Changpeng Zao is smart, clever, careful and disciplined but we can not say Binance will never collapse.
So what will happen with cryptocurrency market if Binance collapse when they are still a biggest cryptocurrency exchange?
It will impact the cryptocurrency market negatively and in short term, market will have big shock. Many cryptocurrency will have their collapses when cryptocurrency enthusiasts feel over panic with Binance and future of this market.
However, in long term, it will return to normal and grow more. Like how it grew after Mt. Gox collapse, FTX collapse and many black swan events over years in global economy.
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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...
That's highly unlikely to happen but if it occurs, then that will be the biggest dump ever BTC will face. Because according to statistics it is the most used finance in developed and developing countries, this exchange is most rusted among developing countries like mine, because we have no option to approve our KYC on many exchanges but we can do that on Binance without any problem, So if a thing goes not good for Binance then all of them will face trouble, and the trading volume will decrease which result in a big dump in BTC. CZ is a clever person he is an experienced one and knows the tricks to remain under the shadow of agencies while functioning. When SEC accuse CZ and Binance of manipulating the market he firmly replied and mentioned his policies and said we were not expecting it from you, like we have co-operated a lot. This also indicates he could make deals with authorities and other agencies to get things to work out as a lot of going on in Binance right now. But as you mentioned let's hope it will not occur in the future.
It depends on the way this platform will disappear. Its disappearance because they voluntarily stopped providing the service varies according to the fact that there are regulatory restrictions on them, from confiscating that platform by force and arresting the founder for fraud and stealing money, to suddenly disappearing with customers’ money.
Each of these scenarios will affect the price differently, but the constant in the equation is that the exit of this platform from the market will negatively affect the price of Bitcoin and its rapid growth.
At best, it will lead to a price drop of 5%, and at worst, by 90%.
Each of these scenarios will affect the price differently, but the constant in the equation is that the exit of this platform from the market will negatively affect the price of Bitcoin and its rapid growth.
At best, it will lead to a price drop of 5%, and at worst, by 90%.
Now that is very scary thought and it is only possible because bitcoin is being traded in centralised environment. This is the reason today we are discussing the question mentioned above. If Satoshi is out there, he must be sadden to see what we have done with the bitcoin.
Yes, I strongly support you. This is correct and sums up the whole problem. The problem is that we are slowly moving towards centralization because we have abandoned the basic principles on which Bitcoin was built.Therefore, personally, I do not hope that Binance will collapse, but its collapse may have something positive in terms of moving away from centralization. Without centralization, there would be no fear now of the collapse of Binance.
This is what we have to do, we have to think how We are back to decentralization again.
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.
This like the same other result where exchange collapsed due to some big issues happened to them the market will possibly get affected and heavy rumors will spread which contribute to the decision making to dump their holdings. We know binance is the top exchange exchange as of this moment so most provably it can cause major breakdown to the price of bitcoin and altcoin. We see the same like situation happen so I guess that will be the same condition we might see if we can see it to happen.
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.
There is no doubt in that the whole crypto market will badly effect, If Binance ever collapses, it will take many other projects with it. As the crypto market turned downish after the ftx exchanger crash, of course Binance will be more affected if something like this happens. However, regardless of the impact, the market will recover over time and Binance place will be replaced by another exchange. I did not talk about how much the price of Bitcoin will come, because no one can say anything with a guarantee about the market. What ever, hopefully nothing like this will happen otherwise many people will be on street . 
Binance is the leader in cryptocurrency exchange; it's doubtful that it'll have the same fate as Mt. Gox or FTX. Moreover, it's responsible for over $8–10 trillion in exchange volume. Thus, it's pretty easy to say that even if we suppose that Binance somehow collapses, the cryptocurrency market would be severely impacted. Even FTX, which is incomparable with Binance, managed to dent the market for a decent amount of time; just imagine what would happen with Binance.
Personally, I believe that cryptocurrencies would suffer tremendously, and trust would be lost forever. We won't be discussing a new ATH, but how low Bitcoin can go from there.
Personally, I believe that cryptocurrencies would suffer tremendously, and trust would be lost forever. We won't be discussing a new ATH, but how low Bitcoin can go from there.
Binance is one of the top leading exchange in the crypto industry. So if something like this happens, then definitely the price will go down. Many investigations will go on and people will start complaining about the security of the Bitcoins, hence Bitcoins price will be affected by a lot. But this will only happen for a temporary period, as when the demand will increase again, the price will come back to normal. Currently to get less impact from these type of scams, don’t store your coins in exchanges when you are not selling or buying.
