Is there anyone else who shares the same sentiments?

Bushdark

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Quote from: Zilon on June 10, 2023, 03:08:35 AM

Quote from: KingsDen on June 08, 2023, 04:52:37 PM

Binance is not bitcoin, binance is an exchange.
Even if Binance winds up today, Bitcoin will still exist.

Yeah if Binance winds up today Bitcoin will still exist but it will affect the price at that moment because it will halt demand to an extent since not all Bitcoin investor understands that Binance is a mere exchange. The circulating supply too will be affected. Exchange has a big role to play in Bitcoin price just that their impact is not permanent but it must be felt on the market.

I think the problem is more of the SEC and centralized exchange like Binance and the effect might not be complex now until the sec is able to send Binance out of the US which I know is the reason why Garry is fighting so hard on the exchange. The is not going to be easy per say because he is been accused of manipulations and this might affect his reputation if he is find guilty.
There are many things going on which I know that this fight is not going to stay long we think because of the issues behind it. People had been calling for the sack of Garry and if this continues, it might not end well for the president of Sec.

Alpha Marine

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Quote from: tabas on June 08, 2023, 06:16:29 PM

Whilst we saw how BRC20 craze made the network clogged, the price wasn't moved by inch of it but only the fees.

Maybe you didn't notice but at the peak of that period, Bitcoin price just kept going down. I can't tell for sure if the network fees were the main reason for the downward movement of Bitcoin during the time, but Im fairly certain it was part of the factors. I had a certain amount of Bitcoin I was supposed to use for payment of something at the time, I decided to wait and see if the price will come up so I can make a little profit from it but it just kept going down till I ended up making a loss Grin

. It's funny when I think of it because greed caused that for me.

Taskford

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To many fuds exist already and this exchange issues is not new so most provably investors are now aware that some people use this issue to manipulate them. And it didn't work since they just ignore the news and continue with their investments rather than focusing on things that can't actually kill bitcoin and crypto.

Maybe there are some got panic when they hear the news but since there are small number of people feel this way it didn't create any big impact that's the reason why we see bitcoin still standing strong despite of that kind of news released.

hugeblack

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What surprised him was that the SEC's decisions were not only against Binance, but also targeted more than 15 platforms soon and in a limited market such as the US market.
Bitcoin has become too big to be affected by such news, and if it was clearly affected, we are still far from public adoption of this technology.
Binance has a clear influence on the altcoin market, so if anything happens to this platform, most of the altcoins will be affected, although I will not deny its impact on the price of Bitcoin.

Side note: Binance working hard to defend BNB at $220 price

https://twitter.com/JoeConsorti/status/1668723869794926595

CryptSafe

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OP I think you should know this. Bitcoin has been in existence years before the inception of binance exchange so I see no way an attack on binance would affect bitcoin. Years back bitcoin faced attacks much stronger than this which almost everyone thought it would be difficult bit it sprang up very fast and stronger than it used to be. I think you should do your research properly so you could know more about the happenings around bitcoin years before now. Binance experiencing any form of attack does not in any ways affect bitcoin. How about that of the BRC20 attack are you still hearing about it again?
Bitcoin has stood the test of time and definitely there is nothing anybody could do to go against it anymore. The more the perceived attack on bitcoin, the higher it goes and the more popular it becomes.

_BlackStar

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Quote from: Mate2237 on June 12, 2023, 02:38:53 PM

Bitcoin is a decentralized asset so it is not possible to attack by SEC or any other government agencies.

The SEC can't attack bitcoin directly - but they ^{[certain governments and organizations]} can still attack exchange platforms, wallet companies, miners, and anything they think could destroy the market.

Quote from: Mate2237 on June 12, 2023, 02:38:53 PM

Binance is a centralized exchange platform which probably have offices across the world and pay tax direct to the state government and probably it has breach the agreement with government and that is why sec is going after them. If not Binance has been on Operation for more 3 years and sec didn't find any fault till this year. From my looking, there is something wrong between the two parties.

Binance is definitely centralized exchange platform - so you shouldn't trust them 100% for investment funds. Governments can attack them at any time - even Binance can freeze your assets for some reason. They are subject to the laws of any country in which they operate, so legal hurdles and lawsuits are inevitably at risk when one of them found to be in breach of contract.

Mate2237

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

Bitcoin is a decentralized asset so it is not possible to attack by SEC or any other government agencies. Binance is a centralized exchange platform which probably have offices across the world and pay tax direct to the state government and probably it has breach the agreement with government and that is why sec is going after them. If not Binance has been on Operation for more 3 years and sec didn't find any fault till this year. From my looking, there is something wrong between the two parties.

