Is the Binance the next to bite the dust or FUD? - page 8.

o_e_l_e_o

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Quote from: virasog on March 13, 2023, 01:55:59 PM

This is good news for the market as now more people will be trusting bitcoin and Ethereum more than these stable coins.

If it takes an anti-bitcoin centralized exchange buying some bitcoin to convince someone to trust bitcoin more than a centralized fractional reserve scam stablecoin, then they really need to spend more time learning and less time throwing their money away on shitcoins.

Quote from: Rikafip on March 14, 2023, 01:33:03 PM

If CZ was indeed serious and genuinly wanted to protect his users he would put the whole 1 billion USD into bitcoin only and not spread it across two other altcoins.

And miss an opportunity to pump his centralized BNB coin? The fact that he even puts BNB in the same category as bitcoin is laughable. BNB is just as centralized and just as risky as BUSD.

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@Rikafip. I reckon CZ might be holding much of this $1 billion in bitcoin because it has the most volume and also has much of the liquidity in the market. However, the skeptical me thinks that if he pumps bitcoin he cannot ignore his own Binance smartchain and because of this he might get criticism, so he needs also to include Ethereum in his list heheheheh.

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Quote from: virasog on March 13, 2023, 01:55:59 PM

Another major development and announcement from binance is that they will be converting their 1 billion dollar reserves from BUSD to BTC, ETH and BNB.
This means they are serious and do not want to become victim, in case stable coin crisis continues in the future.

If CZ was indeed serious and genuinly wanted to protect his users he would put the whole 1 billion USD into bitcoin only and not spread it across two other altcoins. I could even somewhat understand if he decided to divide that billion USD between BTC and ETH (with latter being a minor part) but putting money into BNB doesn't make much sense to me and its not much better than BUSD. Imagine what will happen with BNB price if Binance gets hacked for a serious amount of money, and how much that BNB part of "SAFU" fund will worth after that?

It it maybe known how exactly he didvided 1 billion, how much went into each cryptocurency?

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Quote from: jrrsparkles on March 10, 2023, 01:37:59 PM

So this is all about whether the exchange has collateral for the tokens they lead into circulation right, almost every centralized entity can do such activity so Binance is not an exception to it so its the decision of users whether they want to withdraw their funds or still trust the centralized entity until they fails.

I don't think Binance is now at the verge like FTX but we should never trust them completely, just use the platform what it supposed to be then there will be no issues for the end users.

We never know if binance will fall one day but as of know this does not seem to happen.
Another major development and announcement from binance is that they will be converting their 1 billion dollar reserves from BUSD to BTC, ETH and BNB.
This means they are serious and do not want to become victim, in case stable coin crisis continues in the future.
This is good news for the market as now more people will be trusting bitcoin and Ethereum more than these stable coins.

https://twitter.com/cz_binance/status/1635131601884700674

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Quote from: Darker45 on March 08, 2023, 10:09:00 PM

Other than the fleeting huge withdrawals, the disgust against the big failures and abuses of centralized exchanges didn't seem to bear fruit.

Don't forget that there is a constant stream of new users in to this space who are unaware of just how risky centralized exchanges are and just how many of them collapse. There are undoubtedly more people moving their money off of centralized exchanges permanently, but there are also plenty of brand new users who have not yet been stung by the collapse of an exchange to replace them.

Quote from: jrrsparkles on March 10, 2023, 01:37:59 PM

I don't think Binance is now at the verge like FTX

We would never know. Binance have spent a lot of effort on keeping their actual operations as obfuscated as possible. Difficult to know even where their offices are or which country they are registered in half the time, they move around so much. Every platform which has collapsed recently - FTX, Voyager, Celsius, BlockFi, etc. - were all loudly tweeting and blogging about how great they were doing and how fUnDs ArE sAfU right up to the day or two before they collapsed.

Quote from: bbc.reporter on March 10, 2023, 10:23:59 PM

What we should very much concered about is USDC because much of the stablecoin is presently not backed by real dollars.

Tether hasn't been backed by real dollars in years (if ever). This has been proven in court on multiple occasions. It is a fractional reserve, with more being printed out of thin air at will, and yet for some reason people still use it.

