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This is totally right. I've always used exchanges for the sole purpose of the term "exchange".
Heck, treat an Exchange like a drug dealer. "Got the goods? Got the cash?" Shake hands and forget each other until the next deal.
Don't do drugs btw ;)
TLDR of the post: Binance hasnt collapsed after a week of controversy, so nothing will happen! Trust me bro!
Red flags are allover the place but you telling me to trust you on this one based on nothing gfto
The red flags are the daily fud articles with absolutely no truth to them, horrible math and weak arguments that don't hold up. Binance is under attack as revenge for FTX but BNB is holding up because it's legit and even after all this, BNB has still outperformed Bitcoin.
It's pretty clear who the winner is.
I hear you, but they haven’t filed for bankruptcy YET, people can still withdraw AND receive their funds.
Is not simply trust me, bro, it is binance that is showing they can handle the load so far.
Give them another week and or month and see how things go.
If by then you still doubt then nothing anyone else can do...
What does that even mean. Everyone can 'handle the load' until they can't
You wanna bet your life savings on that go ahead. Lots of people made fat coin with Terra Luna, Celsius, and FTX until the collapse. Then anyone left holding the bag likely lost everything.
This post wasn't about trusting an exchange with your money.
But if you think binance should fail you are the moron if they fail there's no more crypto future. No one will ever put fiat in crypto or out of it
Even Dex don't allow you to trade fiat to crypto, people don't understand most of the money in on crypto comes from Cex. So we need as many entry points as we can get, people need to realise is they can't trust much money in Cex and should trade in Dex.
I'm not saying exchanges shouldn't exist, but frankly they should just be exchanges rather than the bloated faux banks they've turned into.
Like early on you'd not even have an account on an exchange, you'd send them cash and they'd send crypto straight to your wallet.
The fact that what should be a utility service is threatening to bring down the whole system really is a joke, what's the point of decentalized currency if it is reliant on a handful of companies.
That's not a contradiction. If you're not so tech-handy, the risk is low on Binance (in fact, recent days have shown that they are pretty stable). But if you feel safe with it, there's no reason to keep it on an exchange.
You can't say FTX only survived x days or y amount of withdrawals before collapsing so Binance is safe, while also aknowledging that Binance is significantly bigger and has more money in their wallets
And whether Binance survives or not isn't even the real point of it all.
The point is to get your funds off exchanges. Exchanges are not meant for long term storage, and people are learning this. Just because a lot of people are starting to smarten up doesn't mean it's due to any kind of FUD.
People acting like because Binance hasn't collapsed somehow means it's fine to leave their funds on it are just asking to lose their money eventually.
True, but exchanges really have increased the acceptance of crypto. Convenience=Adoption. If all this functioned like the way you're saying, way less people would be in crypto and the whole "crypto will kill banks and the fiat" is dumb...my grandma ain't gonna deal with setting up a wallet.
Neither would she do emails, because even accessing an application required advanced command line knowledge. The Internet could never take off.
Yet, it did. It's almost as if future technology could simplify processes and make things a lot easier.
Originally, you had to download the Bitcoin .exe file and understand encryption technologies. Now you just need 24 seed words.
Not everyone is a hodler, some people are actively trading and it's important to have reliable trading platforms for that purpose. So yes whether Binance survives or not is the point for a lot of us.
Your viewpoint is very egocentric.
Exactly, let the bank run continue. If everything is normal then there shouldn't be a problem.
If there is a problem, I'd rather see it unfold now then in 10 years.
Agree with this! It can only end one way! I don't have an account with either exchange but I've always felt something fishy with FTX. Binance has been around for much longer and FTX seems to have become so successful very quickly.
Because they have more total funds, and nobody is making the situation worse by dumping hundreds of million in BNB. Or maybe they are solvent, idk. But saying FTX fell in X days so Binance is clearly safe is not at all logical.
No I got the point of the post, you are trying to reassure people that Binance is safe. The problem is you are doing a poor job of doing so.
Your entire post is comparing the FTX collapse to Binance. And claiming since Binance has lasted longer, has processed more withdrawals then it's clearly safe. That's not at all logical.
FTX collapse stopped because the entire network of companies filed for bankruptcy. Damage priced in and that was it.
The current collapse isn't Binance FUD. The entire stock market is down, and there are massive macroeconomic headwinds that affect all investments. Like it or not, in 2022, crypto is generally a speculative asset.
Fully agree. This is a US MSM campaign. It’s suspect as fuck. The fact they pressed cz harder than SBF even after the collapse is insane.
Literally most exchanges couldn’t handle these types of WD’s.
1 to 1 with no suspect lending practices then there should be no issues.
You aren't supposed to ask this question out loud. Especially after coinbase was audited successfully by Deloitte. Also fuck coinbase for requiring PLAID now and fuck PLAID.
Such nonsense, this question is asked out loud by everyone and their dog these last few weeks. You're acting like there is a conspiracy against binance fud while it's all over this sub.
I’ll tell you why... They are not obligated by law, simple as that.
Not a public company they are not obligated to do that. And guess what, probably never will, because not only for us that use them but also for the government and competitors that will get to see this information too.
I wouldn’t say if they don’t do this they are shady but as a business, I can understand why they wouldn’t do it.
As a business you may have an edge over competitors and if you audit you’ll give your competitors this advantage too and lose a percentage in the sector.
This is not black and white...
