Is the Binance the next to bite the dust or FUD?

[albon]

What I see is that Forbes is spreading lies, misinformation, and FUD towards Binance, and Forbes is trying hard to rank FTX with Binance, but they are entirely different; I'm not a fan of CZ or any centralized platform, but what I see is that his tweet thread about this FUD that Forbes posted is enough to prove to the community Forbes' malicious intentions against Binance and the Chinese race of CZ. Forbes wants its name to be spread on social media and remains the talk of the masses because of these accusatory questions about Binance and misunderstanding of the facts. It profits from millions of visits to its site by Binance users and from their purchase of Forbes Premium Membership because I see that Forbes is the only opponent for Binance other than other news sites.

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[LoyceV]

with such knowledge on blockchain and cryptocurrency, how come he even says that?

His ego is bigger than his morals.

[Synchronice]

I think binance is a serious exchange and they won't go down easily. FTX was a clown since the beginning. I've never ever created an account at FTX and the moment I heard people talking about FTX, I was like wtf "where did this thing come from?"

Just because you never used FTX doesn't mean that others didn't. FTX was being mentioned quite often here on bitcointalk, people liked "no withdrawal fees and no KYC approach" and it was even dubbed as a "new Binance". After all, if many people didn't use FTX, it wouldn't have such an impact on the market.

To be honest, I don't know whether it's me or not but for me Sam Bankman-Fried doesn't look sane. Look at his face, his mimics, his facial expressions, there is definitely something wrong this guy, he really looks like psychopath.

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

Do we have better alternatives? That will offer a lot of service and easiness at the same time? Binance is too deep into the game and if it disappears, I think that will do more harm than good. Day to day Binance is getting more popular. While promoting its business, it is also promoting Bitcoin too. At the same time it owns Coinmarketcap. It has too many resources to disappear without negatively affecting bitcoin long-term.

I think we just need more competition and more demand on Privacy from people to push competitor companies to create more decentralized and secure platforms.

[virasog]

What I see is that Forbes is spreading lies, misinformation, and FUD towards Binance, and Forbes is trying hard to rank FTX with Binance, but they are entirely different; I'm not a fan of CZ or any centralized platform, but what I see is that his tweet thread about this FUD that Forbes posted is enough to prove to the community Forbes' malicious intentions against Binance and the Chinese race of CZ. Forbes wants its name to be spread on social media and remains the talk of the masses because of these accusatory questions about Binance and misunderstanding of the facts. It profits from millions of visits to its site by Binance users and from their purchase of Forbes Premium Membership because I see that Forbes is the only opponent for Binance other than other news sites.

No matter how hard the Forbes try to rank FTX with Binance, they can't succeed. FTX is already gone with the people's money but if you remember, there were record withdrawals from Binance at that time, but they survived and were able to process all the withdrawals. This event made Binance even more trustworthy.

For us, we should never trust Binance 100% and always keep the funds out of the exchange. Yes, for trading Binance is a good platform but once you are done with the trade always move your funds out to minimize the risk.

[o_e_l_e_o]

Do we have better alternatives?

Yes, many: https://kycnot.me/

While promoting its business, it is also promoting Bitcoin too.

They promote their centralized shitcoins, while making bitcoin harder for people to own and use by charging frankly outrageous withdrawal fees and pocketing 99% of said fees as pure profit.

At the same time it owns Coinmarketcap.

Again, there are plenty of better alternatives which don't deliberately fudge the numbers to make themselves number one.

It has too many resources to disappear without negatively affecting bitcoin long-term.

There will be a short term blip only. Bitcoin would be stronger long term for not having such a centralized entity having so much control over the wider space.

[LoyceV]

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

Do we have better alternatives?

Yes! There are several trusted exchanges out there that don't create and promote their own shitcoin, and don't try to trick users into accepting fake Bitcoins. I have much more confidence in an exchange based in San Francisco than a Chinese exchange that hides on the Cayman Islands.

That will offer a lot of service and easiness at the same time?

Most of the "services" and shitcoins aren't needed at all. They're only created to make someone rich, and get someone else to spend their money on it.

Day to day Binance is getting more popular.

Popularity has never been a good measure for quality or even honestly.

While promoting its business, it is also promoting Bitcoin too.

Binance doesn't give a shit about Bitcoin. Why else would they trick their users into withdrawing one of many fake coins?

It has too many resources to disappear without negatively affecting bitcoin long-term.

I think Binance does more bad that good, and whether or not they they disappear, Bitcoin will be fine. It's their users who will be better off if they switch to an exchange with the right morals.

I think we just need more competition and more demand on Privacy from people to push competitor companies to create more decentralized and secure platforms.

Do you also want world peace?
People who want privacy don't need companies to give it to them. Exchanges are there for the money: 0.25% trading fee on billions of dollars per day is a lot of money.

[Synchronice]

Do we have better alternatives?

Yes! There are several trusted exchanges out there that don't create and promote their own shitcoin, and don't try to trick users into accepting fake Bitcoins. I have much more confidence in an exchange based in San Francisco than a Chinese exchange that hides on the Cayman Islands.