Everyone and I seem to know what the worst would be if Binance were to fail and run away, the industry is truly screwed. Of course it's not expected, but it's always possible to have a centralized exchange fail eventually so it should be considered a risk.I believe in binance to some extent, especially when it comes to my budget. This means that not 100% trusting a centralized exchange is a wise decision so anyone should be aware that any centralized exchange is not the safest place to store assets. Your should heed this risk warning: General Risk Warning
Quote
This notice provides you with information about the risks associated with Binance Services. Each Binance Service has its own distinct risks. This notice provides a general description of the risks when you use Binance Services.
This notice does not explain all of the risks or how such risks relate to your personal circumstances. It is important that you fully understand the risks involved before making a decision to use Binance Services.
This notice does not explain all of the risks or how such risks relate to your personal circumstances. It is important that you fully understand the risks involved before making a decision to use Binance Services.
This could be a big disaster and many will suffer with their cryptos, imagine the current market share of Binance you can expect a big collapse and a big price dump for every crypto especially with BNB. There’s a lot of FUD like this and it all came from the current case against Binance which I think should be settled right away because we can’t afford to lose another good exchange, I hope Binance is doing their best to address this issues.
When Mt. Gox caused the price to collapse by a significant amount, however, the price continued to rise several years later.
Bitcoin price dump to 220 USD from more than 550 USD.
It is true that the collapse of Binance will cause a major shock in the market and may lead us to reach the level of 10K, but after 10 years or more, the price will continue to grow based on previous events.
Now the situation is completely different but we can still make a comparison although I underestimate the possibility of a random crash of Binance.
The biggest danger is government restrictions from US or G7/20.
Bitcoin price dump to 220 USD from more than 550 USD.
It is true that the collapse of Binance will cause a major shock in the market and may lead us to reach the level of 10K, but after 10 years or more, the price will continue to grow based on previous events.
Now the situation is completely different but we can still make a comparison although I underestimate the possibility of a random crash of Binance.
The biggest danger is government restrictions from US or G7/20.
it is not impossible that the situation that happened to FTX will happen to Binance. but by the time that happens, there may already be another exchange platform ready to replace Binance. the moment always seems to be like that. the collapse of the exchange will be accompanied by the emergence of a new exchange that is developing very rapidly and is of concern.
but whatever the scenario, Binance is the biggest exchange right now. many traders put their money to trade there. not only will the price of Bitcoin fall, but the price of Binance coin as well will surely be the highlight of the event.
but whatever the scenario, Binance is the biggest exchange right now. many traders put their money to trade there. not only will the price of Bitcoin fall, but the price of Binance coin as well will surely be the highlight of the event.
This same topic was discussed multiple times when FTX collapse since Binance is the most popular exchange followed by FTX. This kind of topic started to resurface again when Binance received its first attack from US government up to this point.
All I can say that we all know how massive the impact when Terra Luna and FTX collapse due to their exposure on multiple crypto project. This is just a glimpse on what’s gonna happened on crypto market once Binance collapse because it’s the leading exchange and investors on massive list of crypto startup that will surely gonna crash down once Binance flee away.
All I can say that we all know how massive the impact when Terra Luna and FTX collapse due to their exposure on multiple crypto project. This is just a glimpse on what’s gonna happened on crypto market once Binance collapse because it’s the leading exchange and investors on massive list of crypto startup that will surely gonna crash down once Binance flee away.
if that happens to Binance, it's really bad for the market situation. Binance is one of the biggest exchanges right now. if they went bankrupt, of course, there would be a tremendous dump hitting the price of Bitcoin.
this won't kill Bitcoin, but the market situation might get pretty chaotic. not to mention that Binance is also integrated with several local exchanges and several other platforms. the impact will be huge on Bitcoin and Crypto Business.
this won't kill Bitcoin, but the market situation might get pretty chaotic. not to mention that Binance is also integrated with several local exchanges and several other platforms. the impact will be huge on Bitcoin and Crypto Business.
Nothing is permanent in this world and Binance is not exempted from it.
Currently they are still experiencing some ongoing challenges like the CFTC lawsuit, as well as from Moscowitz Law Firm & Boies Schiller Flexner respectively where it also involves 3 influencers who were being faced with a 1 billion USD class action lawsuit in which BNB was an "unregistered" security.
If it happens, not only that the market will temporarily tank, but it would heavily affect most of the crypto friendly countries where Binance P2P is their main option for fiat to crypto transactions. As a result, we have limited options on how we can continue the P2P transactions like what Binance do.
Currently they are still experiencing some ongoing challenges like the CFTC lawsuit, as well as from Moscowitz Law Firm & Boies Schiller Flexner respectively where it also involves 3 influencers who were being faced with a 1 billion USD class action lawsuit in which BNB was an "unregistered" security.