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Quote from: Z-tight on March 09, 2023, 02:09:27 PM

Quote from: bbc.reporter on March 08, 2023, 10:32:43 PM

I hope you are correct that this will not lead for Binance to be biting the dust because I reckon it will certainly make the cryptospace perceived as a comedy show by scammers and hustlers.

In recent events, many centralized exchanges and services have bitten the dust and people have lost so much money, if Binance is next to bite the dust, it would just be added to the long list of centralized exchanges that have collapsed. Yeah it is a bigger exchange and may have a bigger impact, but that's for shitcoins as it would expunge many of them from the network; the only effect it will have on BTC is a temporary reduction in price and a chance to buy low.

Quote from: bbc.reporter on March 08, 2023, 10:32:43 PM

This might discourage the institutional investors and encourage regulators to protect consumers by creating stricter regulations that will restrain innovation. Also, regulations are only made under an act that it was created to protect consumers. What it will do is harden the rulers' financial leadership. The cryptospace will not be ours anymore.

Or it may encourage people to look for no-KYC alternatives to buy their BTC and to only hold them in a self custody wallet. Because of how 'powerful' centralized exchanges have become, many people think they own or control the network, maybe it would teach people to know they can buy, sell and hold their BTC's without Binance.

In another news, silvergate is shutting down operations.
silvergate is shutting operations and liquidating after market meltdown.

There is also the Silverbank, the Silicon Valley bank that are having problems and also another rumored unnamed bank that might also be having similar problems. Mainstream news media are making it appear that the cryptospace is the cause, however, there are information being shared social media that their problems are self inflicted.

What we should very much concered about is USDC because much of the stablecoin is presently not backed by real dollars. Circle was holding billions of the backing in one of those banks.

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So this is all about whether the exchange has collateral for the tokens they lead into circulation right, almost every centralized entity can do such activity so Binance is not an exception to it so its the decision of users whether they want to withdraw their funds or still trust the centralized entity until they fails.

I don't think Binance is now at the verge like FTX but we should never trust them completely, just use the platform what it supposed to be then there will be no issues for the end users.

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Quote from: The Cryptovator on March 09, 2023, 03:23:43 PM

What will happen if Binance disappears? Imagine Binance is the biggest cryptocurrency exchange and BNB increases significantly. If something went wrong with Binance, the entire cryptocurrency market would quickly crash. No specific use of Binance will be affected. I think certain influential people aim to FUD Binance to bring down the cryptocurrency market. Yet, it appears like CZ is making a sincere effort to manage things. CZ, nevertheless, is also serious and competent. He will manage extremely well, in my opinion.

I don't hope and wish for the Binance to crumble, but whoever and anyone using Binance storing big amounts of Bitcoin on Binance should be wise enough to know that Binance is also an exchange and can still crash just like the others did.
FTX, Mt. Gox and other top exchanges crashed. Last year FTX was also reported to be the second highest exchnage in the globe but they still fell.

Expect it if you can, they're just here to make profits is it not ? Besides, they're not the reason for the creation of Bitcoin, the main reason Satoshi Nakamoto created Bitcoin was for full custody by a particular person.
Exchanges aren't really shit but they're not to be trusted with your full stacked Bitcoins and Satoshi's. Anything is possible, they can still be the next to bite the dust.

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What will happen if Binance disappears? Imagine Binance is the biggest cryptocurrency exchange and BNB increases significantly. If something went wrong with Binance, the entire cryptocurrency market would quickly crash. No specific use of Binance will be affected. I think certain influential people aim to FUD Binance to bring down the cryptocurrency market. Yet, it appears like CZ is making a sincere effort to manage things. CZ, nevertheless, is also serious and competent. He will manage extremely well, in my opinion.

Z-tight

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Quote from: bbc.reporter on March 08, 2023, 10:32:43 PM

I hope you are correct that this will not lead for Binance to be biting the dust because I reckon it will certainly make the cryptospace perceived as a comedy show by scammers and hustlers.

