this is another good proof of how bad centralized coins are.
you can see that the coins that are centralized create a focused singular point of failure. an attack point which can destroy the coin in matter of minutes. not that i am saying it will happen in this case but it is a strong possibility. similar to Bitfinex coin (Tether) that is centralized and has a single point of failure.
hopefully we can see the community take lessons from this huge loss and eventually move towards REAL decentralized exchanges and increase their own security and at the same time protect their identity and privacy too.
Topic: how hard will Binance coin (BNB) get dumped? - page 5. (Read 821 times)
Binance is now facing a harder situation as the hackers are stolen 7000 Bitcoin from its hot wallet. But, the CEO has already addressed the users via twitter that there will be no effect to our users as Binance will recover self all the affected users. So, during this situation it is obvious that the BNB coin will affect but it is only the short term. So, no need to be panic about the BNB coin.
Yes they should probably fix the mess and everything will be fine again. But, this incident only shows what happens when you put your trust in a centralized entity. The next time something similar happens, things may not be fixable so easily.
The purpose of Bitcoin as a decentralized currency is to protect precisely against such things happening. Unlike bitcoin, BNB is not decentralized and all people that own BNB coins are entirely at the mercy of the entity/company that has issued them.
The purpose of Bitcoin as a decentralized currency is to protect precisely against such things happening. Unlike bitcoin, BNB is not decentralized and all people that own BNB coins are entirely at the mercy of the entity/company that has issued them.
for as long as they can fix this mess that fall upon BNB, i am sure that it can recover from this dumped, but i know for sure that BNB will stay strong after this being fix.
I dont think it will have huge dump because binance is having enough fund to sustain this coin . But safer zone i sold some of my Binance coin which i hold it in exchange . Crypto market about to take off again one more strike happened .
you know this wasn't a couple of thousand dollars lost?
unless this was a fake "hack" and they stole the coins themselves, i seriously doubt they have enough money to cover 1% of their users. this was $40 million theft after all! that can cripple any business let alone some thing like an altcoin exchange.
I dont think it will have huge dump because binance is having enough fund to sustain this coin . But safer zone i sold some of my Binance coin which i hold it in exchange . Crypto market about to take off again one more strike happened .
with all the drama about Binance today after they got hacked and also the fact that BNB was already in a big bubble after its pump, how hard do you think their token is going to get dumped now that their business is facing a crisis?
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