Blanked

[jaberwock]

Well the one thing I do hope will continue to stay is the DEX, Binance Smart Chain or whatever it is called these days I cannot keep up anymore.

I've stopped using it less and less of course, same with all DEX as I see they are becoming more centralized than I even expected.

But if they flee AND BSC collapses at the same time, it will cause mass altcoin panic you've never seen before.

Binance is one of the many CEX. If it collapsed, people will simply move on to the other. Apart from CEX, we also have DEX but not all DEX remains. There are so many famous DEX before who are now gone. I thought you said that DEX will remain? I suppose you are more confident about them so why you are staying away from decentralized coins like BSC and similar? Despite of BSC being decentralized, it was still owned by the largest CEX namely Binance.

Maybe that is the reason why you are doubting if they are truly decentralized or not? Many crypto exchanges preferably CEX have became more regulated and they now require a KYC but some of them especially the DEX will remain as is. If you are still doubting about them then just monitor them actively and leave quickly once you see something that is suspicious.

[Taskford]

Common thing happen if there's reputable exchange will collapsed is the price of crypto will also dump since they use this to fud people and create situation where people can panic about their beliefs to hold.

But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.

[pixie85]

Binance is an example of too big to fail, but I don't think it's a scam like FTX. FTX was made to be a scam. They were siphoning money for years buying properties, donating to organizations, paying celebrities. You don't need a year to realize you're spending more than you're earning. They were crooks.

I think that Binance is legit although they could get hacked, they could get destroyed by regulators, they could make some wrong financial decisions and go bankrupt. Who knows what they'll do when shit hits the fan. Maybe CZ takes what's left and escapes like Do Kwon? Maybe he fakes his death like that guy from Quadriga? The fact that something isn't made to be a scam doesn't mean it won't become one.

If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!

If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.

[coolcoinz]

Common thing happen if there's reputable exchange will collapsed is the price of crypto will also dump since they use this to fud people and create situation where people can panic about their beliefs to hold.

But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.

If you really have "beliefs to hold" you won't panic easily. At least that's how I see it. You're either a holder or not. If you keep your money on exchange waiting and if a big move up happens you sell, and a big panic you also sell, you're not a holder.

If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!

If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.

True. We'll experience panic and price crash, but we will recover. After all if they escape with stolen bitcoin they won't be able to use it without raising suspicions and we all know how successful laundering is by how they caught that pair laundering the coins stolen from bitfinex.

[TheGreatPython]

A lot of people will lose their funds. We will see an extreme dump in the market. People will sell their crypto, and we will see panic. People may think other exchanges will do the same since exchanges like Binance are dumped. But, after a few months (It may take over a year or so), Bitcoin will recover and be there where it was.

We may see a massive crash. If you look at the "Coinmarketcap" trading volume chart. 99% of the trading volume is from centralized exchanges. Binance becomes a whale in the centralized exchange market. Other businesses like Coinbase and Kucoin will likely get new users. The users shouldn't have much problem if they don't hold their funds in their Exchange account. But, Surely most of us do. The sad reality is, We suggest others not to have their funds on an exchange, but we don't follow what we say.

People who do day trading are compelled to keep the part of their capital that they use to buy and sell coins on a daily basis, and it doesn't really make any sense to pay fees back and forth everyday only to withdraw and deposit your trading capital only because of the fear that the exchange can collapse anytime, one should either use a decentralized exchange or just live with it.

And to be honest, most people prefer living with that. I would probably not pay fees two times a day only to get my funds in my exchange wallet for trading and then back to my non-custodial wallet for being safe from exploits. That's a lot of fees and a lot of work too.

[stomachgrowls]

I think that such a scenario is very unlikely in the near future. It should be understood that many are interested in the fact that bitcoin was, and it was used as often as it is now. So, I do not think that there will be noticeable changes.

We know that nothing do last forever which means that everything on this world could be replacen on which even Binance wont end up like FTX then there might be some new exchange which would  overtaken, but since

we are talking about having that fleeing away just like on what FTX did then its true that this is unlikely considering on how good Binance is plus they are really that much known.There's no way on hiding out
if ever they would really be doing some shady stuffs in regarding with their service.

The main key on here on which you wont really be bothered if ever things turns out to be shit is that never ever leave huge amount on exchange platform.
We dont know on what could happen next.

[Crypto Library]

I was thinking that FTX was a complete disaster and it made a very bad Impact on crypto industry too. As I personally believe Binance more than any exchange and that case might be with you. So I was saying that If Binance flee away like FTX than what will happen. As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

We should remember that Binance is only a centralized exchange whose journey started in 2017.and the crypto industry has been around for a long time. So since the crypto industry was running before Binance, even if Binance collapses, the crypto industry will continue at its own pace. But being a giant exchanger, if it collapses, there will definitely be an impact on the crypto market, which was noticeable after the FTX crash.
Recently there has been news of some complications with Binance, but I don't think it will cause the entire Binance to collapse. But if something like this ever happens in the near future then maybe many projects will be lost from us and many people will face losses and the market will draw back a little then after a certain period the market will go to its own place and someone else may occupy the place of Binance.

