Almost like FUDers are very eager to see binance fail no matter what, till now most of this fud doesn't have a genuine source that really points binance insolvency but there are several of them on the internet.
Just as the topic says, continuous FUD of binance or any centralized exchange out there will indirectly affect btc and crypto in general, the bear market already bitting the market enough, so there is no need to contribute to it with these continuous unending FUD.
Topic: STOP THE EXCHANGE FUD; Everyone will suffer the effect. (Read 285 times)
I totally agree it can be a really good thing to not just stress test with a bank run (Binance seems to be weathering this well) but also journalist test all its other assurance claims... Like this special report from Reuters just hours ago: https://www.reuters.com/technology/binances-books-are-black-box-filings-show-crypto-giant-tries-rally-confidence-2022-12-19/
CZ has been singing about transparency and an eagerness to be regulated and compliant globally. Time to put that to the test, I guess.
Win-win methinks. They fail and we purge bad behaviour. Take the market hit now but emerge cleaner and better. They succeed and confidence is restored.
CZ has been singing about transparency and an eagerness to be regulated and compliant globally. Time to put that to the test, I guess.
Win-win methinks. They fail and we purge bad behaviour. Take the market hit now but emerge cleaner and better. They succeed and confidence is restored.
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it isn't bad to try to stress test exchange's solvency by having a mini bank run.
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it isn't bad to try to stress test exchange's solvency by having a mini bank run.
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This part of mk4's post keep on coming back to my mind and don't wanna go away lol : what I'm wondering about is if it could be someway more useful than harmful to have a place , a telegram/discord group or a twitter profile or a thread here, followed by a substantial number of people ( even if what really matters is the amount of money rather than number of people) where , by community decision somehow detected, they would announce something like "let's withdraw everybody from Exchange *** to check their solvency".
There are certainly many downsides and it's difficult to achieve for a number of reason but if effective it could eliminate many dubious exchanges from the game.
PS : more than likely it is already happening with those well orchestrated FUD campaign we witness on social media but the difference is that the one we see are organized by someone with an agenda and, abovo all, with different aims.
If people can no longer ignore FUD this time, that's probably normal. The problem is that centralized exchanges are indeed experiencing a crisis of confidence. People are now choosing to be more sensitive to early indications about exchanges engaging in mismanagement, they however don't want to lose a second time. After all, if the solution from FUD is actually more positive like "not your keys, not your coins", there's nothing wrong with taking that.
Luckily I haven't had much activity on the centralized exchanges since last October, so I wasn't affected much.
Luckily I haven't had much activity on the centralized exchanges since last October, so I wasn't affected much.
It is very easy to call danger signs from centralized exchanges as fud when your money isn't saved in one of them, there is nothing to lose if you eventually end up being wrong and the exchange collapses, you lose no money, not even a single dollar. E.g. Bob doesn't believe there's a thing like covid, but however washes his hands, maintains social distancing and carefully follows all safety rules, but the same Bob still posts on social media that there is nothing like covid, but nevertheless he is protecting himself even in his doubt.
If you have money saved in centralized exchanges do not take any of the recent events as being fud, even if it is, protect yourself by moving your money out of the exchange, then you can talk about fud. Do not worry about what will happen to BTC price if Binance collapses, worry about what will happen to your money if Binance collapses with it in their system.
If you have money saved in centralized exchanges do not take any of the recent events as being fud, even if it is, protect yourself by moving your money out of the exchange, then you can talk about fud. Do not worry about what will happen to BTC price if Binance collapses, worry about what will happen to your money if Binance collapses with it in their system.
If someone is selling, someone is buying. It just changes hands from weak to strong.
Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.
Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.
Indeed, in the same way, bears and bulls are part of the market, and without them, there would be no volatility, and we would not be able to make any profits from the market. We need to remember the financial market is a game and in which there will be winners and losers, the money of the weak hand will be transferred to the diamond hand. Who you are is for you to decide. Instead of seeing Fuds as a fear, turn it into an opportunity to buy cheap when others panic and dump their assets.