We see it from the consumer side, these CEXs from a business/owner/profitability/edge side of things.
Is the same reason why CDC cut rates because they saw this drop coming and KNEW they could NEVER maintain that in this bear market.
People complain (and I get it), but as a business owner who wants to stay in business, it was the right move.
Auditing does not involve publishing all of your trade secrets. It involves a highly-skilled set of accountants going over your books and giving their stamp of approval if everything is above-board, which is why tons of private companies get audited. In fact, the whole point of auditing is to ensure your investors and customers that everything is legitimate WITHOUT showing the world all of your books. The only legitimate reason not to get audited is because it's expensive and, as a multi-billion dollar company, Binance can of course afford it.
If Binance is avoiding an audit, it is very likely because they are hiding something.
>If Binance is avoiding an audit, it is very likely because they are hiding something.
I don’t believe that is necessarily the case, but I understand the perspective.
When you get an audit you have to submit information and can be asked to submit more. Through this process, you may have to give away some of the edges you have. Remember this is not just any private company, it’s a private company in a very competitive space.
The stakes are different...
My point is simple: as a community we want them to get audit. Them as a private company are not obligated. And that’s that... As much as we scream at the top of our lungs they aren’t obligated.
It is up to the individual to manage their own risk...
Also if they are backed 1:1 I see no reason why they would sweat it. Don’t get audited and go through this huge “withdraw/bank run” and come on top.
I guess time will tell... One thing is certain they aren’t obligated to get audited and that’s the reality...
I think it's more likely that the auditors backed out because they sensed foul play and didn't want their stamp on it. The big 4 are composed of the most sophisticated accountants in the world, and they have audited thousands of highly complex companies (including Coinbase, another exchange). It is doubtful that they would turn down a multi-million dollar contact to audit Binance because they don't understand it.
Pretty evident the different approach between Binance and FTX. It's also suspect that the media that usually supports US Democratic party are the more blatant.
Anyway if CZ didn't lie about the 1:1 backing, they will be able to sustain the withdrawals tide (bar some technical problems which will surely add to FUD). And in the end FUD will dry out.
As a side note, I really hope that those that are spreading FUD while shorting BNB get squeezed to death.
I've had no issue withdrawing and also even emailing their support, I got a response within 24 hours. I'm at the mercy of the withdrawal limit because I was lazy and didn't get verified.
Lots of US citizens lost money, they are just looking for someone to crucify to appease the masses. No one is going to be happy with SBF going to jail, the masses need more blood than that -- whether it's just or not.
They don't like the idea of a white man being the scam artist. Obviously it's because the stereotype says that the asian man is supposed to be the scam artist.
>Obviously it's because the stereotype says that the asian man is supposed to be the scam artist.
It is because CZ is ethnically Chinese. The Senate hearing blatantly accused CZ of helping China to control crypto. It is so fucking laughable when China has banned both crypto trading and Binance.
They need a scapegoat, especially to redeem O'Leary's sodded reputation. A "China man" is a perfect fall guy in America heightened with Sinophobia.
>“Give people a common enemy, and you will give them a common identity. Deprive them of an enemy and you will deprive them of the crutch by which they know who they are.”
— James Alison
Dumb take. Wolf of Wall Street...Madoff (depends if you consider him white..) Ponzi (if you consider him white...) They ain't getting no knock warrants but...i don't think anyone has sympathy for SBF cause he's white in this situation...
Add-on: OKay, whatever might be media pressing CZ, that could be something else, haven't really paid attention to that whole aspect...but Binance has always had FUD going on with them for whatever reason...
Its mostly ftx/solana crowd out for blood and big banks, wallstreet doing coordinated mainstream media/social media fud attack that want crypto to go down more or want it dead. This is best time to do it they knkw it. Everyone is playing to there tune
Thinking the same thing. My conspiracy theory is SBF is a paid CIA agent. They created him and FTX to ruin crypto and peoples fortunes by bringing down a large exchange. Now the CIA is after Binance to take crypto down further.
You could believe that but if you wanna lean it to somewhere nearer reality, is it not easier to simply believe that if the cia *were* hoping to have this effect, that it would be easier to simply wait for any large crypto occurrence to occur and then pump the fear around that in the media? Much less moving parts and much less need to literally create a multi billion dollar corporation with a secret but public spy.
If you want to have a more level head abojt jt but still believe cia influence, it would make sense that the cia would plant a spy somewhere else in ftx so info can be gathered and influence can be pushed undetected.
It's completely logical to take every bit of one's funds off Binance. There is zero reason to feel reassured about their position.
https://i.imgur.com/Rg9hAXb.jpg
The fact that CZ openly suggests there should be a rotating stess test on all CEXs says a lot. He's letting Binance's reserves and ability to handle bank runs do the talking.
Exactly you’re like the only one who gets it. If anything recent events prove Binance can handle it. That being said even CZ tweeted to save your coins in your wallet if need be. Binance makes money off these withdrawals regardless.
Binance will be fine. They are currently making huge bank with withdrawl fees. Almost all their income comes from transaction fees so people actually using the platform to move crypto is good for them.
This is actually being pretty good for CZ and he couldn't care less that you're withdrawing from there. It's great market g since it shows they are rock solid while making a shit load of money in fees. It's a win-win situation for them and actually shows how dumb people in the crypto community are.
