Binance Hack - Change Your Views On Bitcoin and Rest of Crypto?

[Iranus]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

What does Binance have to do with BTC? Bitcoin is a global, decentralized monetary system, while Binance just a private company offering crypto services. Bitcoin doesn't depend on Binance. So it make no sense to change your view of global asset just because one exchange run into trouble.

In BTC's nearly 18year of existence, quite a few exchanges have disappeared for all sorts of reason. But none of that has ever stopped BTC network from operating, changed its core principles.

So what makes you think Binance is any  different ?  Don't be surprised if Binance itself disappears one day.

[Bitcoin_people]

Just because Binance was hacked doesn't mean Bitcoin is failing, Binance is a centralized exchange, while Bitcoin is a decentralized network. When users deposit their funds on an exchange like Binance, they are under the control of their authorities, it is mainly because of their lack of security that they are hacked, because of their poor management and weak security that users face hacking. I know that Bitcoin is never controlled by any company or person, if an exchange is hacked it does not mean that Bitcoin's blockchain has been hacked, but rather if an exchange is one, we should never lose faith in Bitcoin. Bitcoin is not owned by any extremist or fraudulent group, we have not found any evidence so far, and in terms of whether the owner of Bitcoin and his identity are hidden, it is not a fraudulent group at all. Bitcoin is a limited supply, no one can increase it even if they want to, besides, I think it is completely unsafe to use a centralized one for the security of Bitcoin.  Rather, using a hardware and secure software wallet is good for Bitcoin, but Bitcoin is not completely risk-free. If you lose your private key, you can lose your assets, and if you send it to the wrong address, you can lose your assets, so be careful about all aspects of this transaction, and keep your investment safe and secure.

[Darker45]

You seem to be missing the entire point.

If at all, it should reinforce Bitcoin's fundamental philosophy on you. Bitcoin is about control. Bitcoin is about ownership. Bitcoin is about eliminating third-parties. Bitcoin is decentralization.

Binance isn't Bitcoin. On the contrary, we could say that the main principle behind Binance is antithesis to Bitcoin's. Binance is a custodian, a third-party, a central authority that could lock or even seize your funds, freeze your transaction, censor or discriminate you, and so on and so forth.

This huge Binance hack should remind everybody why Bitcoin became a big hit, a phenomenon, a religion or a cult even, that's despite all the obstacles it went through. So, perhaps more than changing views, this hack should bring us back to where it all started, make us unlearn a few things.

[yhiaali3]

What is the connection between Binance and Bitcoin? Does a hack of Binance or any other exchange imply that Bitcoin itself has been hacked? This is truly a strange question; none of this has anything to do with Bitcoin.

The recent successive hacking incidents, the latest and largest of which was the Binance hack, have made many feel frustrated and that there is no absolute security in crypto. On the one hand, Bitcoin has nothing to do with all of this, and on the other hand, we should not despair but rather look for better solutions for protection.

[dzungmobile]

Just because Binance was hacked doesn't mean Bitcoin is failing, Binance is a centralized exchange, while Bitcoin is a decentralized network. When users deposit their funds on an exchange like Binance, they are under the control of their authorities, it is mainly because of their lack of security that they are hacked, because of their poor management and weak security that users face hacking.

Binance is one of centralized exchanges, even they are top CEX, they are not the only CEX in Bitcoin and cryptocurrency market.
Binance is different than Bitcoin blockchain and bitcoin. If Binance collapses, bankrupts, Bitcoin will still stay here even the Bitcoin market will have a price shock, it will recover with time.
The cryptocurrency centralized exchange industry is huge and very competitive, so if Binance collapses, there will be other centralized exchanges are very ready to take over that position. Of course there will be an unavoidable market shock and time will be needed for its recovery.

[coinrifft]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

Why would someone change it's views on Bitcoin just because Binance has been hack? There is a big precedence already, the Mt. Gox hacked at the early part of Bitcoin and yet it didn't deter Satoshi's creation to market towards it's 18 years.