AbuBhakar

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Quote from: Adbitco on June 12, 2023, 12:40:12 PM

Quote from: KingsDen on June 08, 2023, 04:52:37 PM

Binance is not bitcoin, binance is an exchange.
Even if Binance winds up today, Bitcoin will still exist.

Absolutely correct!
But one thing we should know is that despite they are not the same we should understand it may have a little impact on the market meaning causing a little bear reaction due the US citizens panicking to sells off their assets on Binace exchange but after some while the market gets back it's stability. Whatever that happens to any exchange today would definitely have a negative impact on Bitcoin and altcoin price despite not relatively affected to their chains and although the turbulence may not last for a longer period of time for the affects currencies to gets back their feets. I have witnessed some exchange that was affected and instantaneously leads to price decrease within an interval of the event.

This is true but sadly crypto people mostly on social media hanging out is too dumb to realize that Binance or CZ doesn’t represent Bitcoin at all. Many supporter saying that they need to support CZ for crypto future while crypto especially Bitcoin will continue to exist and traded on other exchange.

Binance is just another exchange and we crypto people are already trading Bitcoin before the existence of Binance. Other exchange will surely step up to replace Binance in case they will collapse like FTX. We just need to brace ourselves on this temporary drawback but rest assured everything will gonna be fine.

Mpamaegbu

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

The sluggish reaction of Bitcoin (or the entire crypto market) to the negative news orchestrated by SEC and Binance tussle is, in my opinion, goes to show that the market is maintaining a bullish mindset. Yes, we know that Binance isn't Bitcoin and that Bitcoin is decentralized but we shouldn't jettison what ripple effects are. If this same happenstance had come up in 2022, I'm sure the entire market would've taken a beating just like what happened when the FTT exchange had issue.

Adbitco

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Quote from: KingsDen on June 08, 2023, 04:52:37 PM

Binance is not bitcoin, binance is an exchange.
Even if Binance winds up today, Bitcoin will still exist.

Absolutely correct!
But one thing we should know is that despite they are not the same we should understand it may have a little impact on the market meaning causing a little bear reaction due the US citizens panicking to sells off their assets on Binace exchange but after some while the market gets back it's stability. Whatever that happens to any exchange today would definitely have a negative impact on Bitcoin and altcoin price despite not relatively affected to their chains and although the turbulence may not last for a longer period of time for the affects currencies to gets back their feets. I have witnessed some exchange that was affected and instantaneously leads to price decrease within an interval of the event.

Lida93

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I don't know how anyone could come up with a controversial sentiment about the issue between bitcoin and binance and how that got to relate with or ought to affect bitcoin. Except they don't know any better, cause in this very case one doesn't need to be of the technical-know-how to understand that binance and bitcoin has not connectivity as binance is just like every other exchange we can think of. Traders should be worried about BNB not BTC.

As for binance am optimistic they're gonna pull through all of these issues with the SEC as we all can perceive it's just an attack based on sentiment only that it's just not in my place to utter the obvious at least not yet.

Velemir Sava

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

The first thing I looked at was Market Perception and Investor Confidence. The cryptocurrency market is very sensitive to news, regulatory developments, and market sentiment especially recent SEC and Binance issues, meaning that, negative news or regulatory scrutiny can still create uncertainty and undermine investor confidence.

The lack of significant market reaction to this issue could indicate that investors are taking a wait-and-see approach or have factored in the event into their investment decisions and is also a testament to Bitcoin's robustness and resilience as a decentralized system. However, it is important to know that market reactions may vary, and the absence of an immediate impact does not mean that the market is not affected or that all participants share the same sentiments.

Zilon

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Quote from: KingsDen on June 08, 2023, 04:52:37 PM

Binance is not bitcoin, binance is an exchange.
Even if Binance winds up today, Bitcoin will still exist.

Yeah if Binance winds up today Bitcoin will still exist but it will affect the price at that moment because it will halt demand to an extent since not all Bitcoin investor understands that Binance is a mere exchange. The circulating supply too will be affected. Exchange has a big role to play in Bitcoin price just that their impact is not permanent but it must be felt on the market.

Darker45

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Well, that's probably it. An attack on Binance is not an attack on Bitcoin. As KingsDen clearly spelled out, Binance is not Bitcoin. If I may add, Binance is a business entity solely created to make money. That's it.