[Bounty Inspectors]

Binance is the world's largest crypto exchange.  There are over 50M Binance users so far.  Binance is the most secure and trusted Crypto Exchange in the world.  Even then, if Binance escapes, the Crypto market will experience an unimaginable disaster.  As a result, Bitcoin will crashed 10k$ to 5k$, while thousands of Altcoins will disappear completely.  If Binance does a scam, people will be very upset with the centralized exchange.

[Franctoshi]

This will be a catastrophic event for the entire crypto market because a lot of people are gonna be affected by this event, As Binance has been seen to be the most reliable crypto exchange out there by many. No one can guess exactly what would be the ripple effect on the crypto market until it occurs, The snow ball effect might cause the melt down or tank the entire crypto market, because definitely, there's gonna be a lot of panicking in the space due to the fact that right now, the  decentralized system needs the centralized system to reach its success.

In my opinion this could be a catalyst for regulator to come in and say no, enough is enough, this industry needs regulations to cussion further event from occuring.

[slaman29]

Well the one thing I do hope will continue to stay is the DEX, Binance Smart Chain or whatever it is called these days I cannot keep up anymore.

I've stopped using it less and less of course, same with all DEX as I see they are becoming more centralized than I even expected.

But if they flee AND BSC collapses at the same time, it will cause mass altcoin panic you've never seen before.

Binance is one of the many CEX. If it collapsed, people will simply move on to the other. Apart from CEX, we also have DEX but not all DEX remains. There are so many famous DEX before who are now gone. I thought you said that DEX will remain? I suppose you are more confident about them so why you are staying away from decentralized coins like BSC and similar? Despite of BSC being decentralized, it was still owned by the largest CEX namely Binance.

Maybe that is the reason why you are doubting if they are truly decentralized or not? Many crypto exchanges preferably CEX have became more regulated and they now require a KYC but some of them especially the DEX will remain as is. If you are still doubting about them then just monitor them actively and leave quickly once you see something that is suspicious.

Sorry when I said DEX, I was referring to BSC the actual smart contract platform, of which there is a DEX on it.

For me Binance CEX plus BSC collapsing would be a big problem because it proves that socalled "decentralized" apps including DEXs are not even safe to use (we all know they are not safe but this would prove even entire DEX platform can rug).

"BSC" is not decentralized by the way, self custody is not decentralized.

I was never in doubt of my beliefs

My whole point was that people believe now if Binance disappears then at least BSC is still safe and untouchable.

But if Binance disappears AND the whole BSC infrastructure also, then people will finally understand why we can't just see things like BSC as decentralized.

[jrrsparkles]

I was thinking that FTX was a complete disaster and it made a very bad Impact on crypto industry too. As I personally believe Binance more than any exchange and that case might be with you. So I was saying that If Binance flee away like FTX than what will happen. As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

But why someone has to scam when they are already making profits and has potential to grow further like 100 billion dollar company and more, the only possibility is that hack can drain their wallet which may happen to any exchange and let's say if Binance got hacked or CZ run away with all the money to Mars still it's not the end of Bitcoin, another exchange will grow and it will start making progress so remember bitcoin is not dependent on Binance or anything.

[bitgolden]

Binance is an example of too big to fail, but I don't think it's a scam like FTX. FTX was made to be a scam. They were siphoning money for years buying properties, donating to organizations, paying celebrities. You don't need a year to realize you're spending more than you're earning. They were crooks.

I think that Binance is legit although they could get hacked, they could get destroyed by regulators, they could make some wrong financial decisions and go bankrupt. Who knows what they'll do when shit hits the fan. Maybe CZ takes what's left and escapes like Do Kwon? Maybe he fakes his death like that guy from Quadriga? The fact that something isn't made to be a scam doesn't mean it won't become one.

If they go down the price will go down with them but bitcoin will survive like it survived Mt.Gox.
Binance is the biggest bitcoin exchange but it's doing less than 10% of global trades while Gox was doing 70%!

If we survived a fall of such big exchange Binance is not going to do anything to us, especially if we hold coins by ourselves instead of allowing others to do it for us.

I personally believe that it would be impossible for something like that to happen to Binance, because they are not fools like FTX. FTX did not "flee", there is a difference there, they made terrible investments and because of that they ended up with almost nothing and bankrupted.

