Is Binance too big to fail? - page 2.

wajik-tempe

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Quote from: Snappycoco on August 13, 2021, 10:48:02 AM

Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

Don't forget how light the app and the website is, it provides the traders best experience while trading, live movement price and the features and the user interface design is really comfortable for the traders. In terms of security binance is already good enough and we just need the consistency and more upcoming innovation that will make traders or investors stays

carlfebz2

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Quote from: Snappycoco on August 13, 2021, 10:48:02 AM

Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

This is the only way i could see that Binance would totally or putting it out of business on where they would be possibly hacked bigtime but for sure they have invested big money in terms of security.

They might have some hacking incident or issues in the past but they had able to handle it well.They are aware about exchange hack and most of funds are on cold wallet and thats a good initiative

because everything is hackable no matter how tight the security is.Binance is big to fail?Sure it is but it isnt an assured thing but for now it is on the top spot.

Abiky

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Quote from: ?? on ??

Well, being too big is really Binance's description. They're one of the biggest and they never stop keeping up with the trend, projects, security and other investments that can make traders and investors stay onto them.
As said as being too big, being reputable and trustworthy, it's already on that description.

Exactly. Binance is already too big to fail, and highly unlikely to go away anytime soon. No other competitor is able to outpace Binance in terms of marketing/promotion, liquidity, user experience, and most of all, mainstream adoption. In just 4 years since the exchange's inception, the company has grown into an "empire" which has a direct impact over the entire crypto/Blockchain industry. The CoinMarketCap acquisition, followed by the creation of its own blockchain network (Binance Chain), has led Binance towards non-stop success. I'd be surprised if Binance manages to survive 20 years from now and still be the #1 crypto exchange in the world. Just my opinion

Snappycoco

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Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

Abiky

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Quote from: ?? on ??

Not a fan of Binance but I do think it's too big to fail. Binance US CEO already resigned and CZ is actively looking now for his replacement, so they know they have to change as part of the new era going forward.

They'll pay all their fines and they'll pay all their dues, but they will emerge from this for sure.

One thing for sure is that Binance is persistent. It never gives up even when governments come up with fierce regulations against the crypto/Blockchain space. The aggressive marketing/promotion strategy, ease-of-use, and a large number of trading pairs has led Binance towards non-stop success. This is impressive for an exchange that's only 4 years old. It survived hacks, and many other undesired situations, so I'd say Binance is too big to fail.

Of course, nothing lasts forever. We've seen how a big exchange like Mt. Gox went all the way down the drain because of a major hack. There's nothing stopping hackers from doing the same on Binance. A hack where there's no point of recovery will mark the end of the biggest crypto exchange in the world. Binance's demise will pave the way for another exchange to take over the market. As long as the crypto/Blockchain space remains decentralized, nothing else matters. Just my opinion

stomachgrowls

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Quote from: onecall123 on August 10, 2021, 11:06:31 AM

It's impossible to overlook how massive Binance's involvement in the cryptocurrency marketplace is. The CEO of Binance CZ has been so active whether he is discussing Binance smart chains, customer service issues, or expansion of the business. In terms of spreading cryptocurrency thought across the board, Binance platform deserves mention. Binance is where I keep a decent amount of coins. For instance, I have a reason for active trading.

Less about overlooking but more about hard to ignore when CZ and Binance's marketing team just keep pushing stuff to your face every day:) They spend a lot on paid marketing, in case you didn't know. PRs and articles on Coindesk etc are all paid for a lot.

And his thoughts are all written for him mainly, unlike if someone like Vitalik speaks.

They do have the money and its understandable that they would really be needing to be consistent or even on aggressive manner in terms of marketing and promotions which its true that they do really keep pushing

stuff into your face almost everyday which as a user you would really be finding this thing to be interesting and they arent stopping and doing this aggressively and since they do have the budget since they are
the current top crypto exchange as of this moment then its normal that they are really capable on such spending.

They do know on how to play this business and making it big but we know that everything isnt guaranteed because looking on what happened on Bittrex and Poloniex in the past will possibly
happen to Binance too.So its hard to tell about failure matters.

Fatunad

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Quote from: onecall123 on August 10, 2021, 11:06:31 AM

Quote from: ?? on ??

The chance will be so high when it was getting failed to deal with the regulation. that being said that when someone in another section was mentioning all of the problems that faced by binance and majority of these problems related to the license and regulatory approval. It could be a serious problem that can give binance to be a failed project.
Anything can happen and none know what will be happening with it

Not a fan of Binance but I do think it's too big to fail. Binance US CEO already resigned and CZ is actively looking now for his replacement, so they know they have to change as part of the new era going forward.

They'll pay all their fines and they'll pay all their dues, but they will emerge from this for sure.

