Time to time, binance is very stronger than any other exchange and hold number one position. It is very good for the exchange. So, I think that it is hardly believed that the exchange is gone. It is impossible to scam. I hope that the exchange of binance publishes many facilities in the future which they already do that such as p2p, solid security etc.
In the case of cryptocurrencies, we only consider the positive aspects of the market. Despite the fact that we are unsure of what will happen next in this area, I would still suggest that we have a backup plan in place just in case. I don't transfer all of my assets to cryptocurrency because I have little faith that anything will go wrong. When FTX folded, investors who had money with the broker were devastated. Some of these investors got back up and reinvest in another broker, but others stayed down since they were unable to recover from their loss. In terms of security, Binance has one of the most encrypted processes. By improving the exchange's arrangements, Changpeng Zhao is doing a good job. 
Topic: Blanked (Read 487 times)
Time to time, binance is very stronger than any other exchange and hold number one position. It is very good for the exchange. So, I think that it is hardly believed that the exchange is gone. It is impossible to scam. I hope that the exchange of binance publishes many facilities in the future which they already do that such as p2p, solid security etc.
Common thing happen if there's reputable exchange will collapsed is the price of crypto will also dump since they use this to fud people and create situation where people can panic about their beliefs to hold.
But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.
But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.
I think Binance is the last major exchange to quit, as we have seen lots of CEX going down in 2022 including FTX. Though anything can happen and if Binance there are lots of people who will be affected including me. But even if binance collapses or quits, bitcoin may be affected for a while but it will continue to work. Bitcoin has developed a community that has grown over a period of decade so CEX collapse won't collapse Bitcoin for sure.
That is a good question we need to ask ourselves to avoid unnecessary story. Binance is the biggest exchange in the world and if CZ eventually gives excuses and flee with our money then many persons that had been keeping there funds on the Binance exchange might have themselves to blame. I hope this will not happen soon because so many persons will be affected.
This is one of the major reason why we need to keep our funds in our wallet where we. Am acces our private keys at anytime.
This is a very important aspect we need to consider before leaving our funds in an exchange.
This is one of the major reason why we need to keep our funds in our wallet where we. Am acces our private keys at anytime.
This is a very important aspect we need to consider before leaving our funds in an exchange.
~
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.
Binance smart chain (BSC) is centralized, they only have 21 validators and it is controlled by them and how can you claim that to be decentralized. After all it is an exact copy of Ethereum source code with slight changes and if Binance falls everything will fall along with it 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.
It is easier to say that to monitor everything and withdraw if there is any signs of issue, when the FTX issue started, i tried to withdraw my coins and now it is a long wait on when i would get the money even though they honored them through official channels. If anything should happen to an exchange like Binance, you will have same experience with others that had with FTX, which is losing your entire asset with them because they have your bitcoin unlocking keys from the blockchain with them, this is why we need to embrace using a decentralized exchange so that when the wallet got corrupt or device mishandled, we can easily import our wallet back anytime with the unlocking keys also referred to as private keys.
We should already learned the lesson from what happened to FTX, I have my funds with them as well and I didn’t expect to lose it easily. This is why I don’t want to hold any funds anymore on any exchange aside from my trading capital. If Binance will ended up on the same faith, maybe the market will be more affected as many have their funds with Binance, having your own wallet is advisable so make sure to have one and make sure to always be updated especially with this kind of news where panic can easily happen. 
I don't think it'll flee like ftx but it could fall down due to other reasons, and no surprise that it will bleed the whole crypto market along with it (will probably become reason for one of future bear markets).
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.
Too big for CZ to flee away
Too dumb on making such decision
Too waste if he would be putting up his business which he knows that he could make money and able to cherish it.
Money is useless no matter on how big it would be but you cant really be able to enjoy out because you would really be keeping on hiding away on government or police eyes
because you are wanted or really have that huge crime. Is this something you would really be liking to have this life? For sure CZ wont really be that
dumb unless if there's some huge hack then he could still able to get out.
If anything should happen to an exchange like Binance, you will have same experience with others that had with FTX, which is losing your entire asset with them because they have your bitcoin unlocking keys from the blockchain with them, this is why we need to embrace using a decentralized exchange so that when the wallet got corrupt or device mishandled, we can easily import our wallet back anytime with the unlocking keys also referred to as private keys.
Binance is an example of too big to fail, but I don't think it's a scam like FTX. FTX was made to be a scam. They were siphoning money for years buying properties, donating to organizations, paying celebrities. You don't need a year to realize you're spending more than you're earning. They were crooks.
I think that Binance is legit although they could get hacked, they could get destroyed by regulators, they could make some wrong financial decisions and go bankrupt. Who knows what they'll do when shit hits the fan. Maybe CZ takes what's left and escapes like Do Kwon? Maybe he fakes his death like that guy from Quadriga? The fact that something isn't made to be a scam doesn't mean it won't become one.
If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!
If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.
I personally believe that it would be impossible for something like that to happen to Binance, because they are not fools like FTX. FTX did not "flee", there is a difference there, they made terrible investments and because of that they ended up with almost nothing and bankrupted.I think that Binance is legit although they could get hacked, they could get destroyed by regulators, they could make some wrong financial decisions and go bankrupt. Who knows what they'll do when shit hits the fan. Maybe CZ takes what's left and escapes like Do Kwon? Maybe he fakes his death like that guy from Quadriga? The fact that something isn't made to be a scam doesn't mean it won't become one.
If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!
If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.
There is a big difference between bankrupting and stealing money from people, those are not the same thing. Since we are talking about a company that bankrupted vs a company that did not, I would say that the difference is obvious, we are not talking about companies that are even remotely close to each other. I believe that Binance will not bankrupt because they have 50%+ of all the trading volume and insane amount of profit, they will do fine.