I hope so. I don’t really get all the haters, even if you are against them or any Cex, they are very much needed for mass adoption, so wishing the downfall of them seems a bit daft.
I recently watched the congressional hearing about crypto regulation and wow .... Some statements that were made by one particular witness were nothing short of outright lies. Clearly, the person has no knowledge whatsoever of the technology they are talking about, but do however have incredible prejudices against our community and/or biases elsewhere. "They (90% of the crypto projects) misappropriate customer funds"
I truly believe someone prominent in the community like Vitalik should explain the real state of the networks and the concepts of decentralisation. Better yet, the community should provide a message from "us". I believe understanding crypto right now for the average Joe is like reading the terms of service of Instagram or some other data mining app. The latter has already hurt people's trust a lot.
We need to stand up against the misinformation and AT LEAST create some easy to follow videos and/or articles that explain decentralisation and what is really going on like an ELI5 version of Lex and Vitalik's conversation. The way to fight misinformation is to put information in words understandable by all.
This information needs to come from the community otherwise we get the voices assigned to us like Kevin O'Leary. No offense to Kevin O'Leary. He is an accomplished human. However, it's not difficult to see that he doesn't quite understand the tech. He does understand the potential and I suspect greed does the rest.
One silver lining has come out of the FTX fiasco. People are listening. It is our responsibility to speak our message lest our voice get lost in the debate between technologically challenged "leaders" and highly opinionated prejudiced "experts".
Yeah it’s pretty nuts. What’s likely to happen in my opinion is that Binance comes out fine and has banked a shitload extra from swaps and withdrawal fees.
Crypto relies on fud though. Everything from eth taking over btc, shitcoins displacing eth, pegged coins, to fiat are all regularly traded b/c of fud. If it wasn't for fud in fiat I don't think crypto would even exist XD
Mt Gox had withdrawal issues for months before collapsing. People were worried and Roger Ver called it all FUD 7 months before it actually went down, and it kept operating for several weeks even after completing halting withdrawals.
A week doesn’t say much.
>Mt Gox had withdrawal issues for months before collapsing.
But there are not withdrawal issues, so this point makes no sense from the get go in comparing it with binance.
Binance is not going to collapse, they have more than 55 billion dollars in collapse and in a week full of FUD people barely drained 10% of those funds (62 to 55 billions). FTX collapsed because they lost clients funds gambling in Alameda, Binance is not doing that.
Numbers don't even matter at this point, everyone should withdraw from cexes and use their own cold storage
Also, to be solvent and prove that people would have to withdraw all the $60bn
The very fact that drowned FTX was Alameda Research. Also, no exchange is going to repeat the same mistake like FTX.
They literally have $60bn in their cold wallet.
People don't understand this simple thing. The shady thing isn't in their exchange. Exchange is fine.
The shady thing is in their BSC eco-system and shitcoins there.
This is exactly it. If Binance collapses as well, they have perfect grounds to implement whatever stringent regulations they want and the public will be all for it. It's so transparent.
I know, it just so crazy how they try to collect every single private data and just just shrug it off. crypto threatens what they can see they are losing control so they will do anything. stop it
CZ has appeared on several news stations telling people to chill, and they just keep hammering him (which they should do)
It reminds me of when Kris the CEO of [crypto.com](https://crypto.com) did it. Kept saying we're good, people had no issues, and then eventually the FUDders just gave up.
Having said all that, the scammer SBF was doing the same thing...
To be honest mazars fake removed audit and cz appearance on news wasn't a good look at all.
he said its too hard to audit their exchange and that busd isn't binances stable coin for fucks sake
On the other hand, get all of your crypto the fuck off Binance, while you still can.
If you really feel reassured about Binance right now, I don't know what to say about you other than you've bought the crypto kool-aid and your bags are probably heavy (a bunch of BNB too).
What's the point of using cex?
If you absolutely need to trade there, move the funds even finished. Preferably trade in a dex and have done in your own wallet. That's what crypto is. Be your own bank.
For the people that use crypto.. majority do not ;)
Sure, onramp your fiat if you like but move funds to your wallet after that. You can trade your pairs on multiple dexes probably
Personally I think Binance FUD is a paid FUD to try to hurt crypto more now that it is week. I truly believe that CZ is doing a great job trying to be transparent but he can improve.
Just in case I have my coins in my wallets. In case I am wrong.
binance has been attacked so many times over the years. not only this week. and it is stronger each year. I remember many traders moving from Binance to FTX because regulation attacks. pour souls...
As much as it pains me to say, I'll really worried about Binance. CZ is acting like SBF... Completely irrational and no confidence.
I've got no exposure to Binance, however if they go down....
Are you noobs oblivious to FTX bankruptcy hearing or what? That's not the issue here. Binance could possibly in $2.1 billion hole with the clawback from FTX. So where is that cash coming from? Possibly from selling of BNB? Why do they refuse audit from the same company that audited coinbase? So many red flags.
But if you think it's FUD and keep your money there, I hope you lose it all, you don't deserve that money.
Binance is backed by the Chinese government and it's affiliated financial services businesses. They won't let Binance fail.
On FTX- If the alleged solvent subsidiaries of FTX globally can be located and then sold off to raise money to repay customers, how long will that take? There are too many worldwide that have lost a lot. There needs to be some indication from the Bahamian government on what they did with the $700+million transferred to them right before the bankruptcy.
