[REDACTED]

[tvplus006]

This is possible but I think so far, CZ and his company have always been vocal and transparent about what is happening to their company. Say, the hacks that have happened to them. Some other exchanges won't admit that they've got weak security that turned that incident into hacking. But them, they're telling they've been hacked but with a guarantee that funds are safe through their SAFU. I'm not defending them but everyone of us must take care of the funds wherever we are depositing it which we do in centralized platforms. And IMO, this is going to be a new trend for these companies, they'll be obliged to show their proof of reserve.

After the problems associated with the bankruptcy of the FTX exchange, the number of Binance users will certainly increase. "In response to the collapse of FTX, Binance, the world’s largest cryptocurrency exchange, has released details of its cold wallet reserves, disclosing proof of digital asset holdings worth more than $69 billion." - https://www.binance.com/en/feed/post/53973 This will definitely affect the choice of the exchange, among those who had an FTX account or are just thinking of trading.

[abel1337]

This is possible but I think so far, CZ and his company have always been vocal and transparent about what is happening to their company. Say, the hacks that have happened to them. Some other exchanges won't admit that they've got weak security that turned that incident into hacking. But them, they're telling they've been hacked but with a guarantee that funds are safe through their SAFU. I'm not defending them but everyone of us must take care of the funds wherever we are depositing it which we do in centralized platforms. And IMO, this is going to be a new trend for these companies, they'll be obliged to show their proof of reserve.

After the problems associated with the bankruptcy of the FTX exchange, the number of Binance users will certainly increase. "In response to the collapse of FTX, Binance, the world’s largest cryptocurrency exchange, has released details of its cold wallet reserves, disclosing proof of digital asset holdings worth more than $69 billion." - https://www.binance.com/en/feed/post/53973 This will definitely affect the choice of the exchange, among those who had an FTX account or are just thinking of trading.

Of course binance will take advantage of the FTX collapse as other exchange would do. CZ knows the weakness of FTX and CZ of course utilize the happening on FTX flexing that they have this proof of reserve that other exchange do not. Obviously, People would go to binance since it is better and currently the top centralized exchange. Binance could possibly experience a big problem in the future and I hope that CZ knows what to do. We all don't want to lose exchanges one by one.

[evichi]

My take in FTX incidence as well as UST/LUNA case simply tells us why security is crucial and why we have to be seriously careful about investing in cryptocurrency. Within a year, IMO, two major incidents of loss has happened. I have also noticed/read in some telegram groups, a number of people that have complained about their wallets being hacked. Sometime last year most of us observed fake tokens being sent to our wallets. All these point to one thing - security. I think it is time to take the issue of security more seriously irrespective of the profits you may be making or intend to make in various investments. Both Centralized Exchanges and Decentralized Exchanges have some level of security risk(s). Having your asset in form of one crypto currency or the other is also a security risk - PoW/PoS, etc. I think it is time to review the security status of our crypto assets.

IMO, I will not blame CZ for his decision. He has his reasons to take the decision regarding FTX.

[KEN L]

I have always had a bad impression of CZ, probably because I had liquidated positions on his exchange. In this Vanity Fair, few businessmen are clean and do some disgusting things, but this is the law of survival, the human world and the animal world are essentially not much different, so we need to use the blockchain to change the negative of the world energy.

[Jawhead999]

Bnb is excellent coin of biggest exchange in this world called Binance. This project has come very big in this future and more will come in coming times. This is one of best coins of investors as well. Binance exchange always make very hard decision about their own project. So my feeling is Bnb is not going to make you sad at any time in future.

Lol, trusting a shitcoin that doesn't have any use case or benefit at all? the price is only stick with the reputation of Binance exchange, if the exchange collapse, the coins will follow the same path.

Of course binance will take advantage of the FTX collapse as other exchange would do. CZ knows the weakness of FTX and CZ of course utilize the happening on FTX flexing that they have this proof of reserve that other exchange do not. Obviously, People would go to binance since it is better and currently the top centralized exchange. Binance could possibly experience a big problem in the future and I hope that CZ knows what to do. We all don't want to lose exchanges one by one.

I think it's true that people will choose Binance over any exchange now, but when there's a problem at Binance and CZ can't fix it, people will lose their confidence at any centralized exchanges. Actually right now they should realize to not hold coins on the exchange because we can't know the future and what will happen with the exchange. I believe no one ever predict would bankrupt just in short time.

