Do we have better alternatives?
Yes! There are several trusted exchanges out there that don't create and promote their own shitcoin, and don't try to trick users into accepting fake Bitcoins. I have much more confidence in an exchange based in San Francisco than a Chinese exchange that hides on the Cayman Islands.
Me too but why is Binance so popular? Yeah, it fakes data but you can't deny that it's number one exchange in the world in terms of popularity and number of customers. So, I ask, why? How?
It has too many resources to disappear without negatively affecting bitcoin long-term.
There will be a short term blip only. Bitcoin would be stronger long term for not having such a centralized entity having so much control over the wider space.
It has too many resources to disappear without negatively affecting bitcoin long-term.
I think Binance does more bad that good, and whether or not they they disappear, Bitcoin will be fine. It's their users who will be better off if they switch to an exchange with the right morals.
If Binance has to leave the market because of competition, that will be great but if it disappears (like FTX), I'm afraid this will create more chaos among people. Media will also multiply negativity ten times and probably we will lead to a situation where people will demand more regulated exchanges. I don't know if I am the only one who sees around himself that middle-aged and older people want more regulations. At the moment they are the most active ones, young people are quiet.
People who want privacy don't need companies to give it to them. Exchanges are there for the money: 0.25% trading fee on billions of dollars per day is a lot of money.
Yes, these fees are insane, they make enormous profit out of thin air but somehow it's still acceptable for people. Have they seen customer decline because of that? No. Have they seen any protest in social media because of that? No. So, they aren't crazy enough to say no to profit, especially when it's okay for a lot of people. It's not okay maybe for you and me but that doesn't mean much, that's a drop in the ocean.
By the way, we say how bad Binance is, which definitely it is but why is it still so popular among people? Especially when its hard to acquire and harder to maintain users.
