Is Binance too big to fail?

[lionheart78]

What are your thoughts? Is Binance too big to fail? If not, why? Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

There is nothing big if it is destined to fail.  But for now, let us enjoy the discounts brought about by the current dump in the market.  I believe that this dump will come to an end soon and a new light will be seen on both Bitcoin and altcoin markets.  The whales have to accumulate in order to profit more and eventually to pump before they can sell again.

[Inspiron14]

What are your thoughts? Is Binance too big to fail? If not, why? Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

There is nothing big if it is destined to fail.  But for now, let us enjoy the discounts brought about by the current dump in the market.  I believe that this dump will come to an end soon and a new light will be seen on both Bitcoin and altcoin markets.  The whales have to accumulate in order to profit more and eventually to pump before they can sell again.

Is it because the price of BNB fell more than 70% from new ath and you gave a bad opinion?
All the altcoins are currently experiencing deep decline, not only BNB, I know how you feel if you buy in the $ 600 area ?,
yes, at that time CZ said that that's the DIP area, but look now the price has dropped again and CZ can't say, hmm,
the project is still going on of course they're not a scammer

[flagpara]

We don't like centralized but even though we are back in centralized. As my experience all of this reason is service, still decentralized service isn't as good as centralized. Check these results. We don't use other bad services centralized exchanges, but we like to use Binance. Actually, I also like to use Binance exchange because I don't have options to use decentralized exchange, especially for transaction cost.

[tabas]

There's a small chance that it can but because of its experience and probably it has also learned the experience of other exchanges. That's why those mistakes that they've seen in others business, they're applying the solution to their own so that they won't fail the same as the other exchanges that has reached their peak popularity before.

[o48o]

Nothing is too big to fail, but i love the new staff Binance has been adding (former FATF members), because those people know their stuff. Looks like they are taking regulations  more seriously every day. But i don't see the major threat coming from regulators. I see hackers with social engineering as a much more probable threat.

[cryptobrzy]

the only cryptocurrency i believe is too big to fail is Bitcoin. Binance is not too big to fail as a coin and as a company, however, with the type of team and innovative developments going on at binance, they have what it takes to last for a very long time in the cryptocurrency space and achieve their aims

[Abiky]

I understand your concern, that this could be a bad thing for the crypto market in the future because if Binance has a fate like MTGox or other major exchanges that also eventually collapse then there will be panic in the crypto market. That is why we have to understand the huge risk in crypto. Currently, Binance is very powerful and their presence everywhere continues to influence the crypto space and no one can deny this, but as long as they do the right things we can trust to still transact there, with our own risk.

If Binance goes down, the whole crypto market will experience a huge "bloodbath" in price like never before. It'll be worse than Mt. Gox because of Binance's larger liquidity and market dominance. As I've always learned, nothing lasts forever. The risk will always be there, especially when something is centralized. What might survive after Binance's downfall is Binance DEX and Binance Chain because of their "decentralized" design. But I have my doubts, because even such platforms are controlled and manipulated by the company in question. A major hack into Binance exchange could destroy everything the company has achieved to this point.

What's concerning is how Binance dominates the crypto/Blockchain industry in general. The more popular it becomes, the more centralized crypto will be. We've seen this already with Binance's numerous acquisitions (eg: CoinMarketCap) and sudden rise to glory (with BNB becoming the 3rd-largest crypto by market cap). How far will the company go will greatly depend on people's support. By using BNB and even trading at Binance exchange, you're helping the company become bigger and stronger than ever. It's best to support the competition for the good of crypto's decentralization. Most people don't care about decentralization, since they're only into crypto to make a quick buck. As long as this is the case, we won't be going anywhere. Just my opinion

[Stanlo]

There is nothing in this world that can't fail, everything including living things and non living things have their own time and era, once that era is gone those things that matters then won't matter anymore, just because binance is the leader today doesn't mean it will be the same for ever

[kojektea]

binance has a huge influence on cryptocurrencies, they are the no.1 exchange nowadays, if an asset is listed on binance, signifying that it is a serious project, has a very large community, good service, complete features, cheap trading costs, all of which belong to binance. If binance fails, then cryptocurrency will be too much of a scammer because there are too many cheap markets.

[pawanjain]

Binance has grown into a force to reckon with since its establishment in 2017. In just 4 years since inception, Binance dominates the crypto market being the largest cryptocurrency exchange in the world. Its most successful venture has been the launch of a public smart contract platform dubbed "Binance Smart Chain". The native cryptocurrency "BNB" went from being worth cents to hundreds of dollars (USD) in just a few years since inception.

It seems to me that Binance has huge influence over the crypto/Blockchain industry. Sometimes I wonder if the world's biggest crypto exchange is too big to fail. With no signs of decline, Binance is on a road to widespread success in the mainstream world. This is bad because it'll make crypto heavily centralized.

What are your thoughts? Is Binance too big to fail? If not, why? Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

No System is Safe!

