Topic: Would Bitcoin Be Badly Hurt if Binance Goes Down? - page 7. (Read 844 times)

They are trying to control the market, that much is certain. I don't think the end goal is to kill crypto altogether, I believe the US SEC is trying to gain a foothold before they start introducing rules, business partners, etc whether it is directly or indirectly. It might seem scary but this should not be the first time stuff like this happens. FTX went bankrupt just a few months ago, and the market is still doing healthy compared to the past. We might go even lower but that's just the nature of a very speculative market.

At the end of the day having a less concentrated market that relies on one or two exchanges is good IMO.

Exchanges and marketplaces offering BTC support meeting their untimely demise have been a harsh reality of crypto since silk road and Ross Ulbricht in 2013.

Those who are new to crypto will view binance as a "new" trend.

Those of us who have been here know trends of BTC marketplaces being shut down as part of the bitcoin experience from the beginning.

If Binance as an exchange shuts down? Very bad outcome. All you have to do is study the outcome of previous hacks/shutdowns of what used to be the largest crypto exchanges at the time.

If Binance collapses as in Binance Coin or the BNB chain? It’ll probably be the most massive crypto burst and cold winter in history. There’s no other way around it. There are currently thousands of alts sustained by BNB. It’d likely have the same effect as ETH collapsing and bringing its entire chain filled with shitcoins down with it. It’d be a terrifyingly massive arrow to crypto’s back.

Of course, Bitcoin will do well. But probably only years after the collapse.

Binance implosion will really go a long way to affect the market of bitcoin but nothing is new to the cryptocurrency market again after other big incidents occurred and bitcoin is still standing firm and still continue to exist. CZ is a big name in crypto and also his exchange Binance also plays a vital role in the crypto market because of the large amount of bitcoin they hold in their possession.

If anything happens to Binance, especially coming from the US government, the market will definitely be affected and we may witness some changes in the market for the time being. After a while, the market will regain its former status but this situation only affects those that their minds are not set into the market yet but are on alert when a negative news pose threat to the market. They panic to sell or withdraw their funds.

Yes CZ and binance are actually a big brand in the crypto space, if we look at how much holdings of just bitcoin binance has it is over 500k bitcoin which is a large number that would affect the crypto market. But aside the fact that this saga is just a country subsidiary not the global one then it ban will have little effect. But let’s say it is even the entire binance shutdown then it will create panic as the largest exchange because some less knowledgeable people will have the wrong narrative that it will bring the end of cryptocurrency.

But in all of these I think it will just be a month or less than panic and everything will fazes out. The only way a binance saga will have a long term effect on crypto market is only when it is hacked and the funds on it is stolen. This will scare people a lot because some or even many who I believe still have funds on it would have lost their funds. Aside hack, banning or shutting down will just be a little panic before People move there funds to another exchange again

Whether you like it or not, it's always a yes. Smaller hacked or shutdown exchanges always give a bad effect on the market, how much more on largest exchange?

Shutting down of binance is highly unlikely to happen ^{(for now)} maybe on their US based offices/market, but it doesn't speak the same on the rest of their offices/market. But obviously it will have a mid to high bad effect on the market for some time.

Like you said, CZ is a big name in the crypto market, but what do you call a big name? He has been able to make his way to the top with his business ideas and amazing upgrades. I don't know how he did it, but for him to pilot his exchange to the top above all others existing before his, then I guess he deserves the big-name title.

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.

And even if something happens and Binance completely goes out of business, one thing is for sure: the Bitcoin price will shake because it's among the exchanges that hold the highest Bitcoin trading volume, so such action will shake the market with a lot of panic selling, a huge number of withdrawals, and so on.

But above any given action, there is nothing that's going to happen to the market that has not happened before, so nothing will appear new to us again. The Luna crash, FXT, and many other big incidents could have wiped out people's faith in crypto, but they didn't, so with or without Binance, Bitcoin will survive. With or without the US government's support, either negatively or positively, Bitcoin is not dying off.

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/