wajik-tempe
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May 27, 2021, 01:01:14 AM |
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Ya i think so, there are already a lot of people who get confy trading in binance and their trading volume is huge. The things that can fail binance if they are not concern about their security, if the market got hacked and it affects user balance i'm sure no matter how big the market is, people will leave because trust is the most important thing for users.
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slashz9
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May 27, 2021, 01:53:11 AM |
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nothing is too big to fail, but they are big because they collect everything from the little things, so it is like a tree that has grown so big with good care and care that the tree will be strong to withstand storms or strong winds, as it seems on the market binance. Cz manages this exchange properly so that it can grow big until now.
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lxiaoh
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May 27, 2021, 03:17:53 AM |
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Nothing is written in stone, maybe someday Binance would be hacked or other mistakes then led to its downfall. As one of the big top crypto exchange have such influence over the crypto i think it's very normal, Binance just do its job all the time, like its competitor: Coinbase.
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Saisher
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May 27, 2021, 03:31:07 AM |
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Every big crypto exchange is too big to fail. Closing will create enormous amount of fud
There will be panic and disruption not only Binance, remember it's always news when we read an exchange that has been compromised, in the case of Binance it is too big to fail because the majority of investors and traders are using their platform, but the drop will also be massive in the case of Binance, Binance very well know this, they are doing their best to satisfy the needs of the regulators and their clients.
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Sithara007
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May 27, 2021, 04:46:51 AM |
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Binance is spread out over several countries, so any potential action in the United States is not going to impact them. However, there will be a temporary slump in their profits, in case the SEC imposes a considerable financial penalty. And regarding the centralization argument, I don't agree. In fact one of the issues facing the cryptocurrency sector in my opinion is the extremely large number of exchanges and the fragmentation that results from it. None of the cryptocurrency exchanges are having more than 10% market share. At this point, it will be premature to talk about centralization.
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Abiky (OP)
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May 27, 2021, 03:37:38 PM |
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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
That's certainly true, mate. We've seen how big companies went all the way to glory only to go down the drain a few years later. The same could happen with Binance in the future if the competition becomes fierce in the crypto/Blockchain space. Not only that, but the fact that Binance is a centralized entity makes it extremely vulnerable to hacking. A major hack could lead Binance to a point where there's no hopes for recovery. The negative impact on the crypto/Blockchain industry will be huge, because Binance dominates the market in its entirety. I bet prices for each crypto asset will go all the way down the drain at a very fast pace after Binance's demise. Fortunately, crypto/Blockchain tech's decentralization and censorship-resistance will help the market rise back again to its former glory (albeit at a slow and steady rate). Nonetheless, no one knows what will happen in the future. The crypto/Blockchain industry is widely unpredictable so Binance could grow bigger or fall all of the sudden. We should be prepared for the worst by securing profits as much as possible. Leaving coins out of Binance exchange will make sure you avoid huge losses in the long run. If you know what happened with Mt. Gox some time ago, then you'll see why it's important to never keep coins on an exchange. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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iTradeChips
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May 27, 2021, 03:48:47 PM |
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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.
I clearly remember the exchanges that came before Binance. 2 of them to be exact. Mt. Gox and Bitconnect. So I will not be defending Binance at this point because the sky is the limit as to what hackers can do with the exchange. I know that the exchange uses state of the art security and all and that many people trust the exchange, hell I am also using the exchange. Is just that, when you say it is too Big to fail, that means that it has achieved powers that no other exchange can have and I am sorry to say Binance has not reached that level of sophistication.
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ilovealtcoins
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May 27, 2021, 04:36:03 PM |
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Binance has changed the system of exchanges with amazing features. Referral program via link to get a percentage of transaction fee commission, reduce transaction costs with exchange tokens, IEOs, staking coins, CEFI, a blockchain is what Binance offers, they lead the trend and changed the way traditional cryptocurrency exchanges did. Binance also has an investment fund. Binance is doing great with multiple roles in the space. They have decentralized their ecosystem with many different divisions. They still don't have an official office, which has helped them select an excellent team from all over the world to work for them. The Binance ecosystem is making a huge push into the development of the crypto space but it must be admitted that the power from CZ is too great. I think Binance will grow even stronger in the future.
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MadeMen
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May 27, 2021, 06:00:20 PM |
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Binance has grown so big and diversified to several aspects of the crypto industry, with proper management, I really don't see binance failing, but nothing is impossible especially in this space of uncertainty and with the issues which could come as a result of government sanctions. I hope to see binance grow stronger and bigger as their contribution to the cryptocurrency industry is overwhelming.