It's impossible to overlook how massive Binance's involvement in the cryptocurrency marketplace is. The CEO of Binance CZ has been so active whether he is discussing Binance smart chains, customer service issues, or expansion of the business. In terms of spreading cryptocurrency thought across the board, Binance platform deserves mention. Binance is where I keep a decent amount of coins. For instance, I have a reason for active trading.

As a CEO then you would do all sorts of things when it comes to this manner.You wont really be making this business to be this big if you dont know on how to handle it well where it do really mainly concerns about
user experience and the good service that you do give into those who are needing into this industry.We cant really say that nothing last forever but seeing on how he handles up the company could really give you
out some picture that this would becoming even more bigger in near future if they would continue on what they are doing.

onecall123

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Quote from: ?? on ??

The chance will be so high when it was getting failed to deal with the regulation. that being said that when someone in another section was mentioning all of the problems that faced by binance and majority of these problems related to the license and regulatory approval. It could be a serious problem that can give binance to be a failed project.
Anything can happen and none know what will be happening with it

Not a fan of Binance but I do think it's too big to fail. Binance US CEO already resigned and CZ is actively looking now for his replacement, so they know they have to change as part of the new era going forward.

They'll pay all their fines and they'll pay all their dues, but they will emerge from this for sure.

It's impossible to overlook how massive Binance's involvement in the cryptocurrency marketplace is. The CEO of Binance CZ has been so active whether he is discussing Binance smart chains, customer service issues, or expansion of the business. In terms of spreading cryptocurrency thought across the board, Binance platform deserves mention. Binance is where I keep a decent amount of coins. For instance, I have a reason for active trading.

batang_bitcoin

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Quote from: kenelmark on August 07, 2021, 09:42:14 AM

It's very thin to fail if we look at the current conditions because almost all cryptocurrencies are developing in a better direction and are also doing very well in the market including BNB, although the price is still half the ATH that BNB has ever achieved, so it's clear the possibility to fail is very slim.

Nothing with the price with its failure or with its success. Because if it's not yet back to its ATH, there's going to be another time for it. But what happens with Binance through development, we can understand that they're making the exchange better and there are more updates that we've been seeing from them. The exchange and its token have now its significant contribution for most projects because they're the first exchange that's being desired to get listed.

Bitstar_coin

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Nothing is too big to fail, even those companies bigger than btc have sometimes experience a total shut down because of mismanagement or other legal issues, even if binance is not properly coordinated the way it should be then there will be serious problems for the company that can lead to it's total closure or shutting down, longevity has to do with proper management and commitment other it will lead to failure.

smyslov

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Quote from: Abiky on May 21, 2021, 02:04:36 PM

What are your thoughts? Is Binance too big to fail? If not, why? Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

Let's admit it, Binance has made life easier for all of us here, they only list the best project, they have one of the lowest transaction fees and they made it easy for developers to create their token, I wonder what will happen to the industry if Binace fail, it's success is our success its failure is our failure too.

777Jolami

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Binance was almost impossible to thrive before they launched the Binance smart chain. Growing fast and being attached to an exchange puts pressure on investors even though what they have is impressive. After legal issues with binance Us, they are completely isolated in some countries. I think this is a limitation that can lead to their failure in the future if they do not improve and go with the legal regulations of an exchange.

kenelmark

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Quote from: Rabi3 on July 25, 2021, 06:34:14 PM

the obvious thing to say is that Binance can fail regardless of how big it is, we can even say that about bitcoin, but the chances of that happening is really low, legal stuff can be very dangerous on crypto no matter how big it is or how big it could become.

It's very thin to fail if we look at the current conditions because almost all cryptocurrencies are developing in a better direction and are also doing very well in the market including BNB, although the price is still half the ATH that BNB has ever achieved, so it's clear the possibility to fail is very slim.

Rabi3

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Quote from: Ever-young on July 23, 2021, 10:47:02 AM

That’s a loaded question, a question that cannot be answered with the utmost of certainty right now. After all, wasn’t this question asked of the likes of Lehman Brothers too, before the recession of the late-2000s?

the obvious thing to say is that Binance can fail regardless of how big it is, we can even say that about bitcoin, but the chances of that happening is really low, legal stuff can be very dangerous on crypto no matter how big it is or how big it could become.

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Quote from: MFahad on July 25, 2021, 01:02:48 PM

Quote from: bitterguy28 on July 15, 2021, 06:16:16 AM

Quote from: magneto on June 22, 2021, 03:39:40 AM

It's definitely not.

In fact, I'd say that BNB is probably the token that is most prone to any sort of bad news on the regulation side. Any unfavourable news coming out of China, US, and Europe can possibly crush the whole business model of Binance.

Even though they say that BNB is striving to build Defi, it is a fact that most of their profit generation comes from Cefi still. No one will be bailing them out either if they do fail.

Well yet even if BNB is prone to many attacks and bad news yet this still the banner of the Hottest and biggest Exchange now in crypto.

But when Defi was created ? then lets expect more climb and may reach finally the 4 digits dream.

Unless some thing bad is happen and the binance exchange is hacked, only then we can see the downfall in bnb. Other than that there is no exchange which is even close to binance in terms of liquidity and trust.

The trust that they had gained is something that wont happen easily on any exchangers out there.It is because on the dedication and seriousness into their business on why they had achieved that state.

Binance is too big to fail?We cant really say but its hard to believe on that it would just vanish out or would have some huge hacking incident to happen or exit scam but we know that its unlikely to happen.

Why would they do bullshit things if they do know that they can make out profit in longer years to come as long they do retain their reputation that they are trying to protect on?

MFahad

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Quote from: bitterguy28 on July 15, 2021, 06:16:16 AM

Quote from: magneto on June 22, 2021, 03:39:40 AM

It's definitely not.

In fact, I'd say that BNB is probably the token that is most prone to any sort of bad news on the regulation side. Any unfavourable news coming out of China, US, and Europe can possibly crush the whole business model of Binance.

Even though they say that BNB is striving to build Defi, it is a fact that most of their profit generation comes from Cefi still. No one will be bailing them out either if they do fail.

Well yet even if BNB is prone to many attacks and bad news yet this still the banner of the Hottest and biggest Exchange now in crypto.

But when Defi was created ? then lets expect more climb and may reach finally the 4 digits dream.

Unless some thing bad is happen and the binance exchange is hacked, only then we can see the downfall in bnb. Other than that there is no exchange which is even close to binance in terms of liquidity and trust.

Woodie

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Quote from: Abiky on May 21, 2021, 02:04:36 PM

It seems to me that Binance has huge influence over the crypto/Blockchain industry. Sometimes I wonder if the world's biggest crypto exchange is too big to fail.

Biggest crypto exchange means it has big pockets,and we all know money makes the world go round so it's easy to get themselves out of any situation.

Quote from: Abiky on May 21, 2021, 02:04:36 PM

With no signs of decline, Binance is on a road to widespread success in the mainstream world. This is bad because it'll make crypto heavily centralized.

It's already a well rooted company in the crypto ecosystem and listing some of the biggest coins on the exchange (on different blockchains ) this does also give it the bargaining power to create a business environment that works in its favor leading to centralization.

Quote from: Abiky on May 21, 2021, 02:04:36 PM

Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

Yes they do have the influence, if ever regulators wanted something done for example, they probably needed it to go through them first then all other exchanges will adopt whatever has been decided.

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Quote from: Abiky on May 21, 2021, 02:04:36 PM

Binance has grown into a force to reckon with since its establishment in 2017. In just 4 years since inception, Binance dominates the crypto market being the largest cryptocurrency exchange in the world. Its most successful venture has been the launch of a public smart contract platform dubbed "Binance Smart Chain". The native cryptocurrency "BNB" went from being worth cents to hundreds of dollars (USD) in just a few years since inception.

It seems to me that Binance has huge influence over the crypto/Blockchain industry. Sometimes I wonder if the world's biggest crypto exchange is too big to fail. With no signs of decline, Binance is on a road to widespread success in the mainstream world. This is bad because it'll make crypto heavily centralized.

What are your thoughts? Is Binance too big to fail? If not, why? Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

I won't say that binance will fail one day but remember that nothing is too big to fail.
Mt. Gox which was the biggest bitcoin exchange got hacked and this was the end for them. Everyone thought that Mt. Gox is hard to fail but you never know what will happen in the future.

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That’s a loaded question, a question that cannot be answered with the utmost of certainty right now. After all, wasn’t this question asked of the likes of Lehman Brothers too, before the recession of the late-2000s?

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Quote from: Erdogan on July 15, 2021, 09:04:01 PM

I often wonder how big it takes to be afraid to fail. Mt.gox was big and it has fallen. We're only talking about crypto. Pay attention to what Bernie Madoff did - after all, he beat the entire wallstreet and a few big banks. You can never be sure what is safe or not.

That's certainly true, mate. Nothing is guaranteed to last a lifetime in this world. If powerful empires fell to the ground, what makes you think the same won't happen with big companies and businesses in the mainstream world? Binance is subject to failure one way or another. A major hack or a full government crackdown could put Binance on its feet. Mt. Gox was the biggest exchange in crypto's early days. Yet, it suffered a major hack that led to its demise. Years later, a popular exchange named "Cryptsy" fell to the ground after it was hacked. Imagine what will happen to Binance if there's a hack where there's no point for recovery. It'll be the end of an "empire" that has made crypto/Blockchain tech extremely popular in the mainstream world.

While prices for major crypto assets will decline massively within the short term, they'll eventually recover as new players join the game. I wouldn't worry much about Binance since crypto has been proven to be resilient after all these years. As long as decentralization/censorship-resistance is put first, nothing else matters. Just my opinion

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