Topic: It feels as if BINANCE is going to blow up the Bitcoin Bubble big time (Read 340 times)

Now I consider Binance as a convenient and affordable tool for work. I watch the development of the project and make sure of its performance and reliability. Why is it bad to have an alternative to expensive platforms? Nowadays many people try Binance in action and I think that most will appreciate its benefits.

Today 1inch start working with BSC! This is amazing news!

Fall of BNB or Binance will impact the crypto market for sure in the short term because most people are holding their cryptos in exchanges even though it never meant to be store place and BNB growth looks too scary since people see Binance smart Chain as an alternative to ethereum and this has been used to bump the price of BNB and definitely it will fall when BTC starts to dump.

If you have no money invested in Binance , you have NOTHING to be afraid of....

Binance was a non-US based exchange site and your scenario sounds illogical. Even if binance doesn't provide service to the US customer and it will be fine. Binance will never be sued by SEC. That's different from most cases that happened in US.

Binance was offering so much utility usage and that becomes the main thing to attract the buyers. this time binance has surpassed $300.

Everyone is talking about BNB token today because it is now number 3 on the CMC, do you want BNB or XRP in number 3. I believe there is still more juice in BNB if you forget all these sentiments and have open mind. Binance is the most profitable company in Cryptospace, if CoinBase is valued at $70 Billion then expect BNB Market cap to be close to that or surpass it very soon, the Binance chain is well people want to be now, ask me how many Ethereum has been staked, BNB tokens is now been staked for users on BSC to earn reward and the more users we have on the BSC chain the higher the price will grow.

OP has not realized that the reason BNB increased has nothing to do with the exchange itself, and that is why it is wrong that BNB will cause the bubble to burst, plus I do not think that we will be capable of deciding which one started the bear run when it happens, all coins will drop around the same time, maybe few days difference but they will be all around the same week and will continue to go down for a while.

BNB increased because it has a BSC blockchain system where defi projects could make their profits and that is why I think it is important that we decide on why we wanted to buy and I bought it because I believed BSC would pass ETH in total value locked and we have pancakeswap with more than uniswap already which shows you that BNB could go as high as 1.5k dollars each and go beyond ETH with a flippening and it wouldn't really be weird as long as crypto as a whole doesn't turn into a huge bear run.

Binance coin (BNB) is really performing some good wonders in the crypto space, am happy for those who hold the coin but am sad for myself cus i never thought it wise to buy and hold some bnb coins, how long this will continue will go up, i dont know, but then, if it comes down crumbling, it will be a very good opportunity for people like me to buy and hold some bnb as it is kinda certain that bnb might be standing side by side with eth in the near future, eth is already rekted due to high fees, every project is rushing to binance chain cus of its low transaction fees.

I think that BNB s one of rare coins with actual usecase. Most coins are just speculations to be traded on guess where? Bianance. Their sole use case it of be traded. Pumped and dumped. 90% of coins. This is why value of BNB went that high. $40 billion for a utility token of a crypto exchange? are you crazy? It is 100 times to expensive.

My thoughts exactly, so far I have seen so many alts that have performed more than bnb in terms of price increase this few days but the op's attention is directly at bnb which makes it questionable,
Many people buy bnb have their different reasons for buying, some buy to earn passive income for keeping bnb in the binance vault, others stakes and some for ieo purposes, many buy to hold for higher price,
Besides I don't think cz is that ignorant of the regulatory rules involved,  I don't see the point of this fales alarm.

Finally we have someone telling the scenario on the other side, not just truly FOMO and anything related.

This could happen and I'm afraid the market will be affected big time because once regulators scrutinize Binance, it will affect the entire market since it's been sitting at the number 3 already. Yes, it's a bubble and every bubble would not last, but bitcoin was able to survive during the last time's bubble and correction hereafter, so I think we might be seeing some big bear market here.

This truly is terrifying. I cannot believe that this never crossed my mind till now. And by the way you said explained it, I can understand that it is really likely to happen. And the fact that you have a good point is what terrifies me the most since binance is such a huge part of this industry, and if something awful happens to it, the whole market in this industry will be affected and will be in big trouble. Even if we say that binance is capable of recovering if ever, it still doesn't make the situation less dire. I'm starting to think that I may need to take profits now while I still can just to be safe. It's better to have small profits than losses.

