Topic: Is Binance too big to fail? - page 9. (Read 1836 times)

No System is Safe!

Binance has been previously compromised. Though binance used it's safety funds to refund it's crypto users, the hackers were able to compromise their system.
This shows that Binance is definitely NOT too big to fail. But yeah binance has done a really great job in outperforming other exchanges.
It is leading the crypto industry most of the users are using binance. This does not mean it cannot fail. Mt.Gox was the biggest exchange in early days yet they did an exit scam.
Nothing is guaranteed on the internet.

binance has a huge influence on cryptocurrencies, they are the no.1 exchange nowadays, if an asset is listed on binance, signifying that it is a serious project, has a very large community, good service, complete features, cheap trading costs, all of which belong to binance. If binance fails, then cryptocurrency will be too much of a scammer because there are too many cheap markets.

There is nothing in this world that can't fail, everything including living things and non living things have their own time and era, once that era is gone those things that matters then won't matter anymore, just because binance is the leader today doesn't mean it will be the same for ever

If Binance goes down, the whole crypto market will experience a huge "bloodbath" in price like never before. It'll be worse than Mt. Gox because of Binance's larger liquidity and market dominance. As I've always learned, nothing lasts forever. The risk will always be there, especially when something is centralized. What might survive after Binance's downfall is Binance DEX and Binance Chain because of their "decentralized" design. But I have my doubts, because even such platforms are controlled and manipulated by the company in question. A major hack into Binance exchange could destroy everything the company has achieved to this point.

What's concerning is how Binance dominates the crypto/Blockchain industry in general. The more popular it becomes, the more centralized crypto will be. We've seen this already with Binance's numerous acquisitions (eg: CoinMarketCap) and sudden rise to glory (with BNB becoming the 3rd-largest crypto by market cap). How far will the company go will greatly depend on people's support. By using BNB and even trading at Binance exchange, you're helping the company become bigger and stronger than ever. It's best to support the competition for the good of crypto's decentralization. Most people don't care about decentralization, since they're only into crypto to make a quick buck. As long as this is the case, we won't be going anywhere. Just my opinion

the only cryptocurrency i believe is too big to fail is Bitcoin. Binance is not too big to fail as a coin and as a company, however, with the type of team and innovative developments going on at binance, they have what it takes to last for a very long time in the cryptocurrency space and achieve their aims

Nothing is too big to fail, but i love the new staff Binance has been adding (former FATF members), because those people know their stuff. Looks like they are taking regulations  more seriously every day. But i don't see the major threat coming from regulators. I see hackers with social engineering as a much more probable threat.

There's a small chance that it can but because of its experience and probably it has also learned the experience of other exchanges. That's why those mistakes that they've seen in others business, they're applying the solution to their own so that they won't fail the same as the other exchanges that has reached their peak popularity before.

We don't like centralized but even though we are back in centralized. As my experience all of this reason is service, still decentralized service isn't as good as centralized. Check these results. We don't use other bad services centralized exchanges, but we like to use Binance. Actually, I also like to use Binance exchange because I don't have options to use decentralized exchange, especially for transaction cost.

In my opinion, any project can both take off and fall. And it is impossible to assess, before reaching specific results, whether the project can fall or not. I think that a project of this size cannot take and simply fall, only if it is not planned by someone.

Is it because the price of BNB fell more than 70% from new ath and you gave a bad opinion?
All the altcoins are currently experiencing deep decline, not only BNB, I know how you feel if you buy in the $ 600 area ?,
yes, at that time CZ said that that's the DIP area, but look now the price has dropped again and CZ can't say, hmm,
the project is still going on of course they're not a scammer

There is nothing big if it is destined to fail.  But for now, let us enjoy the discounts brought about by the current dump in the market.  I believe that this dump will come to an end soon and a new light will be seen on both Bitcoin and altcoin markets.  The whales have to accumulate in order to profit more and eventually to pump before they can sell again.

