Would Bitcoin Be Badly Hurt if Binance Goes Down? - page 2.

ancafe

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Quote from: sulendra12 on June 23, 2023, 07:13:29 AM

It would be badly hurt in big scale because Binance is one of the most reputable exchange out there and if Binance goes down, Bitcoin's price would be dumped really bad. Even small exchanges could affect the price and imagine if Binance having the same fate as those? But in the end, Bitcoin's price will be recovering after whatever happens, it just takes time to recover.

If you pay attention to today's market conditions, there is an illustration of how bitcoin has experienced a gradual recovery from the SEC lawsuit against binance. The effect is only short term and I think bitcoin has gone through that process for now. Even though binance is a large exchange that has a good reputation, in reality not all of the impact that was caused by them made bitcoin corrected in the long term.

The loss you mean also doesn't have any effect when the user doesn't look panicked by the conditions that are happening, so that at the right time bitcoin has recovered as it has in the past few days. So this is an illustration, that when an exchange experiences the same problem, you don't need to worry too much.

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Quote from: Ahli38 on June 21, 2023, 06:43:11 AM

Because the problem that Binance is facing is only for those in America. So it won't be a big problem. And fortunately now the issues have started to meet common ground because Binance and the SEC have made an agreement which has also been approved by the judge. And very coincidentally after this problem was solved then the world's big companies started to move (Blackrock & Fidelity) and are applying for spot Bitcoin ETFs in the US. Wink

In My View, the impact of Binance going down on Bitcoin would not be significant as the issue primarily affects users in America. Fortunately, Binance has reached an agreement with the SEC, which has been approved by a judge, resolving the situation. Interestingly, following the resolution, major companies like Blackrock and Fidelity have begun to take action by applying for spot Bitcoin ETFs in the US. This indicates a positive shift in the market, suggesting that Bitcoin's prospects remain favorable despite Binance's temporary setback.

ElmedoRator

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I really don't think this will happen but seeing the recent FUD between the SEC and BinanceUS, I just think it is a form of more reasonable pricing, we all understand the story of the name Binance how popular they are in the crypto market so their attention and market share competition in this market will have to happen. Assuming the story leads to a negative issue like the cases from FTX or terra, if one of the largest cryptocurrency exchanges in the world, collapses, the cryptocurrency market will have a very strong move and can cause drastic swings in the prices of many cryptocurrencies. Some investors may panic and sell their cryptocurrencies, leading to a deep drop in the price of cryptocurrencies, then we can imagine the magnitude and scale of volatility many times over, and it will again take some time to recover everything. Of course, the market will continue to exist and develop over time, but that will probably be more unlikely, as we will see how things react in recent days.

sulendra12

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Quote from: Newchanka on June 13, 2023, 06:13:22 PM

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

It would be badly hurt in big scale because Binance is one of the most reputable exchange out there and if Binance goes down, Bitcoin's price would be dumped really bad. Even small exchanges could affect the price and imagine if Binance having the same fate as those? But in the end, Bitcoin's price will be recovering after whatever happens, it just takes time to recover.

sokani

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Quote from: imamusma on June 19, 2023, 11:13:21 AM

If Binance does not feel guilty and has not violated anything, then they have the right to defend themselves even if they have to hire a lawyer during the trial. Their success against the lawsuit has had a positive impact on the market where as of now the market has also shown recovery after the price dropped below $25k.

The fact is true that Binance or any other centralized exchange will be able to have both positive and negative impacts on the market. But I believe, the impact will not last forever because bitcoin has nothing to do with a centralized exchange. Exchanges are a facility for traders and investors to buy and trade assets, but exchanges are not the only way to trade bitcoins.

The SEC saga with Binance and other external factors are just stumbling block and they may temporarily try to influence the market price but Bitcoin keeps rising, and shooting for the skies. All those weak hands that didn't have faith in bitcoin when the price took a little dive to $24k, I wonder where they are keeping their faces now. Some persons panicked and sold off their asset. Today it hits $29k and it is retracing it step back to the $30k price mark. Bitcoin is one cryptocurrency that has proven itself over and over, and no government or entity can stop it or bring it to it knees. Binance can crash today but Bitcoin will still be standing, and It will keep rising like a phoenix from the ashes.

ultrloa

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Quote from: Ahli38 on June 21, 2023, 06:43:11 AM

Because the problem that Binance is facing is only for those in America. So it won't be a big problem. And fortunately now the issues have started to meet common ground because Binance and the SEC have made an agreement which has also been approved by the judge. And very coincidentally after this problem was solved then the world's big companies started to move (Blackrock & Fidelity) and are applying for spot Bitcoin ETFs in the US. Wink

Why not? There asset will be freeze if the case proceed so still there's a big impact it can cause especially when fud build up and for sure many people will bit it then start to dump their assets because they can't afford to see another heavy crash will happen. But still the same with other issues exist it will just be a short term cause of problem since binance can operate globally so for sure the same as what happen before price would recover after binance issue pass.

