What makes Binance stay strong despite all FUD ? - page 4.

wxa7115

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Quote from: FireDAOJackie_Z on April 01, 2023, 03:40:57 AM

There is nothing short of FUDs in the crypto market especially for big names such as Binance. Recently there are so many accusations about Binance and even the U.S Senator has inquired. According to Binance's response https://www.binance.com/en/blog/ecosystem/binance-shares-its-recent-response-to-us-senators-inquiry-1968152125579137703 , there are some public misconceptions about Binance and the team had already clarified. When I read the news, the first thing came to my mind was that BNB price was doomed to decrease dramatically. However, Binance US's weekly trading volume reached 41% of Coinbase's (global) trading volume last week, which is an ATH. (Source:https://twitter.com/cz_binance/status/1641728341962096641). At the same time, BNB price is still around $320, showing very little volatility. What makes Binance so strong faced with so many unfavorable conditions ? Please share your opinions.

Binance is a company managing a great deal of the whole volume of this market, so it is not going to be shaken by a few rumors, for binance to encounter some problems a more direct approach will need to be taken by governments all around the world.

At the same time you need to understand that since binance is the biggest exchange on this market this also makes it the one that is the most trusted, and you will need a lot more to shake to confidence of investors on binance than what you will need with other exchanges.

Xal0lex

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Even the strongest crypto empire can suddenly collapse. We don't know exactly how Binance is really doing. Maybe they try to pretend that they are able to withstand all these attacks, but in fact everything there collapses like a house of cards. Binance can play this role till the end because if holders suddenly feel really threatened, the outflow of liquidity may destroy this fragile ecosystem and Binance will repeat the fate of FTX. I am not surprised by so many accusations towards Binance, for 5 years of their dominance they created so many different schemes, it all accumulated and accumulated, and then the bubble burst and it all came out at almost the same time.

jossiel

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Quote from: cryptoaddictchie on April 01, 2023, 08:08:22 AM

Quote from: jossiel on April 01, 2023, 08:00:54 AM

He's also too vocal with their status whether it's bad or not, he's trying to make it look like an easy thing for them to deal with by guaranteeing their customers that there's nothing to worry about and it's like "I got you" statement from him.

Thats what other people think of him and seeing act as natural, I guess he did have the sympathy of the users within his grasp. Everyone is likely to calm if the person involve acts naturally and doesnt show signs of hostility or fear. Maybe thats make him stronger cause he has confidence thay they arent doing anything wrong with regards to accusation of if ever they did, they are willing to consolidate or compromise it with a healthy reasoning and possible amendments.

AFAIK, his assets are kept in crypto and he doesn't cash it out. That's what I've read but I doubt it that it's 100% kept in crypto since he has to spend for his trips and everything.

The confidence that he's got is a lot which is enough to encourage everyone whatever he says.

What basically we like about it is that he's explaining things what's happening. But I am sure there's also the advantage on him when he's doing that.

bittraffic

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Because of CZ. Also they have very strong fundamental background. Due to that I think Binance will not be down so easily. Also if Binance down then china economy will be also down. Wink

They must be doing it right than the rest of the exchange that went down. CZ must have great lawyers advising him what to do to not mess up after all they are playing the long game. Therefore playing by the rules is also essential to them. They have been linked to the Chinese government already just last week yet the regulators couldn't touch them still.

Binance would have been closed already if they have done things differently back when FTX climbed faster to compete with them. He even invests in FTX.

crwth

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That is what's going to happen if this blows up. If the price of BNB plummets. I hope it doesn't go to the part where it goes to FTX mode, but I know they have a very different leader at the helm, and I hope it does make something happen. They are a big company, and they have a lot of regions catering all over the world since they have that support from a lot of people, they really are strong in terms of that and can counter that FUD.

justdimin

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Quote from: poodle63 on April 01, 2023, 06:54:53 PM

credibility speaks for it self, binance known for it credibility, but I think usually BNB coin didn't really related with binance fud, i mean BNB is now essential for its BSC which right now is rather famous and have many projects running so assuming that, BNB despite binance, basically the company that owns the coin is getting massive fud, if it just some rumour it will just stay strong.

BNB is a product of Binance so whatever happens with Binance will have an impact with its coin. So far it was only just a FUD that binance is getting and it wasn't confirmed yet if the rumors are true or not, so people should not panic. Like you said Binance is known for its credibility. Their company is known for that for years.

