Binance: Time For A New Market Leader ? - page 4.

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Quote from: nicster551 on May 09, 2019, 12:56:13 AM

Quote from: JollyGood on May 08, 2019, 06:47:53 AM

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

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Despite of the hacked incident in Binance and the suspension of deposits and withdrawal on the exchange, Binance is still the top one in volume. And traders keep on trading on this exchange that looks like nothing happens. Binance is still reigning the market, we cannot change that fact but if two or more hacking incident will hit Binance again, traders will find another exchange.

If they ever lose the second chance investors are giving them again, then that might really be the end of the hype, which they really need to brace up for, because they have too many enemies that will do everything possible to bring them down as they are threat to a lot of them.

I trust them though and I believe they would have learnt from their lesson, probably they allowed the whole hype thing on the media about them to get into them that they forgot there was a need to thoroughly lose every lop holes that their attacker might use against them, well, I am glad my coins are still intact in my wallet and I believe it will even be more safer now.

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Quote from: akamit on May 08, 2019, 04:02:42 PM

Quote from: JollyGood on May 08, 2019, 06:47:53 AM

<~>

As you said an unthinkable actually happened, so it's too early to comment for a new name to take the position.
Yes, it happened and it was totally unfortunate but we should give some time to CZ to sort things out and do whatever it's necessary to solve the issue.

Most of the big exchanges got hacked at some point IIRC and Binance is not an exception here IMO. Just give some time to CZ to see what he does...

You have an interesting valid point too.

Binance should be given time to sort this mess out but what can other exchanges do to try to take market share from them because of the hack?

Should users be concerned that not all the facts have been released therefore it is possible they are hiding something?

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Quote from: Siren on May 10, 2019, 08:01:29 AM

Quote from: JollyGood on May 08, 2019, 06:47:53 AM

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

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Honestly? For me this event only brings more popularization and also become an advertising for binance

Look at the effect in the market?the price of bitcoin grows higher after the hack and we are seeing some investors that has not affected of the hacks and continues their holdings and tradings in this top exchange

So basically? Binance will remain high rank exchange

Yes, I agree with you. I don't think that will give an effect to traders or an investor because of the hacking news. Binance still operates after the hacking and it still stable right now. Binance itself still confident that there is no need to worry from that news and everything is under control. I believe binance will be fine and still going strong than the other exchange and I am sure that they will not disappoint their members.

I don't think that there is a time for choosing the new market leader after the hacking that happened in binance because of binance still the top exchange. But perhaps, there is news that still wants to spread bad news because of the hacked because they want to make people panic and sell at a low price.

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Quote from: JollyGood on May 08, 2019, 06:47:53 AM

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

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Honestly? For me this event only brings more popularization and also become an advertising for binance

Look at the effect in the market?the price of bitcoin grows higher after the hack and we are seeing some investors that has not affected of the hacks and continues their holdings and tradings in this top exchange

So basically? Binance will remain high rank exchange

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I think that Binance will be fine and will remain a very important exchange. Yes this has certainly been bad publicity, but they have responded reasonably well. I would expect the coin and the exchange to recover in the not-too-distant future.

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Quote from: perla on May 08, 2019, 03:07:23 PM

I think their reputation will on edge if they get hacked again. Even they said user's balance is not affected, but people will choose more trustable site for them to trade. Or maybe Binance will make new promotion again to attract users back to trade in them.

I have to agree with this. If they get hacked again both Binance and their customers will be on edge.

I just find it hard to trust any exchange anyway but if it has been hacked it really makes it difficult to use them again.

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Quote from: JollyGood on May 08, 2019, 06:47:53 AM

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

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

There is nothing to really worry about here, they only lost some few coins that they will surely cover up but they have never lost their strategy, hyping is not what is building Binance reputation but their good products, hard work and strategy.

It’s just a onetime mistake that would never occur again, and the love people have for Binance is too much for people to start belittling them, after all I have my coin in their exchange, and despite all the news which they have come to clarify, I still feel confident keeping some of my coins on their exchange, although I have majority of the long term holding in a personal wallet, but my trading coin is still in their wallet.

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To me Binance will still be considered a market leader, it isn't going to just die down because of 7000BTC, it doesn't even affect the market. Tracking who hacked and jailed them may really be a good marketing for the exchange in the end.

They were the first to convince more exchanges not to support BSV, I don't think its enough for CW to be laughing now. Binance did more damage to them.

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Quote from: LUCKMCFLY on May 08, 2019, 02:47:25 PM

I have seen how new projects for Exchanges have come out, but to match the level that Binance has is very difficult, even though they have managed to Hack the Exchange for so much money, I'm sure Binance will have a way of how they can recover, and everything to improve, because it is necessary to emphasize that they have a big security problem.

The closest Exchanges which can compete with Binance are Bittrex, Bitfinex, Bitmex, because they are Exchanges that have had time and have a reputation. Due to all the problems the Exchanges have had, thanks to the Hacking that happened there, all the Exchanges must have plans of action before possible Hacks, the security in the Exchanges must be increased quickly, but as happened to Binance, It can happen to any Exchange level 1, no Exchange is free of danger, you just have to take care of yourself. But there are many competitors.