So I doubt that there will be changes on the mindset of investors or crypto enthusiast in general who have been in this space for many years. The only thing that will be born out of this is that any services are under threat and should hardened their security protocols.

[Outhue]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

With the current situation Binance has this change your views on all of crypto?
Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?
Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?
As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

With what has happened to Binance the only views that got changed from me is security in crypto space especially on crypto platforms, they all have weak security features, this morning I read on twitter that the attack did came from North Korea,  FBI investigation says so but are we all going to accept that North Korea has the best computers and tools for hacking than the rest of the world?

[Just Say]

What is the connection between Binance and Bitcoin? Does a hack of Binance or any other exchange imply that Bitcoin itself has been hacked? This is truly a strange question; none of this has anything to do with Bitcoin.

The recent successive hacking incidents, the latest and largest of which was the Binance hack, have made many feel frustrated and that there is no absolute security in crypto. On the one hand, Bitcoin has nothing to do with all of this, and on the other hand, we should not despair but rather look for better solutions for protection.

Previously many exchanges such as ByBit, MT Gox, Bitget and other centralized exchanges have been hacked but we should have the ability to understand that Binance hack does not mean Bitcoin is hacked, because it may be emphasized till today no one may have heard that Bitcoin's main blockchain network has been hacked in fact it is very powerful and decentralized. OP you should probably note hackers can mainly hack Binance and other centralized platforms by exploiting vulnerabilities in wallet, user data, or API security, honestly experienced investors will surely understand this difference so they will not lose confidence in Bitcoin.

Binance worth 6.3 billion dollars hacked so it's not a Bitcoin problem but as far as I understand it's a problem with this company's asset storage and their security systems. Those who still think that the Binance hack might change people's views on BTC should take a look at this tweet.

"Bitcoin isn't safe. Look at the Binance hack."

Let me translate that for you.
"Someone robbed the jewelry store, so gold is a scam."

Bitcoin wasn't hacked. The protocol didn't blink. An exchange got caught holding everyone's keys in one shoebox. That's not a Bitcoin problem. That's a custody problem with a company. Hold your own keys.
Or keep lining up at the jewelry store.

[Kelward]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

Why would someone change it's views on Bitcoin just because Binance has been hack? There is a big precedence already, the Mt. Gox hacked at the early part of Bitcoin and yet it didn't deter Satoshi's creation to market towards it's 18 years.

So I doubt that there will be changes on the mindset of investors or crypto enthusiast in general who have been in this space for many years. The only thing that will be born out of this is that any services are under threat and should hardened their security protocols.

Bitcoin is decentralized and cannot be held responsible for Binance hack or any other hacks for that matter, crimes have always been before the creation of Bitcoin and that was why when Mt.Gox happened Bitcoin survived because we know that crime cannot stop because Bitcoin came along. It's like saying that we should change our views on AI because these hackers are utilizing it to aid them in penetrating the security of these exchanges, despite what negative things that AI can be used for we cannot deny it's usefulness to us, it's the same with Bitcoin. As for altcoins I cannot confidently talk about them like Bitcoin, and it's not even about hacks many of their developers are scammers.

[FirmWars]

Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?

The fact that something was created for a good and unique purpose does not mean that some bad people will not use that thing and turn it into a tool that they will use to commit their illegal act. For example, was gun designed to be used for rubbery? Was knife created to be used to stabb someone? These two things was created for a good purpose but there are so many people that are using it to hurt other innocent people. Bitcoin was created for a good purpose and you can confirm that Bitcoin has helped a lot of investors around the world, these recent bad incident that has been happening does not make Bitcoin bad, and it doesn't cause me to change my mind about Bitcoin.

[aoluain]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

With the current situation Binance has this change your views on all of crypto?
Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?
Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?
As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

I have questions after reading the OP

Why is the OP correlating what happened to the Binance platform to the Bitcoin protocol?

Does this highlight that the OP and others have a distorted view on the crypto space and
Bitcoin in general

and are these some of the reasons why Bitcoin will never reach 'mainstream adoption' because
of some peoples misinformed perceptions about Bitcoin?

