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jaberwock

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Quote from: slaman29 on April 11, 2023, 12:50:50 AM

Well the one thing I do hope will continue to stay is the DEX, Binance Smart Chain or whatever it is called these days I cannot keep up anymore.

I've stopped using it less and less of course, same with all DEX as I see they are becoming more centralized than I even expected.

But if they flee AND BSC collapses at the same time, it will cause mass altcoin panic you've never seen before.

Binance is one of the many CEX. If it collapsed, people will simply move on to the other. Apart from CEX, we also have DEX but not all DEX remains. There are so many famous DEX before who are now gone. I thought you said that DEX will remain? I suppose you are more confident about them so why you are staying away from decentralized coins like BSC and similar? Despite of BSC being decentralized, it was still owned by the largest CEX namely Binance.

Maybe that is the reason why you are doubting if they are truly decentralized or not? Many crypto exchanges preferably CEX have became more regulated and they now require a KYC but some of them especially the DEX will remain as is. If you are still doubting about them then just monitor them actively and leave quickly once you see something that is suspicious.

Farma

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well, of course it will have a huge impact for the crypto world. binance is one of the largest and most trusted CEXs available today. If Binance has the same case as FTX, then the damage impact that will be caused by Binance will be bigger than FTX. Well, after the many events that have befallen the current large CEX, I think Binance will also get a FUD impact like that. So, I think people are starting to wonder what things could happen in the future and how they might impact.

Plaguedeath

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Quote from: Woodie on April 11, 2023, 02:08:31 PM

The fact that cryprocurrencies are here to stay, exchanges will always come and go because of various reasons like not conducive regulations from where they operate from, bankruptcy, being hacked, or exit scam as the anticipated scenario...and if Binance was to flee, well its not going to be that simple besides these guys have some kind of safe guards such as insurance that guarantees that they will payout any funds they will be owing...if not possible then their clients will have to take lost coins as a loss.

Most of cryptocurrencies are come and go too, there are many reasons behind it, it can be the owner take all money from the investors, the coin got hacked, the chain got hacked, the owner don't care with any development, etc. This is why decentralization is really important, there's no way for any people to change the protocol or steal the investors money.

This will be same like a decentralized exchange where no one can hack it (altcoins dex is less decentralized).

stomachgrowls

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Quote from: Mpamaegbu on April 11, 2023, 01:21:36 PM

Quote from: Maxre on April 08, 2023, 10:56:12 AM

As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

The picture you painted there is really one of doom if it ever came to that. No, not doom for Bitcoin per se but for the entire crypto space. I know Bitcoin is a phoenix; a cat with nine lives. It will surely rise from any dip. The problem will be with altcoins. They will dip like mad. Again, I'm looking beyond Binance as an exchange (the largest in trading volume and most trusted on the score, unarguably) to its affiliates and subsidiaries. What happens to them all? What becomes the fate of Trust Wallet, and the funds in it? In fact, I wish this hypothetical catastrophe away immediately.

For sure the entire market would be bearish if this one really happens on which it cant really be something that a small issue considering that we are talking or speaking about Binance on here which is the top exchange
or CEX that we do have at this moment.If ever that CZ would be deciding on scamming out everyone then it would be a total disaster.This is why it isnt really just right that you would be putting or giving 100%
trust on any exchange whether its Binance or into other.

Its better not to leave up your 100% assets on an exchange, no matter how trustable or known it is, we wouldnt know on what are the things that might happen ahead.
We cant be able to determine on what it would be.

Woodie

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The fact that cryprocurrencies are here to stay, exchanges will always come and go because of various reasons like not conducive regulations from where they operate from, bankruptcy, being hacked, or exit scam as the anticipated scenario...and if Binance was to flee, well its not going to be that simple besides these guys have some kind of safe guards such as insurance that guarantees that they will payout any funds they will be owing...if not possible then their clients will have to take lost coins as a loss.

Mpamaegbu

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Quote from: Maxre on April 08, 2023, 10:56:12 AM

As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

The picture you painted there is really one of doom if it ever came to that. No, not doom for Bitcoin per se but for the entire crypto space. I know Bitcoin is a phoenix; a cat with nine lives. It will surely rise from any dip. The problem will be with altcoins. They will dip like mad. Again, I'm looking beyond Binance as an exchange (the largest in trading volume and most trusted on the score, unarguably) to its affiliates and subsidiaries. What happens to them all? What becomes the fate of Trust Wallet, and the funds in it? In fact, I wish this hypothetical catastrophe away immediately.

tvplus006

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Quote from: Maxre on April 08, 2023, 10:56:12 AM

...Let's hope for good and what are your thoughts in this.