So in the long term what do you see Binance doing? And what do you see Binance competitors doing to capital on this issue by attracting Binance customers?

Ucy

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Bisq is a Bitcoin Fiat Dex. Use responsibly

Everyone should be discussing how to create better decentralized exchanges and not creating many more centralized exchanges that may eventually get hacked. I guess we haven't learned anything yet

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Do you think Binance is not safe? No it is the most targeted one, if you use and hold coins in many other exchanges, you should try to withdraw your coins before complaining about Binance.

JollyGood

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Quote from: kodtycoon on May 08, 2019, 01:22:39 PM

i don't understand because if it's not wrong, in the past binance has also been hacked, then binance got back up carrying a BNB token, is it possible for me to misread that?

this time it happened again and that's the reason i didn't use binance so far, with this incident of course it will have a bad impact on the crypto market. this event seems that binance will indeed lead a new market with sharp decline and chaos

I never heard of that before. Please confirm details about when Binance was hacked in the past. How many times in total has Binance been hacked?

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Quote from: JollyGood on May 08, 2019, 06:47:53 AM

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

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader? Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press. What do you think the future holds for Binance?

I am sure that this situation can be used by many competitors of Binance as a chance to take some of the market share of the leader but how they gonna do that remains to be seen. Will they say that they have the stronger security technology that Binance is using? Or will they boast of a fund that can cover any loss due to hacking? Not unless they can convince the public that they can offer better, then I think Binance will continue its dominance most especially if people of Binance will get their acts together in assuring the users that things will gonna be fine and that they will do everything they can to ensure the same breach will never happen again. Actually, this is the real time for Binance competitors to inspect their security fences as all exchanges can be the target of hacking anytime.

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Still cannot believe in this fairy hack. What if it is just the anti-PR. Binance is really serious entity with real volumes. OKEX has made the proposal to Binance users to transfer the assets with bonuses. Have something to think about.

JollyGood

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Quote from: AUruHM on May 08, 2019, 12:55:48 PM

I don't see any competitors for Binance. Can you write some exchange with 100% 'hack' defense and such support from different sides? And I don't talk about SAFU and other sources for returns. I don't think that we saw real 'hack' but at the current conditions Binance don't have replacement

If in your opinion this was not a "real" hack then what was it?

Losing 7000 BTC is a big issue so please explain what this attack was in your opinion.

nicster551

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Quote from: JollyGood on May 08, 2019, 06:47:53 AM

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

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Despite of the hacked incident in Binance and the suspension of deposits and withdrawal on the exchange, Binance is still the top one in volume. And traders keep on trading on this exchange that looks like nothing happens. Binance is still reigning the market, we cannot change that fact but if two or more hacking incident will hit Binance again, traders will find another exchange.

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Quote from: tomahawk9 on May 08, 2019, 09:34:50 PM

Quote from: JollyGood on May 08, 2019, 06:47:53 AM

Now that the once unthinkable has actually happened, Binance has been hacked

Unthinkable? Did people actually think Binance was never going to get hacked? Every single cryptocurrency exchange is vulnerable to getting hacked, the only reason why there are some that haven't been hacked is because they aren't a target, but sooner or later they will become the next target, that's why people should own their privates keys and not keep their coins in exchanges.

Quote from: JollyGood on May 08, 2019, 06:47:53 AM

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Nothing's gonna happen to Binance. This is simply a small bump in the road for them, give it a few days maybe weeks and everyone will forget about it.

yes, this is just another way for corrections, but i see this bad news didn't have a significant impact on cryptocurrencies price,,
and now bitcoin price already move up and cross $6000, also i believe binance users will stay with binance Wink

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Quote from: JollyGood on May 08, 2019, 06:47:53 AM

Now that the once unthinkable has actually happened, Binance has been hacked

Unthinkable? Did people actually think Binance was never going to get hacked? Every single cryptocurrency exchange is vulnerable to getting hacked, the only reason why there are some that haven't been hacked is because they aren't a target, but sooner or later they will become the next target, that's why people should own their privates keys and not keep their coins in exchanges.

Quote from: JollyGood on May 08, 2019, 06:47:53 AM

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Nothing's gonna happen to Binance. This is simply a small bump in the road for them, give it a few days maybe weeks and everyone will forget about it.

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The problem of the great dominance that Binance is exerting on the current market, is that these vulnerabilities can destabilize in an important way the cryptoeconomy since everything seems to indicate that nobody is safe in this space, and it is difficult to decide to invest before such an uncertain panorama.

At the moment I do not see, however, who can dispute that domain to Binance, although as a Decoin investor I would like to see that new exchange demonstrate all the potential it has through a more aggressive marketing strategy.

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Quote from: go4crypto on May 08, 2019, 12:50:11 PM

No exchange is impervious to hacks. CZ has tweeted that Binance will make good the loss by using their reserve funds so it should work out fine.

They had no choice but to cover losses otherwise what was the alternative?

In the long term Binance will recover from this incident and as long as another hack does not occur things should continue calmly for Binance and its innovations.

Topic: Binance: Time For A New Market Leader ? - page 4. (Read 979 times)