Is Binance too big to fail? - page 7.

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legendary

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

This is bad because it'll make crypto heavily centralized.

The battle against idealism is very hard when you are faced with the realistic nature of humans. We all need money to live, humans who have a mainstream pattern of life, will only be carried away by the flow of which choice is more comfortable. And in the cryptocurrency world, more people are more comfortable with Binance Exchange than decentralized exchangers. That means cryptocurrency enthusiasts have been divided into two sides since the existence of centralized companies that instill the doctrine "that centralized platforms are not bad either".

If you want money, then be part of centralized.
If you want inner satisfaction, use a completely decentralized service.

Can you see? now life is a choice

bamb

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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!

BOAEDAN

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binance failed? are you kidding ? binance is a very extraordinary platform and currently the binance platform has an important influence on the lives of coin developers when it is registered on a binance exchange it will usually provide high trading volume because there are so many investors using the binance platform.

mr.robot8

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binance has been able to gradually conquer the lidership of the market, and has become the reference point in the exchanges sector because in addition to traditional trading / exchange options where there are more than 400 pairs of altcoins, it offers very tempting other ways to earn such as futures, etf, staking, provide liquidity, now they also have their own debit card, binance will not fail but not because it has become one of the largest exchanges on the market but for its seriousness and for the dedication of the team that manages it

Cling18

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As for me, Binance has a strong foundation already and it wouldn't fail that easy. It has been through a lot and most investors trust it. It's well-established that they could face and solve all the lawsuits or other cases that might be thrown at them. They have been hacked before yet they're able to solve it and rise again.

bryant.coleman

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The biggest issue for Binance is not the competitors or the hackers, but the authorities. As we all know, the SEC is gearing up for a lawsuit against Binance. They are not comfortable with the relaxed KYC requirements for the Binance users. So either Binance needs to fall in line and do KYC for all their users, or they will face a heavy financial penalty from the SEC. However, I have a feeling that the SEC wants to go slow against Binance, especially after their recent setbacks in the case against Ripple. Anyway, the Binance management needs to remain prepared.

fortunecrypto

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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.

As a leading innovator in the exchange industry, yes Binance failure can create a disruption in the market and the confidence of the investors and traders will diminish, but what kind of failure will that be, if it's about hacking a disruption could be bigger than failure coming from the failure to comply with regulators, one of thing that we don't want to read is exchange hacking especially if it comes from a leading exchange, the impact will be double if it's coming from the number one exchange.

tvplus006

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To the Moon

Binance is not only a cryptocurrency exchange, but also a Coinmarketcap rating, as well as the Binance Smart Chain blockchain. In addition, Binance is an affiliated owner of many cryptocurrency projects. Therefore, Binance is currently a monopolist in the cryptocurrency market, and it would be right if antitrust laws were applied to it.

FloridaKid

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$CYBERCASH METAVERSE

Binance exchange will be fine as far as crypto remains alive, the team and the CEO CZ have the best for crypto at heart so no matter what happens to the exchange binance won't crumble, the team are experts in the field to be honest, customer services is top notch and exchange security is now more better stronger than before

husdemba

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Pepemo.vip

Many people are meet with cryptocurrencies and their most important criterion is trust. Currently, the Binance platform is the most trusted cryptocurrency exchange. It's no surprise that they are the leading cryptocurrency exchange and BNB is ranked #3. However, this will not be permanent and rival technologies and cryptocurrency exchanges will surely surpass BNB.

Jackl87

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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.

I think that over the last couple of months binance really reached the stage of "to big to fail" except some really extraordinary stuff happens. Binance is the biggest altcoin exchange for quite some time now and it works flawlessly almost all the time, although a lot of projects switched from the ethereum network to binance smart chain recently because there you have almost instant transactions and like 0,10$ transfer fees.
I would not like it though if binance becomes too strong and too dominant in the crypto space, i already don't like the fact that they own coinmarketcap.com now and can therefore kind of control what informations the users get.

Henrobakkara

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I remember when I really got serious with knowing trading back in 2017, Bittrex was the go-to exchange then but not that it has failed and don't which that on any exchange to be honest because we cannot imagine the number of people that their investments would be lost through that but Bittrex is no longer as popular as it was back then.
Just like many have probably pointed out, nothing is too big to fail in terms of this crypto space, so this can happen even though we don't wish it.

dimonstration

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Dimon69

Quote from: manok jepang on May 31, 2021, 09:42:00 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,

Building a name and gaining the trust of customers is hard to attain nowadays so Binance should keep their business trusted and effective for the users. I don't think Binance will fail even there are new exchanges. They will only fail if there are unsolved issues and no developments made.

Furryball

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Is there anything that's too big to fail? The unexpected can happen at any moment but I like binance team for one thing, they are always prepared you know so if failure comes they will fix their problem and get back to work, the CEO and team are so into crypto itself not just running exchange to make money like other exchanges

Nrcewker

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Quote from: Bitstar_coin on May 21, 2021, 02:34:00 PM

This post sound awkward to me, why are you interested to see binance fail, if anything the crypto community should be supportive to help all this exchange be a better place to trade, nothing is too big to fail but sincerely hope nothing like that will happen to binance, you may not know it but the millions of people from all over the world that binance can access will be gravelly affected, I hope this won't happen.

Exactly, that was my opinion also.
Why someone will think about that at first place. Moreover Binance has already serving for many years and has really built a great trust in every aspects of people.
If we Practically see, then yes Binance has already become too big. Not only their exchange but also their coin has also made a standard in the market.
So OP we can easily claim or conclude that, Binance has became really too big and yes it won't fail.
Will love to hear mix expressions and opinions of the people.

manok jepang

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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,

Ziskinberg

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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.

As you've said...
Binance is one of the leading exchanges in crypto and obviously to see the majority of the traders are using this platform. And there is another one, once a certain project got listed on them, not doubts that it pumps like a bullish. That is enough to say that Binance has a huge market influence and besides, the BNB coin could never stand strong without the support of the Binance exchanger and make everyone think that they are safe in there.

Pamadar

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Quote from: ilovealtcoins on May 27, 2021, 11:36:03 AM

Binance has changed the system of exchanges with amazing features. Referral program via link to get a percentage of transaction fee commission, reduce transaction costs with exchange tokens, IEOs, staking coins, CEFI, a blockchain is what Binance offers, they lead the trend and changed the way traditional cryptocurrency exchanges did. Binance also has an investment fund.
Binance is doing great with multiple roles in the space. They have decentralized their ecosystem with many different divisions. They still don't have an official office, which has helped them select an excellent team from all over the world to work for them.
The Binance ecosystem is making a huge push into the development of the crypto space but it must be admitted that the power from CZ is too great.
I think Binance will grow even stronger in the future.

Your last statements weigh it in as the power CZ have now inside this industry has grow bigger.

He designed this project and it's really useful for everyone who's involved to this business you mentioned most of the benefits and

usages where traders and investors are enjoying now, future ahead continue to grown but who knows what would happened in case
CZ disappear or something happened along the way..

Inkdull

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Anything can fail mate but binance is just well prepared for that, they have some collateral in place so even if their exchange face the most intense collapse they will stand up on their feets again, binance exchange is blessed with teams that are so into crypto and want to make crypto works for the whole world

MadeMen

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Binance has grown so big and diversified to several aspects of the crypto industry, with proper management, I really don't see binance failing, but nothing is impossible especially in this space of uncertainty and with the issues which could come as a result of government sanctions. I hope to see binance grow stronger and bigger as their contribution to the cryptocurrency industry is overwhelming.

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