Topic: CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong? (Read 698 times)

@coupable. I disagree. Whales trade in Binance because it offers the liquidity that they need because the size of their trades are in millions. This is also similar for the other big exchanges.

This is certainly not blind trust. This is their willingness to take the risk.

I would also consider this to be blind trust unless the whales are contracting with Binance. Whales are supposed to be accounts that have the audacity to deposit, use and maintain huge amounts of money in a platform whose transaction management is supposed to always be subject to a central authority.
Someone with huge amounts in his portfolio would never blindly trust any entity unless he has no better choices.
Ftx was a disaster.

@coupable. I am talking more about using the exchange to trade. There are whales who use Binance who might be holding more funds than you and me. Can this be called blind trust? I very much doubt this because they need funds in the exchange to trade.

However, your argument is correct. No one should blindly trust an exchange. But some statements by certain people appear to be accussive that Binance is there like it was created similar to FTX to scam their users. This is far from the truth, I reckon.

When people are not afraid to use Binance as a private wallet without having access to the private keys of the addresses containing their savings, this is called blind trust.
When we trust the platform only because it has not tampered with its customers’ assets, this is called blind trust because no one knows what the future holds. Recently, it was discovered how Binance authenticates the accounts of Chinese users in coordination with employees from Binance itself in a manipulative manner, since China prevents their use.
When the United States authorities force the CEO of the platform after he confessed to his involvement in suspicious activities, and we maintain the same level of trust in the platform, this can only be blind trust.

@coupable. It is very headshaking to say that people who use Binance blindly trust the platform. People trust it because the exchange has not stolen any of their coins, their withdrawals always arrive in their wallets and the exchange has been hacked before, however, it has never been proven that the exchange is insolvent. I am not only talking about the small minnows, whales who are trading millions on Binance also trust it because they have never scammed anyone. This is not blind trust.

Unfortunately, this is never the case with Binance users who blindly trust the platform. It cannot be denied that this major negligence on the part of users in not taking responsibility for preserving their savings in private wallets, but by examining more into this phenomenon (I call it the Binance phenomenon), it becomes clear that Binance has succeeded in convincing customers that it is the ideal space for investment, trading, and exchange by offering a variety One of the options that makes the user not leave the Binance applications at all. Binance has an independent blockchain network known as Binance Smart Chain, in addition to launching its own wallet known as TrustWallet and acquiring the largest cryptocurrency listing site known as Coinmarketcap.

Even though Binance is a big and powerful exchange that may be difficult for its competitors to beat because of the convenience and advantages that Binance has, caution must be taken when using the Binance exchange.
Still, they are just an exchange, not a place to store large amounts of assets for a long period of time. I think it should always be warned to beginners so as not to misunderstand the exchange function.

Agreed that Binance's CEX dominance might end very much similar to Bittrex, however, their new CEO Richard Teng appears to be very capable on cleaning the exchange's operations to make it more favorable for regulators.

Richard Teng also appears to be very qualified for his new job because he has much experience on financial regulation and helped create regulatory frameworks in Singapore and Dubai. We might witness some countries adopt his ideas and let the cryptospace run more smoothly under their jurisdictions.

Does this mean anything? It doesn't matter who is the next puppet with the CEO title. Dmitry Medvedev was the president of Russia from May 7, 2008 – May 7, 2012 but does that mean Putin wasn't in charge of everything? I think point is clear. CZ can't officially be CEO but unofficially he will be managing everything.

This isn't conspiracy, this is a well-written and well-played script. ETF will bring a lot of money into bitcoin world because big institutional investors will be able to invest in crypto via ETF, which will make investors assets safe.
I am worried for bitcoin too, I miss 2016 when there wasn't KYC and AML score bullshit and bitcoin was shining. I think there is so huge financial interest in bitcoin, hard fork will lose idea and we all will have to move on Monero to support decentralization and independence.

Since its launch in 2017, Binance has worked to develop its services and products to become today a company that provides several services in the form of useful applications for the crypto community and not just a trading platform despite its wonderful features as a trading platform that you cannot find on other platforms.
Today, Binance is a leading company in its field, with several applications that no crypto user can abandon in the modern era. Coinmarketcap and trustwallet are two of the most popular applications that are owned by Binance. We also do not forget the BSC network, which also helped users launch smart contracts easier and use the network to carry out transfers much faster and cheaper than other networks.
There is no competitor in the market currently capable of competing with Binance, and therefore it will not be easy at all to think about the method of its collapse and the possibilities of its repercussions, even after the resignation of its CEO.

I also feel the comfort that I get when using the Binance exchange. This reason is confirmed by all Binance exchange users.

One point I want to convey despite all the problems faced by CZ people and this company is that it will not affect trading activities if an exchange as big as Binance closes and no longer operates because there are still other exchanges that can be used even though they are not as good as what users feel when using Binance. .
For Binance, if they want not to be expelled from the countries where they operate, they must be registered (follow the applicable regulations) so that they can both benefit.

