Would Bitcoin Be Badly Hurt if Binance Goes Down? - page 4.

Nwada001

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Quote from: Smartvirus on June 16, 2023, 06:26:46 PM

Quote from: Nwada001 on June 13, 2023, 06:22:57 PM

The US government is also a big name, as they are currently regarded as a world power. If they shut down Binance, which they can only do on their end, they can only shut it down in their country. So long as other countries are still in support of the exchange, it won't completely go down.

Only in their country you say. You might as well want to keep in mind that other nations would like to follow suit and US as we know it always tries to find a way to instill there policies on other nations and a lot of nations, developing nations to be precise with an intention to benefit from foreign aids would oblige to a binance or crypto exclusion.

This could be an attempt to attack the giant before migrating to other smaller exchanges in the industry so as to impose there policies on them but as well, it would be a push towards a more private and decentralized exchange.

Yea, that's obviously the truth. I guess countries have already started doing it. There are people who just want someone to raise an issue, and they will follow.

This is really the right time for most projects that see centralized exchanges as the big deal because of the large trading volume to start redirecting their steps and choosing a few better decentralized exchanges that they can use as an alternative because they're even safer, and listing will also cost little to almost nothing compared to that of the centralized exchanges.

Smartvirus

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Quote from: Nwada001 on June 13, 2023, 06:22:57 PM

The US government is also a big name, as they are currently regarded as a world power. If they shut down Binance, which they can only do on their end, they can only shut it down in their country. So long as other countries are still in support of the exchange, it won't completely go down.

Only in their country you say. You might as well want to keep in mind that other nations would like to follow suit and US as we know it always tries to find a way to instill there policies on other nations and a lot of nations, developing nations to be precise with an intention to benefit from foreign aids would oblige to a binance or crypto exclusion.

This could be an attempt to attack the giant before migrating to other smaller exchanges in the industry so as to impose there policies on them but as well, it would be a push towards a more private and decentralized exchange.

adzino

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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/

Yeah, if a big, I mean the largest exchange in the world goes down, of course it is going to affect the whole crypto market. It is going to be ugly since everyone will be pancking, but remember that, bitcoin is decentralized and "a single" entity can never take down the whole bitcoin market. What we will see is some short term after affect on the market, but eventually the market will recover and start to rise again. It has happened before and we have seen how the market eventually recovers and survives everything.

Dr.Bitcoin_Strange

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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?

I will give a wired instance, which you might well not understand or you might, but here it is: perhaps you know what the word "wood" is. Yea, if you set up a fire under the sun with some woods and the fire is blazing very well and you decide to put out the fire by pouring water on it, don't forget that the blazing of that fire may stop at that moment and those woods will start smoking, but immediately the water dries up (don't forget that the fire was set under the sun), the smoke will stop, and the fire will begin to blaze again.

That's to say that if Binance, which is very popular, most used, and trusted by many people, collapses, the Bitcoin price can get a bit lower because of the bad news, but that will not last a year before the market can begin to recover again. In crypto, it usually happens that something will cause the market to drop, and another good thing will help it recover.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Ultegra134

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Quote from: ajiz138 on June 16, 2023, 12:55:47 PM

I don't think it's going to impact bitcoin any more than CZ isn't a bitcoin owner unless it refers to BNB then it's bound to happen but for another implied boom in bitcoin I wouldn't believe bitcoin would be any worse but for a bit of a correction, I think this is reasonable thing.

Yeh US is a market threat but it's only for part of the region but globally it can't influence that resulted in the market going down badly even I saw on twitter BlackRock and other US banks bitcoin in large quantities is this maybe a sign where they are doing anything to buy more bitcoins in preparation for Halving 2024 later?

Bitcoin will be affected if Binance goes down, similarly to how it was affected by the Mt.Gox and FTX exchanges' falls. Just because Binance is closely related to BNB doesn't mean that only their coin will crash; such a disruption causes a chain reaction of events. Binance holds the largest transaction volume; such news would cause a disastrous disruption in the market, leading to a bloodbath that would take Bitcoin with it. So far, it's doubtful that Binance will shut down completely; there's no way it's happening. Perhaps it could stop operations in the USA, which is still negative and will cause a minor drop that may last from a few weeks to a few months in the worst-case scenario, similarly to how the market was affected a few months ago with the FTX exchange.

