BREAKING: BINANCE STOPS WITHDRAWALS | Bitcointalksearch.org

estenity

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Quote from: 2stout on November 20, 2022, 03:44:01 PM

I wonder if this could happen to have anything to do with the mention that Binance's reserves are like 40% of its own token. Seems like this could be a plausible reason to stop/halt withdrawals.

yes, concentration of reserves is a risk, especially when it is its own token or coin.

2stout

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I wonder if this could happen to have anything to do with the mention that Binance's reserves are like 40% of its own token. Seems like this could be a plausible reason to stop/halt withdrawals.

Pamadar

legendary

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Quote from: albon on November 17, 2022, 11:42:35 AM

Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Have you ever thought of hearing a news or tweet like this in future.. have you prepared yourself , What would be your 1st reaction after watching a tweet like this ...

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

In my opinion, a tweet like this is in order to aware and educate people so that they do not trust exchange platforms too much and know that exchange platforms such as Binance or others are not safe wallets to hold wealth. I felt a bad feeling after I read a tweet that Binance stopped withdrawals, but that may happen one day, Because, in my opinion, the security was created for hacking, in order not to be shocked in the future and have a heart attack, you must quickly put your currencies in hardware wallets or decentralized wallets that you have their own private keys.

If I remember it right, Binance has been hacked before and they temporarily stop withdrawing money, but they manage to solve the
issue and then start allowing people to withdraw their funds.

Maybe it will happen as we don't have any control over how the business will turn after
some years, and it is a good reminder that you should keep your money with the wallet
that you do have full control.

suzanne5223

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Quote from: laurenB7742 on November 16, 2022, 09:39:17 PM

Quote from: suzanne5223 on November 15, 2022, 10:53:49 AM

Quote from: laurenB7742 on November 14, 2022, 08:51:05 AM

Binance is the biggest exchange in the market and I must say that I am very satisfied using binance, no other exchange gives me such a good feeling. But if one day it crashes like Mt.gox or FTX then I won't be surprised or scream with panic, I think this we should also think about and be ready for someday, because in this market nothing is impossible. That's why we should only invest as much as we can afford to lose, don't rely too much on one thing, divide your eggs into many baskets.

You have a point when you said people should be ready for whatever may happen in the crypto market especially when it involves keeping one crypto bag on CEX but some people first the satisfaction and the impression they have about CEX first and at the end, they always pay with their hard earning or crypto portfolio.
No matter how good and promises an exchange has it should be treated as an exchange, not storage.

There is no such thing as absolute safety in the market, many people leave CEX and switch to DEX thinking that DEX is more secure than CEX but they don't know that DEX is not as secure as they think. When you use DEX you also have to connect wallet and authorize permission to use it, once authorized the decentralized exchange can still steal your assets as usual. There is no optimal solution for our transactions, let's protect our assets, withdraw all assets to personal wallet at the end of the trading day, never leave too much money on the exchange overnight.

Yes, there's no total safety in the market but we can still achieve the best safety if avoid human error. However, I think you're missing the point of what I meant when I said people should always treat an exchange site as a trading platform, not storage because you're actually illustrating the same point I have described above.
Having said that, the issue about DEX can be avoided if using reputable DEX and not phishing sites. I don't it is right for any crypto user to make use of DEX and never disengage her wallet from the DEX.

dimonstration

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Dimon69

Quote from: albon on November 17, 2022, 11:42:35 AM

Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Have you ever thought of hearing a news or tweet like this in future.. have you prepared yourself , What would be your 1st reaction after watching a tweet like this ...

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

In my opinion, a tweet like this is in order to aware and educate people so that they do not trust exchange platforms too much and know that exchange platforms such as Binance or others are not safe wallets to hold wealth. I felt a bad feeling after I read a tweet that Binance stopped withdrawals, but that may happen one day, Because, in my opinion, the security was created for hacking, in order not to be shocked in the future and have a heart attack, you must quickly put your currencies in hardware wallets or decentralized wallets that you have their own private keys.

Those tweet are obviously FUD. Cryptocurrency in general will be in total chaos and probably loss the majority of the marketcap value if this happened because Binance holds the largest chunk of crypto in the world. Bankruptcy of Binance while it's on top will never gonna happened in my opinion because there is no other recipient for there crypto holdings since they are the biggest in the market.

Maybe this is possible in the future when they are not the top exchange anymore.

albon

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Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Have you ever thought of hearing a news or tweet like this in future.. have you prepared yourself , What would be your 1st reaction after watching a tweet like this ...