There is a big difference between bankrupting and stealing money from people, those are not the same thing. Since we are talking about a company that bankrupted vs a company that did not, I would say that the difference is obvious, we are not talking about companies that are even remotely close to each other. I believe that Binance will not bankrupt because they have 50%+ of all the trading volume and insane amount of profit, they will do fine.

[Dunamisx]

If anything should happen to an exchange like Binance, you will have same experience with others that had with FTX, which is losing your entire asset with them because they have your bitcoin unlocking keys from the blockchain with them, this is why we need to embrace using a decentralized exchange so that when the wallet got corrupt or device mishandled, we can easily import our wallet back anytime with the unlocking keys also referred to as private keys.

[carlfebz2]

I was thinking that FTX was a complete disaster and it made a very bad Impact on crypto industry too. As I personally believe Binance more than any exchange and that case might be with you. So I was saying that If Binance flee away like FTX than what will happen. As Binance currently holds more than 60 billions of dollars and that's to much money. And I cannot believe if all money might gone than Bitcoin might come to 10000 dollars. Let's hope for good and what are your thoughts in this.

Too big for CZ to flee away
Too dumb on making such decision
Too waste if he would be putting up his business which he knows that he could make money and able to cherish it.

Money is useless no matter on how big it would be but you cant really be able to enjoy out because you would really be keeping on hiding away on government or police eyes
because you are wanted or really have that huge crime. Is this something you would really be liking to have this life? For sure CZ wont really be that
dumb unless if there's some huge hack then he could still able to get out.

[libert19]

I don't think it'll flee like ftx but it could fall down due to other reasons, and no surprise that it will bleed the whole crypto market along with it (will probably become reason for one of future bear markets).

[Johnyz]

If anything should happen to an exchange like Binance, you will have same experience with others that had with FTX, which is losing your entire asset with them because they have your bitcoin unlocking keys from the blockchain with them, this is why we need to embrace using a decentralized exchange so that when the wallet got corrupt or device mishandled, we can easily import our wallet back anytime with the unlocking keys also referred to as private keys.

We should already learned the lesson from what happened to FTX, I have my funds with them as well and I didn’t expect to lose it easily. This is why I don’t want to hold any funds anymore on any exchange aside from my trading capital. If Binance will ended up on the same faith, maybe the market will be more affected as many have their funds with Binance, having your own wallet is advisable so make sure to have one and make sure to always be updated especially with this kind of news where panic can easily happen.

[eaLiTy]

~
I suppose you are more confident about them so why you are staying away from decentralized coins like BSC and similar? Despite of BSC being decentralized, it was still owned by the largest CEX namely Binance.

Binance smart chain (BSC) is centralized, they only have 21 validators and it is controlled by them and how can you claim that to be decentralized. After all it is an exact copy of Ethereum source code with slight changes and if Binance falls everything will fall along with it  .

Maybe that is the reason why you are doubting if they are truly decentralized or not? Many crypto exchanges preferably CEX have became more regulated and they now require a KYC but some of them especially the DEX will remain as is. If you are still doubting about them then just monitor them actively and leave quickly once you see something that is suspicious.

It is easier to say that to monitor everything and withdraw if there is any signs of issue, when the FTX issue started, i tried to withdraw my coins and now it is a long wait on when i would get the money even though they honored them through official channels.

[Bushdark]

That is a good question we need to ask ourselves to avoid unnecessary story. Binance is the biggest exchange in the world and if CZ eventually gives excuses and flee with our money then many persons that had been keeping there funds on the Binance exchange might have themselves to blame. I hope this will not happen soon because so many persons will be affected.
This is one of the major reason why we need to keep our funds in our wallet where we. Am acces our private keys at anytime.
This is a very important aspect we need to consider before leaving our funds in an exchange.

[MusaPk]

Common thing happen if there's reputable exchange will collapsed is the price of crypto will also dump since they use this to fud people and create situation where people can panic about their beliefs to hold.

But if the same case with FTX like exit scheme will happen to binance then provably this fud is bigger than we can expect. This is a top exchange and for sure major dumping will happen and people will start to rush selling more their asset. After that incident I don't know which of those exchange we can trust back again knowing even huge exchange collapsed and how much more to smaller ones where they are capable to do the same actions.

I think Binance is the last major exchange to quit, as we have seen lots of CEX going down in 2022 including FTX. Though anything can happen and if Binance there are lots of people who will be affected including me. But even if binance collapses or quits, bitcoin may be affected for a while but it will continue to work. Bitcoin has developed a community that has grown over a period of decade so CEX collapse won't collapse Bitcoin for sure.

[shushu9977]

Time to time, binance is very stronger than any other exchange and hold number one position. It is very good for the exchange. So, I think that it is hardly believed that the exchange is gone. It is impossible to scam. I hope that the exchange of binance publishes many facilities in the future which they already do that such as p2p, solid security etc.