[MoonOfLife]

Bnb is excellent coin of biggest exchange in this world called Binance. This project has come very big in this future and more will come in coming times. This is one of best coins of investors as well. Binance exchange always make very hard decision about their own project. So my feeling is Bnb is not going to make you sad at any time in future.

Lol, trusting a shitcoin that doesn't have any use case or benefit at all? the price is only stick with the reputation of Binance exchange, if the exchange collapse, the coins will follow the same path.

So far it hasn't crashed, so nothing is true to your word here. BNB is shitcoin but BNB holders from 2018 to now have made a lot of money not inferior to those who invested in early bitcoin. You are here to make a profit or to argue who is good and who is bad, who is right and who is wrong. If you are a tech geek, you believe in bitcoin, I have no reason to argue with you, bitcoin is the best. And if you come here to make money, you don't need to distinguish between shicoin or bluechip coin, invest which one brings you profit. If your passion is not profitable for you, will you continue with it?

[danherbias07]

So true.
Bitcoin could've been in greater value now if not for the altcoins created that made a power in the cryptocurrency market.
It's not just BNB but so does with stablecoins.
What's more sickening about it is we cannot do anything about it. What happened with FTX is already a good example of how scary a dump could be when one strong exchange was toppled by its own competition.
Binance going down will absolutely make cryptocurrency untrustworthy and Bitcoin being pulled down with it.

[Blawpaw]

There are two ways CZ'z story can play out. I personally do not go with your version of the story. CZ already showed, for many times, to be very transparent and always comply with everything related to regulation. So, it wouldn't be that good for him if things went bad with BNB and Binance. If you think about it, ETH and BNB became much alike right after the merge, and they are now the main industry leaders.

Regardless of what anyone can say, centralized shitcoins have helped Cryptos hit the spotlight. So, today, we may have the industry overrun by shitty Cex'es and centralized shitcoins, but they have been crucial for the development of the industry.

There's always more than one way of doing things. So, what we need to learn from this is that there will always be the centralized version, but there is also the decentralized version and people are free to go for the one they believe the most. Of course, that for those who are conscientious of what the real value of cryptocurrency and the technology is, they will keep supporting the decentralized way, so both ways will have to co-exist and pick the best from one another.

[drwhobox]

Despite anything else that may be true, it's evident that CZ is steering Binance to be distinct from other exchanges. They're always accountable for the incidents they create, and they don't hide or cover them up.

I believe other exchanges will soon have to follow their lead. If an exchange can't make its assets public, then it has a problem. Investing in cryptocurrencies is always risky, and anyone who can't handle that risk should leave the market.

[drwhobox]

I guess we all have to stomach everything when BNB falls, and I do agree that it might really take a hit on bitcoin as we all know that CZ and his Binance is the top exchange right now. And if by chance it too fall as well like FTX, then maybe this could be considered as the next Mt. Gox.

So let's see how CZ will do it, I mean we have seen Luna And FTX collapses, CZ will have to think on how to mitigate the risk if he is on the same boat with FTX.

It's just a question if CZ or his Binance or his BNB is too big to fall. But it just shows that any altcoins can simply fall into pieces in a blink of an eye.

I don't think BNB will fall that easily, as you said Binance is too big and won't fall soon, already bnb is moving. We see on many occasions altcoins fall in a blink of an eye. That's why I keep altcoins in my watch but my favorite is btc.

[eightdots]

So true.
Bitcoin could've been in greater value now if not for the altcoins created that made a power in the cryptocurrency market.
It's not just BNB but so does with stablecoins.
What's more sickening about it is we cannot do anything about it. What happened with FTX is already a good example of how scary a dump could be when one strong exchange was toppled by its own competition.
Binance going down will absolutely make cryptocurrency untrustworthy and Bitcoin being pulled down with it.

So I don't want anything in the market to become stronger as a single force. The only thing that needs to get stronger is Bitcoin. If even one of the rumors materializes, the crypto will suffer heavily. Perhaps this wound will cause irreparable damage. Nobody here wants that.

[Tony116]

Regardless of what anyone can say, centralized shitcoins have helped Cryptos hit the spotlight. So, today, we may have the industry overrun by shitty Cex'es and centralized shitcoins, but they have been crucial for the development of the industry.

It's a fair point, bitcoin wouldn't be able to grow and the market wouldn't be as big as it is today without shitcoins. Today, most market participants are attracted to the shitcoin hype and not bitcoin, but then they will realize bitcoin is the safest investment on the market.

Cex and shitcoins will never go away, even though bitcoin takes half of the market cap but if shitcoins goes away the market won't be as vibrant and I believe a lot of people will leave the market, bitcoin alone cannot build a market. We shouldn't deny it, bitcoin is indeed the best in the market but it's not all.

[jostorres]

So true.
Bitcoin could've been in greater value now if not for the altcoins created that made a power in the cryptocurrency market.
It's not just BNB but so does with stablecoins.
What's more sickening about it is we cannot do anything about it. What happened with FTX is already a good example of how scary a dump could be when one strong exchange was toppled by its own competition.
Binance going down will absolutely make cryptocurrency untrustworthy and Bitcoin being pulled down with it.

No, but I think btc will not be this huge if not because of the help of the altcoins because they have something new to offer and they are also being promoted actively as there are new alts which can come out from time to time.

Those who are new in cryptos will invest on them and then they will eventually find out about btc and switch on there. Before the FTX issue happened, the market is already dumping so don't say that it was scary. People didn't realized it and they are exaggerating things. Binance is still trustworthy as of now so better if people shouldn't advance think because it's not good but it will only cause people to be paranoid.

[Flexystar]

Are we really moving towards the trend where some guy codes bunch of websites, integrations, writes this and that, invests in exchanger making and once they are billionaires they will just leave everything behind without any single thought about it?

I mean I have kind of started thinking it that way only. They have no urges about business development neither they think about generations to come. All they would do is create fat wallets and go away just like that. That’s unprofessional approach and it’s rising like pandemic.

[Luffygroove]

Not all of our trust can be placed in a few individuals or organizations. Decentralization is the driving force behind the creation of cryptocurrencies. Keep this in mind, please. Cryptocurrency is the instrument that liberates us from petty middlemen. Don't allow these giant, powerful exchanges control your crypto assets. In the field of cryptocurrency, no one can be trusted completely. Trust in oneself and one's own judgments at all times Trust the system and not the individuals.

[Questat]

It is a fact that we need to be prepared as well. As we are in this kind of investment which is full of uncertainties, we, therefore, know the possible output of this. Whether Binance will turn scam and bring our money, we accept that this will happen. When the FTX issue was raised, many holders and investors are withdrawing their funds from exchanges. Perhaps we are sad that many people lose their money in FTX but on the other side, this helps us to give some views to what will happen when storing our money in the exchange's wallet.

Even Binance assures something but still, it was hard to believe.

[DanWalker]

What CZ did was of course silly (there would have been a chance for FTX to recover if he had properly pushed it).

I do not support this view, FTX has been cheating in business for a long time, using customer money for personal purposes and even using it for politics. That is unacceptable for SBF, if he is really struggling due to unforeseen market surprises, then we can sympathize with him but he abused his power and deliberately cheated, it's only a matter of time before FTX collapses. CZ was not the cause of the downfall of FTX, but he had an impact, and I support that.

[bittraffic]

Withdrawals are not loss. It's the assets of the users. It doesn't belong to Binance in the first place.

CZ had an interview on CNBC, and it seems like he’s being evasive asf despite bragging about his warchest on Twitter for years.

https://youtu.be/uwsJm3qgp9I

Says he doesn’t owe anyone money.

Says users can withdraw assets whenever they want.

Says crypto auditors of the “big 4” don’t even know how to audit crypto institutions.

Says it’s good to stress test withdrawals of his exchange.
____________________________________________________

This is after ~8bil usd has been taken out of his exchange so far.

What do you guys think the direction of Binance is?

The same year to year nothingburger fud? Same like Tether?

If Binance is not fine, CZ would scramble in answering questions like SBF.

I can understand many will hate CZ after he dumped his FTT causing the exchange to dwindle. I do think CZ intended to really see if FTX can survive if he sells his FTT stash at market price. But he did it because some bulk of FTT was also deposited to binance which CZ thinks are meant to be dumped as well. If CZ didn't tweet to sell, It would be binance that will be suffering a huge loss.

[trendcoin]

...

BNB is almost a centralized cryptocurrency and CZ has the potential to repeat the mistakes Sam made. I think these criticisms are justified, but centralized cryptocurrency exchanges are a necessity for us and the best centralized exchange that meets our needs today is Binance. Therefore, Binance has been on its way for a long time. Also, I don't think there will be another centralized cryptocurrency exchange to take over Binance's throne. Maybe one day decentralized exchanges with good cross-chain trading capabilities will take Binance's throne.