In recent events, many centralized exchanges and services have bitten the dust and people have lost so much money, if Binance is next to bite the dust, it would just be added to the long list of centralized exchanges that have collapsed. Yeah it is a bigger exchange and may have a bigger impact, but that's for shitcoins as it would expunge many of them from the network; the only effect it will have on BTC is a temporary reduction in price and a chance to buy low.

Quote from: bbc.reporter on March 08, 2023, 10:32:43 PM

This might discourage the institutional investors and encourage regulators to protect consumers by creating stricter regulations that will restrain innovation. Also, regulations are only made under an act that it was created to protect consumers. What it will do is harden the rulers' financial leadership. The cryptospace will not be ours anymore.

Or it may encourage people to look for no-KYC alternatives to buy their BTC and to only hold them in a self custody wallet. Because of how 'powerful' centralized exchanges have become, many people think they own or control the network, maybe it would teach people to know they can buy, sell and hold their BTC's without Binance.

In another news, silvergate is shutting down operations.
silvergate is shutting operations and liquidating after market meltdown.

bbc.reporter

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Quote from: buwaytress on March 08, 2023, 05:46:14 PM

I don't think it's completely baseless FUD, we all know they all know we all know they do the same things behind those desks, SBF was just too far out of his league, and lacked the same level of checks and balances.

Does this lead to Binance biting the dust? Nah. Does it mean they won't eventually bite the dust? I won't dismiss the possibility entirely, but it won't be because of this. If I'm wrong and it does? What doesn't kill Bitcoin only makes it stronger =)

I hope you are correct that this will not lead for Binance to be biting the dust because I reckon it will certainly make the cryptospace perceived as a comedy show by scammers and hustlers. This might discourage the institutional investors and encourage regulators to protect consumers by creating stricter regulations that will restrain innovation. Also, regulations are only made under an act that it was created to protect consumers. What it will do is harden the rulers' financial leadership. The cryptospace will not be ours anymore.

News update for everyone.

Short seller Marc Cohodes said his early scepticism of bankrupt crypto exchange FTX and disgraced CEO Sam Bankman-Fried led him to short the company’s main bank, Silvergate.

As fears surrounding Silvergate’s finances clobber the stock price, the short seller has turned his sights – and bearish bets – to two companies that he claims are analogous: crypto exchange Binance and Signature Bank.

He colourfully explained his thinking about Signature to DL News: “They have major problems, and they have very similar issues to Silvergate. It’s not as exposed to crypto as Silvergate, but their loan book is terrible. And they have huge KYC and AML liability.”

”This is not rocket science,” Cohodes said. “Signature is next, Binance is next.”

Source https://www.dlnews.com/articles/people-culture/short-seller-marc-cohodes-shorts-signature-silvergate-binance-ftx/

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Quote from: Rikafip on March 08, 2023, 12:10:14 PM

Quote from: Darker45 on March 07, 2023, 09:42:13 PM

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it.

True, in that case market would crash and burn but Binance going down wouldn't drastically change how people perceive crypto exchanges, meaning they would still think of them as banks. One would think that after Mt.Gox fail we would have loads of highly popular decentralized exchanges like Bisq, while reality is diametrically opposite and centralized exchanges keep growing and spreading, with some of them like Kraken even announced plans to launch a bank.

Its been proven time after time that majority of people prefer sense of convenience and false security over anything else and if not with Binance, they would find it with Coinbase or any other popular centralized exchange and all the bad stuff would be soon forgotten.

Unfortunately, I have to agree with you. Sadly, all the evidences are pointing towards the probability of centralized exchanges continuing to thrive even if Binance will fall. Mt. Gox fell. There was the QuadrigaCX scandal. Bitfinex got hacked. Cryptopia collapsed. Even Binance got hacked and personal information leaked. FTX collapsed. The list is very long already and yet there never was a DEx that surfaced and stole the limelight. Other than the fleeting huge withdrawals, the disgust against the big failures and abuses of centralized exchanges didn't seem to bear fruit.

buwaytress

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I don't think it's completely baseless FUD, we all know they all know we all know they do the same things behind those desks, SBF was just too far out of his league, and lacked the same level of checks and balances.

Does this lead to Binance biting the dust? Nah. Does it mean they won't eventually bite the dust? I won't dismiss the possibility entirely, but it won't be because of this. If I'm wrong and it does? What doesn't kill Bitcoin only makes it stronger =)

Rikafip

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Quote from: Darker45 on March 07, 2023, 09:42:13 PM

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it.