GideonGono

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Bitcoin or Crypto would surely be hurt whenever a big player or company goes down,
Just imagine how many traders are using it and we could assume some of them only got into crypto because of trading and it is their only trusted trading site, for sure some of those would quit while others would look for alternative.
The impact would surely be felt but I think it could only be for a short time.

uche6215

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I don't think so. Binance exchange and bitcoin wallet are not connected so it will not. CZ is not the owner of bitcoin so it will not. They operate different class with different nature. The Binance exchange only serve the purpose of bitcoin. Satoshi Nakamoto create bitcoin for p2p transactions which Binance is using it as part of is service.
The accusations level against Binance has do with bitcoin. Though the are fighting against bitcoin indirectly but they will not succeed.

Bushdark

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Quote from: ajiz138 on June 16, 2023, 12:55:47 PM

I don't think it's going to impact bitcoin any more than CZ isn't a bitcoin owner unless it refers to BNB then it's bound to happen but for another implied boom in bitcoin I wouldn't believe bitcoin would be any worse but for a bit of a correction, I think this is reasonable thing.

Yeh US is a market threat but it's only for part of the region but globally it can't influence that resulted in the market going down badly even I saw on twitter BlackRock and other US banks bitcoin in large quantities is this maybe a sign where they are doing anything to buy more bitcoins in preparation for Halving 2024 later?

Since CZ is not Satoshi Nakamoto, it will never have any effect on Bitcoin. This is just an exchange not a body or a project. If the sec is able to sanction cz, this will have minimal effect on us but Binance would have to leave the United States which I am very sure that the court will not want this to happen.
The matter is already in court and we hope to see positive outcome because it won't be a good news for me if Binance is finally sent out of the United States.

panganib999

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Bitcoin's in its little own ecosystem, nothing but direct economic factors and allegations flung straight against it will cause bitcoin to lose value. With that being said, Binance is one of the biggest gateway exchanges out there for newbies to use and learn the basics of crypto from, thanks to their user-friendly interface foremost, and their nifty tutorials and masterclass lessons they willingly offer for free. Binance going down might cause bitcoin to lose or stagnate in value for a while, since a lot of hopeful bitcoin newbies will lose their access to bitcoin and other cryptocurrency, but at the same time given enough time Bitcoin will bounce back on its own and will recover soon. So it's not like it would cause bitcoin's demise if Binance couldn't make it against their fight with SEC.

ajiz138

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I don't think it's going to impact bitcoin any more than CZ isn't a bitcoin owner unless it refers to BNB then it's bound to happen but for another implied boom in bitcoin I wouldn't believe bitcoin would be any worse but for a bit of a correction, I think this is reasonable thing.

Yeh US is a market threat but it's only for part of the region but globally it can't influence that resulted in the market going down badly even I saw on twitter BlackRock and other US banks bitcoin in large quantities is this maybe a sign where they are doing anything to buy more bitcoins in preparation for Halving 2024 later?

nlovric

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Quote from: serjent05 on June 15, 2023, 04:17:16 PM

Due to the influence of Binance over the crypto market, there is a possibility that the crypto market will be affected if Binance goes down. Since Binance being one of the largest crypto exchanges, anything relating to it will affect Bitcoin. Aside from that people who wanted to manipulate the market can cause the case of Binance to pull the Bitcoin price down so that they can buy more Bitcoin at a lower price. Despite of this effect, I believe that it will be temporary, and eventually the crypto community will just move on and eventually forget the case of Binance putting the market into its natural path.

Being one of the biggest exchanges Binance has a significant impact on the cryptocurrency industry. Any Binance related developments could have an effect on Bitcoin and the overall market possibly leading to a brief slump if Binance has problems. During these periods market manipulation may happen as some people try to purchase Bitcoin at a discount. But the cryptocurrency market has proven to be resilient adaptable and capable of overcoming challenges. Despite Binance importance it is only one component of the broader decentralised ecosystem. Because of the market diversity innovation and decentralisation no one organisation or event is able to exert total authority. While dealing with concerns involving significant exchanges is crucial the decentralised structure and resiliency of the crypto community lay a strong platform for long term growth.

bayu7adi

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It's just a momentary panic, and prices will recover within a matter of months. This is not a new mishap for the cryptocurrency realm. In fact, there have been numerous negative reports prior to November 2021, yet Bitcoin, in reality, reached its all-time high after those news emerged.