Me too but why is Binance so popular? Yeah, it fakes data but you can't deny that it's number one exchange in the world in terms of popularity and number of customers. So, I ask, why? How?

It has too many resources to disappear without negatively affecting bitcoin long-term.

There will be a short term blip only. Bitcoin would be stronger long term for not having such a centralized entity having so much control over the wider space.

It has too many resources to disappear without negatively affecting bitcoin long-term.

I think Binance does more bad that good, and whether or not they they disappear, Bitcoin will be fine. It's their users who will be better off if they switch to an exchange with the right morals.

If Binance has to leave the market because of competition, that will be great but if it disappears (like FTX), I'm afraid this will create more chaos among people. Media will also multiply negativity ten times and probably we will lead to a situation where people will demand more regulated exchanges. I don't know if I am the only one who sees around himself that middle-aged and older people want more regulations. At the moment they are the most active ones, young people are quiet.

People who want privacy don't need companies to give it to them. Exchanges are there for the money: 0.25% trading fee on billions of dollars per day is a lot of money.

Yes, these fees are insane, they make enormous profit out of thin air but somehow it's still acceptable for people. Have they seen customer decline because of that? No. Have they seen any protest in social media because of that? No. So, they aren't crazy enough to say no to profit, especially when it's okay for a lot of people. It's not okay maybe for you and me but that doesn't mean much, that's a drop in the ocean.

By the way, we say how bad Binance is, which definitely it is but why is it still so popular among people? Especially when its hard to acquire and harder to maintain users.

[LoyceV]

why is Binance so popular? ~ I ask, why? How?

You're asking the wrong person: ask the people who use it.
I used to use it, because they didn't ask KYC. Then they started demanding I hand over my paperwork to the Cayman Islands. I really don't get why anyone would do that.

~ people will demand more regulated exchanges.

Where? That's why exchanges move to weird locations in the first place. Crypto isn't limited to the country you live in.

why is it still so popular among people?

My guess: most people don't care. They're the people who keep their crypto on an exchange, and some rich guy throws in a buzz word so they think it's "safu".

[Pmalek]

If Binance has to leave the market because of competition, that will be great but if it disappears (like FTX), I'm afraid this will create more chaos among people. Media will also multiply negativity ten times and probably we will lead to a situation where people will demand more regulated exchanges.

A good service can regulate itself with a well-thought out system. You can buy and sell bitcoin on Bisq for fiat without intervention from traditional regulators. it's not the fastest service, but it works as advertised. Try and scam someone who knows what they are doing on Bisq and see how it goes. Not only will you not succeed, buy you will also lose your security deposit, amounting to 30% or maybe 50% of the amount that was supposed to be traded. Although I think they made some changes recently that also affects the security deposits. Apparently, you don't always lose your security deposits if the trade goes sideways. 

[o_e_l_e_o]

Me too but why is Binance so popular?

Marketing, mostly. Objectively it is terrible. Poor security, multiple hacks, zero privacy, works with blockchain analysis, outrageous fees, has actively scammed some users, the list is endless.

Amazon is objectively terrible, but continue to be one of the biggest companies in the world. Companies like Apple and Nestle have been busted multiple times for literal slave labor, and yet continue to be some of the biggest companies in the world. This is not unique to crypto by any means.

Apparently, you don't always lose your security deposits if the trade goes sideways.

You can see a table of recommend penalties here: https://bisq.wiki/Table_of_penalties

Nothing is set in stone, though. If you mutually agree to cancel a trade and both agree with the mediator that neither party will be punished, then you can both get back 100% of your deposit.

[Pmalek]

Marketing, mostly. Objectively it is terrible. Poor security, multiple hacks, zero privacy, works with blockchain analysis, outrageous fees, has actively scammed some users, the list is endless.

Amazon is objectively terrible, but continue to be one of the biggest companies in the world. Companies like Apple and Nestle have been busted multiple times for literal slave labor, and yet continue to be some of the biggest companies in the world. This is not unique to crypto by any means.

The better the marketing, the worse the product and service. That's why they need all that marketing and to get in people's faces to make them buy and use their products. In fact, if you are in doubt whether to use a heavily marketed product or one that isn't, the one you don't see all over TV, the internet, and the billboards all over town is probably better for you.

[bbc.reporter]

News update.

There is nothing shocking about this news, however, it can add to the argument that it might be the next of th biggest exchanges to bite the dust. Binance might also be an entertaining example of what centralized exchanges presently need to do to continue their service under strict regulations and under threat of a crackdown hhehehe.



Binance, one of the world's largest cryptocurrency exchanges, developed a plan to avoid the threat of prosecution by U.S. authorities as it started an American entity in 2019, the Wall Street Journal reported on Sunday.

Any lawsuit from U.S. regulators, who had signaled a coming crackdown on unregulated offshore crypto players, would be like "nuclear fall out" for Binance's business and its officers, the WSJ said, citing a Binance executive's warning to colleagues in a 2019 private chat.