Well binance has been hacked before.

the issue is they had 2 billion dollars in hot online addresses that were emptied in under 30 seconds.

strictly terrible management on their part.

'Oct 2026 6.3 billion
Oct 2022 570 million
May 2019  19 million

2018  a phishing and credential theft this exploit does not have a number attached to it."

note quotes are a short version of ai info.

There you go, this shows yet again that still a lot of people are quite ok  with handing over
their personal information and wealth to a third party for the sake of convenience.

[serjent05]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

With the current situation Binance has this change your views on all of crypto?

No, Binance hack does not change my view on cryptocurrency industry, and if you are specifically targeting Bitcoin, I can say that Bitcoin and Binance are two separate entity.  Binance hack has nothing to do with Bitcoin security.  It is Binance's security shortcoming that led its exchange to get hacked, not because Bitcoin security has a flaw.

 

Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?

No, Bitcoin was created with good fate. The Bitcoin creator wanted us to have independence from third-party institutions like banks that control our financial movement.  Anything about fraud, scams and hacks was done by evil third-party players.

Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?

Bitcoin and other cryptocurrencies are just tools.  Whether it is good for bad or evil is decided by who holds it.

As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.
Explain why or why not?

How about you named these people you said were once credible in the space but  have proven to be deviants?

[angrybirdy]

Just because Binance was hacked doesn't mean Bitcoin is failing, Binance is a centralized exchange, while Bitcoin is a decentralized network. When users deposit their funds on an exchange like Binance, they are under the control of their authorities, it is mainly because of their lack of security that they are hacked, because of their poor management and weak security that users face hacking.

Binance is one of centralized exchanges, even they are top CEX, they are not the only CEX in Bitcoin and cryptocurrency market.
Binance is different than Bitcoin blockchain and bitcoin. If Binance collapses, bankrupts, Bitcoin will still stay here even the Bitcoin market will have a price shock, it will recover with time.
The cryptocurrency centralized exchange industry is huge and very competitive, so if Binance collapses, there will be other centralized exchanges are very ready to take over that position. Of course there will be an unavoidable market shock and time will be needed for its recovery.

I totally agree with the point made here. Although Binance might be one of the largest centralized exchanges in the world of cryptocurrency, this does not mean that the cryptocurrency being traded is itself Binance... So even if something like this happens, it will not lead to the collapse of Bitcoin because the network of Bitcoin operates independently of the exchange. It is true that something like this will surely create uncertainty in the market and result in panic selling and a fall in prices. But it might be said that in the long run, the market will recover because of the competition among other well-known exchanges for the spot vacated by Binance.

[ovcijisir]

I was looking at Chainalysis report, and my prediction is that this hack will trigger yet another ban on the mixers.
It seems that the hackers used one wallet funded thru the mixers to initiate the hack. I hope that my prediction is wrong, but I would be surprised if it doesn't play out like I said it will.

[KiaKia]

Apart from Bitcoin nothing else is worth holding in this crypto space, every other coins are unnecessary to have existed in the first place, their developers made them to make money from people who likes to believe in fantasy.

The only store of value I know is Bitcoin, my view about crypto have changed in a very long time already, my eye got opened in the 2017 and 2018 days, it wasn't even this bad.

It shows that things will keep getting worse and the example that Satoshi made isn't what people wanted to see, I am glad that something like Bitcoin worked, I can't even imagine a world without Bitcoin right now.

[Call_Me_Guru]

With the current situation Binance has this change your views on all of crypto?

Binance problem can't change my view about Bitcoin/other cryptos, it only reminded me that Not Your Key, Not Your Coin. I have my money in Binance since last week that I can't withdraw.

Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?

That thought shouldn't be entertained. Satoshi painstakingly created the successful crypto pathway we know, his intentions are selfless, nothing bad. It's not unusual that people will use opportunities to perpetrate evil if they have the chance.

Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?

This part is not clear.

[tbct_mt2]

Binance problem can't change my view about Bitcoin/other cryptos, it only reminded me that Not Your Key, Not Your Coin. I have my money in Binance since last week that I can't withdraw.