True, in that case market would crash and burn but Binance going down wouldn't drastically change how people perceive crypto exchanges, meaning they would still think of them as banks. One would think that after Mt.Gox fail we would have loads of highly popular decentralized exchanges like Bisq, while reality is diametrically opposite and centralized exchanges keep growing and spreading, with some of them like Kraken even announced plans to launch a bank.

Its been proven time after time that majority of people prefer sense of convenience and false security over anything else and if not with Binance, they would find it with Coinbase or any other popular centralized exchange and all the bad stuff would be soon forgotten.

o_e_l_e_o

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Quote from: harapan on March 07, 2023, 07:31:53 PM

Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users.

So we can rid the space of the largest, most toxic, most centralized player, which attacks bitcoin itself while actively lying and scamming its users, and harvests data and funds blockchain analysis, while at the same time having a flash sale where I can buy bitcoin at a discount? Sign me up!

Quote from: bbc.reporter on March 07, 2023, 10:29:48 PM

What we clearly need is an honest and trustworthy exchange where everyone can feel safe.

No such thing exists. Every big centralized exchange has too much money and power to be anything other than corrupt. The whole point is that trust should not be needed.

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Quote from: harapan on March 07, 2023, 07:31:53 PM

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users.

So basically you're saying Binance is "too big to fail". That sounds familiar Wink

Anyone who would be directly affected by Binance disappearing should rethink the way he stores his Bitcoin (before it's too late). And as far as the shitcoins that are traded there are concerned: if you can't be bothered to install a wallet, the shitcoin doesn't deserve to exist anyway.

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@Darker45. I disagree that we should always be avoiding all centralized exchanges to trade, buy or sell our coins. What we clearly need is an honest and trustworthy exchange where everyone can feel safe. I reckon regulations might help with this but we do not want the type of regulations that the regulators want to impose on the cryptospace. This is a difficult situation.

In any case, if Binance does not bite the dust, I would not be shocked. They might be good in avoiding the law very much similar to Tether, Bitfinex, Ifinex hehehe.

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Quote from: harapan on March 07, 2023, 07:31:53 PM

Quote from: LoyceV on February 28, 2023, 06:17:39 AM

~snip~

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users. Last year was a bad year for the industry and it's still trying to rise at the moment so we do not need more negatives right now.
I do not agree that we're better off without Binance. I believe centralized exchange will always be a thing. It's just like the banks, at first people couldn't trust them because they kept losing people's money but with time, experience and research they got better at it. Binance makes trading easier for a lot of traders so it will be nice to have it around. Trading on centralized exchanges to me is not a bad thing, it's saving your coins in them that's the mistake nobody should make.

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it. That would be a lot better than the industry continuously ruled by huge centralized players that come and go.

If Binance biting the dust would mean that the space would no longer see the likes of FTX, BlockFi, 3AC, Voyager, Celsius, and others hurting people and taking away their hard-earned money, I would welcome it. Although I seriously doubt lessons will be learned.

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Quote from: LoyceV on February 28, 2023, 06:17:39 AM

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users. Last year was a bad year for the industry and it's still trying to rise at the moment so we do not need more negatives right now.
I do not agree that we're better off without Binance. I believe centralized exchange will always be a thing. It's just like the banks, at first people couldn't trust them because they kept losing people's money but with time, experience and research they got better at it. Binance makes trading easier for a lot of traders so it will be nice to have it around. Trading on centralized exchanges to me is not a bad thing, it's saving your coins in them that's the mistake nobody should make.

o_e_l_e_o

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No mention of Binance having access to Binance.US's bank accounts, and moving $400 million of Binance.US's money to another company owned by CZ. And no mention of the bank which operates this account (and many other centralized exchange bank accounts) - Silvergate - posting huge operational losses, its stock price tanking, and it warning regulators that it might not survive the next few months.

Nope, nothing to see here. Everything is clearly just fine! Roll Eyes

Topic: Is the Binance the next to bite the dust or FUD? - page 8. (Read 2224 times)