I think the reason why people are so comfortable with Binance exchange is because of the low patronage of scammers. Out of all centralized exchanges that I know and I have used, Binance take it's time to combat scammers which is good but I think they let their guard down by going into US main stream. If they have disallowed and ban US citizens, they might still be in operation and they can't come after them, this is they style some big exchanges have done and have avoided US problems for many years.

Despite the commotion and CZ exit, the bank propaganda has erupted over the media and this is sending a message that the banks are not happy about bitcoin and what Crypto is trying to do to them or should I rather said has done to them because in all of that videos like CBDC were happy about it and we're shading Binance and crypto. However, I am confidence that Binance will remain stronger even when I don't like much about centralized exchanges.

Among the many exchanges available, there are one and two that can be said to be good and not all of them are bad because they have tried using them as a trading place.

Binance is indeed a large exchange with advantages and convenience for users to trade and all the advantages and conveniences possessed by Binance are recognized by many traders who use their platform, there are even traders who trade on two exchanges, but it is not a matter of regret if Binance has problems and are prohibited from operating in most countries if they are not registered in the country in which they operate.

I agree. Even in the countries where it's banned or where it is going to be restricted soon. We've got a lot of exchanges that we can select.

As long as you find the local exchange that you are satisfied using with, that's good. Because there are local exchanges that are said to be bad and not really the best in shape. But do the users have choice with that? I don't think so, anyway as long as you can use it for its purpose for trading then there's no problem at all.

Because as you've said, that's the main function of exchanges and that's to use them as-is and not to store funds. So as long as there's the function that you're able to buy and sell and you know that you shouldn't hold there for long then that means that you're good even with the local exchanges compared to Binance.

I think that's my non-joking answer to describe my situation regarding the problems that befell the Binance exchange and other exchanges.
Because it is clear functionally that the exchange is not a place to store funds but its function is to trade.
If Binance has problems, there are still other exchanges that can be used for trading. Just select...

The local exchange that I use for trading meets the standards I want even though Binance Exchange is known to be good according to most of its users.

That's not new. Many countries are pushing Binance out of their jurisdictions for some reason. It's all about their registration or there's another player that's about to come out so they need to kick out the biggest competition.

But for those countries where regulations are tough and they can't get in, those that are inside that country and operate with their local customers. They've got of course an edge over Binance. Anyway, they still want to penetrate to most countries and they have to go through the process of being registered and having a dialogue with the regulators.

You are over interpreting this case, I don't think this has any correlation with the security of binance so you have to empty your balance elsewhere, it costs you withdrawal fees.

Using Binance is like holding a spear. Binance actually has the most complete trading features, but Binance is rejected by regulation in my country. You can use the sharp tip to get something, but you have to hold the stick in the middle (standing in the gray area).

You don't need to be vulgar with that answer because you don't hold your funds there and so do I, who keeps their funds there because if someone keeps his/her funds there, they're at risk.

There are local exchanges that are way terrible than Binance and that's why even the locals, they use Binance instead of their very own local exchange.

You said it right, even if they're already big enough, that doesn't mean that they can't skip a fall down, an unexpected one. We can learn from FTX issue that has no one expected them that their founders have been playing with people's deposits there.

CZ resigned from the CEO position because part of the demands and positions left by CZ was filled by Richard Teng. News of the incident that occurred to Binance involving CZ spontaneously made people wonder how the fate of the next exchange of binance because binance is a big exchange and is quite well-known among trade actors.
My answer to the question as you ask is that I don't care because in Exchange Binance I don't save funds and funds available there just for trade needs. If binance is closed, we can still use local exchange to trade.

BNB is a centralized token controlled by Binance exchange, the price is been manipulated by the exchange and with their burning mechanism they're attracting more gullible investors. It's not a surprise that the token didn't get much price dip because they haven't been found guilty of doing anything that affect the community so they still have the trust of the community. Cz move also is been praised all over the industry as sacrificing himself for the wellbeing of the industry so people are still buying into the crab that they're selling. I didn't expecting expect the token to fall too as there wasn't much heat instead support because the stories is been spread as the government against the industry and investors will naturally side with the industry, but this is just the fed against CEX.

What I can say is the Fed wouldn't be giving up and other things will work in their favor, already Binance exchange partners are now the target with law suits which might drive away potential business partners which will dry the pockets of Binance and their reserves. The only way I see them combating the lack of revenue that would soon be their problem is to charge more for listing fee and list more altcoins but soon they'll run out of projects to list or their listing won't have much effect on projects growths anymore, making them to lose patronage from crypto products. The money will move over to other exchange and then the so called reserve will dry up and the crisis begin to unfold in front of our eyes.

The mistakes most people commenting on this issue is making is thinking, Binance exchange is too big to fail but no CEX has such quality. The fine wasn't a big money for an exchange like Binance exchange but when they can't replace the money to keep their reserve up then we'll begin seeing similar situation to other CEX that has seized to exist in the past.