The report is based on messages and documents from 2018 to 2020 reviewed by The Wall Street Journal as well as interviews with former employees.

Source https://www.reuters.com/technology/binance-execs-texts-documents-show-plan-avoid-us-scrutiny-wsj-2023-03-05/

[o_e_l_e_o]

No mention of Binance having access to Binance.US's bank accounts, and moving $400 million of Binance.US's money to another company owned by CZ. And no mention of the bank which operates this account (and many other centralized exchange bank accounts) - Silvergate - posting huge operational losses, its stock price tanking, and it warning regulators that it might not survive the next few months.

Nope, nothing to see here. Everything is clearly just fine!

[harapan]

Am I the only one who'd like to see Binance disappear? They've scammed users, and they're pretending all kinds of centralized made-up tokens are "Bitcoin" to increase their own wealth. Bitcoin and Bitcoin users are better off without Binance.

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users. Last year was a bad year for the industry and it's still trying to rise at the moment so we do not need more negatives right now.
I do not agree that we're better off without Binance. I believe centralized exchange will always be a thing. It's just like the banks, at first people couldn't trust them because they kept losing people's money but with time, experience and research they got better at it. Binance makes trading easier for a lot of traders so it will be nice to have it around. Trading on centralized exchanges to me is not a bad thing, it's saving your coins in them that's the mistake nobody should make.

[Darker45]

~snip~

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users. Last year was a bad year for the industry and it's still trying to rise at the moment so we do not need more negatives right now.
I do not agree that we're better off without Binance. I believe centralized exchange will always be a thing. It's just like the banks, at first people couldn't trust them because they kept losing people's money but with time, experience and research they got better at it. Binance makes trading easier for a lot of traders so it will be nice to have it around. Trading on centralized exchanges to me is not a bad thing, it's saving your coins in them that's the mistake nobody should make.

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it. That would be a lot better than the industry continuously ruled by huge centralized players that come and go.

If Binance biting the dust would mean that the space would no longer see the likes of FTX, BlockFi, 3AC, Voyager, Celsius, and others hurting people and taking away their hard-earned money, I would welcome it. Although I seriously doubt lessons will be learned.

[bbc.reporter]

@Darker45. I disagree that we should always be avoiding all centralized exchanges to trade, buy or sell our coins. What we clearly need is an honest and trustworthy exchange where everyone can feel safe. I reckon regulations might help with this but we do not want the type of regulations that the regulators want to impose on the cryptospace. This is a difficult situation.

In any case, if Binance does not bite the dust, I would not be shocked. They might be good in avoiding the law very much similar to Tether, Bitfinex, Ifinex hehehe.

[LoyceV]

As much as I dislike centralized exchange, Binance disappearing is one of the worst things that can happen to the industry right now. We saw how the FTX drama affected the industry negatively, Binance crashing will do worst than that. Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users.

So basically you're saying Binance is "too big to fail". That sounds familiar

Anyone who would be directly affected by Binance disappearing should rethink the way he stores his Bitcoin (before it's too late). And as far as the shitcoins that are traded there are concerned: if you can't be bothered to install a wallet, the shitcoin doesn't deserve to exist anyway.

[o_e_l_e_o]

Binance is the biggest exchange and if anything happens to it, it directly or indirectly affect the price of Bitcoin and Bitcoin users.

So we can rid the space of the largest, most toxic, most centralized player, which attacks bitcoin itself while actively lying and scamming its users, and harvests data and funds blockchain analysis, while at the same time having a flash sale where I can buy bitcoin at a discount? Sign me up!

What we clearly need is an honest and trustworthy exchange where everyone can feel safe.

No such thing exists. Every big centralized exchange has too much money and power to be anything other than corrupt. The whole point is that trust should not be needed.

[Rikafip]

Binance collapsing will indeed cause a massive damage to the industry which will, in turn, pull the prices considerably down. But if this is what it takes for people to finally realize that centralized exchanges are a thing to avoid and are even antithesis to Bitcoin itself; if this is what it takes for people to finally embrace self-custody fully, I guess I will accept it.

True, in that case market would crash and burn but Binance going down wouldn't drastically change how people perceive crypto exchanges, meaning they would still think of them as banks. One would think that after Mt.Gox fail we would have loads of highly popular decentralized exchanges like Bisq, while reality is diametrically opposite and centralized exchanges keep growing and spreading, with some of them like Kraken even announced plans to launch a bank.

Its been proven time after time that majority of people prefer sense of convenience and false security over anything else and if not with Binance, they would find it with Coinbase or any other popular centralized exchange and all the bad stuff would be soon forgotten.

[buwaytress]

I don't think it's completely baseless FUD, we all know they all know we all know they do the same things behind those desks, SBF was just too far out of his league, and lacked the same level of checks and balances.

Does this lead to Binance biting the dust? Nah. Does it mean they won't eventually bite the dust? I won't dismiss the possibility entirely, but it won't be because of this. If I'm wrong and it does? What doesn't kill Bitcoin only makes it stronger =)