitcoin again after all the saga caused by the FTX scandal. Personal I see this as a bad thing because people haven’t learn their lessons that it is best to have control of one’s funds than trusting even the top exchange. FTX was ranked third on list of top exchanges and still got into trouble same thing happened to Mt.Gox then, so i don’t see anything good in trusting binance once again

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Quote from: tread93 on April 28, 2023, 01:55:51 PM

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I think a lot of folks are still dismayed with all of the current scams casting a shadow on their confidence of crypto. I think things will turn around with time. They are calling for more regulations, which could be both good and bad for us. What are your thoughts on this?

The recent crash of FTX or Luna isn't the first, we've had different crashes in previous bear seasons. It can be said that every time bear season comes, the collapse of some organizations is inevitable. So I don't think this will demoralize investors, everyone is just waiting for the bull season and just once the bull season comes, everyone will quickly forget everything.
Regarding regulations, whether FTX collapses or not, regulations will also come, that is inevitable because the government can never let us be free forever. For me, regulation is bad, not good at all.

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Quote from: tread93 on April 28, 2023, 01:55:51 PM

Market Analyst from Matrix port states that this isn't great news, and that this generally means that large amounts of Bitcoin may be set to be sold. I'm not sure, but that usually is a big indicator. Another point made in the article is that the increased amounts of BTC held on exchanges might renew investors confidence following the FTX collapse 'late last year' trying to make it seem like it was forever ago lol.

I think a lot of folks are still dismayed with all of the current scams casting a shadow on their confidence of crypto. I think things will turn around with time. They are calling for more regulations, which could be both good and bad for us. What are your thoughts on this?

Cheers,

TREAD93

It's not something special to hear that Binance hold that amount of Bitcoin because it's currently the top exchange in crypto world. Investors are still not satisfied even with such good news because the fear has somewhat made a home in their brain. It's really hard to go with crypto again for many of the investors who were almost bankrupted by some scam projects.

I still believe that investors will at least consider Bitcoin as a viable option for long term investment because it has been performing up to the expectations of many investors and they might be speculating the price of Bitcoin for now to take some bold decisions later on. But, I'm hopeful that soon those investors will put their money into it as their confidence increases on it, until then I don't see huge investments coming to Bitcoin as of now.

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Quote from: tread93 on April 28, 2023, 01:55:51 PM

Another point made in the article is that the increased amounts of BTC held on exchanges might renew investors confidence following the FTX collapse 'late last year' trying to make it seem like it was forever ago lol.

Just wondering how an increase in the amount of Bitcoins held in an exchange "renews" investor's confidence?

Besides that, such stats mostly mean nothing because at the end of the day when the Bitcoins are sold, they just change hands to a new person who will hold them. It's not like they are going to be dumped somewhere in an exchange black hole in return for cash, never to be seen again

tread93

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I ran across this article from Coin Desk:https://www.coindesk.com/markets/2023/04/28/number-of-bitcoin-held-on-binance-surges-to-record-high-of-692k-btc/

Market Analyst from Matrix port states that this isn't great news, and that this generally means that large amounts of Bitcoin may be set to be sold. I'm not sure, but that usually is a big indicator. Another point made in the article is that the increased amounts of BTC held on exchanges might renew investors confidence following the FTX collapse 'late last year' trying to make it seem like it was forever ago lol.

I think a lot of folks are still dismayed with all of the current scams casting a shadow on their confidence of crypto. I think things will turn around with time. They are calling for more regulations, which could be both good and bad for us. What are your thoughts on this?

Cheers,

TREAD93

Topic: Binance sees a large uptick in the amount of BTC held on their exchange - page 2. (Read 214 times)