Binance has been previously compromised. Though binance used it's safety funds to refund it's crypto users, the hackers were able to compromise their system.
This shows that Binance is definitely NOT too big to fail. But yeah binance has done a really great job in outperforming other exchanges.
It is leading the crypto industry most of the users are using binance. This does not mean it cannot fail. Mt.Gox was the biggest exchange in early days yet they did an exit scam.
Nothing is guaranteed on the internet.

[speedforce]

What are your thoughts? Is Binance too big to fail? If not, why? Do you think Binance has too much power/influence over the crypto/Blockchain industry? How will it affect crypto (either positively or negatively) in the long term? Your input will be greatly appreciated. Thanks in advance.

If terms fail means the exchange will be broke or scam, i dont think it will happen since the owner isnt anonymous and we can trace him.
But if fail means beated as the largest exchange in cryptocurrency, Bullish.com could be a competitor in the future.

Also as far as i know, last dump binance isnt ready for it and make many traders liquidated their position without any chance to cancel it.

[Princejebs]

CZ is a smart individual and an entrepreneur, I believe that's why he has been the CEO from the foundation of Binance. I have noticed something unique about binance that other exchanges doesn't exhibit. Despite badmouth and badmouth CZ do receive from twitter, they are always focused. Sometimes you will see people insulting him trying to be leader of the pack in crypto but his sarcasm response are just epic to be ignored 
I love binance personally from my experience and their platform, I have never been affected in any form of unsatisfaction

[harapan]

Nothing is untouchable in the crypto space, just one bad news about it can ruin the entire reputation they have been able to build this last 4years, so Binance is not too big to fail  at least we have been in the crypto space too long to know that even the best exchange today could be the worst by tomorrow, if Binance fails or gets hacked it might have a little Impact on the market, because 90% of all traders make use of Binance, bnb will have the most impact since its their exchange coin.

[sonofliberty]

sure I've just registered there it can not fail

[Anodize]

Let take a look on the trading volume of
KLSE = 2.24B USD per day
SGX = 1B USD per day
HKeX = 11.61B per day

All this is the trade volume o stocks perday in different countries..

Now, look back in Binance..
In coinmarketcap.com , trading of bitcoin itself has the volume of 65b itself in 24hours where Binance is 27B on bitcoin and a total of 55B(including other tokens) in 24 hours.
So if Binance fail, so will the whole crypto world.

Just my 2cents.

[Mr.Scott]

There always some issues when a thing become popular. Binance generally introduces lots of service, promotion time to time. To me, Binance is well organized company and top in the market. Binance Smart Chain is a new addition, in short time bsc network become so popular people migrate into bep20 and adopt it. Let's people make decision how long Binance will survive.

[trauchot]

Binance is the most popular and highest quality cryptocurrency exchange and I trust this exchange already long time, even when hackers hacked this exchange and stole money from many users, even after such an incident, binance returned all the money to people which money was stolen, so to such exchanges we can trust and, most importantly, binance will constantly evolve to be number one, and therefore everything will be fine with this exchange, as ceo binance earns huge money and will always work very hard to make binance the most popular cryptocurrency exchange around the world.

[bison]

sure I've just registered there it can not fail

There's no need to be agitated by the issue that BNB is a failure, Binance is making innovations from time to time, and lots of people have got hold of it. Binance is a company that is well organized and able to earn top titles in the market. BSC is one of the Binance products that has been able to lure people to it to become popular right now, Binance is something big and it will not fail.

[MCobian]

Binance is the most popular and highest quality cryptocurrency exchange and I trust this exchange already long time, even when hackers hacked this exchange and stole money from many users, even after such an incident, binance returned all the money to people which money was stolen, so to such exchanges we can trust and, most importantly, binance will constantly evolve to be number one, and therefore everything will be fine with this exchange, as ceo binance earns huge money and will always work very hard to make binance the most popular cryptocurrency exchange around the world.

Who doesn't know Binance in the crypto world, because it is the only exchange that has the most comprehensive trading features. And this is what
makes Binance the best and most trusted exchange today. I agree all of this because the hard work of Changpeng Zhao who is the founder and
CEO of Binance. Changpeng Zhao is not only experienced in the crypto world, but his creative ideas make Binance look different from other exchanges.
So it is very difficult for Binance to beat other exchanges and even Binance is too big to fail.

[yazher]

There always some issues when a thing become popular. Binance generally introduces lots of service, promotion time to time. To me, Binance is well organized company and top in the market. Binance Smart Chain is a new addition, in short time bsc network become so popular people migrate into bep20 and adopt it. Let's people make decision how long Binance will survive.

That's right but they are not safe when the market is failing as well. but the good thing about them is they keep pushing forward even though the market is not looking good. that's why they are the most trusted crypto platform in the industry since they keep offering those convenient and effective services that you cannot get on the other platform. Just wait for them to update their status and development, you will be amazed by what this company can do.