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

In my opinion, a tweet like this is in order to aware and educate people so that they do not trust exchange platforms too much and know that exchange platforms such as Binance or others are not safe wallets to hold wealth. I felt a bad feeling after I read a tweet that Binance stopped withdrawals, but that may happen one day, Because, in my opinion, the security was created for hacking, in order not to be shocked in the future and have a heart attack, you must quickly put your currencies in hardware wallets or decentralized wallets that you have their own private keys.

laurenB7742

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Vaccinized.. immunity level is full.

Quote from: suzanne5223 on November 15, 2022, 10:53:49 AM

Quote from: laurenB7742 on November 14, 2022, 08:51:05 AM

Binance is the biggest exchange in the market and I must say that I am very satisfied using binance, no other exchange gives me such a good feeling. But if one day it crashes like Mt.gox or FTX then I won't be surprised or scream with panic, I think this we should also think about and be ready for someday, because in this market nothing is impossible. That's why we should only invest as much as we can afford to lose, don't rely too much on one thing, divide your eggs into many baskets.

You have a point when you said people should be ready for whatever may happen in the crypto market especially when it involves keeping one crypto bag on CEX but some people first the satisfaction and the impression they have about CEX first and at the end, they always pay with their hard earning or crypto portfolio.
No matter how good and promises an exchange has it should be treated as an exchange, not storage.

There is no such thing as absolute safety in the market, many people leave CEX and switch to DEX thinking that DEX is more secure than CEX but they don't know that DEX is not as secure as they think. When you use DEX you also have to connect wallet and authorize permission to use it, once authorized the decentralized exchange can still steal your assets as usual. There is no optimal solution for our transactions, let's protect our assets, withdraw all assets to personal wallet at the end of the trading day, never leave too much money on the exchange overnight.

suzanne5223

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Quote from: laurenB7742 on November 14, 2022, 08:51:05 AM

Binance is the biggest exchange in the market and I must say that I am very satisfied using binance, no other exchange gives me such a good feeling. But if one day it crashes like Mt.gox or FTX then I won't be surprised or scream with panic, I think this we should also think about and be ready for someday, because in this market nothing is impossible. That's why we should only invest as much as we can afford to lose, don't rely too much on one thing, divide your eggs into many baskets.

You have a point when you said people should be ready for whatever may happen in the crypto market especially when it involves keeping one crypto bag on CEX but some people first the satisfaction and the impression they have about CEX first and at the end, they always pay with their hard earning or crypto portfolio.
No matter how good and promises an exchange has it should be treated as an exchange, not storage.

laurenB7742

full member

Activity: 1302

Merit: 129

Vaccinized.. immunity level is full.

Binance is the biggest exchange in the market and I must say that I am very satisfied using binance, no other exchange gives me such a good feeling. But if one day it crashes like Mt.gox or FTX then I won't be surprised or scream with panic, I think this we should also think about and be ready for someday, because in this market nothing is impossible. That's why we should only invest as much as we can afford to lose, don't rely too much on one thing, divide your eggs into many baskets.

DudeAtWork420

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I know the king will be dethroned one day but I do believe it will not be this time. Binance has a strong reserve and its market cap is so big that it would take a few weeks for all the users to drain the whole exchange. If something like this really happens it will be a good thing for the overall crypto industry. These exchanges are behind market-making and manipulation. We need totally decentralized space.

Franctoshi

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Still trying to imagine the kind of catastrophe that this news will cause to the crypto space. A lot of traders/investors believe in Binance because of its way of doing business than every other exchanges out there, which has kept them leading in this industry for quite a long time now.
The bottom line would be mass withdrawals of cryptos from exchanges to non custodial wallets and the amount of Bitcoin/crypto moving out of exchanges will see a significant record of a new ATH in history, and no exchange will be trusted anymore even Coinbase.

Pamadar

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Quote from: capedbaldy on November 14, 2022, 05:36:53 AM

Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

Congratulations, you just made someone panic and heart pounding,

Why are you worried that binance will close the withdrawal feature, see my conclusion:
- Binance is the top exchange for the highest trading volume they have 90 million users worldwide, you can review the detailed explanation https://coinmarketcap.com/exchanges/binance/
- Binance exchange is very transparent, recently CZ has announced a cold wallet pool of funds and I've never seen any other exchange publish funds from their wallets.

^{sc : https://twitter.com/cz_binance/status/1590693950020472834}

CZ and the team will do everything to avoid losing trust and to cope with those who are fearing that the money they've got
inside the exchange will be held.