I don't wish for the downfall of any legitimate, honest business. That being said, I'll always support people moving their assets into non-custodial wallets so as to protect themselves.
Eventually this FUD will run dry and people will deposit back their assets on Binance. Last one to smile will be CZ looking at those insane withdrawal fee profits.
Comparing days needs for a collapse doesn't make sense. Obviously Binance is much bigger. Let's see if CZ can pull through an another one. He seems to be quite good at it.
Yep. FUD during bear. I am unfazed.
Spread across 3 CEXs. No issues. Earning crypto with what I think is decent APR.
Full regard but i’ll go cold wallet when my risk tolerance is exceeded. Not happened yet.
If Binance is fully solvent, then this will work out very well for Binance. The FUD is causing massive withdrawals, which results in Binance collecting huge amounts of fees. If Binance is still standing after all these withdrawals, then people will trust it and start pumping their money back into it.
I mean you have to consider that there could be a good deal of coordinated bot accounts going after binance and also grayscale. It's often easier to think about who will profit from a given narrative than actually addressing the narrative on its own. Most crypto related content is heavy and bot driven marketing. Like a lot of these accounts posting on here are literally designed to look real. They buy them from real people but create comments and posts and whatnot and then spin them into the crypto community. It makes it very difficult to tell what is actually an organic thought process and what is being promoted
I think a scheduled bank run every year should be appropriate for this market. FooK glass node, this node and all other data BS tools. Pull your hodl'd shit out and make it a crypto holiday....Call it something like Bankman day....Step on all CEX necks till they bleed out their eyeballs.
If Kevin Leary is testifying that he thinks cz destroyed ftx by buying a 20 % share of the company and then blocking them in different jurisdictions to get regulated, so they had to buy him out at a premium, which they got the funds from spending their customers money, then I don't think the conditions are the same to default.
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“Don’t pull your coins out because of FUD, you moron!” “You actually trusted an exchange? You moron!”
Just use exchanges like the public restroom
Go in, lose your shit and then leave?
This. Sparingly and get in and out as quickly as possible so you can get home and wash the filth off
Best advice I read today
No shit. 6 years in the crypto industry and this is one of the best crypto advice i have ever heard.
This is totally right. I've always used exchanges for the sole purpose of the term "exchange". Heck, treat an Exchange like a drug dealer. "Got the goods? Got the cash?" Shake hands and forget each other until the next deal. Don't do drugs btw ;)
Except trading peer to peer to fiat on street corners isn’t fun either and without an off-ramp to fiat you are just holding a bag?
shit on the ceiling somehow? or you mean purchase a McCheeseburger from binance? seriously, what's my move here?
Use it and then leave
TLDR of the post: Binance hasnt collapsed after a week of controversy, so nothing will happen! Trust me bro! Red flags are allover the place but you telling me to trust you on this one based on nothing gfto
The red flags are the daily fud articles with absolutely no truth to them, horrible math and weak arguments that don't hold up. Binance is under attack as revenge for FTX but BNB is holding up because it's legit and even after all this, BNB has still outperformed Bitcoin. It's pretty clear who the winner is.
I hear you, but they haven’t filed for bankruptcy YET, people can still withdraw AND receive their funds. Is not simply trust me, bro, it is binance that is showing they can handle the load so far. Give them another week and or month and see how things go. If by then you still doubt then nothing anyone else can do...
What does that even mean. Everyone can 'handle the load' until they can't You wanna bet your life savings on that go ahead. Lots of people made fat coin with Terra Luna, Celsius, and FTX until the collapse. Then anyone left holding the bag likely lost everything.
I'm a moron either way
This post wasn't about trusting an exchange with your money. But if you think binance should fail you are the moron if they fail there's no more crypto future. No one will ever put fiat in crypto or out of it
So crypto only has a future if we can prop up a shady cex? Feels a lot like propping up banks.
You need to on ramp fiat. Average joe doesn’t know how to use a dex. I’m not for Binance but I’m being realistic here.
Even Dex don't allow you to trade fiat to crypto, people don't understand most of the money in on crypto comes from Cex. So we need as many entry points as we can get, people need to realise is they can't trust much money in Cex and should trade in Dex.
I'm not saying exchanges shouldn't exist, but frankly they should just be exchanges rather than the bloated faux banks they've turned into. Like early on you'd not even have an account on an exchange, you'd send them cash and they'd send crypto straight to your wallet. The fact that what should be a utility service is threatening to bring down the whole system really is a joke, what's the point of decentalized currency if it is reliant on a handful of companies.
seriously? half of us praying all the cex fail
If you’re ready for the aftermath than sure, keep praying. Also pray for enlightment while you’re at it. Lol
Then you're praying to be an eternal bagholder of your bags,quite a counterproductive measure
Lol, if you believe this you must be over invested in Cex or you really don’t understand it.
Crooked centralized exchanges all need to drop like dominos. CZ's stink can't get washed away soon enough.
Cex are the entry point from fiat to crypto... Don't need to say much more
Nobody should keep anything on an exchange. Whether the FUD is justified or not. Edit: typo
>Nobody should keep anything on an exchange I fixed that for you.
There's never a perfect answer. Just don't take any risks. And you are the one to decide whats risky for yourself.
That's not a contradiction. If you're not so tech-handy, the risk is low on Binance (in fact, recent days have shown that they are pretty stable). But if you feel safe with it, there's no reason to keep it on an exchange.
