Binance: Time For A New Market Leader ?

[cercitolga4545]

When the binance opens the shooting process, the market is going to happen. This may be the largest of recent manipulations. I really wish it wasn't that annoying.

[JollyGood]

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

Thank you for your views but can you explain what makes you hold those views. Is it because of customer service or ease of use or something else?

[maxreish]

Well, if the higher ranks on Binance team suggested that thing. Why not reconsider the idea? New market leader means new strategies on how they will manage the security if a particular exchange and also new SOP. I guess, there is a huge positive impact if ever they will gonna replace the current leader of their company.

[LUCKMCFLY]

Apparently since the hacking that was given to Binance, the market started to rise, maybe the Hacker is selling cheap to the Strong Hands or in the market in general because they were more than 7k of bitcoins, and when selling the volume may be has increased, and all this increase in the price of bitcoin is because they are in staggered sales produced by the sale of the same bitcoin.

If so, there are many possibilities that the market reaches a bit faster to the period of bullish trend, of course, it is a theory that I have, what happens is that it is very strange that since Binance hacked the price of bitcoin has increased It's like a positive effect.

There is also the possibility that every time the bitcoins disappear the market moves faster and is much more concentrated, because its value increases, maybe because it is a currency with a limited supply.

In fact you have to wait or see how many bitcoins have been bought lately to see if the sales are equivalent to the number of bitcoins that were stolen from binanance, everything is in the possibilities.

[TomArayaSlaya]

Is going to take start-up a huge amount of time and dedications to start any dominance now in the cryptocurrency space There are already tons of better exchanges out there and is no doubt that the Event at Binance is not going to affect their exchange that much since users are compensated already and more security actions will be put in place for sure

[Fuhre]

If you talk about security issues, there really isn't anything that is 100% safe. but in my opinion Binance is the fastest coin service so that it ranks top of the coin business. Why? because they charge a very small and cheap fee of only 0.1% and their services are very fast and reliable. Their coins were also liked by traders. So I Think Binance will not be affected by the negative press.

[JollyGood]

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. 

So if Binance announce the real reasons how the hack happened and tighten security, would that mean you would feel confident in continuing trading there?

The number of withdrawals immediately after Binance re-opens for full business will be a good indicator of what the future holds for Binance.

[Ararbermas]

Nope it's impossible that the team behind will approve that suggestion. because the hack issue is not meant to happen wherein just a coincidence because of human errors,  and now for sure they're keep improving their security to convince users to get back their trust instead searching for new leader because in fact like what they said it's just a human error and they can fix it as soon as possible to prevent another scenario.

[KryptoKai]

Binance is no longer unbreakable and it is time for more equality at the top. The dominance of ine exchange is unhealthy, switch to kraken which is the safest exchange according to reports

[btcmegastar]

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. 

So if Binance announce the real reasons how the hack happened and tighten security, would that mean you would feel confident in continuing trading there?

The number of withdrawals immediately after Binance re-opens for full business will be a good indicator of what the future holds for Binance.

See even we have faced many issues with the exchange past but many people trading in those exchanges, Once they start activating the withdrawals and deposits why are you considering it for only withdrawal. Already they mentioned we are going to return the funds to the investors who lost through the #SAFU.

[JollyGood]

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

That is probably what most people will think but how many will actually take their funds out of Binance after withdrawals and deposits are resumed?

[herfianto]

Hacked news about Binance did not affect the market and not effect to the platform too.  Binance still be the best crypto exchange platform.

[akamit]

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. 

So if Binance announce the real reasons how the hack happened and tighten security, would that mean you would feel confident in continuing trading there?

The number of withdrawals immediately after Binance re-opens for full business will be a good indicator of what the future holds for Binance.

I'm still trading in Binance even after the hack, I didn't really stop trading there... It is because I like Binance as it is one of the top altcoin exchange and I don't have a better option. It's like a personal choice.

Binance said they will compensate those who lost due to the hack with their SAFU funds...
I had read somewhere that it is only 2% of SAFU funds needed to compensate. So you can see Binance has a strong backup system for traders and also have the intention to compensate.
I just hope Binance will make their security system stronger from strong and best from better. And users also need to do their part in order to secure their accounts.

Those who lost trust and those who fear will definitely leave Binance, and there is nothing Binance can do.

[JollyGood]

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

Surprisingly the hack did not affect the median price of Binance.

I still think that too much power in the hands of one individual is not a good idea,

[vanmoreno]

binance is very strong in the matter of a stable price field and in my opinion binance is very good in choosing tokens that do not harm investors, yesterday the binance has been hacked in my opinion this is not detrimental to the person who is trading on the exchange and still smooth. because all the exchanges can be hacked at any time by people who are not responsible

[JollyGood]

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.

Seems they have understood that if they get hacked again they will lose many users so they must be focusing on security.

Binance is holding too many coins from people that do not want to download and sync blockchains for every coin they have. That is the biggest reason people target exchanges.

[r95222]

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.

Seems they have understood that if they get hacked again they will lose many users so they must be focusing on security.

Binance is holding too many coins from people that do not want to download and sync blockchains for every coin they have. That is the biggest reason people target exchanges.

Ye, it's a big mistake. But Binance is full of such traders that don't want to hold in the cold storage because it's impossible. I'm afraid MtGox recurrence only. Holdings 'as is' not bad. But with too much pseudo traders it can become dangerous

[DebitMe]

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.

Seems they have understood that if they get hacked again they will lose many users so they must be focusing on security.

Binance is holding too many coins from people that do not want to download and sync blockchains for every coin they have. That is the biggest reason people target exchanges.

Ye, it's a big mistake. But Binance is full of such traders that don't want to hold in the cold storage because it's impossible. I'm afraid MtGox recurrence only. Holdings 'as is' not bad. But with too much pseudo traders it can become dangerous

The world of MTGox was very different than it is now. I dont think something similar would happen with binance as everything has matured since then. There will always be risks, but something of the likes of MRGox wont happen again.

[JollyGood]

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.

Seems they have understood that if they get hacked again they will lose many users so they must be focusing on security.

Binance is holding too many coins from people that do not want to download and sync blockchains for every coin they have. That is the biggest reason people target exchanges.

Ye, it's a big mistake. But Binance is full of such traders that don't want to hold in the cold storage because it's impossible. I'm afraid MtGox recurrence only. Holdings 'as is' not bad. But with too much pseudo traders it can become dangerous

The world of MTGox was very different than it is now. I dont think something similar would happen with binance as everything has matured since then. There will always be risks, but something of the likes of MRGox wont happen again.

Yes the days of MtGox are gone but when other exchanges go the same way such as Cryptopia and others then people rightly still worry.

Maybe Binance will not go that way but the hack exposes flaws in Binance and serves a reminder to us all that crypto on any exchange will never be fully safe and secure.

I hope other exchanges step up and show others t hat they can compete with Binance and not allow Binance to dominate so easily.

[Anonylz]

All exchange has flaws none can be regarded as 100%, binance is not an exception of those flaws but at least they know how to serve their customer better, probably playing the game much better than the rest, before it was polo, kraken, bittrex..... but not any more, the market is open for competition any exchange that thinks they have what it takes to be at the top should bring it.