The topic really affecting some people who may be having difficulty accepting the current
situation with FTX, they are now thinking if what if the situation got worse and Binance
will be the next one to collapse.

capedbaldy

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Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

Congratulations, you just made someone panic and heart pounding,

Why are you worried that binance will close the withdrawal feature, see my conclusion:
- Binance is the top exchange for the highest trading volume they have 90 million users worldwide, you can review the detailed explanation https://coinmarketcap.com/exchanges/binance/
- Binance exchange is very transparent, recently CZ has announced a cold wallet pool of funds and I've never seen any other exchange publish funds from their wallets.

^{sc : https://twitter.com/cz_binance/status/1590693950020472834}

Oasisman

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Is this some kind of prank related to what happened with FTX?
If I'm the CEO/Owner of Binance, I probably won't think orchestrating a fake hacking incident that will cost the users their assets to be lost. That's all because, Binance is one of the top exchange in terms of trust and volume. I'm not gonna risk it for a short term gimmick, when the long term perspective for the more success of this exchange is very bright.

ice18

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Well this is not impossible to happen in the future even if Binance exchange has a very huge reserve still putting all of your assets in CEX is totally risky it will for sure affect the whole market if Binance stops withdrawals, the good thing about Binance is they are learning from the mistakes of other exchanges so that in the future they already know what is the best remedy if problem occurs.

bitterguy28

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Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Have you ever thought of hearing a news or tweet like this in future.. have you prepared yourself , What would be your 1st reaction after watching a tweet like this ...

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

I already Knew that this is a clickbait thread because have just withdraw in Binance few hours ago before seeing this thread meaning it is a complete fake new Grin

and also what I can understand about that person who create this tweet? he is just looking for attention ,because with so much users of Binance that may read this ? surely their heart will pump badly and automatically check the site for withdrawal .

crwth

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With what's currently happening in the crypto space, I'm gonna be quite surprised with this, knowing that I do use Binance, and it's something that I wouldn't want to happen. Just like what the other members have said, I'm concerned with what will be the concerns of crypto users. It's just like how people would see their crypto portfolio vanish if they saw something like this.

Not the end, but many users wouldn't probably use it anymore or something.

Fundamentals Of

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This is not surprising not only because it already happened a number of times but also because it's just a matter of when this would happen again. And we would never know that by the time this happens again with Binance, it would already be its end.

These centralized exchanges have lifespans. They come and go. There was a time when there was no Binance. There will come a time where would be no more Binance. And we cannot tell when that happens. So the best preparation for us is to just withdraw all our funds from Binance and other centralized exchanges. We might one day wake up with Binance already freezing withdrawals.

Ayers

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Quote from: redsun114 on November 13, 2022, 03:49:42 PM

Quote from: talkoncrypto Official on November 13, 2022, 02:09:20 AM

Have you ever thought of hearing a news or tweet like this in future.. have you prepared yourself , What would be your 1st reaction after watching a tweet like this ...

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

My heart stops a bit after reading the title but it functions properly now after knowing that it isn't true. No I never thought of this, because I know that binance is too strong to fail. If ever they will stop the withdrawals then that will only be for temporary and it's caused by some issues inside their site so people shouldn't worry or panic in an instant but I think scenarios like this have already happened on them before.

I am only not sure if it happened during the luna crash or during that time where there are new about banks freezing customer funds. But like I said earlier, it didn't last long and people gained confidence again on binance later on.

Currently, I also believe that binance is strong enough to be hard to crash, a lot of people are expecting binance to collapse because they hate centralized exchanges but not with binance and not right now. If we say that nothing is certain, then I can also say that even bitcoin is uncertain, investment should always take into account risk because there is no such thing as absolute safety.

I don't fully believe in binance, or rather I don't trust anything in this market and I am willing to take any risk if I face, even the collapse of bitcoin.

STT

legendary

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Quote

People these days don't validate a news and only looks at the headline.

More reaction then processing and discovery, its more exciting to be part of then read full quite lengthy articles but also it makes for an echo chamber and nonsense.

The ability for random tweets to bring bad news, falsely is not good. Sad that its so easy to appear legitimate on a fast moving platform like twitter, that tactic of misinformation is actually working too often. Musk is made out to be an idiot or worse but hopefully he just got off to a bad start and can improve matters quite easily. So far he has proven he needs to test ideas more, assume the worst and people will always take advantage of weakness in any system.

Topic: BREAKING: BINANCE STOPS WITHDRAWALS (Read 518 times)