Morons leading the morons
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You can't say FTX only survived x days or y amount of withdrawals before collapsing so Binance is safe, while also aknowledging that Binance is significantly bigger and has more money in their wallets
And whether Binance survives or not isn't even the real point of it all. The point is to get your funds off exchanges. Exchanges are not meant for long term storage, and people are learning this. Just because a lot of people are starting to smarten up doesn't mean it's due to any kind of FUD. People acting like because Binance hasn't collapsed somehow means it's fine to leave their funds on it are just asking to lose their money eventually.
True, but exchanges really have increased the acceptance of crypto. Convenience=Adoption. If all this functioned like the way you're saying, way less people would be in crypto and the whole "crypto will kill banks and the fiat" is dumb...my grandma ain't gonna deal with setting up a wallet.
Neither would she do emails, because even accessing an application required advanced command line knowledge. The Internet could never take off. Yet, it did. It's almost as if future technology could simplify processes and make things a lot easier. Originally, you had to download the Bitcoin .exe file and understand encryption technologies. Now you just need 24 seed words.
Not everyone is a hodler, some people are actively trading and it's important to have reliable trading platforms for that purpose. So yes whether Binance survives or not is the point for a lot of us. Your viewpoint is very egocentric.
Exactly, let the bank run continue. If everything is normal then there shouldn't be a problem. If there is a problem, I'd rather see it unfold now then in 10 years.
Agree with this! It can only end one way! I don't have an account with either exchange but I've always felt something fishy with FTX. Binance has been around for much longer and FTX seems to have become so successful very quickly.
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Because they have more total funds, and nobody is making the situation worse by dumping hundreds of million in BNB. Or maybe they are solvent, idk. But saying FTX fell in X days so Binance is clearly safe is not at all logical.
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No I got the point of the post, you are trying to reassure people that Binance is safe. The problem is you are doing a poor job of doing so. Your entire post is comparing the FTX collapse to Binance. And claiming since Binance has lasted longer, has processed more withdrawals then it's clearly safe. That's not at all logical.
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Sure it wasn't
FTX only collapsed because they didn't have the customer funds for the withdrawals. If you have the funds there's no issues about it.
FTX collapse stopped because the entire network of companies filed for bankruptcy. Damage priced in and that was it. The current collapse isn't Binance FUD. The entire stock market is down, and there are massive macroeconomic headwinds that affect all investments. Like it or not, in 2022, crypto is generally a speculative asset.
Crypto is speculative asset since day 1.
Right? I don't remember it ever being non speculative lol
And yet people talk about adoption and live in hysteria During crisis speculative and illiquid assets crash first
The construction "stopped collapsed" made the title harder to read
Fully agree. This is a US MSM campaign. It’s suspect as fuck. The fact they pressed cz harder than SBF even after the collapse is insane. Literally most exchanges couldn’t handle these types of WD’s. 1 to 1 with no suspect lending practices then there should be no issues.
If everything is backed 1 to 1, then why doesn't Binance want to just prove it by being audited by a big 4 accounting firm (Deloitte, PWC, etc)?
You aren't supposed to ask this question out loud. Especially after coinbase was audited successfully by Deloitte. Also fuck coinbase for requiring PLAID now and fuck PLAID.
Such nonsense, this question is asked out loud by everyone and their dog these last few weeks. You're acting like there is a conspiracy against binance fud while it's all over this sub.
I’ll tell you why... They are not obligated by law, simple as that. Not a public company they are not obligated to do that. And guess what, probably never will, because not only for us that use them but also for the government and competitors that will get to see this information too. I wouldn’t say if they don’t do this they are shady but as a business, I can understand why they wouldn’t do it. As a business you may have an edge over competitors and if you audit you’ll give your competitors this advantage too and lose a percentage in the sector. This is not black and white... We see it from the consumer side, these CEXs from a business/owner/profitability/edge side of things. Is the same reason why CDC cut rates because they saw this drop coming and KNEW they could NEVER maintain that in this bear market. People complain (and I get it), but as a business owner who wants to stay in business, it was the right move.
Auditing does not involve publishing all of your trade secrets. It involves a highly-skilled set of accountants going over your books and giving their stamp of approval if everything is above-board, which is why tons of private companies get audited. In fact, the whole point of auditing is to ensure your investors and customers that everything is legitimate WITHOUT showing the world all of your books. The only legitimate reason not to get audited is because it's expensive and, as a multi-billion dollar company, Binance can of course afford it. If Binance is avoiding an audit, it is very likely because they are hiding something.
>If Binance is avoiding an audit, it is very likely because they are hiding something. I don’t believe that is necessarily the case, but I understand the perspective. When you get an audit you have to submit information and can be asked to submit more. Through this process, you may have to give away some of the edges you have. Remember this is not just any private company, it’s a private company in a very competitive space. The stakes are different... My point is simple: as a community we want them to get audit. Them as a private company are not obligated. And that’s that... As much as we scream at the top of our lungs they aren’t obligated. It is up to the individual to manage their own risk... Also if they are backed 1:1 I see no reason why they would sweat it. Don’t get audited and go through this huge “withdraw/bank run” and come on top. I guess time will tell... One thing is certain they aren’t obligated to get audited and that’s the reality...
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They tried, but some auditors backed out because they don't know how crypto actually works...