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.
But why someone has to scam when they are already making profits and has potential to grow further like 100 billion dollar company and more, the only possibility is that hack can drain their wallet which may happen to any exchange and let's say if Binance got hacked or CZ run away with all the money to Mars still it's not the end of Bitcoin, another exchange will grow and it will start making progress so remember bitcoin is not dependent on Binance or anything. 
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.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.
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.
Sorry when I said DEX, I was referring to BSC the actual smart contract platform, of which there is a DEX on it.
For me Binance CEX plus BSC collapsing would be a big problem because it proves that socalled "decentralized" apps including DEXs are not even safe to use (we all know they are not safe but this would prove even entire DEX platform can rug).
"BSC" is not decentralized by the way, self custody is not decentralized.
I was never in doubt of my beliefs
My whole point was that people believe now if Binance disappears then at least BSC is still safe and untouchable.
But if Binance disappears AND the whole BSC infrastructure also, then people will finally understand why we can't just see things like BSC as decentralized.
This will be a catastrophic event for the entire crypto market because a lot of people are gonna be affected by this event, As Binance has been seen to be the most reliable crypto exchange out there by many. No one can guess exactly what would be the ripple effect on the crypto market until it occurs, The snow ball effect might cause the melt down or tank the entire crypto market, because definitely, there's gonna be a lot of panicking in the space due to the fact that right now, the decentralized system needs the centralized system to reach its success.
In my opinion this could be a catalyst for regulator to come in and say no, enough is enough, this industry needs regulations to cussion further event from occuring.
In my opinion this could be a catalyst for regulator to come in and say no, enough is enough, this industry needs regulations to cussion further event from occuring.
Binance is the world's largest crypto exchange. There are over 50M Binance users so far. Binance is the most secure and trusted Crypto Exchange in the world. Even then, if Binance escapes, the Crypto market will experience an unimaginable disaster. As a result, Bitcoin will crashed 10k$ to 5k$, while thousands of Altcoins will disappear completely. If Binance does a scam, people will be very upset with the centralized exchange.
hero member
Activity: 1036
Merit: 933
Find your Digital Services at- cryptolibrary.pro
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.
We should remember that Binance is only a centralized exchange whose journey started in 2017.and the crypto industry has been around for a long time. So since the crypto industry was running before Binance, even if Binance collapses, the crypto industry will continue at its own pace. But being a giant exchanger, if it collapses, there will definitely be an impact on the crypto market, which was noticeable after the FTX crash.Recently there has been news of some complications with Binance, but I don't think it will cause the entire Binance to collapse. But if something like this ever happens in the near future then maybe many projects will be lost from us and many people will face losses and the market will draw back a little then after a certain period the market will go to its own place and someone else may occupy the place of Binance.
I think that such a scenario is very unlikely in the near future. It should be understood that many are interested in the fact that bitcoin was, and it was used as often as it is now. So, I do not think that there will be noticeable changes.
We know that nothing do last forever which means that everything on this world could be replacen on which even Binance wont end up like FTX then there might be some new exchange which would overtaken, but since we are talking about having that fleeing away just like on what FTX did then its true that this is unlikely considering on how good Binance is plus they are really that much known.There's no way on hiding out
if ever they would really be doing some shady stuffs in regarding with their service.
The main key on here on which you wont really be bothered if ever things turns out to be shit is that never ever leave huge amount on exchange platform.
We dont know on what could happen next.
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.
People who do day trading are compelled to keep the part of their capital that they use to buy and sell coins on a daily basis, and it doesn't really make any sense to pay fees back and forth everyday only to withdraw and deposit your trading capital only because of the fear that the exchange can collapse anytime, one should either use a decentralized exchange or just live with it.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.
And to be honest, most people prefer living with that. I would probably not pay fees two times a day only to get my funds in my exchange wallet for trading and then back to my non-custodial wallet for being safe from exploits. That's a lot of fees and a lot of work too.
Common thing happen if there's reputable exchange will collapsed is the price of crypto will also dump since they use this to fud people and create situation where people can panic about their beliefs to hold.
But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.
But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.
If you really have "beliefs to hold" you won't panic easily. At least that's how I see it. You're either a holder or not. If you keep your money on exchange waiting and if a big move up happens you sell, and a big panic you also sell, you're not a holder.
If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!
If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!
If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.
True. We'll experience panic and price crash, but we will recover. After all if they escape with stolen bitcoin they won't be able to use it without raising suspicions and we all know how successful laundering is by how they caught that pair laundering the coins stolen from bitfinex.
Binance is an example of too big to fail, but I don't think it's a scam like FTX. FTX was made to be a scam. They were siphoning money for years buying properties, donating to organizations, paying celebrities. You don't need a year to realize you're spending more than you're earning. They were crooks.
I think that Binance is legit although they could get hacked, they could get destroyed by regulators, they could make some wrong financial decisions and go bankrupt. Who knows what they'll do when shit hits the fan. Maybe CZ takes what's left and escapes like Do Kwon? Maybe he fakes his death like that guy from Quadriga? The fact that something isn't made to be a scam doesn't mean it won't become one.
If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!
If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.
I think that Binance is legit although they could get hacked, they could get destroyed by regulators, they could make some wrong financial decisions and go bankrupt. Who knows what they'll do when shit hits the fan. Maybe CZ takes what's left and escapes like Do Kwon? Maybe he fakes his death like that guy from Quadriga? The fact that something isn't made to be a scam doesn't mean it won't become one.
If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!
If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.
Common thing happen if there's reputable exchange will collapsed is the price of crypto will also dump since they use this to fud people and create situation where people can panic about their beliefs to hold.
But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.
But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.
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.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.
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.
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.
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).
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. 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.
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.
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. 
...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.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Delete my post
Jump to: