Is Binance too big to fail? - page 6.

no-ice-please

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Quote from: Sithara007 on June 04, 2021, 12:41:25 AM

Quote from: Dread Pirate Roberts on June 03, 2021, 07:19:09 PM

I agree that Binance has a strong impact on the bitcoin economy because almost half of volume trading is dominated by them. and I think they are always trying to give their best by supporting new coins and projects that they believe will have the potential benefit for their customer and also for any parties that involved.

I am not sure whether they have half of the trading volumes with them (would be really surprised if they have, because even at its peak Mt Gox never held this much market share). However, I have to admit that over the last few years they have made a large number of acquisitions, which mostly involved small and medium sized exchanges. This has significantly boosted their overall trading volumes. Also, there is the trust factor. Binance is one of the most trusted exchanges in the world right now.

No they don't have half of the trading volume, but they have 2.5 times as much as the second largest exchange in terms of trading volume. That is quite impressive data. I don't see that gap closing anytime soon as they continue to expand their operations.

Sithara007

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Quote from: Dread Pirate Roberts on June 03, 2021, 07:19:09 PM

I agree that Binance has a strong impact on the bitcoin economy because almost half of volume trading is dominated by them. and I think they are always trying to give their best by supporting new coins and projects that they believe will have the potential benefit for their customer and also for any parties that involved.

I am not sure whether they have half of the trading volumes with them (would be really surprised if they have, because even at its peak Mt Gox never held this much market share). However, I have to admit that over the last few years they have made a large number of acquisitions, which mostly involved small and medium sized exchanges. This has significantly boosted their overall trading volumes. Also, there is the trust factor. Binance is one of the most trusted exchanges in the world right now.

Dread Pirate Roberts

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Quote from: Abiky on May 21, 2021, 03:04:36 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.

I agree that Binance has a strong impact on the bitcoin economy because almost half of volume trading is dominated by them. and I think they are always trying to give their best by supporting new coins and projects that they believe will have the potential benefit for their customer and also for any parties that involved.

lalabotax

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Binance has been growing so successfully because of their efforts to make it and how CZ and their team are really professional and experienced in creating such a crypto market. And yeah, not only the crypto market but they are really smart to utilize every single field to come into, like creating coin, BSC, acquisition more exchanges from around the world, and many other programs. And now, Binance also proves its professionalism and ability as the top exchange. And well, it may not make any centralized. How?

buietaw

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I believe the Binance exchange should not fail rather than fail. And yes, I'm worried, I think there shouldn't be strong centralized companies on the blockchain.

drwoo

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Let's put it like this: we all agree it is BIG! But can it fail? Well any company can fail. Make a mistake, innovate the wrong way or not at all. Many reasons why out of a sudden it could be game over. Wouldn't be the first tech company to die although nobody expected it.

sumant

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Yes Binance is probably the best exchange at present time. They have done all the hard work not to fail and as we are looking they are doing more hark hard work then earlier. These days every project has a dream to list on binance that's why Binance is great and not easy to fail. Any exchange can beat binance with their hard work and honesty.

Dexion

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Quote from: BaeSuzy on June 01, 2021, 09:42:47 PM

Agree Binance is already too big to fail. Especially Binance is the biggest market in cryptocurrency so i don't think they gonna fall in the future. If they don't make any stupid mistake, i believe this coin will keep growing bigger then bigger every year.

It will only be a joke to those who think binance will fail, as you said, binance is currently the biggest market in crypto plus more people are switching to binance instead of eth which has high transaction fees, the binance project is also getting more and more, so chances of failure very little.

no-ice-please

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Quote from: wheelz1200 on June 02, 2021, 02:22:53 PM

Quote from: Abiky on May 21, 2021, 03:04:36 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.

Definitely not to big to fail. Wait until serious players start entering the crypto exchange game. Exchanges are only as good as the latest fad. Another exchange can easily catch on and blow them away. Remember poloniex, Remember mintpal, crypts, etc etc.

What speaks against too big to fail is the theory of create destruction. There have been so many businesses where nobody could imagine in the slightest that they might once disappear. Some of the largest banks failed, companies disappear because of changing technologies and so on. For now they have an incredibly safe position.

pedrillo0

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I will only answer one of your questions, although no one will have the most precise answer of what will happen in the future...

What are your thoughts?... I see a future where any user can choose whether they want their money to be centralized or
decentralized. Donce the most astute will be able to have both systems in harmony and without fear of regional economic blockages
and without paying high taxes. Tongue

wheelz1200

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Quote from: Abiky on May 21, 2021, 03:04:36 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.

Definitely not to big to fail. Wait until serious players start entering the crypto exchange game. Exchanges are only as good as the latest fad. Another exchange can easily catch on and blow them away. Remember poloniex, Remember mintpal, crypts, etc etc.

7788bitcoin

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Quote from: bamb on June 01, 2021, 01:03:08 PM

CZ seem to have a hang on how to keep binance from falling. It is however dangerous for Cryptocurrency ecosystem that a centralized point of failure is controlling large percentage of Cryptocurrency market share!

We have seen some big failures in the past and you never know when they are sinking until the last moment and we have many exchanges who looked invincible but ended up closing down after a few months after a major hack and Binance is not stranger to hackers as they lost millions and we have no idea whether they have tested everything and can very well vouch that nothing like that can happen again, i doubt they can vouch like that.

conected

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Quote from: herurist on June 01, 2021, 02:18:23 PM

nothing is impossible here. in crypto even the impossible becomes possible.
In fact, if we look at Binance, it will be very difficult to fall because now Binance is in great demand by investors and traders because the prospects and fundamentals are very good.
Besides that, consistent burn makes Binance more loved by fans and I am one of them.
but it would be too much to say binance couldn't fall. Of course there are many risks that occur if we enter this world as well as binance which is very risky, indeed it is unlikely that binance will fall but we still cannot say that binance will not fall.
Of course I didn't expect this because I'm also one of the people who trade on Binance but just in case why don't we stay alert.

- Agree, the binance system is currently the platform with the most strong support and is honored as the great king of the exchange, a few stomps of it are enough to cause huge fluctuations in the market, sometimes I feel that its threat is much bigger than bitcoin because the control of assets here is so huge. Relatively worried and also wary about the case that binance will fail but I think binance has too many solid bases to exist, it is difficult to force it and cause failure unless binance intentionally let loose in system problems and wants to run away

Abiky

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Quote from: bamb on June 01, 2021, 01:03:08 PM

To big to fail concept applies to banking system of fractional reserve that is wholly supported by government! In the case of binance, I do not see any government supporting it! CZ seem to have a hang on how to keep binance from falling. It is however dangerous for Cryptocurrency ecosystem that a centralized point of failure is controlling large percentage of Cryptocurrency market share!

Couldn't agree more with you, mate. CZ is the only one backing Binance right now. A major hack or a full government crackdown should put Binance on its feet. What's concerning is the huge dominance Binance has over the crypto market. If it fails, it will bring down the whole crypto/Blockchain space with it. This will lead us back to the events of Mt Gox. where Bitcoin went all the way down the drain in an instant. While crypto will most likely recover, it may take quite some time before it goes back to its former glory. Things would've been worse if crypto/Blockchain tech was centralized. It would put an end to the revolution as we know it.

Nonetheless, we could say that nothing lasts forever. History has shown us that empires have seen their demise with even the most insignificant things. The same can happen with Binance if it faces an undesired situation where there's no point for recovery. What matters is that crypto stays resilient after a big downfall in price. I believe things will carry on as usual after Binance's demise, as a new exchange becomes the "new leader" of the market. Binance or not, crypto will be here to stay for a long, long time. Just my thoughts Grin

Samayuki

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Binance can't fail, let's put business and money making apart, there is something else about CZ himself and his team members, they actually want crypto to survive on the long term, they care more about the adoption of crypto so this is enough to keep the exchange going

MoneyJ

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On my observation Binance is too big to fail and it offers a better alternative to ethereum which is so expensive. Anyway some killer apps from ethereum are going to let its token co-exist between 2 (or more) blockchains.

BaeSuzy

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Agree Binance is already too big to fail. Especially Binance is the biggest market in cryptocurrency so i don't think they gonna fall in the future. If they don't make any stupid mistake, i believe this coin will keep growing bigger then bigger every year.

livingfree

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Quote from: herurist on June 01, 2021, 02:18:23 PM

nothing is impossible here. in crypto even the impossible becomes possible.
In fact, if we look at Binance, it will be very difficult to fall because now Binance is in great demand by investors and traders because the prospects and fundamentals are very good.

I agree things are still possible despite Binance's huge demand.

If something wrong has to happen then it will happen for Binance. But Binance has gained experience how they're going to tackle those problems that they might face.

And so far they've handled those very well and that's why it's unlikely to see them fail as of the moment. But in the future, if they will maintain their state, we're really unlikely to see unexpected things to happen for them.

AwoCorporation

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Quote from: manok jepang on May 31, 2021, 10:42:00 AM

Currently binance is one of the best altcoins in crypto, its growth has been impeccable as now BNB is ranked among the top three altcoins on CMC, and I see no sign of failure in binance, because binance is an altcoin network that has very good potential and prospects. in the future,

Yes, binance is not a coin of change, he has become one of the giants in the Crypto market, maybe some people think he becomes growing rapidly until now because it is used as an alternative amid the issue of costs naturally by Eth, but it is not possible that investors who hold eth will Choosing another altcoin as an alternative if the Altcoin does not have a bright future. I am very sure that binance is not a failure.

herurist

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nothing is impossible here. in crypto even the impossible becomes possible.
In fact, if we look at Binance, it will be very difficult to fall because now Binance is in great demand by investors and traders because the prospects and fundamentals are very good.
Besides that, consistent burn makes Binance more loved by fans and I am one of them.
but it would be too much to say binance couldn't fall. Of course there are many risks that occur if we enter this world as well as binance which is very risky, indeed it is unlikely that binance will fall but we still cannot say that binance will not fall.
Of course I didn't expect this because I'm also one of the people who trade on Binance but just in case why don't we stay alert.

Topic: Is Binance too big to fail? - page 6. (Read 1838 times)