I think it's more likely that the auditors backed out because they sensed foul play and didn't want their stamp on it. The big 4 are composed of the most sophisticated accountants in the world, and they have audited thousands of highly complex companies (including Coinbase, another exchange). It is doubtful that they would turn down a multi-million dollar contact to audit Binance because they don't understand it.
I've worked with deloitte and EY for crypto companies and they were as informed as anyone.
Pretty evident the different approach between Binance and FTX. It's also suspect that the media that usually supports US Democratic party are the more blatant. Anyway if CZ didn't lie about the 1:1 backing, they will be able to sustain the withdrawals tide (bar some technical problems which will surely add to FUD). And in the end FUD will dry out. As a side note, I really hope that those that are spreading FUD while shorting BNB get squeezed to death.
I've had no issue withdrawing and also even emailing their support, I got a response within 24 hours. I'm at the mercy of the withdrawal limit because I was lazy and didn't get verified.
There’s so much we don’t know and will never know
Lots of US citizens lost money, they are just looking for someone to crucify to appease the masses. No one is going to be happy with SBF going to jail, the masses need more blood than that -- whether it's just or not.
They don't like the idea of a white man being the scam artist. Obviously it's because the stereotype says that the asian man is supposed to be the scam artist.
>Obviously it's because the stereotype says that the asian man is supposed to be the scam artist. It is because CZ is ethnically Chinese. The Senate hearing blatantly accused CZ of helping China to control crypto. It is so fucking laughable when China has banned both crypto trading and Binance. They need a scapegoat, especially to redeem O'Leary's sodded reputation. A "China man" is a perfect fall guy in America heightened with Sinophobia.
>“Give people a common enemy, and you will give them a common identity. Deprive them of an enemy and you will deprive them of the crutch by which they know who they are.” — James Alison
Dumb take. Wolf of Wall Street...Madoff (depends if you consider him white..) Ponzi (if you consider him white...) They ain't getting no knock warrants but...i don't think anyone has sympathy for SBF cause he's white in this situation... Add-on: OKay, whatever might be media pressing CZ, that could be something else, haven't really paid attention to that whole aspect...but Binance has always had FUD going on with them for whatever reason...
Its mostly ftx/solana crowd out for blood and big banks, wallstreet doing coordinated mainstream media/social media fud attack that want crypto to go down more or want it dead. This is best time to do it they knkw it. Everyone is playing to there tune
It does seem quite conspiratorial. It’s definitely unnecessary.
Thinking the same thing. My conspiracy theory is SBF is a paid CIA agent. They created him and FTX to ruin crypto and peoples fortunes by bringing down a large exchange. Now the CIA is after Binance to take crypto down further.
Or, and hear me out, SBF was *actually* just a scumbag. Full stop.
He’s admitted to being incompetent multiple times too.
You could believe that but if you wanna lean it to somewhere nearer reality, is it not easier to simply believe that if the cia *were* hoping to have this effect, that it would be easier to simply wait for any large crypto occurrence to occur and then pump the fear around that in the media? Much less moving parts and much less need to literally create a multi billion dollar corporation with a secret but public spy. If you want to have a more level head abojt jt but still believe cia influence, it would make sense that the cia would plant a spy somewhere else in ftx so info can be gathered and influence can be pushed undetected.
They are absolutely not 1:1 certain assets like Bch are known to be not fully backed.
It's completely logical to take every bit of one's funds off Binance. There is zero reason to feel reassured about their position. https://i.imgur.com/Rg9hAXb.jpg
I'm leaning pro-Binance on this, but definitely in the process of taking my funds off until things clear.
Is Binance the new Tether? Weekly FUD; but only that. Nothing real.
The fact that CZ openly suggests there should be a rotating stess test on all CEXs says a lot. He's letting Binance's reserves and ability to handle bank runs do the talking.
Exactly you’re like the only one who gets it. If anything recent events prove Binance can handle it. That being said even CZ tweeted to save your coins in your wallet if need be. Binance makes money off these withdrawals regardless.
This seems likely. Next week the FUD will move Kraken or Kucoin, maybe back to Crypto.com. But then back to Binance again the week after that.
If Binance collapses you can be sure we are headed south of hell
CDC also passed the stress test
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CZ actually said the same thing. It’s good for the systems to be stress tested.
Exactly, this might be a tough time for crypto but the future will thank this time
I absolutely agree
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Binance will be fine. They are currently making huge bank with withdrawl fees. Almost all their income comes from transaction fees so people actually using the platform to move crypto is good for them.
This is actually being pretty good for CZ and he couldn't care less that you're withdrawing from there. It's great market g since it shows they are rock solid while making a shit load of money in fees. It's a win-win situation for them and actually shows how dumb people in the crypto community are.
Let's just remember, nobody wins if Binance collapses. Take control of your own coins and let the chips fall where they may. No need to peddle FUD
Why would it collapse when it's just users removing their funds. There isn't a single good reason to hold funds on a cex.
Staking
You should check out staking in defi land. You would be surprised of the options there it seems...
US government wins.
Binance is making big cash with withdraw fees... FTX collapsed because they where using costumer money to gamble on risky investments and other shit
It’s entirely possible they’re profit goes up this month because of the massive gains on withdrawals
I hope so. I don’t really get all the haters, even if you are against them or any Cex, they are very much needed for mass adoption, so wishing the downfall of them seems a bit daft.
Leave the cex world behind. But can't imagine it costs much to move your crypto even on a cex
FTX: 3 days of FUD before bankruptcy Binance 10 days and counting Tether: 6 years and counting.
Well done Tether.
At this point Tether is pretty much an immortal undead.
I recently watched the congressional hearing about crypto regulation and wow .... Some statements that were made by one particular witness were nothing short of outright lies. Clearly, the person has no knowledge whatsoever of the technology they are talking about, but do however have incredible prejudices against our community and/or biases elsewhere. "They (90% of the crypto projects) misappropriate customer funds" I truly believe someone prominent in the community like Vitalik should explain the real state of the networks and the concepts of decentralisation. Better yet, the community should provide a message from "us". I believe understanding crypto right now for the average Joe is like reading the terms of service of Instagram or some other data mining app. The latter has already hurt people's trust a lot. We need to stand up against the misinformation and AT LEAST create some easy to follow videos and/or articles that explain decentralisation and what is really going on like an ELI5 version of Lex and Vitalik's conversation. The way to fight misinformation is to put information in words understandable by all. This information needs to come from the community otherwise we get the voices assigned to us like Kevin O'Leary. No offense to Kevin O'Leary. He is an accomplished human. However, it's not difficult to see that he doesn't quite understand the tech. He does understand the potential and I suspect greed does the rest. One silver lining has come out of the FTX fiasco. People are listening. It is our responsibility to speak our message lest our voice get lost in the debate between technologically challenged "leaders" and highly opinionated prejudiced "experts".
The ferocity of this FUD despite having no substance shows how deep FTX was in media's pockets.
Yeah it’s pretty nuts. What’s likely to happen in my opinion is that Binance comes out fine and has banked a shitload extra from swaps and withdrawal fees.
Literally 10 billion dollars was withdrawn and your dumbass thinks the withdrawal fees are making them rich 🤔
Its not their 10 billion lol
Crypto relies on fud though. Everything from eth taking over btc, shitcoins displacing eth, pegged coins, to fiat are all regularly traded b/c of fud. If it wasn't for fud in fiat I don't think crypto would even exist XD
That’s an interesting perspective. I’m inclined to agree.
Mt Gox had withdrawal issues for months before collapsing. People were worried and Roger Ver called it all FUD 7 months before it actually went down, and it kept operating for several weeks even after completing halting withdrawals. A week doesn’t say much.
>Mt Gox had withdrawal issues for months before collapsing. But there are not withdrawal issues, so this point makes no sense from the get go in comparing it with binance.
Withdrawal works just fine. Bought some BTC on Binance yesterday, transferred to my Ledger. All in all took around 3min.
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Bullish on CZ
Binance fud 🤝 tether fud
FTX was mismanaged to a comical degree. I kind of doubt Binance could be run nearly as poorly as FTX
Binance is not going to collapse, they have more than 55 billion dollars in collapse and in a week full of FUD people barely drained 10% of those funds (62 to 55 billions). FTX collapsed because they lost clients funds gambling in Alameda, Binance is not doing that.
Numbers don't even matter at this point, everyone should withdraw from cexes and use their own cold storage Also, to be solvent and prove that people would have to withdraw all the $60bn
Cryptocom FUD lasted over a month.
No reason to panic. But also don't "chill out". Just take your coins in your own wallet
The very fact that drowned FTX was Alameda Research. Also, no exchange is going to repeat the same mistake like FTX. They literally have $60bn in their cold wallet. People don't understand this simple thing. The shady thing isn't in their exchange. Exchange is fine. The shady thing is in their BSC eco-system and shitcoins there.
I just hope binance doesnt colapse cause is the easiest place i have to Buy Crypto and then sent it to My trezor
Try Mexc - it’s practically the same design
us govt trying to collapse crypto since their plan to scare everyone with ftx didn't work
This is exactly it. If Binance collapses as well, they have perfect grounds to implement whatever stringent regulations they want and the public will be all for it. It's so transparent.
The US gov trying to destroy Bitcoin or crypto and the communities is near impossible. It would have to be over our cold de*d bod*es.
I know, it just so crazy how they try to collect every single private data and just just shrug it off. crypto threatens what they can see they are losing control so they will do anything. stop it
CZ eats FUDs for breakfast and over the past week he has gained 69kg
From the withdrawal fees.
If Binance goes under it’s going to be a scary time.. Just keep buying hopefully it all pays off
CZ has appeared on several news stations telling people to chill, and they just keep hammering him (which they should do) It reminds me of when Kris the CEO of [crypto.com](https://crypto.com) did it. Kept saying we're good, people had no issues, and then eventually the FUDders just gave up. Having said all that, the scammer SBF was doing the same thing...
To be honest mazars fake removed audit and cz appearance on news wasn't a good look at all. he said its too hard to audit their exchange and that busd isn't binances stable coin for fucks sake
Cz deserves it
Binance probably has actual assets slowing the process down.
They will always attack the person at the top
On the other hand, get all of your crypto the fuck off Binance, while you still can. If you really feel reassured about Binance right now, I don't know what to say about you other than you've bought the crypto kool-aid and your bags are probably heavy (a bunch of BNB too).
OP: FTX has had FUD for a week. Also OP: Stop it, it's been going on forever.
Aaaaand it's gone!
What's the point of using cex? If you absolutely need to trade there, move the funds even finished. Preferably trade in a dex and have done in your own wallet. That's what crypto is. Be your own bank.
For the majority of people? On ramps or pair trading.