There are no prerequisites for scam Binance to date. And until today, the team coped perfectly and in a timely manner with all the problems that arose in the process of work. Nevertheless, everyone should treat their money responsibly, while leaving only those funds on the exchange that are necessary for trading.

BenCodie

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I have always wondered the same thing. I believe that the key difference between Binance and FTX is that Binance have naturally accumulated a very large amount of profit over time (from both natural and questionable practices) which gives me a lot of confidence that their reserves are at the least equal to what everyone is holding in the exchange. The only reason I see Binance closing would be due to a very large technical upgrade that would essentially decentralize Binance while retaining its profit model, or due to regulatory force. I believe that they are probably working on the former and I believe that they the latter is probably a low possibility due to how much power Binance has amassed at this point. They've already told a lot of authorities to "sit down" many times before without much consequence for doing so. I am lead to believe at this point that they are probably very aligned with the powers of the Chinese government., which would make them unstoppable for as long as that relationship is upheld.

John Abraham

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A lot of people will lose their funds. We will see an extreme dump in the market. People will sell their crypto, and we will see panic. People may think other exchanges will do the same since exchanges like Binance are dumped. But, after a few months (It may take over a year or so), Bitcoin will recover and be there where it was.

We may see a massive crash. If you look at the "Coinmarketcap" trading volume chart. 99% of the trading volume is from centralized exchanges. Binance becomes a whale in the centralized exchange market. Other businesses like Coinbase and Kucoin will likely get new users. The users shouldn't have much problem if they don't hold their funds in their Exchange account. But, Surely most of us do. The sad reality is, We suggest others not to have their funds on an exchange, but we don't follow what we say.

Ndabagi01

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The collapse of the Binance exchange will be a major setback for the cryptocurrency industry. It is one of the top leading cryptocurrency exchange platforms, with billions of dollars in their exchange.

Anything that happens to its existence, just like FTX, will cause a significant drop in the cryptocurrency market, and more government agencies will crack down on the use of cryptocurrencies.

We will see a negative market decline, which may cause adoption to take longer than expected. People could be exiting the market and no longer trust cryptocurrencies as a result of large sums of money lost.

CZ, the CEO of Binance, I believe is very experienced, and I trust him to handle anything that could lead to Binance's downfall, just as he handled the case of a potential hack to the crypto exchange last year October.

Synchronice

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Quote from: Maxre on April 08, 2023, 10:56:12 AM

I was thinking that FTX was a complete disaster and it made a very bad Impact on crypto industry too. As I personally believe Binance more than any exchange and that case might be with you. So I was saying that If Binance flee away like FTX than what will happen. As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

FTX is a good lesson to not scam your people. Binance has no reason to scam, it's number one exchange, it has a huge control and influence, it makes tons of money, it has tons of reserves and especially after the down of FTX, it stands better on market.
Why should they scam? Will they generate more profit by fleeing? No! Are they in debt? No, actually have tons of reserves. I just don't think Binance owners will be able to hide and not face jail if they scam.

I'm just thinking and don't understand why it should be in their interest to flee one day. Why do you think so? How would you back it up?

slaman29

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Well the one thing I do hope will continue to stay is the DEX, Binance Smart Chain or whatever it is called these days I cannot keep up anymore.

I've stopped using it less and less of course, same with all DEX as I see they are becoming more centralized than I even expected.

But if they flee AND BSC collapses at the same time, it will cause mass altcoin panic you've never seen before.

wxa7115

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Bitcoin is GOD

Quote from: Maxre on April 08, 2023, 10:56:12 AM

I was thinking that FTX was a complete disaster and it made a very bad Impact on crypto industry too. As I personally believe Binance more than any exchange and that case might be with you. So I was saying that If Binance flee away like FTX than what will happen. As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

A massive collapse will follow and there will be no way to avoid such an outcome, not only binance is the the biggest centralized exchange and the most influential, BNB and BUSD are respectively the fourth and thirteenth coins in terms of market cap.