Learn Bitcoin

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No matter what people say about the Bitcoin movement related to Binance. But, the market will be affected if Binance collapses. If 1000 Bitcoin buy or sell can move the market five to ten percent, imagine how much it will be affected when 0.6 million Bitcoin are on the move. The obvious thing is Bitcoin will recover eventually. Don't panic sell; you have to hold tight for a long time to recover the loss. Nobody knows how long it may take to recover the loss. But it won't happen overnight.

However, If I am not wrong, only Binance US was charged. The leading Binance platform is out of the control of the SEC. Most users are still safe as they (Binance) did not move their coins anywhere. But, if you are a Binance user, you should move your coins from Binance for security reasons.

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Binance would cause a crash in price due to FUD more than due to them selling their Bitcoin holdings, if they decided to sell them, which in the case of a legal lawsuit being lost or something similiar I guess they would have to.

But in the long term I would say Bitcoin is safe with or without Binance. There is absolutely no reason for centralized exchanges in the first place. They are just the poor-coiner's way of lazy Bitcoin purchasing/selling.

Nobody with a brain trusts the exchanges enough to even store their coin on an exchange.

I would not blink if Binance crashed tomorrow. Roll Eyes

Ahli38

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Because the problem that Binance is facing is only for those in America. So it won't be a big problem. And fortunately now the issues have started to meet common ground because Binance and the SEC have made an agreement which has also been approved by the judge. And very coincidentally after this problem was solved then the world's big companies started to move (Blackrock & Fidelity) and are applying for spot Bitcoin ETFs in the US. Wink

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Quote from: imamusma on June 19, 2023, 11:13:21 AM

Quote from: Yatsan on June 19, 2023, 09:51:14 AM

Quote from: imamusma on June 19, 2023, 08:30:57 AM

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Fortunately, Binance managed to prove itself just recently about the lawsuit. Something expected for the largest exchanger and for sure they won't allow its downfall to just happen in an instant and that easily, they are expected to fight it out. They have the money to do so, in the first place.

If Binance does not feel guilty and has not violated anything, then they have the right to defend themselves even if they have to hire a lawyer during the trial. Their success against the lawsuit has had a positive impact on the market where as of now the market has also shown recovery after the price dropped below $25k.

The fact is true that Binance or any other centralized exchange will be able to have both positive and negative impacts on the market. But I believe, the impact will not last forever because bitcoin has nothing to do with a centralized exchange. Exchanges are a facility for traders and investors to buy and trade assets, but exchanges are not the only way to trade bitcoins.

In the first place, I never worried about Binance because this problem was not too serious, and I think just needed money to be able to solve it easily. I really haven't been too worried these past few days.

Bitcoin has nothing to do with a centralized exchange, but they are linked by investors. We use exchanges and bitcoins, so once something goes wrong, it will directly affect investor sentiment, and we are the ones causing the bitcoin dumping, not the exchange's fault. So I don't believe that the impact of exchanges will diminish over time, as long as we still use centralized exchanges to trade bitcoin, their influence will remain.

leeboy

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Any big exchange have great impact for btc price. Any problem and btc will go dipper and dipper

coolcoinz

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Quote from: Newchanka on June 13, 2023, 06:13:22 PM

What is not in doubt is that CZ is supposedly one of the most credible faces of crypto.

You must be reading too much crypto mainstream articles. CZ iz by no means a prominent, or credible figure. Take his involvement in FTX drama as an example.
I don't like the SEC but CZ is not a clean guy. He's making a lot of money from listings and he lists all the shitcoins that pump when the news of them being lister comes out and then bleed to eventually be reduced into nothing and delisted.

Quote

How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

It depends what people holding bitcoin on Binance would do. If they'd dump it all the price would crash, but they could also move it out of the exchange without selling.
The honeybadger will still be there doing its thing. In 2020 the price crashed and in 2021 made a new high like it was nothing.

justdimin

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Quote from: tranthidung on June 15, 2023, 05:52:32 AM

Quote from: kryptqnick on June 15, 2023, 05:44:54 AM

Binance is the most trusted crypto exchange, and it's also a huge crypto business. Even the lawsuit has a mild negative impact on the market, so going down would probably be much worse. We've seen exchanges go down in the past, and that can temporarily cause significant damage.

If they don't scam, they will continue to exist. Because you mentioned about "exchanges go down in the past", I'd like to quote BitMEX exchange and their former CEO story.

That exchange has continued to exist and operate until now and I believe Binance will not die. They are a serious business and a game changer in this industry. They are different than FTX as they are better and more careful with risk management. They are seriously do as best as they can to comply with current regulations.

100 million is nothing for Binance to be fair, and they are not illegally running an exchange neither, they are valid legal company that has a .us company that deals with all the legal parts and making 100 million per month at least, probably more.

So, the maximum fine they could throw at the binance corporation, they can pay it and still continue, they will fix whatever caused them to have that problem, and not do that again, but they will continue without a trouble. Think about how much money this company makes, they are making tens of billions of dollars per year, it is just not going to be possible to stop them at all, it's just not possible. They will figure out a way to throw money at other politicians, and I mean like 30-40 million per congressman and 100 million per senator and they would still be rich and could run the whole nation. They do have the money for firing Gary for sure, easily done.

bayu7adi

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I am still studying the charts diligently, seeking to gain a deeper understanding of the potential outcomes and their connection to recent events.