I was always VERY suspicious towards all centralized coins like XRP and binance ......  
The reasons was
1) Centralized in my point of view made the crypto coin totally unworthy . if its centralized is as good as USD $ running throw the VISA network
2) The point of crypto is that nobody has the ability to control all network
3) Centralized coins is exactly what I would do in order to undermine and destroy cryptocurrencies

They key point of all coins real value is TRUST. The reason why we love Bitcoin is the fact that we don't trust Banks and politicians
we hate inflation AND centralized control, if any coin has any of these properties (inflation or centralized control) then in my opinion
is NOT a crypto coin but only a project to destroy crypto and therefore only for people unable to understand why bitcoin has a real value

Also stablecoins , in my point of view have no reason to exist at all
If they are stable , then they are de-valuated at the same rate as the USD or EUR. Actually they are COUPONS and not currency!
All goverments and Banks LOVE stablecoins and its very easy to understand why, throw USD they control stablecoins also! A new stablecoin for
them is the same like a new Amazon gift-card program.

If you trust your Government and your banking system, then stay in your official currency , you have no reason to invest in crypto.

If you trust your Government and your banking system, then your blockchain is called VISA , DINERS, AMEX OR MASTERCARD and you already use it.

Therefore in my point of view, Binance and XRP bubbles can blow up, without doing any harm to Bitcoin because
All centralized coins wasn't crypto anyways
They were bubbles AND NOT BITCOIN

XRP is a shitcoin, so if BTC falls, XRP declines even more. But if BNB falls because of something bad happening to Binance, BTC will get hit with a ricochet, although the ricochet being Binance, not BNB itself.

BNB demise would be beneficial to Bitcoin, since all that money that's locked in BNB would go back into Bitcoin.
On the other hand, BNB demise would mean Binance's demise, and such an event for a top exchange would indeed affect Bitcoin. But that should also be a short-term problem.
All in all, XRP was much bigger, it has fallen and Bitcoin didn't really care. So why would BNB story be so scary?!

Agreed. Right now any chance of Binance collapsing is very minimal. BNB is also doing pretty good, with historic high exchange rates and trade volumes. The exchange has always followed whatever regulations that are applicable and they never had any issue with the authorities. In the unlikely scenario of something going wrong for Binance, obviously there will be a negative impact for the entire cryptocurrency market. But it is going to be a short-term dip, rather than a long lasting correction.

I'm pretty sure that this forum thread is an attempt to spread FUD...
Yeah,there's a possibility for Binance and their BNB coin to collapse,leading to a BTC price drop.And so what?
The Bitcoin price will drop for a while and recover after a while.I don't see any drama.
I don't know if Binance is unregulated or not,it would be better for the crypto industry if they are complying to all the regulatory rules.The owners and shareholders of Binance don't want their company to get destroyed by the regulators,so they will do whatever they can to keep their business up and running.

It really depends on what kind of "collapse" we're talking about. If BNB collapses in a way that BNB gets completely shat on for whatever reason, it's almost guaranteed to be a net positive for bitcoin imo. On the other hand, if we're talking about an exchange hack, then sure it's going to be bad.

Definitely not guaranteed but it's a huge likeliness imo.

Historically, collapsing of anything to do with a large exchange has been bad news for Bitcoin, at least in the short to medium term. BNB can also be traded against 200 pairs so it's not even a guarantee a large part of it will be exchanged for bitcoins.

I can see that the BNB prices have gone up by almost 12x during the last one year. But many of the altcoins had similar growth. Cardano, for example grew by more than 30x during the same period. And at least in the case of BNB, I have a feeling that their high valuation is justified. They remain as the largest cryptocurrency exchange, in terms of volumes and number of users. And the BNB market cap (~35 billion USD looks reasonable for me). If Coinbase can be valued at $77 billion, then it is fair that Binance is valued at less than half that amount.

Bitcoin - Altcoins - fiats or stable coins.

Capital in the market operates with this cycle. Binance is an altcoin and when it as well as altcoin season is cooled down, bitcoin will attract the capital and fuel its growth again.

It is true in bull or bear market and with the current market that is bullish, when bitcoin gets more fuel (capital) it will climb a lot. A note is bitcoin is only in its mid of the parabolic curve. Another note is with crypto market, overbought effects can make price exceeds far than any prediction or forecast.