Binance lots of FUD

[DanWalker]

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It's not the heart of the market, but it's a vital and irreplaceable part of it. While it's a relatively new exchange, just like you said, it has quickly acquired a huge customer base and holds the majority of cryptocurrencies out there. Cryptocurrencies won't disappear if it crashes, but it'll have detrimental effects on the market and destroy their reputation. Investors would shy away from cryptocurrencies, and I wouldn't blame them; such an impact would have lifelong effects.

That's what I mean, if Binance crashes it will probably send the market into the longest downtrend we've ever seen but saying crypto will die when Binance dies is not entirely true. Mt.gox used to be the biggest exchange, but then Binance became another king in the market, and in the future, there will be another king replacing Binance, that's normal. I love using Binance but it's not unique in the market.

Certainly even further below, more like $4.000–$5.000 Binance is currently in the spotlight; however, I doubt that anything similar with FTX will happen.

If Binance crashes, we'll probably see bitcoin as low as $5k or less, but I'm pretty confident what they're having isn't too big of a deal, just minor troubles for them.

[Wind_FURY]

FUD or not, this is what we actually want, no? The withdrawals from Binance is nothing but another celebration of the Proof-of-Keys Day every year, during January 3, without that day being during January 3.

It's probably not what everyone wants, and it's probably a cause for panic for some, but with that, it's also a test if the exchanges' "100% user deposit reserves" claims are true or not.

I agree,as long as people withdraw their majority of the coins from the exchanges is a win situation for them and leave only the amount needed for trading,you cannot use Binance no matter how trustworthy they maybe to conserve your coins,Binance still remains a third party and over a third party we have absolutely no control whatsoever.

The only people panicking are the ones who do not take the time to learn how to keep their cryptocurrencies 100% safe in wallets where they have the private keys or in hardware wallets and sooner rather than later they learn this the hard way.

It's defintely and ABSOLUTELY going to be the best decision for plebs to withdraw ALL of their Bitcoins from exchanges because,

1. There's nothing to trade, we are in a bear market
2. Because we are in a bear market, it's risky holding anything in a centralized entity

Buy your Bitcoin, and withdraw immediately to your custody and HODL.

[Davidvictorson]

We are aware that influencers are to blame for this Binance FUD. I anticipate that the FTX probe will turn up several flaws on some of these centralized exchanges. Even if the majority of people believe that CZ is trustworthy and won't misappropriate other people's money, I nevertheless suggest that users only leave a small amount on exchanges.

[mich]

Well I think all the Binance fud is just what the name says it is FUD. Many people who do not like Bitcoin and think its scam are telling us to take our coins off of exchanges like Binance because it will be just like the next FTX.

But there is a difference that Changpeng Zhao is not Sam Bankman-Fried who is a person so many had a bad feeling for and look what happened. I do not keep my coins on the exchanges but I think Binance will be safe if you want to.

[Yamifoud]

We are aware that influencers are to blame for this Binance FUD. I anticipate that the FTX probe will turn up several flaws on some of these centralized exchanges. Even if the majority of people believe that CZ is trustworthy and won't misappropriate other people's money, I nevertheless suggest that users only leave a small amount on exchanges.

And it is a MUST.
We don't care if the news is true or fake, or any news that creates FUDs, as long as we don't keep a huge amount of money from this exchange (Binance), we are still fine.

I'd see how these FUDs create panic among investors and traders but sometimes we have to ignore it. Binance has been one of the most trusted CEX in the crypto market and thousands of traders are using this (including me), and despite the negative news, I remain trusting this exchange.

[_BlackStar]

I'd see how these FUDs create panic among investors and traders but sometimes we have to ignore it. Binance has been one of the most trusted CEX in the crypto market and thousands of traders are using this (including me), and despite the negative news, I remain trusting this exchange.

Indeed, binance is still a well-reputed centralized exchange among several other exchanges. I use binance, that's fine - but certainly not as a repository for your long-term investment assets.

I use binance as an exchange, not a store of assets. I did a few trades there for bitcoin and other assets and I think it can still be expected to help. After all, FUD on binance is currently considered reasonable considering the FTX crash had something to do with it. As best advice, withdraw your funds from any exchange if it is your long term investment. While you can still keep it on the exchange within certain limits if you are a trader.

[mvdheuvel1983]

Just remember that all this FUD is a great buying opportunity.
I am a great believer in CZ and Binance, obviously, they are guided by strong principles.
In the end, I know Cz and Binance will overcome this planned attack on them. Kevin is the villain in this story and he should be blamed for the FUD.

[AakZaki]

Of course Binance would be involved in the FTX case, but people's fears about a possible catastrophic crypto crash could still be expected to be something that doesn't happen. As the biggest exchange, I think Binance has a way of neutralizing things to be more conducive but, no one knows what will happen to them.

If Binance crashes, that FUD of course will cause a massive crypto market crash and there's no stopping the panic until bitcoin and all other crypto assets lose a lot of value. I didn't expect that, stay positive.

better we think about the positive things that will happen next. This kind of FUD will continue to happen if we ourselves continue to share it. Binance also seems to need to be aware of the various kinds of FUD that are spread by many people, they really have to be ready to fend off all of this FUD. CZ also said that FUD would not last long and that it was only temporary. we will see the market bullish again when the FUD has disappeared and on those occasions, we really should take the plunge to make more profit. Hopefully, this dark incident that happened to FTX will be an important lesson for all centralized exchanges.

[o48o]

It's defintely and ABSOLUTELY going to be the best decision for plebs to withdraw ALL of their Bitcoins from exchanges because,
1. There's nothing to trade, we are in a bear market
2. Because we are in a bear market, it's risky holding anything in a centralized entity
Buy your Bitcoin, and withdraw immediately to your custody and HODL.

You have to explain nr 1, because to me, trading is the ONLY way to make money in bear market, in bull market it's easy as you only need to buy and hodl. Also shorting can be highly profitable during bear market if you have stop limits and other security measurements in place

Nr2 i agree with. But i don't think it's as much during bear market, but bear market being triggered by a big fallen exchange. But usually failed exchange just creates a dip depending how big it was..

[Pandu Geddon]

Of course Binance would be involved in the FTX case, but people's fears about a possible catastrophic crypto crash could still be expected to be something that doesn't happen. As the biggest exchange, I think Binance has a way of neutralizing things to be more conducive but, no one knows what will happen to them.

If Binance crashes, that FUD of course will cause a massive crypto market crash and there's no stopping the panic until bitcoin and all other crypto assets lose a lot of value. I didn't expect that, stay positive.

better we think about the positive things that will happen next. This kind of FUD will continue to happen if we ourselves continue to share it. Binance also seems to need to be aware of the various kinds of FUD that are spread by many people, they really have to be ready to fend off all of this FUD. CZ also said that FUD would not last long and that it was only temporary. we will see the market bullish again when the FUD has disappeared and on those occasions, we really should take the plunge to make more profit. Hopefully, this dark incident that happened to FTX will be an important lesson for all centralized exchanges.

it all depends on how the community responds to FUD. Binance will of course try to stabilize the existing news because it affects their market.
all at this time can only hope, the community will no longer respond with the existing FUD. so it won't impact the market. if this continues for a long time. something bad could happen to the Binance community. we can only hope things will get better soon.

[Natalim]

it all depends on how the community responds to FUD. Binance will of course try to stabilize the existing news because it affects their market.
all at this time can only hope, the community will no longer respond with the existing FUD. so it won't impact the market. if this continues for a long time. something bad could happen to the Binance community. we can only hope things will get better soon.

That's it. Despite the continuous throwing of negative news about Binance, many traders still have the guts and trust to use them. Perhaps, it wasn't new to hear this but I see many people just trying to ignore it, and instead, they focus on what they are doing. The risk is still the same when using other exchanges. What we just have to do is give our trust and remain neutral to what we have heard around as this will stop the rumors and talking negative about Binance.

[ScamViruS]

Just remember that all this FUD is a great buying opportunity.
I am a great believer in CZ and Binance, obviously, they are guided by strong principles.
In the end, I know Cz and Binance will overcome this planned attack on them. Kevin is the villain in this story and he should be blamed for the FUD.

This exchange business has gone to a very bad stage in the crypto market. Big players are using various dirty tricks to drive competitors out of the market, which is definitely not positive news for the crypto market. Now that there are records of crypto exchanges collapsing before, crypto traders are becoming more cautious, verifying the rumours, and deciding to withdraw their funds.

No exchange will admit its bad condition until it is finally bankrupt. So we should keep an eye on any rumours, so as not to fall victim to any unexpected situation again.

[Hispo]

Just remember that all this FUD is a great buying opportunity.
I am a great believer in CZ and Binance, obviously, they are guided by strong principles.
In the end, I know Cz and Binance will overcome this planned attack on them. Kevin is the villain in this story and he should be blamed for the FUD.

You are free to believe and think whatever you want, but I personally would not trust or believe blindly on an exchange or a person (who happens to be a businessman).

We should not forget that there is always people who think this way of services, until they finally go out of business. You can still find messages of confidence on FTX, Celsius or Blockfi on Reddit and Twitter.

I agree with you, though. I believe the FUD is quite out proportion, but in this ecosystem where each of us are responsible of our money we need to take care of ourselves, since a CEO won't care about us when comes the time to save their own business/wallet.

[ShowOff]

If Binance crashes, we'll probably see bitcoin as low as $5k or less, but I'm pretty confident what they're having isn't too big of a deal, just minor troubles for them.

Oh shit, I really didn't expect it. But if it does happen, then I think it's a great opportunity to earn more bitcoins for a long term investment.
I also think that it won't be forever that Binance will lead the crypto market as the largest exchange, I mean there will be times when other exchanges will lead their own. Competition is to be expected, but so far Binance has something that really makes it the best.

It's also always possible to have a centralized exchange eventually fail through its own fault. It should be the right mindset about exchanges that people should consider withdrawing their investment funds to their personal wallets.