If it happens, not only that the market will temporarily tank, but it would heavily affect most of the crypto friendly countries where Binance P2P is their main option for fiat to crypto transactions. As a result, we have limited options on how we can continue the P2P transactions like what Binance do.
I also think bitcoin will recover and go back to normal after some time. This is because, most people’s doubt/distrust will center around centralized exchanges and not bitcoin. The situation should be pretty easy to understand, you lost your coins because the exchange you’re using fucked up not because bitcoin is at fault. People who just entered the bitcoin market may leave but I'm not expecting those that have been watching bitcoin for years to do so as well - especially those that have witnessed exchange hacks.
The silver lining in all of that is we can expect this to create a way bigger distrust against centralized exchanges than it did back then. Although my gut tells me most people will just move to another centralized exchange once things gets comfortable again. I’m expecting a portion of them to slowly test the waters with non-custodial exchanges or true dexes and/or perhaps be cautious with how they use CEXes.
The silver lining in all of that is we can expect this to create a way bigger distrust against centralized exchanges than it did back then. Although my gut tells me most people will just move to another centralized exchange once things gets comfortable again. I’m expecting a portion of them to slowly test the waters with non-custodial exchanges or true dexes and/or perhaps be cautious with how they use CEXes.
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.
I believe that Binance won't become like FTX anytime soon because it is the most trustworthy platform for many users. I am aware that news reporters and some governments are taking steps to control the rapid growth of Binance, but that does not imply that Binance will mistreat its users like FTX did. The thought of Binance shutting down is unimaginable for me.
Unfortunately, if that ever occurs, then the crypto industry will lose many users, and millions will abandon cryptos entirely. The value of Bitcoin and other cryptocurrencies will decline significantly. Binance currently holds the top position as the exchange platform for crypto users. In case of any such disaster in the future, the crypto world will undergo significant changes.
Yeah, there will be a temporary impact on bitcoin by that time but as we all know the character of bitcoin, that's also going to recover in the end.
It will be I think the biggest in the history then as Binance is considered as the biggest exchange consecutively. I cannot imagine how many people will be devastated by that collapse since we've seen it in the likes of it.
I just don't want to think how many of us from here will be affected but then, it's for sure that many of us will.
Well, everything in the market is speculative.
It will be I think the biggest in the history then as Binance is considered as the biggest exchange consecutively. I cannot imagine how many people will be devastated by that collapse since we've seen it in the likes of it.
I just don't want to think how many of us from here will be affected but then, it's for sure that many of us will.
Well, everything in the market is speculative.
Binance is one of the top leading exchange in the crypto industry. So if something like this happens, then definitely the price will go down. Many investigations will go on and people will start complaining about the security of the Bitcoins, hence Bitcoins price will be affected by a lot. But this will only happen for a temporary period, as when the demand will increase again, the price will come back to normal. Currently to get less impact from these type of scams, don’t store your coins in exchanges when you are not selling or buying.
In the case binance shut down for any reason, we will probably see a (temporary) drop in bitcoin price and a much bigger drop in altcoin's price due to panic selling.
Bitcoin will surely recover after a while. Bitcoin has been around since 2009 while binance was launched in 2017. If binance shuts down, bitcoin will be still the most secure decentralized payment system and we will be still able to make peer to peer transaction without relying on any third party. Bitcoin is valuable due to its advantages like decentralization. Bitcoin isn't valuable just because people can trade it on binance.
If binance shut down, many of altcoins won't survive, since they have value just because they have been listed on binance. But as I said, I don't think it will have any long term effect on bitcoin.
Bitcoin will surely recover after a while. Bitcoin has been around since 2009 while binance was launched in 2017. If binance shuts down, bitcoin will be still the most secure decentralized payment system and we will be still able to make peer to peer transaction without relying on any third party. Bitcoin is valuable due to its advantages like decentralization. Bitcoin isn't valuable just because people can trade it on binance.
If binance shut down, many of altcoins won't survive, since they have value just because they have been listed on binance. But as I said, I don't think it will have any long term effect on bitcoin.
Now that is very scary thought and it is only possible because bitcoin is being traded in centralised environment. This is the reason today we are discussing the question mentioned above. If Satoshi is out there, he must be sadden to see what we have done with the bitcoin.
Anyway, yes there will be consequences to bitcoin if Binance do something like that. Not just it will fall but market will also cause unprecedented events in the crypto space.
Binance alone does 5.5% BTC/USDT per day volume. That’s around $500,000,000 in 24 hours. Definitely it’s gonna have adverse effect.
Anyway, yes there will be consequences to bitcoin if Binance do something like that. Not just it will fall but market will also cause unprecedented events in the crypto space.
Binance alone does 5.5% BTC/USDT per day volume. That’s around $500,000,000 in 24 hours. Definitely it’s gonna have adverse effect.
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