Topic: Would Bitcoin Be Badly Hurt if Binance Goes Down? - page 5. (Read 844 times)

It's up to you how to judge binance and CZ is the face of crypto to date because binance is involved in it. The losses may have been triggered by panic causing chaos in the market in the short term and consequently causing people to try to withdraw all the coins and bitcoins on the binance exchange. The threat may be only for exchanges and for some coins, but for bitcoin it is never affected in the long term because in the past we have seen how FTX and bitcoin still work as they should.

The point is there will be exchanges that emerge with new faces and die in the crypto world, so it doesn't really matter whether in the short term bitcoin is affected or not. Because in general bitcoin does not follow exchanges, but instead talks about the effect of the problems faced by exchanges caused by panic in the market on people withdrawing their assets.

Speaking of Binance it only affects binance.us, there has been much news saying that binance.com will not be affected because the SEC's working area is only US.

Regarding the incident experienced by FTX, it is certainly different from Binance.
FTX is an exchange managed by a greedy and criminal CEO, but binance is managed by CZ, who is a CEO who does not have any contradictions so far.
Many issues arise corner CZ so that Binance's credibility decreases. This is the impact of the FUD that is happening right now.

We see now, the current decline is certainly much desired by Whales to get cheaper prices because Halving will soon occur in 2024, and we can already shoot Halving will be a party for whales to get a lot of benefits.

So, we have to see the positive side of the Binance.us Vs SEC legal dispute incident, this will quickly pass and the crypto market is bullish again. 

Well, the round and table are now being turned in favor of Binance US'. We've seen the effect of it and that's what will happen every time there is a big-time exchange that's being played by SEC or if something wrong happens to them.
Just remember that whenever these incidents come, they're all gonna affect the market for a short period of time and then Bitcoin will still stand on its own not gonna notice those every bad news that has come.

Similar to what happened to the market previously when the ftx exchange went bankrupt. Following the announcement of the bad news, there was a massive dump of all cryptocurrency. Even Bitcoin, the most powerful cryptocurrency, saw its price fall. Ftx was not the best exchange and continues to have an impact on the market. How much more if the number one exchange goes down? It will undoubtedly have an impact on market prices. Binance is the leading exchange, with a 24-hour volume of around $7 billion. Consider what will happen in the market if $7 billion is subtracted the next day; the price will undoubtedly fall significantly.

Yes, Bitcoin price action will be affected but not the life of Bitcoin, because the bad news will pass and Bitcoin will move on, with Binance recovery or death, Bitcoin gives no f* about any exchanges, Do you know that once upon a time in crypto space, Binance is not the first leading crypto exchange? There are many top centralized exchanges that have died off the same way that FTX ended up, the likes of MT.GOX and others failed to kill Bitcoin, it will be the same if the Binance exchange goes down.

Bitcoin will not be adversely affected if Binance goes down. Because we saw when Luna, FTX turned into a scam. Then the Bitcoin market went down a bit but after a few days the market returned to normal levels. But even if Binance were to be wiped out, Bitcoin would not be badly affected but would bounce back if the market went down a bit. If the market goes down badly people will panic and they will decide to sell crypto. But Binance is a trusted exchange where people invest a lot of money.  So this exchange is very unlikely to be hacked or bankrupted so easily. Binance currently has very strong KYC systems so it won't get hacked that easily. Where the most trusted exchange in the world and its popularity is the most and Cz- is a trusted person in cryptocurrencies. I think even if Binance leaves the exchange Bitcoin will not suffer but the market will crash badly for a few days.

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.

Haha, Quite a funny question and thoughts, Hmm, Binance is a big whale in the Ocean of crypto but Bitcoin is OCean by itself so how can we even compare it? Brother if Binance locks down Bitcoin will have a temporary impact due to huge funds in the market but Bitcoin can die, It can just lose its market value temporarily. If you are considering it the death of Bitcoin then I am damn sure you are not familiar with the past events. Hold on Binance has nothing to do with the fundamentals of the Bitcoin.

Did you forget all of these?

MTGOX
Tesla
Luna

You can find more on my covered topics a bit of my own topics promotion is not wrong haha.

    
Major Dumps in Bitcoin History and What to learn from there?
Bitcoin & China time to time waving History

Currently the largest exchange is experiencing a problem is Binance, and we have seen this problem getting bigger and they are looking for a solution so that Binance can be used as before which is safe for us to use in transactions and trades, so with this problem of course there is certainly a big loss that will occur with the value of Bitcoin because Binance is indeed the largest market that is always relied on, and the US is currently getting bigger and bigger adverse effects on the crypto market maybe this is all a result of China's pressure on the US, we expect it will all end.

The KYC mechanism of Binance isn't annoying at all and anyone could do the KYC without any issue, however, some people are highly against centralization and only for them KYC is an annoying procedure. I must say that CZ is truly among the best crypto nerds out there and he has made his position in the hearts of crypto-currency fans. The guy holds a lot of power in his hands when it comes to crypto-currencies, even a single tweet of the guy could influence the value of an asset to very high levels.

