Binance: Time For A New Market Leader ?

[krisnajsadrak]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

binance will not affected by this issue my friend
but another exchange platform will got more attentions from crypto traders after this hacked issue,
and maybe bittrex and bibox will move higher because of this  

[JollyGood]

I don't see any forthcoming. Do you know why? It's because Binance has raised the bar so high. From its large community to its seamless operation and liquidity. Even Okex and Coinbase can attest that Binance is currently operating in a league of its own and its qualities unmatched

If Okex and Coinbase are in the best position to capitalise on any bad news from Binance but they cannot make up ground, what can any new competitor do to take on Binance if existing exchanges cannot make a full challenge.

[edisystem]

The hack incident is affected the price of binance coin for sure, that's why the price of binance coin was fall down a few days ago but it's not anymore.

The increase of crypto market is also one of important thing, makes binance coin strong again. In my opinion Binance is still the biggest exchange even with the hack incident, binance name still fine.

[DeathProxy]

 This is just a minor serbsck of which Binance will surely overcome. For the fact that daily trade volume has not dropped is an indication that no exchange can take their place anytime soon

[JollyGood]

binance will not affected by this issue my friend
but another exchange platform will got more attentions from crypto traders after this hacked issue,
and maybe bittrex and bibox will move higher because of this  

Maybe they will move higher but another thing to note is that maybe other exchanges will have to review their own security too. The first thing to understand is why and how the hack occurred.

When Binance will open up and explain to everybody what happened then things will be easier to understand.

[BitcoinHodler]

lets not forget that Binance (like its predecessors) has gained its popularity and high volume the same exact way that OP is asking. there were other exchanges before Binacne which were at rank one and had the highest volume. then they started having problems and Binance swooped in and replaced them. in fact every couple of years we see a replacement like this. if i recall correctly this is the list of exchanges that replaced each other as number one in the past 5 years:
Cryptsy ---replacedby--> Poloniex ---replacedby--> Bittrex ---replacedby--> Binance ---replacedby-->

[akitha]

i think binance will be the top choice of majority, even there is a recent hack on the exchange.. still dominating the market as the top exchange

[JollyGood]

The hack incident is affected the price of binance coin for sure, that's why the price of binance coin was fall down a few days ago but it's not anymore.

The increase of crypto market is also one of important thing, makes binance coin strong again. In my opinion Binance is still the biggest exchange even with the hack incident, binance name still fine.

With the brand name "Binance" surely it is still on to a big thing. Even if the 7000 BTC hack did not affect investor confidence, how can you be sure a second hack will also result in investor confidence?

[akamit]

<~>

As you said an unthinkable actually happened, so it's too early to comment for a new name to take the position.
Yes, it happened and it was totally unfortunate but we should give some time to CZ to sort things out and do whatever it's necessary to solve the issue.

Most of the big exchanges got hacked at some point IIRC and Binance is not an exception here IMO. Just give some time to CZ to see what he does...

You have an interesting valid point too.

Binance should be given time to sort this mess out but what can other exchanges do to try to take market share from them because of the hack?

Should users be concerned that not all the facts have been released therefore it is possible they are hiding something?

Every financial institution has its own level of security implemented to secure their users for sure.
But yet hackers find a way in, there could be two reasons for this (1) hackers are introducing new tactics every time (2) insider job.

It makes sense for me, that when a hack happens even after the tight security that already existed, the exchanges will make their security more tight to prevent future hack attempts through new tactics. I will not comment on "insider job" thing as it is not related to security. It's just a case that someone inside the company is cheating the owner maybe and it requires a lawsuit against that insider and it will be easy to recover the hacked funds.

As long as users funds are not harmed, users should not be worried. Binance is the current top altcoin exchange and it's established, so I think Binance will do everything it needs to protect user funds. Just my low brainer opinion. 

[KryptoKai]

I think people will think twice about leaving their funds on binance. Many were probably using it as a safe wallet, but as funds are no longer safu they will probably dump their BNB tokens and switch to another exchange

[Ojengonggu]

since the emergence of binance continues to grow and become one of the biggest exchanges and is in great demand by traders and now is the beginning of this exchange hacked and I hope this makes them improve the security sector and become stronger because of course we want binance not as cyptopia repeatedly HACKS and makes this exchange not good anymore

[JollyGood]

This is just a minor serbsck of which Binance will surely overcome. For the fact that daily trade volume has not dropped is an indication that no exchange can take their place anytime soon

It is interesting their daily rate has not fallen but would it survive another round of negative press if there was another hack?

[romero121]

This is just a minor serbsck of which Binance will surely overcome. For the fact that daily trade volume has not dropped is an indication that no exchange can take their place anytime soon

It is interesting their daily rate has not fallen but would it survive another round of negative press if there was another hack?

Possibly one more hack will surely make them go low, but in the present scenario they have come up with their own reserve to keep the users without getting affected of loss. This could've never been possible with other leading exchanges. Anymore they'll make further developments to keep the security systems more effective with advanced security tools.

[MonsterV]

https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

Now that the once unthinkable has actually happened, Binance has been hacked to the tune of 7000 BTC (estimated $41 million in currency today), how will this affect the brand name that came from nowhere to become the market leader?