With such influence the disappearance of binance will be a major event on this market, it would not be as bad as what happened with Mt Gox when it comes to the drop in terms of percentage, but when it comes to the amount of fiat money lost, it should easily surpass it.

GreatArkansas

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Quote from: globalpain on April 10, 2023, 12:33:59 PM

Binance has strong fundamentals, so don't worry, Binance won't end up like FTX,
(....)

I agree with this. But what OP wants to know is, "What if?"
Because even before FTX Exchange is just like Binance, I believe that FTX Exchange is the second best exchange after Binance. A lot of people didn't expect it will happen to FTX Exchange.

Going back to the question, just incase if Binance will be the same FTX, I believe that cryptocurrency market will be devastated, I am expecting a huge dump to the market maybe more than 50% of the current market cap.

globalpain

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Binance has strong fundamentals, so don't worry, Binance won't end up like FTX,
moreover the CEO of Binance CZ is really very open and transparent about what he's doing,
yes, that's different from the CEO of FTX, that's why Binance will really be top 1 the best crypto exchange in the world.

AmoreJaz

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Quote from: mindrust on April 09, 2023, 12:29:01 AM

It would be a catastrophic event. Binance is right now the biggest crypto exchange in the business and if it goes down, lots of other businesses will go down with them. So many people and other companies depend on Binance's services. In other words, Binance is too big to fail. FTX wasn't anything like Binance. They were buying out influencers and picturing themselves like a big casino as binance. FTX went down, some people lost money, bitcoin went down a little bit and nothing much else happened. Binance collapse won't be anything like that. Binance is the real deal.

i also don't think that this scenario will happen with binance. do you really think CZ will ruin his reputation just because of money? in my opinion, if binance will go down, it is not because CZ is a negligent owner but because the community is losing their confidence over its services. FTX case is a different case. their failure was owed to one of its founders, SBF. just compare the lifestyle of CZ and SBF, where did SBF get it wrong?
but of course, we should always be prepared for the worst case scenario. so yeah, i can agree if you will always secure your funds out of any exchange, even if it is binance.

iv4n

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Quote from: Despairo on April 09, 2023, 12:10:19 AM

Why you can't accept Bitcoin price might come to $10,000 if previously Bitcoin price was come to $3K? there's a possibility and you need to prepare about it.

If Binance declare they're collapsed because of bankrupt or hacked, it will cause a panic and many people think there's no safe place to hold Bitcoin. It's a disaster, but for anyone which already know about Bitcoin, they will buy every dip and hold it on their hardware wallet.

Sooner or later the market will recover because they will learn about hardware wallet and decentralized exchange.

I think you have some good points... I think that anything is possible with the Bitcoin price, we can see some crazy changes in both ways... Of course, Binance's fall would affect the price, but sooner or later the market will recover, as always. The best part of your comment is probably the conclusion, after some big disaster people learn more about hardware wallets and security, and that's why I think that decentralized exchanges will be a lot more popular in the future.

mindrust

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It would be a catastrophic event. Binance is right now the biggest crypto exchange in the business and if it goes down, lots of other businesses will go down with them. So many people and other companies depend on Binance's services. In other words, Binance is too big to fail. FTX wasn't anything like Binance. They were buying out influencers and picturing themselves like a big casino as binance. FTX went down, some people lost money, bitcoin went down a little bit and nothing much else happened. Binance collapse won't be anything like that. Binance is the real deal.

Despairo

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Why you can't accept Bitcoin price might come to $10,000 if previously Bitcoin price was come to $3K? there's a possibility and you need to prepare about it.

If Binance declare they're collapsed because of bankrupt or hacked, it will cause a panic and many people think there's no safe place to hold Bitcoin. It's a disaster, but for anyone which already know about Bitcoin, they will buy every dip and hold it on their hardware wallet.

Sooner or later the market will recover because they will learn about hardware wallet and decentralized exchange.

adaseb

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If they are gone it will be most likely due to regulations and not them running away with your crypto. They did proof of reserves audits and where the ones who called out FTX on their insolvency.

Binance is becoming more like Tether. People think they are going to get scammed but it’s the largest exchange and stablecoin and they will be fine. Need to ignore the FUD. Just don’t keep large amounts of crypto on any exchanges.

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