When an exchange like Binance is shut down the consequences for Bitcoin won't be good at all, but it's very unlikely to happen because Binance holds its position in the crypto market and even United States and Sec are aware of that. They would never do anything to shut Binance down because with that simple act the whole world could face huge financial problems due to crypto-market crash. If they take any strict actions against Binance to shut it down then things won't be in favor of anyone, the whole market is likely to crash after Binance shutting event and this time it would require so much confidence of investors to revive the market once again.

The United States is taking such actions against those exchanges to stop investors from putting money in Bitcoin, and they have a valid reason for doing that. They want to control the dropping value of dollar and at the same time they are doing it to pose huge regulations on crypto-exchanges. There is also a chance that US and Sec are planning to create a way for CBDC's to take huge share of the market and they will give more time to their plans. They might be doing that to create a scenario in which everyone may transition to CBDS's instead of current crypto-currencies, and that thing can happen if they win the trust of the investors.

Binance is a big trading market for now, so with the problem I think it is very big on Bitcoin, so those of us who use Binance are certainly very hit by the problem even though this problem only occurs in the US office but for other branches I think it is also influential because Binance is the largest market for now and has been fully trusted by investors, We hope that this problem will be resolved quickly and do not let Binance exit the crypto market, because many negative things will happen to the crypto world.

I think Bitcoin will be affected in a short span of time, we can consider the impact of Binance the same as FTX.  It will only short live as the Bitcoin traders are already used to this kind of scenario.  Trader can just find other exchanges and continue trading.


The US is one powerful country so  I think the US going southward to cryptocurrency will be considered a threat since if they are serious enough they can give a huge blow in cryptocurrency operations by regulating centralized services and going after Crypto activities in the name of illegal things such as money laundering, fraud and scams.

Speculators would probably be dramatic about it and make a lot of noise.  But Bitcoin as a network and a protocol would not be affected.  The blockchain does not care when middlemen fail.

Also, a BitFinex collapse would likely have a bigger impact on markets, due to the amount of money tied up in USDT.  

Bitcoin has been surviving from 2009 without Binance and I believe that the same thing will happen if Binance shuts down,this will affect the crypto market for some period of time and after that bitcoin price will correct itself again.

Binance can't totally go out of service because there are other countries that are crypto friendly that Binance will still operate there. There are some countries that is not crypto friendly but Binance still operates there and the government doesn't see it as a problem. Example of such country is Nigeria. It is only the US that can shut Binance out of service in their country.

[Binance is asking KYC because they are under the supervision of state SEC which made the centralized exchange platform. And good performance make one to be the number one in any race of competition so for Cz to take that position means he has credibly done well in the crypto market. I don't think there will be any harm in bitcoin if Binance left the exchange market. There will be a replacement of it. Bitcoin does not depends or rely on Binance to survive instead it is Binance that depends on bitcoin. So for Binance leaving the crypto scene will not have any effect. USA is not a big threat to the crypto market but they are trying to regulate and control it but I don't think that can also work out. They can only control the centralized exchanges and centralized altcoins. But finally USA will also support cryptocurrency in the world. And at that time bitcoin will skyrocket to the cloud.

A new exchange may have to be adopted indeed, else, how would those who rely on the Binance exchange trade or do business with it as usual, survive.
The safest thing to do now remains to keep being informed with the news mostly as Binance, kraken are in the news following a lawsuit.
It would be safe to use non custodial offline wallets too, so as to be confident such doesn't happen on the day we least expect.

According to CNBC News (https://www.cnbcindonesia.com/market/20230330104942-17-425762/binance-disikat-regulator-as-harga-bitcoin-cs-apa-kabar)
There is no impact of Binance legal issue to Bitcoin Price. So, I think, if Binance Goes Down, Bitcoin will not be impacted.

It won't hurt me that much and it won't make me want to sell my holdings but people will panic, and the whole crypto market will move down badly because that's just the sentimental of the crypto market, the same thing happened because of FTX, and I was able to secure some good position because of FTX demise, I remember that was when the real bear market started and Bitcoin went down to 17,000$.

Binance is a good centralized exchange and I believe it should be treated in such manner, a centralized exchange cares for their business only, I won't entrust my Bitcoin and Fiat to any centralized company, the risk is very high still, even if the CEO is a big figure in this crypto space, I bet Sam was once a big figure too.

It’s very true though that CZ has also done a lot of good to the adoption of crypto. Of course he’s stepped over others before, they all do, but his downfall would still have a massive impact over BTC and crypto overall. Whether we like it or not, his smart chain is worth a shit ton of money and if that collapses.. on the good side we’re gettig rid of a good part of today’s shitcoins but on the other side we’ll have to buckle up for what’s coming our way lol

Governments general likes to have a hold on their economy, especially where it concerns the private sectors. As most members have predicted, if binance were to go down in the US, it will have a big impact on bitcoin, because USA is a world power economy and binance is a big and major exchange. But this impact will only happen on a short term, as other exchanges will take the advantage to measure up and try to take the place of binance in the US, also with the stability of bitcoin, in no time the market will be trading as normal.