That is obviously not that thing even though Binance is big it could still fail because cryptocurrency is just a risky investment, since bitcoin could go down its market price the same as other altcoins.

Since cryptocurrency is not regulated all of it could end and the exchange could easily be stopped, we already witness exchanges gets bankrupt because of the fast drop in the market price of cryptocurrencies.

We can consider it as a very risky investment as well, but the big exchanges like Binance just lessen the chance of failing since they have a lot of experience on how to operate and securities, etc.

I 100% agree, but I think that is because they do not bribe the right people. Look at banks, they suck and they do their job horribly and they are rarely ever successful in the long term so they always bankrupt and get saved, without any help from governments all banks would be bankrupt in 20 years, we would have zero banks left, because they do their job horribly.

However they get saved and given bail money constantly, why? Because, they work amazingly well with politicians and pay them insane amount of bribes and that is what gets them the bail money, give 100 congressman 1 million dollars and you have 100 congressman in your pocket for 100 million dollars, then get 1 billion dollar bail out money from their votes and you are done. This is basically why the fact is that we end up with bad politicians and poor people whereas banks get super wealthy. Binance doesn't bribe anyone as far as we know, and that is why they won't get bailed.

Nothing stays up forever. There are times and seasons for everything. It will take just two major hacks or an incident of the arrest of CZ Binance by SEC or his death or rumour of corruption among the top echelon of Binance staff to possibly rattle Binance. What I'm trying to say is that no exchange is infallible, Binance inclusive. Before 2017, there were strong and robust exchanges like Bittrex, Poloniex, Yobit and Coinexchange. Today, those exchanges aren't reckoned with. In fact, Coinexchange has shut down. So, Binance isn't that too big not to crumble. Though I don't wish bad for it to happen. If it happens, the world world come to an end because of that. Another alternative will spring up.

Well if they don't screw it up legally in the most important jurisdictions / markets I don't see them slowing down anytime soon. They have established subsidiaries all over the world, which is quite smart as any country causing them trouble could also lose them as a major player in their industry. Binance established a smart network that makes them highly agile should they get in trouble in one place, they'll just go elsewhere.

I agree with you that every company can fail and go bankrupt but generally people go for safest option. Binance is the best in that regard in crypto space and I hope too there will be some other big exchanges like that in future.

Binance is not to big to fail, Infact, no company is too big to fail as long as crypto is concerned, even in the outside world, I still don't think any company exists thats too big to fail, a simple or small wrong move can cause disastrous damages to the company, but speaking of binance, binance already have too much power in the crypto space if am asked, and sorry to say this but if binance fails, it will sure affect the entire crypto market in the worst way, but the thing is that the market will aways recover later, but then, the fact is binance will affect the market much more than we all can ever imagine, I hope in the future, more great decentralized or maybe centralized exchanges spring up that will take some power aways from binance and the likes so no exchange has the power to affect the market if the said exchange goes down.

Anything can happen in any moment. We do not forget that, in our world, nothing is permanent. Anything can fall, disappear, fail, or get destroyed at any time. Prior to Binance, there were several prominent exchanges in this arena but one small vulnerability might have caused the loss of those positions. Hence, do not rely on one particular currency, exchange or person. Don't keep all of your eggs in one basket.

When people use the expression too big to fail they are referring to institutions that in the case they failed it will cause chaos on the markets and governments rescue them in order to avoid this fate.

Binance fulfills the first part of the definition as it is the biggest exchange and it is the owner of one of the most powerful coins in the market as well, but it does not fit the second part of the definition, no government will ever save binance and if anything they will do what they can to see it crash and generate enough panic to make this market crash even further.

It really isn't.  I think binance has actually had a lot of federal investigations related to surplus pools and financial disclosures.  However, they didn't have a problem, expanding binanceus just met the specific countermeasures they needed to make to ensure fairness.  The binance issue will be strongly related to the BSC launcher, but several security-related incidents from BSC have held back their macro growth for this year.  However, I still predict Binance will remain an ancient tree going forward for crypto legacy.