Binance has come under scrutiny. Apparently, people are no longer used to the days when exchanges would suffer external hacks. Any form of issue with centralized exchanges seems like a premeditated internal scam attack attempted to steal people's money.
In this video, I talked about why it'll be difficult to see the inessence of fud since trust is a huge issue in crypto due to the maliciousness of centralized exchange. It's now difficult for CZ to assure people that nothing is going on with binance, as it's majorly fear.
However, in the previous days, he's had it difficult to prove that binance had money in their reserves and this is because basically he's being scrutinized as SBF. In the future, every centralized exchange CEO will be treated as SBF and this is basically because of the precedents of FTX, while this is good for checks and balances, it also makes it difficult for trust which is an important phenomenon in Crypto to return.
We cannot question the importance of binance to Crypto, we cannot underestimate it, however, it'll easily come under scrutiny because of the latest events in crypto.
In this video, I talk about why this will always happen because money is at stake and the recent precedents in Crypto means people might always remain on edge about centralized exchanges for a very long time.
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▶️ 3Speak
Now seems like this FUD is injected in my veins and need to Get off Exchange 💱 ASAP.
Tho, I'm hearing from experience people in crypto that this Fud is what telling we are at Bottom.... That's where trust Issues come. We are not fully sure about things.
Will just stick to non custodial and accumulation.
Great to listen your thoughts and insights on this!
I don't even know where the bottom is anymore, but we've surely taken a mega beaten and we've seen some crazy dips. Well I'm hoping the whole situation would turn better. I'm accumulating too. Thanks for the comment.
Feels like the bottom is when all of our accounts are worthless. lol
Hopefully situation will turn better.. can't see more worse.
Until proven guilty, everyone looks as innocent as saints. You only know who is involved in shady shit when their scandal comes to light. As sad and unfortunate as the FTX SBF saga was, I like to think it was a blessing in disguise to prevent people from losing much much more.
Everyone keeping their money on centralized exchanges like Binance need to be scared if they have working brains.
I don’t think the collapse of Binance will be the end of crypto, but it will affect the market in so many ways. It would set back crypto adoption and and scare away even people that were almost getting familiarized with blockchain and crypto. If Binance were ever to fall, only the professionals would still be doing crypto.
Actually, binance was one of those few entities that actually masterminded the hostile takeover on the old chain. So, many of us here hates CZ and everything he stands for. So, he's not entirely clean, but then the Crypto world is relaying on the solidity of binance at this period of fudding, let it be that the dust will clear. The people who went under because he refused to acquire FTX are still salty, so.
Yeahh I read and have heard a lot about CZ’s assistance of Sun in the hostile takeover. What I’m a bit confused about is how Binance has a part to play in Hive’s price, because I’ve seen some people claim something like this.
I get that Binance is one of the biggest exchanges Hive trades on. But isn’t the Hive traded there brought by us and sold at prices we decide to sell at? If that’s the case, doesn’t that make us the dictators of Hive price then?
You're definitely right, I won't say binance isn't corrupt. I think in the grand scheme of things. They'll never be able to attain that much level of trust from most people anymore. Howbeit, we cannot deny it's crucial to the crypto space.
I wish we can have an independent market, to be sincere, every project independent of their projects and all.
Yup Binance killed our Steemit dreams and is still affecting the price of HIVE to this day, since they are the largest exchange that trades hive they dictate the price. The price of HIVE is under attack, possibly Binance and JS again with shady behind the scene deals to manipulate hive down because they are all sour that the price of STEEM is DEAD!