It's part of the crypto world, but we must limit it, and I disagree that not everyone who sells will return to buy at the peak. It's difficult to regain trust in anything once you've lost it. Do you think those newbies who have less expertise and are compelled to sell will ever return? No, that's why we need to keep FUD to a minimum.
Remember when we crashed from $20k down to $3k in 2018? But yet last year we rocketed to $69k. Idunno mate, it looked like it was retail investors buying back to me.
Besides — it's not like saying "guys, don't FUD" is going to change anything in the first place, because it's the non-crypto people who do most of the FUDding anyway.
Binance is without a doubt the largest crypto exchange and must be protected at all costs, while FTX investors and influencers are playing a dangerous game right now, attempting to take everyone down with them following the FTX disasters.
I think that's complete nonsense to anyone who has any understanding of what Bitcoin is, and how negative CEX is in that whole context. What you think should be protected at all costs is actually something that represents a much greater danger in the state in which it currently exists. The FTX collapse just opened a pandora's box and some things will have to be cleared up whether someone likes it or not, and if that means that Binance will suffer in the process, I honestly don't care because it is a company that works in the gray zone all the time, uses everything possible loopholes in the law, avoids paying taxes and contributes the most to promoting scam coins/tokens.
True, if Binance fails, thousands of coins will fail as well, and the price of bitcoin would suffer in the long term.
Let them fail, they serve no purpose anyway except for a small number of people to get rich on them, and for others to live in the illusion that one day they will become rich. Bitcoin will eventually rise to the surface again, regardless of the price that will have to be paid.
Why get panic about those issues? Its normal many people spread fud so that they can take advantage buying coins at cheap price.
Maybe you need to relax if you hold some or do some counter action like buying it again since riding how the market flow is the best thing to do by traders.
Just remember that any happening on the the scene is normal cycle since this is how manipulator earn if you lose your patience you lose.
Maybe you need to relax if you hold some or do some counter action like buying it again since riding how the market flow is the best thing to do by traders.
Just remember that any happening on the the scene is normal cycle since this is how manipulator earn if you lose your patience you lose.
I read a lot of post like this on social media defending CZ and Binance while Binance itself has some lapses on declaring their proof of reserves. Why we need to defend CEX from FUD instead of letting the SEC do what they can to really test this exchange if they have nothing to hide.
Besides most of there balance sheet is on BNB, BUSD and USDT which is same with situation of FTX before. There’s really chance that they can go down once the value of their token destroyed same with the shit USDT. Let those exchange stressed test and teach all users that not there key is not there coins. We don’t need a CEX with shady activities in the background.
Besides most of there balance sheet is on BNB, BUSD and USDT which is same with situation of FTX before. There’s really chance that they can go down once the value of their token destroyed same with the shit USDT. Let those exchange stressed test and teach all users that not there key is not there coins. We don’t need a CEX with shady activities in the background.
Binance (who according to Coingecko controls ~27% bitcoin trading volume)
I just want to point out that the volume that matters and affects bitcoin price is the bitcoin/fiat pair volume but sometimes these altcoin exchanges report their altcoin/bitcoin pair volumes as their bitcoin volume, so it looks higher.Short term or long term; is the risk worth taking? Knowing that most of the bitcoin price prediction failed this year
We are not taking any risks, the risk is always present as long as there are centralized services that can go down and cause a panic sell and market manipulation. So why not focus on telling people not to panic sell instead of trying to protect CEXes? 
There was some POW nonsense on the Internet earlier this year, and there's nothing wrong with endorsing the Bitcoincleanup movement. Anything that benefits bitcoin and the community should be promoted.