Binance has been the subject of so many attacks through the years, some successful, some not. But all of them are never really directed at Bitcoin. So they all don't really matter. Just as Mt. Gox, Cryptopia, FTX, and many other centralized exchanges vanished while Bitcoin continued to remain alive, Binance could also die anytime and Bitcoin will stay on.

TravelMug

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

I think you need to read the lawsuit and see that it was not a direct attack on bitcoin per se, but rather on some altcoins that SEC deems to be securities. So if investors will just have to read between the line, the price shouldn't be affected and that's what we have seen. We went down to $25k, and then bounce back to $27k. Now it's going back again to $26k and I think it will remain in this sideways pattern. I'm not really sure what you meant by social attack though, SEC bring the lawsuit so it's obvious that they are in the offensive right now.

pooya87

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There are a couple of reasons in my opinion:
1. Binance is primarily an altcoin exchange and doesn't have a significant share of the bitcoin-fiat market (not to be confused with bitcoin-stablecoin market) which is the main important market when it comes to effects on the price.
2. This is not the first time an exchange is starting to face issues with authorities and it won't be the last. This is also not a big issue when compared to previous cases of exchanges running away, shutting down overnight, etc.
3. At this point there aren't as many weak hands left in the market so whenever any negative news comes out, there are less people who panic sell hence a weak reaction to any kind of negative news including the thing with Binance.

Fiatless

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Quote from: Hyphen(-) on June 08, 2023, 05:21:28 PM

I think you are getting something wrong here.

The issue between Binance and the SEC has nothing to do with Bitcoin; the reason it has a slight impact on the Bitcoin market is because Binance is one of the most popular centralized exchanges.

Even if Binance is seized or prevented from operating, Bitcoin will continue to move since it is not dependent on any other coin, unlike altcoins, the market price of which is dependent on Bitcoin's.

Maybe the original poster's view is not clear to you because it think his observation and questions are valid. Last year the fall of FTX and some other crypto-related firms affected the price of Bitcoin. The price dropped because of the FUD it caused. So Op is surprised that the attack on one of the biggest exchanges is having little or no effect on the price of Bitcoin.

Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

My observation is that:
1. Bitcoin is becoming independent from the influence of exchanges and crypto-related businesses.
2. The market was ready for the SEC onslaught against Binance because it has been expected for a long time.
3. This legal battle will only affect Binance US so other nations are stable and attack-free.
4. More people are becoming aware of decentralized wallets so they are not affected by the problems of exchanges.

jrrsparkles

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

Actually I saw the price drop in Bitcoin chart at the time of issues related to Binance sued by SEC so it's clear that price affected due to that but it's very common, if anything happens related to cryptocurrency will affect the prices for short term that is what exactly happened with this instance as well. No need to worry about Bitcoin because fall of exchange will not seize the operation of bitcoin and FTX can be the best possible example to prove this.

steve5946

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology. The market would have reacted differently if it was an attack on the network. Am I correct? I don't know much about the technical aspect of Bitcoin, but this is the best possible explanation I can think of for what is happening. Is there anyone else who shares the same sentiments?

There's no possible way that SEC and Binance issue will affect Bitcoin. Even if Binance crashed today, Bitcoin will still exist.

I don't know why many people can't understand that the future of Bitcoin is not in the hands of any exchange, be it Binance, kucoin, Coinbase, etc.

While most Bitcoin holders maybe have held their Bitcoins in exchanges, some people have lost confidence in exchanges.

So, NO, the SEC and Binance issue is not going to affect the bitcoin network protocol, mining operations or blockchain technology.

Dunamisx

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Quote from: alastantiger on June 08, 2023, 04:42:47 PM

The reason why the bitcoin market is not reacting so much to the SEC and Binance issue as much as we may have expected is because it appears to be more of a social attack rather than a direct attack on bitcoin network protocol, mining operations or blockchain technology.

It's only a dumb novice will assume this to be as well applicable on bitcoin because if one knows about bitcoin indeed there will be no thought on this regards no matter how, this isn't the first time exchanges will be falling, but in case of Binance, it's just an attack aimed at them and not the bitcoin network, Binance will finds it way out by all means or comply to their request, CZ is not Satoshi or the controller of the whole decentralized network, they are two different things here, Binance is an exchange being challenged by government regulations, which has nothing to do with the bitcoin network or market price.

Topic: Is there anyone else who shares the same sentiments? (Read 233 times)