The United States orchestrated the drama prior to the halving, undoubtedly a strategy to acquire Bitcoin at a lower price for big investors. We haven't heard such news for a long time, and the timing couldn't be more perfect, considering we're nearing the year 2024. And we know it's a year worthy of celebration.

Mpamaegbu

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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.

That's true, especially for those of us who got on Binance in 2017 immediately after its launch. Then it was KYC free and without trading commission. It's really nostalgic, what a great time with Binance those days. Like you acknowledged, CZ is a popular name in this industry and he has done remarkably well for himself and the entire crypto industry.

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

Frankly, I don't see Binance shutting down hitting Bitcoin to a massive dump. No doubt, it will shock the entire market but it won't be for long before the market shakes it off. On the US motif, I think the hypocritical SEC is over playing its hand on this. Let's keep watching and see how all this will end.

aoluain

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Quote from: sokani on June 14, 2023, 09:45:48 PM

Mt Gox was launched in 2010, and between 2013 and early 2014, it was one of the biggest exchange in the world handling about 70% of bitcoin transactions. We all know what happened to Mt. Gox, how it was hacked and how the story ended, but bitcoin is still standing. Binance is the biggest centralized exchange in the world with the highest trading volume of bitcoin of about $7.3B according to stats available on coinmarketcap. If the US government succeeds in finally shotting down Binance it would definitely have an effect on the crypto market generally on the short term, but I don't see any way how it can harm bitcoin.

Thats prof right there!

The question in the thread title is very specific

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Would Bitcoin Be Badly Hurt if Binance Goes Down?

Bitcoin is bigger than anyone one person, exchange, miner etc. It is decentralised
so it would remain unhurt, it has suffered many events such as the above Mt.GOX
and attacks from high profile people trying to discredit it over the years and it still
stands strong

What would really happen is the markets would have a big reaction to the event of
Binance going down, traders and people suffering from FUD would cause a bit of a crash,
it would all be very short term though and would be chalked into another chpter of
Bitcoin's history.

serjent05

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Due to the influence of Binance over the crypto market, there is a possibility that the crypto market will be affected if Binance goes down. Since Binance being one of the largest crypto exchanges, anything relating to it will affect Bitcoin. Aside from that people who wanted to manipulate the market can cause the case of Binance to pull the Bitcoin price down so that they can buy more Bitcoin at a lower price. Despite of this effect, I believe that it will be temporary, and eventually the crypto community will just move on and eventually forget the case of Binance putting the market into its natural path.

usekevin

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Binance had lot of fan all around the world.If the binance had any negative towards the game,we can able to see the impact in the community too.Most of the people had their funds by submitting the Kyc to the binance.The Binanace made the level 2 kyc to use their exchange,So the binance will be the trusted with my opinion.We need to wait some days for the exact results of the crypto exchanges and Crypto currency market with this impact of Binance to the bitcoin.

BlackHatCoiner

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Just as it hurt with FTX, more or less. People would pretty much be mad again, they would not believe their eyes that after the collapse of Mt. Gox, Bitfinex, Coincheck, FTX etc., another shit-exchange would go down too. It'd be impossible, they're very secure etc. By the way, Binance got breached in 2019 and lost some millions if I remember correctly. But yeah, it'll neither happen. They're quite safe now. Granted. Roll Eyes

Bitcoin would recover in a few months later, because that's what happens always.

cabron

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If it's binance.US only, CZ will just laugh at this. The court though will try to bring CZ to the court which is likely not going to happen. CZ knows the threat that he may not even go out of the court and will be held for years until something is gonna be negotiated. Such a dirty game. However, prices will definitely go down. There is a chance of CZ fighting back by just lobbying those who want Gensler out of the office.

Binance.com will continue, crypto will also move forward no matter what the price will be.

tranthidung

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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.

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That being said, I don't think Binance can cease to exist. I think they'll try to settle the lawsuit and continue operating, and if not, they'll stop operating in the US, but the US isn't the whole world.

Settlement between SEC. and Binance about SEC. lawsuit against Binance US. is on-going.

Generally SEC. is very arbitrarily to sue cryptocurrency projects and exchanges with their current Chairman Gary Gensler. I'd love to see the recently legislation from the USA. Congressmen to fire Gary Gensler. It is not the battle of only Binance exchange but of the whole cryptocurrency industry against SEC. and Gensler.

kryptqnick

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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.
That being said, I don't think Binance can cease to exist. I think they'll try to settle the lawsuit and continue operating, and if not, they'll stop operating in the US, but the US isn't the whole world.

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