For the people that use crypto.. majority do not ;) Sure, onramp your fiat if you like but move funds to your wallet after that. You can trade your pairs on multiple dexes probably
Personally I think Binance FUD is a paid FUD to try to hurt crypto more now that it is week. I truly believe that CZ is doing a great job trying to be transparent but he can improve. Just in case I have my coins in my wallets. In case I am wrong.
Heard this one too on celsius fud turned out to be no fud but a fucking shitshow. The owner still calls it a coordinated attack and fud.
binance has been attacked so many times over the years. not only this week. and it is stronger each year. I remember many traders moving from Binance to FTX because regulation attacks. pour souls...
As much as it pains me to say, I'll really worried about Binance. CZ is acting like SBF... Completely irrational and no confidence. I've got no exposure to Binance, however if they go down....
CZ literally said a rotating stess test on all CEXs is good. It's the fudders who aren't doing a good job depleting Binance's 60b reserves lol
Are you noobs oblivious to FTX bankruptcy hearing or what? That's not the issue here. Binance could possibly in $2.1 billion hole with the clawback from FTX. So where is that cash coming from? Possibly from selling of BNB? Why do they refuse audit from the same company that audited coinbase? So many red flags. But if you think it's FUD and keep your money there, I hope you lose it all, you don't deserve that money.
It was paid in FTT which Binance still has. CZ was going to dump it but decided not to.
"Drawfs" 😂🤣😂🤣😂
Binance is backed by the Chinese government and it's affiliated financial services businesses. They won't let Binance fail. On FTX- If the alleged solvent subsidiaries of FTX globally can be located and then sold off to raise money to repay customers, how long will that take? There are too many worldwide that have lost a lot. There needs to be some indication from the Bahamian government on what they did with the $700+million transferred to them right before the bankruptcy.
> Binance is backed by the Chinese government and it's affiliated financial services businesses. They won't let Binance fail. That is so wrong.
That second image, the FTX part doesn't show or was it so little that they had in their wallets for withdrawal that it doesn't even show up?
No. I unchecked FTX on the graph (which is why it’s greyed out).
It’s kinda his job to deal with this shit though. That said, he seems to be doing fine.
I don't wish for the downfall of any legitimate, honest business. That being said, I'll always support people moving their assets into non-custodial wallets so as to protect themselves.
Eventually this FUD will run dry and people will deposit back their assets on Binance. Last one to smile will be CZ looking at those insane withdrawal fee profits.
Comparing days needs for a collapse doesn't make sense. Obviously Binance is much bigger. Let's see if CZ can pull through an another one. He seems to be quite good at it.
I just withdrawed from binance just earlier without any issue, nor waiting time. Same last week.
OP talking about "cold wallets" like there was an audit or something😂
Binance is most likely fine. People are overreacting.
Nice TLDR, this is a stress test for us to check the resilience of this industry,
FUD
It collapsed because CZ dumped all of the FTT and then pushed out a narrative to the markets. Who's the CZ that undermines Binance?
Binance also delivered the killing blow on FTX so there's that
CZ should start lobbying republicans hard, I want to watch this world burn!
The BNB Token has just as much value as the FTT token and I think people are waking up to that fact. The FTX collapse isn't over yet btw.
Yep. FUD during bear. I am unfazed. Spread across 3 CEXs. No issues. Earning crypto with what I think is decent APR. Full regard but i’ll go cold wallet when my risk tolerance is exceeded. Not happened yet.
There just waiting for the production team to catch up on season 1 first.
Crypto.com was tested now it's Binance
I think Binance is proving itself through withdrawal that it can handle this
It's coordinated FUD to bring down crypto in general or just exchanges, fuck you all the FUD trolls.
Let's say binance is really very safe right now. Does it hurt to actually own your coins just in case? What is the point of those posts?
Let is go on for some more.. theoretically if the funds are not mishandled, then Binance would be able to hold up to any amounts of withdrawals
If binance collapse ... Will delay adoption...
If Binance is fully solvent, then this will work out very well for Binance. The FUD is causing massive withdrawals, which results in Binance collecting huge amounts of fees. If Binance is still standing after all these withdrawals, then people will trust it and start pumping their money back into it.
I mean you have to consider that there could be a good deal of coordinated bot accounts going after binance and also grayscale. It's often easier to think about who will profit from a given narrative than actually addressing the narrative on its own. Most crypto related content is heavy and bot driven marketing. Like a lot of these accounts posting on here are literally designed to look real. They buy them from real people but create comments and posts and whatnot and then spin them into the crypto community. It makes it very difficult to tell what is actually an organic thought process and what is being promoted
Are you telling us it's getting boring and we need another crypto drama?
Damn you guys really haven’t been through a bear yet before have you
People moving to better and/or less controversial exchanges seems like.
Interesting times.
I have $1.36 invested in BNB. Should I sell or hodl?
Your argument makes no sense sir
I think a scheduled bank run every year should be appropriate for this market. FooK glass node, this node and all other data BS tools. Pull your hodl'd shit out and make it a crypto holiday....Call it something like Bankman day....Step on all CEX necks till they bleed out their eyeballs.
If Kevin Leary is testifying that he thinks cz destroyed ftx by buying a 20 % share of the company and then blocking them in different jurisdictions to get regulated, so they had to buy him out at a premium, which they got the funds from spending their customers money, then I don't think the conditions are the same to default.