If you already did that, you are not similar to the other people who stored their bitcoins/ cryptocurrencies on Binance before the hack. If you truly understood about "Not your key, not your coin", your coins would have been stored in non custodial wallets, not on Binance exchange.

Anyone who had fund there, feel like now they are safe with latest news and actions from Binance, must know that they're very lucky this time but in the future, luckiness might no longer stay with them. Many exchanges in history closed their services even they used to be top ones and the same future and destiny can be for Binance.

https://www.cryptowisser.com/exchange-graveyard/

[m2017]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

No. Just as my opinion remained unchanged following previous hacks of other exchanges, casinos, prediction markets, wallets, or various HW-devices. All this proves is that the methods for storing these currencies are not perfect; it in no way demonstrates that this asset class is "worse" than others.

More often than not, security breaches involve a human factor that effectively "opens the door" to attackers. Take the Coldcard incident, for example: why didn't any of the developers take the initiative to test for, identify, and fix that particular vulnerability? The project team (unintentionally) left the "door open" for hackers.

With the current situation Binance has this change your views on all of crypto?

This situation could well change one’s perspective on Binance. Isn’t that logical? If it is possible to steal billions from an exchange’s balance via a compromised employee laptop, it raises serious questions about how securely their (user's) crypto assets are being stored.

On the other hand, this exchange continues to operate, and the losses resulting from the hack did not affect its users (they did not have to pay the price for others' mistakes).

Do feel even the creation of Bitcoin may have been created by radical people who had intention to scam and cause harm to everyone?

Anything is possible. But the most interesting part is that we will (in all likelihood) never know. Therefore, any musings on this subject are just idle talk and speculation.

Or do you feel there is still something sensible in the crypto space that could be used for "good" purposes? Such as BTC being used as a money since it has a limited supply?

Sensible? I assume you meant "useful". Of course, crypto can, and should, be used for the benefit of humanity (rather than just for the gain of a few individuals).

As for using bitcoin as a form of money, I personally have very serious doubts. If that were going to happen, it would have happened long ago; instead, it has shifted its "course" toward being used as an investment instrument.

As there seems to be more and more evidence that people who we thought were credible in this space have proven to be deviants as well.

That is precisely why decentralization is necessary: ​​to prevent individuals from wielding excessive power and influencing a specific project or the industry as a whole.

[SeriouslyGiveaway]

No. Just as my opinion remained unchanged following previous hacks of other exchanges, casinos, prediction markets, wallets, or various HW-devices. All this proves is that the methods for storing these currencies are not perfect; it in no way demonstrates that this asset class is "worse" than others.

No wallets are perfect and a perfect wallet is individually dependable like conditions that person has and can do best. A good wallet for this one can be not a good one for another person like Andreas Antonopoulos said years ago in his speech.

It's only a principle of "It's your key, it's your bitcoin" is always true and must be a first concern for all Bitcoin users.

Bitcoin Q&A: How Do I Choose a Wallet?

[Muba20]

Binance Hack  - Change Your Views On Bitcoin and Rest of Crypto?

If there is a security flaw in an exchange platform, it is entirely their responsibility. Binance authorities have already accepted that liability, but since such hacks are happening so often, investors should definitely take a policy that can provide them with the most security. Rather than worrying about giving their assets to others, it is definitely a good policy to keep their assets with themselves and ensure their maximum security. If someone invests in Bitcoin for their own safety and keeps it in their own cold wallet, then they will have the opportunity to use their assets when needed and will also be protected from hacks. Of all the hacking incidents that have occurred to date, centralized exchanges have been the most common. Although Binance has the ability to compensate its users for their losses, if such an incident had occurred in any other normal exchange platforms, the investor would have lost everything. We have been aware of many more hacks in the past. Bybit $1.50 billion in 2025, FTX $0.477 billion in 2022, Bitget $0.352–0.390 billion in 2026, Mt. Gox $0.473 billion in 2014. There are also many other hacking incidents. Therefore, the user has to take his own decision when it comes to avoiding risks.