I perceive this as a grand scheme orchestrated by the whales. The decline in Bitcoin's price is quite customary, and I had actually foreseen it happening prior to the halving. I hope the upcoming halving scenario won't deviate significantly from the previous one, allowing us to witness a new all-time high (ATH) by 2026 at the very least.

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Quote from: Natalim on June 19, 2023, 04:52:02 PM

Quote from: Newchanka on June 13, 2023, 06:13:22 PM

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

And the impact is likely would make doubtful individuals get panic. The price of Bitcoins will get affected and dumped but not going to the point that it turns back low like in the first quarter of this year. CZ is a known person and has market influence, and he would do something to save his reputation and retain his business. That is why despite the issue against the SEC, I was still confident that it will be resolved. Besides, the SEC doesn't target Bitcoin but only Binance, so it did not necessarily have to worry.

I also don't believe that Binance will collapse or shut down just because of the SEC's baseless slander. people are obsessed with the collapse of FTX, but they don't try to compare the difference between Binance and FTX, they always assume that all exchanges are the same. but if in the worst case Binance crashes, it will be very bad and catastrophic for the market because their reputation and role in the market is huge. As far as I know, binance's trading volume is equal to all other exchanges combined, which shows that their dominance in the market is huge.

serjent05

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Quote from: The Cryptovator on June 19, 2023, 04:12:46 PM

Consider this: If Binance were to face collapse, it could potentially lead to the collapse of the entire crypto market. Binance holds significant control over a substantial portion of the crypto industry, essentially dominating the exchange landscape. Just like the repercussions that arise when a king passes away, the cryptocurrency market would experience a considerable impact if Binance were forced to cease operations or be seized by the US.

I do not think that the collapse of Binance will lead to the collapse of the entire market. I think that the entire crypto market will be shaken but it would be temporary only. There are lots of exchanges available in the market so I think it will only take some time for the effect of Binance collapsing to the crypto market and eventually the cryptomarket will become stable again.

Quote from: The Cryptovator on June 19, 2023, 04:12:46 PM

Nonetheless, even in such a scenario, I hold the belief that Binance would continue to operate and support various cryptocurrencies, including Bitcoin. Even if the United States were to terminate its collaboration with Binance, it is unlikely that the platform would halt its services worldwide. Binance has established a global presence and would likely persevere, providing continued assistance to the cryptocurrency ecosystem.

Unless the owner, CZ got caught and unable to pay for his discharge due to many cases file against him. I also agree that Binance will continue its operation and just avoid the US jurisdiction.

Natalim

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Quote from: Newchanka on June 13, 2023, 06:13:22 PM

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

And the impact is likely would make doubtful individuals get panic. The price of Bitcoins will get affected and dumped but not going to the point that it turns back low like in the first quarter of this year. CZ is a known person and has market influence, and he would do something to save his reputation and retain his business. That is why despite the issue against the SEC, I was still confident that it will be resolved. Besides, the SEC doesn't target Bitcoin but only Binance, so it did not necessarily have to worry.

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Quote from: Newchanka on June 13, 2023, 06:13:22 PM

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

For sure if Binance goes down it would make a big effect on Bitcoin, Binance is probably the biggest cryptocurrency exchange in the market, and similar to what happened to FTX it is surely going to have a huge impact on the market price of Bitcoin, it would create a lot of FUD in the market. Imagine how risky the crypto is to think that the biggest cryptocurrency exchange goes down compared to some small investors. However, I don't think it's going to take Bitcoin down when that happened.

The market is surely going to be affected but it doesnt mean that Bitcoin is going to die, I mean the drop can be a good thing because it is a good opportunity to invest, personally, I would like Bitcoin to have a huge drop because that is the opportunity to create more profit in the future. Where all know the risk of cryptocurrency and all of this FUD doesnt matter anymore.

The Cryptovator

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Consider this: If Binance were to face collapse, it could potentially lead to the collapse of the entire crypto market. Binance holds significant control over a substantial portion of the crypto industry, essentially dominating the exchange landscape. Just like the repercussions that arise when a king passes away, the cryptocurrency market would experience a considerable impact if Binance were forced to cease operations or be seized by the US.

Nonetheless, even in such a scenario, I hold the belief that Binance would continue to operate and support various cryptocurrencies, including Bitcoin. Even if the United States were to terminate its collaboration with Binance, it is unlikely that the platform would halt its services worldwide. Binance has established a global presence and would likely persevere, providing continued assistance to the cryptocurrency ecosystem.

Franctoshi

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No one can predict how bad the situation or the snowball effect may be on the industry, However just as Bitcoin and the entire crypto market survived the FTX contagion, the Same hand will Bitcoin survive should Binance go out of business, even though they are the biggest exchange out there. Altcoins/Shitcoins will take the biggest hit of it and many altcoins will not survive this event.

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