I don't think they will let these FUDs destroy what the foundation that they already built and even if it's not a FUD, I am sure they will take the effort to solve it. Binance know that there are lots of people who are at their backs. This makes them motivated and stay strong despite all the critics that they are receiving.

asriloni

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People don't care anymore about that accusation to the binance. These days people are taking from what they have experienced rather than trying to take such garbage accusations toward binance. Binance is not only in US. Binance has a global division that has been used by millions or hundreds of millions of people in the world. I don't even care about the such accusation and i kept use binance anytime. There's no doubt to use binance until there will be something shady that will be affecting the platforms.

I may stop if i found that. People will be having the same opinion as me if they were regularly using binance. Binance is the most trusted exchange site in the world. There's doubt about it when there was a baseless accusation like that. You shall not even think if the world was owned by US.

That's why people will not be losing their trust in the binance despite all of FUD that was coming from US regulator. US regulator is always very harsh the crypto. Im not surprised to see that happened.

hyudien

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The start of it all is that the government cannot control crypto and still wants to control all the wealth of people who invest heavily. Not a few corporate investors and influencers might even see how easy it is for money laundering to keep the US government going after Binance. As the world's largest market, Binance is the pinnacle of wealth that the US fears impacting the value of the USD. If we have read all the reasons, the US government wants to completely annihilate Binance. Plus the war between FTX behind the scenes is still continuing. Moreover, SBF's closeness to the US government coalition as the biggest campaign donor makes more sense.

GreenStox

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i think binance does have all the documents or authority that could counter the fud against them.
so the reason why binance has survived until now is because of that,not like ftx and luna.

Drawesome

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Quote from: bussybuddy on April 02, 2023, 01:41:20 AM

As for the legality surrounding FUD issues, I don't want to discuss them in detail but I think the truth will come out over time.

I hadn't thought on that, but it makes sense. Specially considering Binance acting as a partner of some others nations I won't discuss eather.

IMHO Binance is too big and CZ too smart, I don't think is goint to fall but I can't say it's impossible

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Quote from: Ziskinberg on April 01, 2023, 06:21:57 AM

FUDs are no longer an effective tool to ruin one reputation. Binance has already been facing a lot of FUDs before but this never affects the trust of the users and investors of BNB knowing that it was not true, they know more about the capability of Binance than those people who spread FUDs.
Binance will keep on growing as long as the community supports and trust this project. Having a huge number of investors and coming investors, FUDs will never work on this platform.

They already know how to counter these kinds of a phenomenon and their investors has been trusting them since their success. so FUDS will not affect those who truly believe in Binance. Also, of all the exchanges out there, they are one of the top exchanges we currently have in this era and that would be enough reason to not believe every rumor you hear against them. Because the competition in this crypto market is getting tight and also others that are hostile towards cryptocurrencies are doing everything they can to stop the progress of such kinds of exchanges and any other crypto-related stuff.

so98nn

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The Binance.US is not the majorly operated network. I mean it’s domain that’s limited to US nation and not the entire world. The Binance.com is still doing great and who knows there are internal transfers to another domain due to the fear that US domain may get closed and all the peeps might lose their funds kept there. That’s virtual assumption one. However, moving further one can think about the situation in entirely different way giving it a name of negative marketing. Binance is one of the powerful exchanger, it may happen peeps are just supporting it even more and don’t want to lose its presence from around the world.

bussybuddy

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Being able to see that Binance's leading position in that market is part of the reason why they always encounter unwanted competition. As for the legality surrounding FUD issues, I don't want to discuss them in detail but I think the truth will come out over time. And those who have had faith in the market will always understand that there are things that make people worry or panic, but just looking back at what happened in this market we can see it's a reality is getting stronger and stronger.

Luffygroove

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Binance is a major player in the crypto industry, known for its trustworthiness and diverse offerings. While recent accusations and inquiries may have raised concerns, Binance's proactive response and clarification of misconceptions have helped maintain market confidence. The market understands the importance of Binance's stability and reputation, which may be contributing factors to its strength. The crypto industry as a whole relies on the stability of major players like Binance, and it is likely that other parties are working to support Binance as well. Overall, Binance's ability to weather negative news and FUD can be attributed to its strong reputation and position in the market.

Baofeng

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Quote from: huu78 on April 01, 2023, 04:48:48 AM

I think if binance joins the collapse then the crypto market will be greatly affected by this, we know that last year was a bear which was very scary if we added to the collapse of binance, it can be concluded that the crypto market will crash very big, but I'm also confused why btc is still continues to rise when many predict that btc will still go down.

That is the worst scenario that we can think of, specially if you are a perma bear against crypto. It might not be as big as the Mt. Gox heist, because we have a lot of exchanges that we can go if in case Binance will go down. However, I'm not saying that it's too big to fall or what, everyone here can collapse like FTX, but I think CZ is not as tricky as SBF and we can't compare the two personalities.