Will another name, maybe an existing reputable exchange top spot or maybe a start-up will? Maybe Binance will not be affected by the negative press.

What do you think the future holds for Binance?

Last week hacking at binance, in my opinion did not have a big effect on their exchange. He said the amount was only 2% of the amount they held. Binance himself confirmed that other funds were safe and stored in cold storage.
https://twitter.com/cz_binance/status/1053562586749227008

So there is nothing to fear now and binance will continue to grow, this is only a small matter for binaries and will not have a big effect. Binance users also feel relaxed because binance professionals are handling this.

[BlueStackz]

i think binance will be the top choice of majority, even there is a recent hack on the exchange.. still dominating the market as the top exchange

The question Op needs to ask himself is what impact will having a new leader make in this cryptocurrency, even if anther exchange top Binance now which I absolutely doubt, there is no assurance that they will not be scammed too because these scammers are no respecter of men or exchanges.

Binance hired top security experts that no exchange will be able to afford to pay them, and these experts are among the people know to be the best in their field but yet, hackers still defeated them, so this new leader op clamored for, how do they intend to handle hackers more than what Binance is doing?

[JollyGood]

lets not forget that Binance (like its predecessors) has gained its popularity and high volume the same exact way that OP is asking. there were other exchanges before Binacne which were at rank one and had the highest volume. then they started having problems and Binance swooped in and replaced them. in fact every couple of years we see a replacement like this. if i recall correctly this is the list of exchanges that replaced each other as number one in the past 5 years:
Cryptsy ---replacedby--> Poloniex ---replacedby--> Bittrex ---replacedby--> Binance ---replacedby-->

An excellent post. One of the first in this thread mentioning cycles with periodic changes that allow a rotating "top" exchange.

You rightly said, once upon a time it was Cryptsy, MtGox followed by a long chain of other exchanges which led to Binance. The chain does not stop there, it is continuous so the top spot will continue changing hands.

Maybe within the next year or so another "new" exchange will come along offering something unseen and innovative, which will see Binance losing the top spot.

[Wolfwar]

lets not forget that Binance (like its predecessors) has gained its popularity and high volume the same exact way that OP is asking. there were other exchanges before Binacne which were at rank one and had the highest volume. then they started having problems and Binance swooped in and replaced them. in fact every couple of years we see a replacement like this. if i recall correctly this is the list of exchanges that replaced each other as number one in the past 5 years:
Cryptsy ---replacedby--> Poloniex ---replacedby--> Bittrex ---replacedby--> Binance ---replacedby-->

An excellent post. One of the first in this thread mentioning cycles with periodic changes that allow a rotating "top" exchange.

You rightly said, once upon a time it was Cryptsy, MtGox followed by a long chain of other exchanges which led to Binance. The chain does not stop there, it is continuous so the top spot will continue changing hands.

Maybe within the next year or so another "new" exchange will come along offering something unseen and innovative, which will see Binance losing the top spot.

Many users of cryptocurrency express their opinion that the hacker attack on binance was nothing more than a fake hacking.  And it will be very unpleasant, if indeed it turns out that the binance trading market will be found to be a fraud.

[Jating]

Many have attempted in the past, but Binance remain the top dawg despite the recent hacked. So I don't think that there will be a new challenge coming in the next years or so.

They have established themselves and having CZ as CEO has something to do with it. How many exchanges right now do we have that we know as active as CZ in twitter? None. So him as the head of Binance is also solid and has built a solid reputation already.

[JollyGood]

lets not forget that Binance (like its predecessors) has gained its popularity and high volume the same exact way that OP is asking. there were other exchanges before Binacne which were at rank one and had the highest volume. then they started having problems and Binance swooped in and replaced them. in fact every couple of years we see a replacement like this. if i recall correctly this is the list of exchanges that replaced each other as number one in the past 5 years:
Cryptsy ---replacedby--> Poloniex ---replacedby--> Bittrex ---replacedby--> Binance ---replacedby-->

For now it's still Binance, there are plenty of exchanges that ca gain the spot and popularity but needs to overpass what Binance already accomplished, some investors might already looking for new exchanges to try it out.

I suspect many users must have already started signing up for other exchanges just to see what their set-up is like and to keep as back up in the event Binance gets hacked again.

[kapalmabur]

lets not forget that Binance (like its predecessors) has gained its popularity and high volume the same exact way that OP is asking. there were other exchanges before Binacne which were at rank one and had the highest volume. then they started having problems and Binance swooped in and replaced them. in fact every couple of years we see a replacement like this. if i recall correctly this is the list of exchanges that replaced each other as number one in the past 5 years:
Cryptsy ---replacedby--> Poloniex ---replacedby--> Bittrex ---replacedby--> Binance ---replacedby-->

For now it's still Binance, there are plenty of exchanges that ca gain the spot and popularity but needs to overpass what Binance already accomplished, some investors might already looking for new exchanges to try it out.

I suspect many users must have already started signing up for other exchanges just to see what their set-up is like and to keep as back up in the event Binance gets hacked again.

it also makes sense, if we look at the old adage that the wheel is always spinning, sometimes it is above but there is a possibility that it will also be at the bottom, maybe that also applies to the current favorite market which tends to be replaced with another.