Bitcoin Forum

https://live.staticflickr.com/65535/52496439605_0fb67de43a_b.jpg



Have you ever thought of hearing a news or tweet like this in future.. have you prepared yourself , What would be your 1st reaction after watching a tweet like this ...

Someone Tweet this .. I dont know if its funny or the guy is trying to make people aware or the intensions behind it .. but its really worthy to give it a thought..
Whats your opinion

You just made me heart attack with this topic.  :o

The market can't take this and if binance stops withdrawal now, it will be the end of crypto for the time being. I don't know why anyone would tweet like this and spread panic. The panic is already on its peak with FTX, Blockfi stopping withdrawal, we don't want binance doing the same and killing not only people fund's but also damaging crypto adoption.

My first reaction? Probably thinking to myself "I am sure glad that I don't have any money there and its time to buy some very cheap bitcoin".


It would be the end of hundreds of shitcoins that were built on BSC but bitcoin  would survive, its just that it would be on a big discount (probably in the region of 2019 bottom which was ~$3K)


I don't think that people took what happened with FTX seriously enough and plenty are still having money on centralized exchanges, thinking that theirs is safe.

I would be a bit surprised, since Binance looks stronger (of course "looks" and "is" are different things).
And I would be a bit angry, since the panic (and price dump) because of FTX would be nothing compared to what would Binance's fall produce. And I've already got tired of the current crypto winter tbh.
(I will add that I would not be surprised to see this news about crypto.com though)

Are you being ironic or something? ;D
I don't think that Binance going bankrupt would be "the end of crypto". The BTC price might drop even below 10K, if Binance stops withdrawals, but I'm sure that the crypto markets will slowly recover from this. Stopping all withdrawals doesn't necessarily mean going bankrupt. It's simply a move intended to lower the panic on the crypto markets(even though it creates more fears and uncertainty).
The crypto traders must calm down and don't sell. Panic selling is the most stupid move right now.

It’s always recommended not to keep your hard earned money or cryptos on any exchanges. Always store your coins in a hardware or offline wallet if possible. Moreover Binance before doing any sort of things will definitely give a notification to it’s users. To be honest many are affected through the FTX issue, but believe me FTX and Binance are completely different. Just keep hope and don’t panic.

Even though I will feel panic for a moment, I will still try to stay calm because it is certain that it will not only be me but many people who use Binance will have various reactions. The whales on Binance will not stay silent if this happens and will ask Binance for an explanation regarding this matter. I don't think Binance will let this happen and will make sure things are still under their control. Let's hope this doesn't happen on Binance.

well obviously its not a good news if however that wil happen because mostly in the space surely relying on binance since it becomes so popular and very reliable and trustworthy as well at the same time when it comes holding crypto currency.. So people will going crazy for sure if it will happen especially without any further notice to the public, it will be a big problem.

Regardless of whether someone's talk is right or wrong with what he said, but we will not consume news from other sources. Because Binance also has an official website, and CZ is active on twitter with all the information he provides. I think we need to avoid information that doesn't mention something accurately so as not to cause panic for today's crypto users.

I believe Binance just posted proof of having over seventy billion dollars worth of coins in their reserve. It would take a whole lot of withdrawals before they’d be anywhere near a position to stop them. The big concern to have with Binance is that their BNB token is not a ton different than Luna or FTT. If you see BNB suddenly start taking a dive, then I’d advise you get everything off Binance. So long as their token holds value, they won’t have any problems, just like FTT and Luna.

First, it's not a problem at all if that's the case because keeping funds on an exchange is not a safe thing.

Second, tweets like this signify an attempt to create a level of panic among people about the situation given that Binance is an exchange that has a high number of transactions.

The other thing that makes me think with tweets like this is the level of truthfulness of the information. I see this information may not be true considering the information is not from the official source.
CZ did not make a single statement regarding the suspension of the temporary withdrawal on his official twitter account.

I wouldn't worry because I didn't put any money there, but I always thought what if this happened in the future maybe a mass panic would occur throughout the crypto industry because it's one of the exchanges that many investors can trust.

For someone who sees this tweet, they will definitely panic, especially if someone has spread it on other social media, but this is just to scare or just a hint to think ahead how to put money on the stock exchange. This will definitely happen and maybe.

Which I think if one day Binance gets this bad it's going to go black for all crypto except bitcoin.

I've been ready for a situation like that since Gox and I wouldn't even flinch. I have 0 coins on exchanges and when I want to make a trade it's almost instant deposit > trade > withdrawal. I rarely keep my coins on exchange for more than 6 hours and I recommend you learn to do the same. Sure I pay some fees moving money around but I haven't sold anything for months because I only accumulate in bear market so next time I deposit anything bitcoin will be above $30k. I can afford some fees by then.

Spreading fake news like this is bad and would gone wrong if not checked properly.

It seems that the one who spread it might want the market to cause panic to create another FUD after the FTX incident. I don't know what made them do it but it's better to not leave your coins on an exchange if you aren't trading yet since we never know what will going to happen in the future. Anytime soon there's always that something's going to happen, always be prepared and always take precautions.

The guy is reminding that it could happen even in Binance. There's no assurance in the crypto exchanges because they can change their minds at any time or something really terrible can happen to them.

Even if CZ has shown how much they've got in their reserve fund.

It won't change a thing when they're being hard hitted by some hackers or by an inside job or any unexpected thing that would totally wipe out their assets, their users assets.

My heart stops a bit after reading the title but it functions properly now after knowing that it isn't true. No I never thought of this, because I know that binance is too strong to fail. If ever they will stop the withdrawals then that will only be for temporary and it's caused by some issues inside their site so people shouldn't worry or panic in an instant but I think scenarios like this have already happened on them before.

I am only not sure if it happened during the luna crash or during that time where there are new about banks freezing customer funds. But like I said earlier, it didn't last long and people gained confidence again on binance later on.

There were some instances that they did pause the withdrawals, but only temporary and they did give warning or announcements.
I don't have much left in my binance account as I only use it for trading and then get out my funds after.
So for me, I am not in panic mode about this. For now, check the announcements first before depositing funds.
Binance has their insurance in place, so no matter what, I believe your funds are safe in case of worst scenarios.

This will be a very horrible news at this time, if a big exchange like binance starts causing people to panic, it may even affect the price of bitcoins further, I hurriedly opened this topic hoping it was not real, good thing seeing that it is a question to prepare our minds. I would not have been worried not for me though, because I don't use binance, but I know plenty people who use binance and they will be affected.

At this point it wouldn't surprise me anymore. You can't trust anyone on this industry. What people say today can be exactly the opposite tomorrow. Crypto developers and companies have proved to be more or so shameless like the specialists who run our fiat system, central banks and governments. They don't want to offer quality services and a smooth experience to crypto users, rather they want to steal maximum money as possible they can from crypto enthusiasts, disappearing right after without major consequences because the justice system is too slow and in some cases conniving with the thieves.

I just withdraw the last remaining crypto I got in Binance, just worth around $100. So I guess I won't be affected by this news and probably just be laughing in the side because I made that decision. But for those who believed that Binance is so trusted and not going to rug pull, and having big money on them, yeah, probably they will have a heart attack.


Perhaps just like you and see, he wanted to see the reaction of the public.

And if this happen for real, then Mt. Gox 2.0 that will haunt us for many years to come. And then the cycle continues, new crypto exchanges pops along, becoming the biggest again. Until it collapses and dissolved.

When somebody more popular does this on Facebook or Twitter then for sure that they're going to be stumbled and puzzled of what has just been posted.
People these days don't validate a news and only looks at the headline. Although I understand the essence of that tweet and it's really possible to happen if ever something bad goes with Binance but unlikely.

More reaction then processing and discovery, its more exciting to be part of then read full quite lengthy articles but also it makes for an echo chamber and nonsense.


The ability for random tweets to bring bad news, falsely is not good.  Sad that its so easy to appear legitimate on a fast moving platform like twitter, that tactic of misinformation is actually working too often.   Musk is made out to be an idiot or worse but hopefully he just got off to a bad start and can improve matters quite easily.  So far he has proven he needs to test ideas more, assume the worst and people will always take advantage of weakness in any system.

Currently, I also believe that binance is strong enough to be hard to crash, a lot of people are expecting binance to collapse because they hate centralized exchanges but not with binance and not right now. If we say that nothing is certain, then I can also say that even bitcoin is uncertain, investment should always take into account risk because there is no such thing as absolute safety.

I don't fully believe in binance, or rather I don't trust anything in this market and I am willing to take any risk if I face, even the collapse of bitcoin.

This is not surprising not only because it already happened a number of times but also because it's just a matter of when this would happen again. And we would never know that by the time this happens again with Binance, it would already be its end.

These centralized exchanges have lifespans. They come and go. There was a time when there was no Binance. There will come a time where would be no more Binance. And we cannot tell when that happens. So the best preparation for us is to just withdraw all our funds from Binance and other centralized exchanges. We might one day wake up with Binance already freezing withdrawals.

With what's currently happening in the crypto space, I'm gonna be quite surprised with this, knowing that I do use Binance, and it's something that I wouldn't want to happen. Just like what the other members have said, I'm concerned with what will be the concerns of crypto users. It's just like how people would see their crypto portfolio vanish if they saw something like this.

Not the end, but many users wouldn't probably use it anymore or something.

I already Knew that this is a clickbait thread because have just withdraw in Binance few hours ago before seeing this thread meaning it is a complete fake new  ;D ;D

and also what I can understand about that person who create this tweet? he is just looking for attention ,because with so much users of Binance that may read this ? surely their heart will pump badly and automatically check the site for withdrawal .

Well this is not impossible to happen in the future even if Binance exchange has a very huge reserve still putting all of your assets in CEX is totally risky it will for sure affect the whole market if Binance stops withdrawals, the good thing about Binance is they are learning from the mistakes of other exchanges so that in the future they already know what is the best remedy if problem occurs.

Is this some kind of prank related to what happened with FTX?
If I'm the CEO/Owner of Binance, I probably won't think orchestrating a fake hacking incident that will cost the users their assets to be lost. That's all because, Binance is one of the top exchange in terms of trust and volume. I'm not gonna risk it for a short term gimmick, when the long term perspective for the more success of this exchange is very bright.

Congratulations, you just made someone panic and heart pounding,

Why are you worried that binance will close the withdrawal feature, see my conclusion:
- Binance is the top exchange for the highest trading volume they have 90 million users worldwide, you can review the detailed explanation https://coinmarketcap.com/exchanges/binance/
- Binance exchange is very transparent, recently CZ has announced a cold wallet pool of funds and I've never seen any other exchange publish funds from their wallets.

https://i.ibb.co/BNC62GN/CZ.jpg
^{sc : https://twitter.com/cz_binance/status/1590693950020472834}

CZ and the team will do everything to avoid losing trust and to cope with those who are fearing that the money they've got
inside the exchange will be held.

The topic really affecting some people who may be having difficulty accepting the current
situation with FTX, they are now thinking if what if the situation got worse and Binance
will be the next one to collapse.

Still trying to imagine the kind of catastrophe that this news will cause to the crypto space. A lot of traders/investors believe in Binance because of its way of doing business than every other exchanges out there, which has kept them leading in this industry for quite a long time now.
The bottom line would be mass withdrawals of cryptos from exchanges to non custodial wallets and the amount of Bitcoin/crypto moving out of exchanges will see a significant record of a new ATH in history, and no exchange will be trusted anymore even Coinbase.

I know the king will be dethroned one day but I do believe it will not be this time. Binance has a strong reserve and its market cap is so big that it would take a few weeks for all the users to drain the whole exchange. If something like this really happens it will be a good thing for the overall crypto industry. These exchanges are behind market-making and manipulation. We need totally decentralized space.

Binance is the biggest exchange in the market and I must say that I am very satisfied using binance, no other exchange gives me such a good feeling. But if one day it crashes like Mt.gox or FTX then I won't be surprised or scream with panic, I think this we should also think about and be ready for someday, because in this market nothing is impossible. That's why we should only invest as much as we can afford to lose, don't rely too much on one thing, divide your eggs into many baskets.

You have a point when you said people should be ready for whatever may happen in the crypto market especially when it involves keeping one crypto bag on CEX but some people first the satisfaction and the impression they have about CEX first and at the end, they always pay with their hard earning or crypto portfolio.
No matter how good and promises an exchange has it should be treated as an exchange, not storage.

There is no such thing as absolute safety in the market, many people leave CEX and switch to DEX thinking that DEX is more secure than CEX but they don't know that DEX is not as secure as they think. When you use DEX you also have to connect wallet and authorize permission to use it, once authorized the decentralized exchange can still steal your assets as usual. There is no optimal solution for our transactions, let's protect our assets, withdraw all assets to personal wallet at the end of the trading day, never leave too much money on the exchange overnight.

In my opinion, a tweet like this is in order to aware and educate people so that they do not trust exchange platforms too much and know that exchange platforms such as Binance or others are not safe wallets to hold wealth. I felt a bad feeling after I read a tweet that Binance stopped withdrawals, but that may happen one day, Because, in my opinion, the security was created for hacking, in order not to be shocked in the future and have a heart attack, you must quickly put your currencies in hardware wallets or decentralized wallets that you have their own private keys.

Those tweet are obviously FUD. Cryptocurrency in general will be in total chaos and probably loss the majority of the marketcap value if this happened because Binance holds the largest chunk of crypto in the world. Bankruptcy of Binance while it's on top will never gonna happened in my opinion because there is no other recipient for there crypto holdings since they are the biggest in the market.

Maybe this is possible in the future when they are not the top exchange anymore.

Yes, there's no total safety in the market but we can still achieve the best safety if avoid human error. However, I think you're missing the point of what I meant when I said people should always treat an exchange site as a trading platform, not storage because you're actually illustrating the same point I have described above.
Having said that, the issue about DEX can be avoided if using reputable DEX and not phishing sites. I don't it is right for any crypto user to make use of DEX  and never disengage her wallet from the DEX. 

If I remember it right, Binance has been hacked before and they temporarily stop withdrawing money, but they manage to solve the
issue and then start allowing people to withdraw their funds.

Maybe it will happen as we don't have any control over how the business will turn after
some years, and it is a good reminder that you should keep your money with the wallet
that you do have full control.

I wonder if this could happen to have anything to do with the mention that Binance's reserves are like 40% of its own token.  Seems like this could be a plausible reason to stop/halt withdrawals.

yes, concentration of reserves is a risk, especially when it is its own token or coin.