Topic: Is Binance too big to fail? - page 8. (Read 1930 times)

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.

yes it is enormous, and impossible to fail. but it would be wrong to think because of this crypto will become centralized. binance may be the center of attention, but they will not control the crypto industry. there will always be competition, and all platforms will compete to be the best. like the Dapp platform, there is fierce competition between bep20, erc20 and trc20. And on the exchange side, Binance is not alone because there is Coinbase, Houbi, OKEX and many more. competition will prevent crypto from becoming centralized, so there's no need to worry about this.

I clearly remember the exchanges that came before Binance. 2 of them to be exact. Mt. Gox and Bitconnect. So I will not be defending Binance at this point because the sky is the limit as to what hackers can do with the exchange. I know that the exchange uses state of the art security and all and that many people trust the exchange, hell I am also using the exchange. Is just that, when you say it is too Big to fail, that means that it has achieved powers that no other exchange can have and I am sorry to say Binance has not reached that level of sophistication.

That's certainly true, mate. We've seen how big companies went all the way to glory only to go down the drain a few years later. The same could happen with Binance in the future if the competition becomes fierce in the crypto/Blockchain space. Not only that, but the fact that Binance is a centralized entity makes it extremely vulnerable to hacking. A major hack could lead Binance to a point where there's no hopes for recovery. The negative impact on the crypto/Blockchain industry will be huge, because Binance dominates the market in its entirety. I bet prices for each crypto asset will go all the way down the drain at a very fast pace after Binance's demise. Fortunately, crypto/Blockchain tech's decentralization and censorship-resistance will help the market rise back again to its former glory (albeit at a slow and steady rate).

Nonetheless, no one knows what will happen in the future. The crypto/Blockchain industry is widely unpredictable so Binance could grow bigger or fall all of the sudden. We should be prepared for the worst by securing profits as much as possible. Leaving coins out of Binance exchange will make sure you avoid huge losses in the long run. If you know what happened with Mt. Gox some time ago, then you'll see why it's important to never keep coins on an exchange. Just my opinion

Binance is spread out over several countries, so any potential action in the United States is not going to impact them. However, there will be a temporary slump in their profits, in case the SEC imposes a considerable financial penalty. And regarding the centralization argument, I don't agree. In fact one of the issues facing the cryptocurrency sector in my opinion is the extremely large number of exchanges and the fragmentation that results from it. None of the cryptocurrency exchanges are having more than 10% market share. At this point, it will be premature to talk about centralization.

There will be panic and disruption not only Binance, remember it's always news when we read an exchange that has been compromised, in the case of Binance it is too big to fail because the majority of investors and traders are using their platform, but the drop will also be massive in the case of Binance, Binance very well know this, they are doing their best to satisfy the needs of the regulators and their clients.

Nothing is written in stone, maybe someday Binance would be hacked or other mistakes then led to its downfall.
As one of the big top crypto exchange have such influence over the crypto i think it's very normal, Binance just do its job all the time, like its competitor: Coinbase.

nothing is too big to fail, but they are big because they collect everything from the little things, so it is like a tree that has grown so big with good care and care that the tree will be strong to withstand storms or strong winds, as it seems on the market binance.
Cz manages this exchange properly so that it can grow big until now.

Ya i think so, there are already a lot of people who get confy trading in binance and their trading volume is huge. The things that can fail binance if they are not concern about their security, if the market got hacked and it affects user balance i'm sure no matter how big the market is, people will leave because trust is the most important thing for users.

That's right but they are not safe when the market is failing as well. but the good thing about them is they keep pushing forward even though the market is not looking good. that's why they are the most trusted crypto platform in the industry since they keep offering those convenient and effective services that you cannot get on the other platform. Just wait for them to update their status and development, you will be amazed by what this company can do.

Who doesn't know Binance in the crypto world, because it is the only exchange that has the most comprehensive trading features. And this is what
makes Binance the best and most trusted exchange today. I agree all of this because the hard work of Changpeng Zhao who is the founder and
CEO of Binance. Changpeng Zhao is not only experienced in the crypto world, but his creative ideas make Binance look different from other exchanges.
So it is very difficult for Binance to beat other exchanges and even Binance is too big to fail.

There's no need to be agitated by the issue that BNB is a failure, Binance is making innovations from time to time, and lots of people have got hold of it. Binance is a company that is well organized and able to earn top titles in the market. BSC is one of the Binance products that has been able to lure people to it to become popular right now, Binance is something big and it will not fail.

Binance is the most popular and highest quality cryptocurrency exchange and I trust this exchange already long time, even when hackers hacked this exchange and stole money from many users, even after such an incident, binance returned all the money to people which money was stolen, so to such exchanges we can trust and, most importantly, binance will constantly evolve to be number one, and therefore everything will be fine with this exchange, as ceo binance earns huge money and will always work very hard to make binance the most popular cryptocurrency exchange around the world.

There always some issues when a thing become popular. Binance generally introduces lots of service, promotion time to time. To me, Binance is well organized company and top in the market. Binance Smart Chain is a new addition, in short time bsc network become so popular people migrate into bep20 and adopt it. Let's people make decision how long Binance will survive.

Let take a look on the trading volume of
KLSE = 2.24B USD per day
SGX = 1B USD per day
HKeX = 11.61B per day

All this is the trade volume o stocks perday in different countries..

Now, look back in Binance..
In coinmarketcap.com , trading of bitcoin itself has the volume of 65b itself in 24hours where Binance is 27B on bitcoin and a total of 55B(including other tokens) in 24 hours.
So if Binance fail, so will the whole crypto world.

Just my 2cents.

sure I've just registered there it can not fail

Nothing is untouchable in the crypto space, just one bad news about it can ruin the entire reputation they have been able to build this last 4years, so Binance is not too big to fail  at least we have been in the crypto space too long to know that even the best exchange today could be the worst by tomorrow, if Binance fails or gets hacked it might have a little Impact on the market, because 90% of all traders make use of Binance, bnb will have the most impact since its their exchange coin.

CZ is a smart individual and an entrepreneur, I believe that's why he has been the CEO from the foundation of Binance. I have noticed something unique about binance that other exchanges doesn't exhibit. Despite badmouth and badmouth CZ do receive from twitter, they are always focused. Sometimes you will see people insulting him trying to be leader of the pack in crypto but his sarcasm response are just epic to be ignored 
I love binance personally from my experience and their platform, I have never been affected in any form of unsatisfaction

They've got what it's needed to continue the progress, Binance team have a large scoop to continue their success,
with investors and traders supports it's far from suffering to failure.

Though it's not an assurance as we never know what future will bring to this project and all those related to this
coin, only time can reveal what will be the fate of this asset.

If terms fail means the exchange will be broke or scam, i dont think it will happen since the owner isnt anonymous and we can trace him.
But if fail means beated as the largest exchange in cryptocurrency, Bullish.com could be a competitor in the future.

Also as far as i know, last dump binance isnt ready for it and make many traders liquidated their position without any chance to cancel it.