[abel1337]

If Binance crashes, we'll probably see bitcoin as low as $5k or less, but I'm pretty confident what they're having isn't too big of a deal, just minor troubles for them.

Oh shit, I really didn't expect it. But if it does happen, then I think it's a great opportunity to earn more bitcoins for a long term investment.
I also think that it won't be forever that Binance will lead the crypto market as the largest exchange, I mean there will be times when other exchanges will lead their own. Competition is to be expected, but so far Binance has something that really makes it the best.

It's also always possible to have a centralized exchange eventually fail through its own fault. It should be the right mindset about exchanges that people should consider withdrawing their investment funds to their personal wallets.

It would be a definite buying opportunity for us especially those who plans on accumulating bitcoin. If it happens that binance crash, It would be a massive start of people distrusting centralized exchange. FTX crash is just the warning for people to be careful with centralized and if binance crash, binance would be the catalyst of the distrust on centralized exchange. I'm speculating that there would be a high chance that decentralized exchange will be one of the trend in the next bull market.

[Silberman]

If Binance crashes, we'll probably see bitcoin as low as $5k or less, but I'm pretty confident what they're having isn't too big of a deal, just minor troubles for them.

Oh shit, I really didn't expect it. But if it does happen, then I think it's a great opportunity to earn more bitcoins for a long term investment.
I also think that it won't be forever that Binance will lead the crypto market as the largest exchange, I mean there will be times when other exchanges will lead their own. Competition is to be expected, but so far Binance has something that really makes it the best.

It's also always possible to have a centralized exchange eventually fail through its own fault. It should be the right mindset about exchanges that people should consider withdrawing their investment funds to their personal wallets.

It would be a definite buying opportunity for us especially those who plans on accumulating bitcoin. If it happens that binance crash, It would be a massive start of people distrusting centralized exchange. FTX crash is just the warning for people to be careful with centralized and if binance crash, binance would be the catalyst of the distrust on centralized exchange. I'm speculating that there would be a high chance that decentralized exchange will be one of the trend in the next bull market.

If binance crashed as hard as FTX I think the effects will be even more insidious, people will begin not only to distrust exchanges but bitcoin and altcoins in general, and this will not be good for the market, so a massive crash will surely follow and who knows how long it would take for the market to recover from such a blow, however even such a crash would not be enough to stop this market and at some point people will begin to buy bitcoin once again and the usage of decentralized exchanges will increase significantly.

[pawanjain]

FUDs are good for the market because it gives opportunities to make some quick money.
The FUD against Binance is expected now since FTX has collapsed completely.
FTX is an exchange which had it's roots to other platforms as well which is why the contagion is spreading slowly.
Selling now to buy back later at lower price will increase our profits when we sell them back at higher prices.
Short selling in futures can also gives us some nice profits at times of FUD.

[Lida93]

When a neighbor's house is robbed within the neighborhood there's some possible fear that you might be next in line as a victim. Binance is a centralized exchange just like FTX and as such people using binance have every reasons to build up FUD , it's left to binance executive to clear the air about that through the right channels, cause as a centralized exchange trust is hard to come by from investors as the exchange company is also into business to making profit and losses could be shifted to investors funds.

[Rikafip]

Selling now to buy back later at lower price will increase our profits when we sell them back at higher prices.

Selling bitcoin now after price dropped ~75% from the all time high just to buy at lower price seems incredibly risky to me, unless you are pro trader that knows what he is doing. Otherwise, you might just end up selling low and buying high.

Many people who do not like Bitcoin and think its scam are telling us to take our coins off of exchanges like Binance because it will be just like the next FTX.

And even if they are wrong about Binance being a next FTX, they are giving you a good advice to move your fund out of there. Purpose of exchanges are to trade your assets and withdraw them to your own non-custodial wallet and not to use it as a bank and unfortunately many use it for exactly that purpose.

But there is a difference that Changpeng Zhao is not Sam Bankman-Fried who is a person so many had a bad feeling for and look what happened. I do not keep my coins on the exchanges but I think Binance will be safe if you want to.

This time last year many thought that SBF is genius and FTX will overtake Binance position, and we can see how it ended. While I do think CZ seems like a smart guy, there's so many things that can go wrong and even smart people do stupid things.

[Silberman]

When a neighbor's house is robbed within the neighborhood there's some possible fear that you might be next in line as a victim. Binance is a centralized exchange just like FTX and as such people using binance have every reasons to build up FUD , it's left to binance executive to clear the air about that through the right channels, cause as a centralized exchange trust is hard to come by from investors as the exchange company is also into business to making profit and losses could be shifted to investors funds.

This is a nice way to put it, even if binance has nothing to fear and everything was in order, it is comprehensible that people are worried about it, especially since the bear market is still long and it is expected that even more exchanges could fall, so people are not taking any risk and they are taking custody of their own coins, however it would be interesting to watch if the FUD currently circulating does become part of the reason why binance eventually fails and becomes a self-fulfilling prophecy.