Is Binance too big to fail?

[Abiky]

Not a fan of Binance but I do think it's too big to fail. Binance US CEO already resigned and CZ is actively looking now for his replacement, so they know they have to change as part of the new era going forward.

They'll pay all their fines and they'll pay all their dues, but they will emerge from this for sure.

One thing for sure is that Binance is persistent. It never gives up even when governments come up with fierce regulations against the crypto/Blockchain space. The aggressive marketing/promotion strategy, ease-of-use, and a large number of trading pairs has led Binance towards non-stop success. This is impressive for an exchange that's only 4 years old. It survived hacks, and many other undesired situations, so I'd say Binance is too big to fail.

Of course, nothing lasts forever. We've seen how a big exchange like Mt. Gox went all the way down the drain because of a major hack. There's nothing stopping hackers from doing the same on Binance. A hack where there's no point of recovery will mark the end of the biggest crypto exchange in the world. Binance's demise will pave the way for another exchange to take over the market. As long as the crypto/Blockchain space remains decentralized, nothing else matters. Just my opinion

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[Snappycoco]

Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

[Abiky]

Well, being too big is really Binance's description. They're one of the biggest and they never stop keeping up with the trend, projects, security and other investments that can make traders and investors stay onto them.
As said as being too big, being reputable and trustworthy, it's already on that description.

Exactly. Binance is already too big to fail, and highly unlikely to go away anytime soon. No other competitor is able to outpace Binance in terms of marketing/promotion, liquidity, user experience, and most of all, mainstream adoption. In just 4 years since the exchange's inception, the company has grown into an "empire" which has a direct impact over the entire crypto/Blockchain industry. The CoinMarketCap acquisition, followed by the creation of its own blockchain network (Binance Chain), has led Binance towards non-stop success. I'd be surprised if Binance manages to survive 20 years from now and still be the #1 crypto exchange in the world. Just my opinion

[carlfebz2]

Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

This is the only way i could see that Binance would totally or putting it out of business on where they would be possibly hacked  bigtime but for sure they have invested big money in terms of security.

They might  have some hacking incident or issues in the past but they had able to handle it well.They are aware about exchange hack and most of funds are on cold wallet and thats a good initiative

because everything is hackable no matter how tight the security is.Binance is big to fail?Sure it is but it isnt an assured thing but for now it is on the top spot.

[wajik-tempe]

Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

Don't forget how light the app and the website is, it provides the traders best experience while trading, live movement price and the features and the user interface design is really comfortable for the traders. In terms of security binance is already good enough and we just need the consistency and more upcoming innovation that will make traders or investors stays

[Koro-Sensei]

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.

Unless its not compromised and proven that funds are SAFU then I think binance would still be one of the best platform for crypto. It's fast and cheap network really helps the majority of crypto enthusiast and that makes it really convincing to trade with them. Its network is becoming popular and many projects are emerging from that space and potentially helps the current market. However, major Western countries are being skeptical to binance products specially the future ones which is understandable.

[semobo]

Unless it's compromised, Binance would still be on top. The advantage using binance is that its early adoption upon taking No KYC rule for small traders. It invites more people in their platform which is probably the majority(small traders) and now produce their own blockchain with less fees compare to ETH. I like how they established everything in just a matter of 4 years and they really know what the general public wants. Fast transaction. Less fees and No KYC for small traders.

Don't forget how light the app and the website is, it provides the traders best experience while trading, live movement price and the features and the user interface design is really comfortable for the traders. In terms of security binance is already good enough and we just need the consistency and more upcoming innovation that will make traders or investors stays

Don't forget that Binance got hacked as well but no one lost their funds due to the hack since Binance covered the lost funds with SAFU which increased the trust among the traders and let it to be on the top of the list.

Already Binance is doing everything they can but they are also started to promote their own coins and tokens by increasing the fee of other same level of coins which give a little bit of inconvenience to the traders.

[kotajikikox]

Binance has become an important icon in crypto growth, it's hard for Binance to be destroyed because if that happens it will definitely have a big impact on this market, I hope this never happens even though Binance is currently being monitored to find flaws so that it can drop its credibility.

But don't take place that Mt.gox

https://en.wikipedia.org/wiki/Mt._Gox

this is the biggest scam recorded in crypto world specially in bitcoin industry,

Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time.[9][10] Although 200,000 bitcoins have since been "found", the reasons for the disappearance—theft, fraud, mismanagement, or a combination of these—were initially unclear. New evidence presented in April 2015 by Tokyo security company WizSec led them to conclude that "most or all of the missing bitcoins were stolen straight out of the Mt. Gox hot cryptocurrency wallet over time

so don't be very confident because we know nothing about what will happen in the future.

and always mind that "Not your key . Not your bitcoin"


though i trust Binance yet i don't wanna be sure for everything  .

[Abiky]

Unless its not compromised and proven that funds are SAFU then I think binance would still be one of the best platform for crypto. It's fast and cheap network really helps the majority of crypto enthusiast and that makes it really convincing to trade with them. Its network is becoming popular and many projects are emerging from that space and potentially helps the current market. However, major Western countries are being skeptical to binance products specially the future ones which is understandable.

Binance is constantly "beefing" up its security, so it's unlikely it'll disappear anytime soon. The only thing that could stop Binance is a full government crackdown. Once governments decide to ban crypto, it'll be the end of Binance and other centralized exchanges as we speak. Binance's departure from the industry will be a huge blow to many crypto assets' prices on the market. Everything will go downhill just like it happened a couple of years ago after Mt. Gox's demise.

Fortunately, crypto will recover thanks to its decentralized and censorship-resistant nature. Things would've been different if the entire space was centralized. I wouldn't worry about Binance since there are decentralized alternatives for trading crypto. Just my thoughts

[rodskee]

Nothing is certain , remember that this market had been at stake for many times , there are even many exchange that turn scam in the past.

so Binance is not that perfectly stable to be not becoming one from falling but at least we are.

Just one thing to make it sure, never put your money in exchange longer , just trade and withdraw .

[Binance Coin]

Binance is mainstream exchange. There are no particular competitors

[Bitbtc8]

I hope no harm will fall on binance exchange, this exchange have been my favourite since past years and today it's still the reason why I can buy crypto coins easily using Fiat without any issue, CZ made life so much easier for everyone, I hope they will never fail so please let's keep hoping the best for such brilliant CEO and founder, no new centralised exchange come close to what binance exchange have achieved so far

[livingfree]

Binance is mainstream exchange. There are no particular competitors

It is because you're name is binance coin. 

So far there's not that much competitor that can par with Binance in most of the areas. But there's Coinbase which is also huge and one of the biggest exchange.

But why is it that we feel that it seems there's no competition between the two?

[Abiky]

It is because you're name is binance coin. 

So far there's not that much competitor that can par with Binance in most of the areas. But there's Coinbase which is also huge and one of the biggest exchange.

But why is it that we feel that it seems there's no competition between the two?

Exactly. There really is no strong competitor that would be able to take down Binance. That's largely because Binance has a strong marketing/promotion strategy that has kept it afloat since its inception. Not only that, but Binance is always adapting itself with the latest trends in the crypto/Blockchain space. The company is complying with regulations and expanding its operations around the world. If this keeps up, Binance might become "untouchable". It's a pity since lack of competition brings greater centralization in the long run. We could say Binance is already a monopoly, as it controls a very large portion of the crypto market. Unless there's a major hack which makes Binance inoperable, I don't see it going anywhere soon. Just my thoughts

[carlfebz2]

It is because you're name is binance coin. 

So far there's not that much competitor that can par with Binance in most of the areas. But there's Coinbase which is also huge and one of the biggest exchange.

But why is it that we feel that it seems there's no competition between the two?

Exactly. There really is no strong competitor that would be able to take down Binance. That's largely because Binance has a strong marketing/promotion strategy that has kept it afloat since its inception. Not only that, but Binance is always adapting itself with the latest trends in the crypto/Blockchain space. The company is complying with regulations and expanding its operations around the world. If this keeps up, Binance might become "untouchable". It's a pity since lack of competition brings greater centralization in the long run. We could say Binance is already a monopoly, as it controls a very large portion of the crypto market. Unless there's a major hack which makes Binance inoperable, I don't see it going anywhere soon. Just my thoughts

Cant really deny or we arent blind on not to see those things that on the current state on this market on where there are no other big exchangers that could able to compete on what Binance had able to achieve right at this moment.

We cant say that it wont fail because risk of exchange hacks is always there thats why we shouldnt really be that too confident on things because we dont know on what comes next.

Store your coins into your own wallet and not on exchangers no matter how trustable or popular it is.Thing here on what BInance is been doing is that they are way too aggressive on promotions and marketing
thats why i cant really doubt on why they had achieved this current popularity.

[kenelmark]

Binance is mainstream exchange. There are no particular competitors

All cryptocurrency exchanges already have competitors at this point, and the matter of not being able to be matched by certain exchanges against Binance, it's only limited to the features and number of exchange users, because if an exchange has a problem, then everyone will also move to another exchange without being asked.

[AmoreJaz]

It is because you're name is binance coin. 

So far there's not that much competitor that can par with Binance in most of the areas. But there's Coinbase which is also huge and one of the biggest exchange.

But why is it that we feel that it seems there's no competition between the two?

Exactly. There really is no strong competitor that would be able to take down Binance. That's largely because Binance has a strong marketing/promotion strategy that has kept it afloat since its inception. Not only that, but Binance is always adapting itself with the latest trends in the crypto/Blockchain space. The company is complying with regulations and expanding its operations around the world. If this keeps up, Binance might become "untouchable". It's a pity since lack of competition brings greater centralization in the long run. We could say Binance is already a monopoly, as it controls a very large portion of the crypto market. Unless there's a major hack which makes Binance inoperable, I don't see it going anywhere soon. Just my thoughts

i believe they are also ready in case there will be a major hack involving their exchange platform. remember they have SAFU in place, an emergency insurance fund created by binance to protect the binance users in case of events like hacking. this is why a lot are trusting binance with their funds because they pretty feel safe on this platform. and with other types of problems, like legality, they can always afford to hire topnotch lawyers that can help them win cases. so right now, it seems they can't fail but we should not be contented of what is given in the market. there will always be a network that will compete with them in terms of services offered.

[Chato1977]

i remember the famous exchange in the past , the Mt.Gox in which the biggest and strongest exchange that time.

it is like Titanic that named will never drowned but wat happened? now becomes only a History.

I'm not saying Binance will scam but what i wanna impose is never trust exchange of your coins overnight, just trade and take out after.

[afroza83]

I missed a lot of potential gains for not keeping my funds on Binance and for not exploiting the Binance Earn option. I have way too much respect of the concept of "Not your keys, not your coins".

I was just wondering...

[Lanatsa]

I missed a lot of potential gains for not keeping my funds on Binance and for not exploiting the Binance Earn option. I have way too much respect of the concept of "Not your keys, not your coins".

I was just wondering...

Its part of that missed opportunity but at least you do still consider about security which is important the most in all aspects and you shouldn't really regret even though profits are missed.

We shouldn't really set aside about those exchange hacks which could really happen anytime that's why I cant really blame off on why people are really that paranoid on  hacks.

Big to fail is something a personal impression because nothing do last forever on staying into the top.