Bitcoin Forum

I've read quite interesting article on BlockChain24.co (https://www.blockchain24.co/binance-lost-over-40-million-why-is-that-case-encouraging/?utm_source=forum&utm_medium=refferal&utm_content=binance-lost-over-40-million), with a very encouraging view on Binance case. After exchange hacked, many people from crypto world decided to help it, in the name of greater good. I think this is a strong message that crypto community working together is an unstoppable force. What do you think?

Binance is not that awesome as you would think. They might be 1st in alexa rank as they are hyped. but volume wise, they are at 10th place.

so not everything revolves around Binance, there other exchanges that drive Bitcoin price, not Binance.

I'm aware of this, and I don't state that this is the best one (I don't even trade there). But the willingness to help and solidarity of community is something what I highly appreciate

Well, I understand your statements, but let's be honest, people are talking shit about binance right now, due to the recent events, and after the whole thing will lost its urge, binance will recover. It's true, their security should be better (like the security of every other exchange, let's face the truth), but the support from all of those people mentioned in the article is a proof that binance is still huge.

Great article btw, i completely forgot that John McAfee is still alive ;d

No one is saying that binance topping in trading volume what we are looking at is how the entire cryptocurrency community rally round them in time of the hacked that just happened on the exchange and leading among them was coinbase blocking all deposits of large amount when the get Hint's of the hack to prevent easy movement of the bitcoins being Stolen this show great commitment of the cryptocurrency community.

I can't accept the fact that they are saying that "we won't pursuit those hackers". Someone stole from you over 40 millions $ and you aren't going to do nothing with it? I can't believe those words, sorry.

The article states that "What is even more reassuring, is the fact that the price of Bitcoin hasn’t dropped after the theft. We may be witnesses of a new approach to hacks and robberies from the cryptocurrency market". Bitcoin is on a rise right now, and such theft didn't have much influence on it's price, it's true, and it's good for the whole crypto community.

The whole case shows that you can steal 7k btc from one of the biggest exchanges in the world, and everyone is fine with this. I understand the whole community support, but it pisses me off, that those people are going to walk off the scene unpunished ;-;
That's what terrifies me the most.

While I do find that support a good thing to hear about, I'm wondering on how will that impact the BTC prizes. I mean - about 4% of the total bitcoins were stolen.

When things like that happen, it really does show how much the decentralised blockchain is better over the normal banking structures. Could you imagine people rallying like that if any FIAT bank was a victim of this theft? No.

LOL, Did you guys read the article being posted? Haven't you noticed two names that pop up in that article who said they are willing to lend a hand? Both of them are shill and not worth listening to.

[1] - Justin Sun
[2] - John McAfee

Do you really think that this guys 'genuinely' wanted to help or to the ride the hype, which these two are very fond off. So this article as usual as being posted for clickbait and ad revenues.

Earlier whenever some news comes relative to some form of hack from exchanges or from some cold storage the market usually crashes big. These crashes used to happen due to the FUD that gets spread around. These days people are much aware about the market and this seems to be the reason for the market to be stronger than ever.

That hacking incident even made the crypto situation better. Bitcoin's price is increasing and despite the controversy,
traders still trust Binance. It only means that Crypto enthusiast couldn't get affected by negative news that fast.
Crypto foundation is standing firm during this situation.

I can't believe how you came to conclusion so quickly. You know I'd contacting my lawyers now and summoning Binance to the court of justice to prove themselve NOT guilty! And I don't want to listen to any excuse, if Binance do not appear within the time frame of 21 days, I'm sure they would be in the FBI most wanted list of criminals pursuit, they better be preparing their butt.

You think that two events "Binance exchange being hacked and Bitcoin price growth" are connected ? Doubt that.
Traders still trust Binance, because they have a SAFU (secure asset fund for users). Without that fund, many will abandon this exchange, but thanks to insurance like SAFU, they still use it.

He still has to eat his pecker. This is why the Lord of Light still keeps him alive.

haha, nice clickbait article on yet another newly sprouted website that is posting bitcoin related news. those dudes that the article mentioned who are offering a "helping hand" are not the "crypto community" as you think. they are selfish people who take advantage of any opportunity to get the "spotlight" even momentarily. there literary is no event that you don't see McAfee in it. he always arrives like a weasel ;)

They are lifted their own reserve in that transaction and I read that many people saying binance are using that fund for their new decentralized exchange project since they payment issues with regulations side.
I am not sure why they allow their own coin to dump this much in the marketplace.
As a team they are pulling all the things to heights everywhere.

Users understanding about cryptocurrency, its capability and resistance to different issues is getting broader. It's an advantage because the community unites and they know how to deal with these incidents. We all know what to defend and I guess it's an improvement and an indication that we are also ready to face bigger problems in crypto world.

You misunderstood his point. He was trying to state that Bitcoin price was mostly unfazed by recent negative news like the Binance hack, Bitfenix and Tether controversy etc which proves that BTC has improved drastically over time.

It's because the cryptomarket had already matured and understands that throwing stones on a hacked exchange only makes matters worse and nothing's changing unless something's done to help the recovery of the said exchange. The days of bashing hacked exchanges are long over and people are just helping each other as long as the operators are willing to cooperate with law enforcement and users who are affected by the hack. Well, props to Binance for using the SAFU fund to cover the losses, it helps maintain the credibility of the cryptocommunity.

While there are a good number of people supporting Binance for what happened there are some haters who are criticizing Binance as if it was wholly their mistake.
I agree it was partially their mistake and they have themselves agreed on this by saying that they have learnt a lesson from this.
Scams like this happens all the time in crypto but we must learn to get a lesson from it and move on and Binance has acknowledged this fact.

Good that crypto community knows to deal with this kind of incident nowadays. I can't assure if those guys offering help were being opportunist, but that is welcome anyway, although I think Binance can overcome this issue without external help, as they have lost just 2% of the total funds.
Thanks to crypto community support and other events happening consecutively (new big management funds firm adopting btc), bitcoin price didn't feel too much negative consequences of this hacking.

I see now. I didnt think that way. I almost forgot about tether recent issue.

It's nice to see that important people decided to help out the exchange, rather than accuse it of scamming people or anything. Like I thought, though, 7k BTC is not a terribly big amount of money for the exchange. As I see from this article, Binance will even provide full compensation to users who lost their funds. Now, that is encouraging.
Another sign of maturity of the community is that the news wasn't followed by a decline in price as it typically would. And that's in the time when the price was at big risk. since Bitcoin just managed to reach the $6k barrier. I guess the times when people go in the FUD mode are fading away.

For me binance is a strong exchange and no matter what haters do can't bring it down,they will continue to strengthen the security and so no panic at all for buyer & seller on the exchange.

I couldn't agree more. CZ did a great job by acting prompting to the crisis by saying he will reinstate lost funds and by hosting a AMA to the community. One of their compliance companies ciphertrace also released a statement regarding the hack how it had to do with 2fa authentication which I think makes the community think more deeply on protection and what to do moving forward

this is good news, because no matter how strong binance they have to collaborate with other crypto communities to become even stronger, but I was disappointed because binance was the biggest exchange in hacking and this made users feel worried but they were calm and believed in binary

It's really great that the crypto community is so good and willing to help its own. Exchange Binance very famous and favorite to many traders and so there were many willing to help. I also like this exchange and I trade only there and the news that it was hacked very upset me.

Sorry to interrupt. Because Binance is the number one exchange according to the real volume. I would suggest you do not follow the CMC rank anymore, most of those high-rank exchange has a big percent of fake volume. No one can deny that Digifinex, oKex, Cpinbene, IDAX, fatbtc, BW, ZW exchanges have a higher percent of fake volume. But in binance, 100% real volume. That's why people love Binance and the whole crypto community wanted to help Binance together! And what about Bitfinex, Bittrex, Kucoin? Their ranks are not good anymore in CMC, but people support these exchanges than others! However, by seeing this incident, I feel the same that the crypto community is stronger than ever!

As we can see, this did not affect the price of Bitcoin and other cryptocurrencies. Over the past two days after the theft of bitcoin, on the contrary, it has greatly increased in price. Possibly, the decision of the administration of the exchange to compensate the damage caused to those who suffered from this hacking affected. In this regard, I think that Binance will not lose much of its position, and will soon continue its work as usual.

Yeah the crypto community can only grow if we support each other in times like these. I am highly impressed by the words of John McAfee, Justin Sun and all those who have offered to help Binance cover up this loss. Crypto can only stay if we stick together and push for one common cause which is the "Adoption of cryptocurrencies as a means of making payments for transactions"

Bitcoin price increase is not related to Binance hack as bitcoin was independently moving good in upward directions from the last one month or so. At the day of binance hack, there was some downward movement in bbitcoin price, but binance told that they would recover the funds from SAFU funds make the situation normal. If the hack was big and no backup plan from binance was annoucnced, bitcoin could have dump hard on that momnet.

This is true once binance got hacked people from the block chain community offers to help, this is something we didn't see in the past and it shows community is stronger than before. Even tho binance gets hacked people still trust the exchange because the CEO handles it professionally by doing AMA and disabled deposits as well as withdrawals.

You have a point op your idea is very powerful solidarity of one community is helpful to protect from the bad guys.



Well obvious no need to panic not the reason to close  their account
Binance can handle it to protect the users to stay investing
Especially today bitcoin going into skyrocket
Cheap amount they get of the hackers it's easy to replace that from the one most rich exchange herein crypto

The case of the Binance hack is quite interesting. We know that Binance is not that affected financially because the leader of this group had the vision of securing the business no matter what via the fund set-up for such a purpose. Now, instead of people losing trust and confidence with the exchange due to security breach, instead we are sensing that people here are uniting for the cause of supporting Binance. Soon the exchange will be back into its feet stronger and definitely wiser. This is just telling us that the cryptocurrency community remains to be in love with Binance.

Cryptocurrency user now becomes smart, and they don't think that panic will be the best thing to solve the problem.
And related to binance hack news, you said that many people from crypto world want to help it and it shows to us that crypto user has grown to a better community and we become stronger than before.
It is a good sign for cryptocurrency because if this could be big, then we will see a growth in the cryptocurrency, and there will be more people who will join in the cryptocurrency.

The case of Binance's hack is quite interesting, as you think. Because the leader of this group has a vision and mission to secure his business no matter what the funds are prepared for such purposes.