Correct, but the POW topic and BitcoinCleanup has got nothing to do with the subject of discussion of this thread. You created a discussion about the need to stop the FUD regarding Binance being insolvent because you think it's harmful to the industry as a whole. Meaning crypto users themselves are shooting each other in the legs and hurting everyone in the process, including themselves. Greenpeace's initiative is an outside actor attempting to destroy and ban bitcoin the way it works today and force the network to switch to a less safe consensus algorithm. That's a much more dangerous affair than Sam Bankman and his supporters talking shit about Binance. Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?
A prolonged bear market with a new 30-40% drop in BTC's value (at least) is what would happen if Binance abruptly stopped the same way FTX did. It would create a chain reaction of negativity. 
FUD can damage the reputation of a cryptocurrency, which can make it less attractive to investors and users. This can lead to a decline in its popularity and use, which can in turn reduce its value.
It's not all about scaring potential investors away but bringing out the reality needed to be taught about cryptocurrency, if you consider the rate of crypto scam projects and the recent scam happening then you will understand why the more emphasis is laid on avoiding them and going for bitcoin, the truth is that many don't know the difference between bitcoin and other altcoins, they believed all are thesame since they're cryptocurrencies, the intention is to create an understanding of what difference they both have and not to attack the other, so that beginners can know what they are opted for.
I'm not opposed to people withdrawing coins from exchanges. I believe I mentioned it a few times in my personal text space this year, and I've addressed the second portion of your question. It's funny how most of you are unaware of the significance of these exchanges now. Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?
Just make sure that the centralized exchange is the only one you use to trade, convert your assets into fiat or otherwise. If you are thinking about investing, get your fund out of the exchange and get really safe storage. Exchanges offer their services, so use them only when you need them and do not make the exchange a long-term repository for your fund.Asking people to take their funds out of a centralized exchange is not FUD when these people are using the exchange as storage. Warning and recommend them are good, but they can decide anything on their own. In fact each of us is responsible for our own funds, but for good advice it is clear we need to consider a safe wallet for long term assets.
1. While your advertising for https://BitcoinCleanup.com is a nice gesture, keeping that fake extra signature can easily get your post removed for being against forum rules.
2. Exchange FUD is good and bad. It's bad because it creates panic amongst those not thinking too far. I see it not a big issue, sorry. And it's good because it can become the most correct proof of reserves. All in all, we keep preaching "not your keys, not your coins" and nobody cares, right?
So all in all, you should not care about the FUD. If Binance is solid enough, will survive and even get stronger. If it's not, something else will take its place and soon enough it won't be missed.
I highly doubt that Binance will fail or will end up with tge same result with FTX. CZ knew how dangerous and risky an overleverage did to some and he assure that Binance has enough fund to cover any potential backfire or impending liquidity. Also its not like they are careless even with Bear market situation. Dont stress and make this news so big cause it will only have a panic sell attitude on other retailers and users.
I have an exact opposite stance as OP here, lets get back to the roots of crypto and lets review together some golden rules that are the essence of crypto and amongst of the main reasons Satoshi created Bitcoin for : "not your keys not your coin" "Be your own bank" in short words selfcustody.
But in last years Exchanges are trying everything to induce users in keeping their funds on their platform by providing a variety of tools : leverage, futures, staking, lending and so on, that are trending nowadays; unfortunately imo these trends have obscured, especially in the eyes of those who have entered crypto more recently, what the basics of crypto are.
Then MtGox, Cryptsy, Cryptopia, Ftx and others happen, people learn very expensive lessons and here we go again starting over by the basics.
History repeats itself.
But in last years Exchanges are trying everything to induce users in keeping their funds on their platform by providing a variety of tools : leverage, futures, staking, lending and so on, that are trending nowadays; unfortunately imo these trends have obscured, especially in the eyes of those who have entered crypto more recently, what the basics of crypto are.
Then MtGox, Cryptsy, Cryptopia, Ftx and others happen, people learn very expensive lessons and here we go again starting over by the basics.
History repeats itself.
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it isn't bad to try to stress test exchange's solvency by having a mini bank run.