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Inkdull
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May 31, 2021, 01:55:04 PM |
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Anything can fail mate but binance is just well prepared for that, they have some collateral in place so even if their exchange face the most intense collapse they will stand up on their feets again, binance exchange is blessed with teams that are so into crypto and want to make crypto works for the whole world
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Pamadar
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May 31, 2021, 02:04:06 PM |
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Binance has changed the system of exchanges with amazing features. Referral program via link to get a percentage of transaction fee commission, reduce transaction costs with exchange tokens, IEOs, staking coins, CEFI, a blockchain is what Binance offers, they lead the trend and changed the way traditional cryptocurrency exchanges did. Binance also has an investment fund. Binance is doing great with multiple roles in the space. They have decentralized their ecosystem with many different divisions. They still don't have an official office, which has helped them select an excellent team from all over the world to work for them. The Binance ecosystem is making a huge push into the development of the crypto space but it must be admitted that the power from CZ is too great. I think Binance will grow even stronger in the future.
Your last statements weigh it in as the power CZ have now inside this industry has grow bigger. He designed this project and it's really useful for everyone who's involved to this business you mentioned most of the benefits and usages where traders and investors are enjoying now, future ahead continue to grown but who knows what would happened in case CZ disappear or something happened along the way..
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Ziskinberg
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May 31, 2021, 02:11:51 PM |
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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. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) As you've said... Binance is one of the leading exchanges in crypto and obviously to see the majority of the traders are using this platform. And there is another one, once a certain project got listed on them, not doubts that it pumps like a bullish. That is enough to say that Binance has a huge market influence and besides, the BNB coin could never stand strong without the support of the Binance exchanger and make everyone think that they are safe in there.
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manok jepang
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May 31, 2021, 02:42:00 PM |
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Currently binance is one of the best altcoins in crypto, its growth has been impeccable as now BNB is ranked among the top three altcoins on CMC, and I see no sign of failure in binance, because binance is an altcoin network that has very good potential and prospects. in the future,
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Nrcewker
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May 31, 2021, 02:47:19 PM |
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This post sound awkward to me, why are you interested to see binance fail, if anything the crypto community should be supportive to help all this exchange be a better place to trade, nothing is too big to fail but sincerely hope nothing like that will happen to binance, you may not know it but the millions of people from all over the world that binance can access will be gravelly affected, I hope this won't happen.
Exactly, that was my opinion also. Why someone will think about that at first place. Moreover Binance has already serving for many years and has really built a great trust in every aspects of people. If we Practically see, then yes Binance has already become too big. Not only their exchange but also their coin has also made a standard in the market. So OP we can easily claim or conclude that, Binance has became really too big and yes it won't fail. Will love to hear mix expressions and opinions of the people.
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Furryball
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May 31, 2021, 03:59:51 PM |
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Is there anything that's too big to fail? The unexpected can happen at any moment but I like binance team for one thing, they are always prepared you know so if failure comes they will fix their problem and get back to work, the CEO and team are so into crypto itself not just running exchange to make money like other exchanges
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dimonstration
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May 31, 2021, 04:09:03 PM |
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Currently binance is one of the best altcoins in crypto, its growth has been impeccable as now BNB is ranked among the top three altcoins on CMC, and I see no sign of failure in binance, because binance is an altcoin network that has very good potential and prospects. in the future,
Building a name and gaining the trust of customers is hard to attain nowadays so Binance should keep their business trusted and effective for the users. I don't think Binance will fail even there are new exchanges. They will only fail if there are unsolved issues and no developments made.
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Henrobakkara
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June 01, 2021, 10:29:11 AM |
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I remember when I really got serious with knowing trading back in 2017, Bittrex was the go-to exchange then but not that it has failed and don't which that on any exchange to be honest because we cannot imagine the number of people that their investments would be lost through that but Bittrex is no longer as popular as it was back then. Just like many have probably pointed out, nothing is too big to fail in terms of this crypto space, so this can happen even though we don't wish it.
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Jackl87
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June 01, 2021, 10:32:53 AM |
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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. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I think that over the last couple of months binance really reached the stage of "to big to fail" except some really extraordinary stuff happens. Binance is the biggest altcoin exchange for quite some time now and it works flawlessly almost all the time, although a lot of projects switched from the ethereum network to binance smart chain recently because there you have almost instant transactions and like 0,10$ transfer fees. I would not like it though if binance becomes too strong and too dominant in the crypto space, i already don't like the fact that they own coinmarketcap.com now and can therefore kind of control what informations the users get.
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husdemba
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June 01, 2021, 10:35:05 AM |
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Many people are meet with cryptocurrencies and their most important criterion is trust. Currently, the Binance platform is the most trusted cryptocurrency exchange. It's no surprise that they are the leading cryptocurrency exchange and BNB is ranked #3. However, this will not be permanent and rival technologies and cryptocurrency exchanges will surely surpass BNB.
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FloridaKid
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June 01, 2021, 12:22:46 PM |
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Binance exchange will be fine as far as crypto remains alive, the team and the CEO CZ have the best for crypto at heart so no matter what happens to the exchange binance won't crumble, the team are experts in the field to be honest, customer services is top notch and exchange security is now more better stronger than before
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