Quote from: FireDAOJackie_Z on April 01, 2023, 03:40:57 AM

There is nothing short of FUDs in the crypto market especially for big names such as Binance. Recently there are so many accusations about Binance and even the U.S Senator has inquired. According to Binance's response https://www.binance.com/en/blog/ecosystem/binance-shares-its-recent-response-to-us-senators-inquiry-1968152125579137703 , there are some public misconceptions about Binance and the team had already clarified. When I read the news, the first thing came to my mind was that BNB price was doomed to decrease dramatically. However, Binance US's weekly trading volume reached 41% of Coinbase's (global) trading volume last week, which is an ATH. (Source:https://twitter.com/cz_binance/status/1641728341962096641). At the same time, BNB price is still around $320, showing very little volatility. What makes Binance so strong faced with so many unfavorable conditions ? Please share your opinions.

First the issue is not that big in the beginning, yeah it's just a misconception and CZ has cleared that thing though. But if they needed more explanation, for sure he is more willing to explain it to US Senators or from which US authorities is going after him.

Second, he could have himself surrounded by big lawyers, who might be advising him on how to deal with this lawsuits and litigation form US. That's why he responded swiftly and it has substance.

Third, as I have said, SBF and CZ is very different, CZ will not allow anyone to stop him. He is growing bigger by the day, and this is due to his hardwork, and he won't simply let it go down the pipe just because the US is going after Binance.

poodle63

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credibility speaks for it self, binance known for it credibility, but I think usually BNB coin didn't really related with binance fud, i mean BNB is now essential for its BSC which right now is rather famous and have many projects running so assuming that, BNB despite binance, basically the company that owns the coin is getting massive fud, if it just some rumour it will just stay strong.

Oceat

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Perhaps, it's the investors that didn't fall from the FUD but instead they decided to hold yet so that it won't disrupt the price plus CZ answers all of their questions despite of the FUD. But it's a matter of time the price will change depending on the investors move. I guess they really believed that CZ isn't just like the other perhaps they have others plans that we don't know. It's just all purely speculation we could think and say about it but BNB coin seems like giving a promising results for a long time.

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Quote from: Ziskinberg on April 01, 2023, 06:21:57 AM

FUDs are no longer an effective tool to ruin one reputation. Binance has already been facing a lot of FUDs before but this never affects the trust of the users and investors of BNB knowing that it was not true, they know more about the capability of Binance than those people who spread FUDs.
Binance will keep on growing as long as the community supports and trust this project. Having a huge number of investors and coming investors, FUDs will never work on this platform.

right guys. binance market is an extraordinary altcoin platform market than others and why is binance market the no 1 best/biggest in the world. The altcoins that are listed on Binance are not arbitrary. FUD or inappropriate news will not effect the binance market. FTX market owners alone are not strong enough to attack binance

wheelz1200

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Quote from: FireDAOJackie_Z on April 01, 2023, 03:40:57 AM

There is nothing short of FUDs in the crypto market especially for big names such as Binance. Recently there are so many accusations about Binance and even the U.S Senator has inquired. According to Binance's response https://www.binance.com/en/blog/ecosystem/binance-shares-its-recent-response-to-us-senators-inquiry-1968152125579137703 , there are some public misconceptions about Binance and the team had already clarified. When I read the news, the first thing came to my mind was that BNB price was doomed to decrease dramatically. However, Binance US's weekly trading volume reached 41% of Coinbase's (global) trading volume last week, which is an ATH. (Source:https://twitter.com/cz_binance/status/1641728341962096641). At the same time, BNB price is still around $320, showing very little volatility. What makes Binance so strong faced with so many unfavorable conditions ? Please share your opinions.

Greed and the lack of knowledge. Binamce is well known so once it dips a little there is perceived "value" at those prices if anything else didn't dip. It will take a whole new bull run for those coins to fleet topped and eventually fade out in favor of others. But until that new bull run comes coin position doesn't tend to move much in terms of rankings. But do not kid yourself, greed tends to trump all rational thought.

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I guess it's just that binance is quite transparent in regard of their practice, that's why if instead they could clarify the fud and instead shows their way, it might turn the tides and make them more reliable instead, after all, we've known that binance is one of very few exchange that never gotten themselves into some problem, instead they are trying to be better by learning from past mistakes of other similar platform, when some are misusing the exchange reserve, binance instead disclose it, I guess that's why they are still standing strong despite the fuds.

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