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definitely agree on thisit isn't bad to try to stress test exchange's solvency by having a mini bank run.
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It's funny how most of you are unaware of the significance of these exchanges now. Have you ever thought what would happen if these exchanges stopped due to the unneeded FUD we create and support online?
It sounds funny to you. What would happen? Have you thought? I don't know what your perspective is but you know what, if there were no such shitty exchanges, I believe the price manipulation would reduce significantly. They manipulate the market heavily. Now, if they didn't exist, how we would be harmed? Exchanges are key, but that's decentralized exchanges, not centralized exchanges. And you don't know anything that's happening inside. This environment is something we don't see. We only see the things that they want to show us (can't remember the popular quote here). If someone is selling, someone is buying. It just changes hands from weak to strong.
Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.
It's part of the crypto world, but we must limit it, and I disagree that not everyone who sells will return to buy at the peak. It's difficult to regain trust in anything once you've lost it. Do you think those newbies who have less expertise and are compelled to sell will ever return? No, that's why we need to keep FUD to a minimum.Fud and fomo are part of cryptocurrency world. Same people who are selling right now due to fud, would buy at peak due to fomo. I see nothing wrong.
Is I'm the only one person who think there's no correlation what the @OP is talking?
In short he talking exchange FUD will reduce investors and then he suggest to support a project that focus on mining energy and POW? lol.
There was some POW nonsense on the Internet earlier this year, and there's nothing wrong with endorsing the Bitcoincleanup movement. Anything that benefits bitcoin and the community should be promoted.In short he talking exchange FUD will reduce investors and then he suggest to support a project that focus on mining energy and POW? lol.
for those of you who have free sig and avatar space you can dedicate it to this beautiful initiative by NotATether . we need to protect bitcoin NOW and stop the fud
What this website has to do with the exchange FUD? And you think this is nothing but harmful for the crypto community? Lol. The FUD going around is people should take care of their funds instead of leaving them in exchange. In other words "Not your keys, not your coins". But you are asking people to stop that? Means you are asking them to leave the funds on exchange? NotATether doesn't promote that of course.And how exchange FUD and Protecting Bitcoin is correlated? Can you explain further?
if Binance fails, [..], and the price of bitcoin would suffer in the long term.
Wrong. Some people will panic sell bitcoin and we may see a drop but it will never be long term. As I said we've already reached a good balance between bitcoin exchanges where nobody controls a large percentage of the volume to have a significant effect on the price.Binance is without a doubt the largest crypto exchange and must be protected at all costs,
Rather than worry about protecting Binance, better worry about protecting your own funds by removing it from exchanges, 
Binance is without a doubt the largest crypto exchange and must be protected at all costs,
Rather than worry about protecting Binance, better worry about protecting your own funds by removing it from exchanges, Loss of trust in the cryptocurrency market: FUD can also create a general sense of distrust and skepticism among investors, which can make them less willing to invest in any cryptocurrency. This can lead to a decline in the overall value of the cryptocurrency market.
An average crypto investor is too easy on trust and not skeptical enough, so I would say that would be a positive thing for crypto market.Not at all. If anything we should do something that Binance is no longer the "largest" crypto exchange. Go back to 2013 and see what MtGox being the largest bitcoin exchange did to bitcoin price. Binance is to altcoins as MtGox used to be to bitcoin. Back then MtGox controlled >85% of the volume and single-handedly screwed up the market, today no bitcoin exchange controls a volume bigger than 10%. But when it comes to altcoin exchanges like Binance they suddenly control a huge percentage of altcoin volumes and it has to change.
While its true that MtGox controlled way more bitcoin trading volume than Binance percentage wise, fall of Binance (who according to Coingecko controls ~27% bitcoin trading volume) would seriously affect bitcoin price as well, at least in short-mid term. That of course doesn't mean Binance should be "protected at all cost" and similar nonsense, but it is reality as they are that big.Jump to: