Quote from: poldanmig on December 05, 2022, 08:47:42 PM

Quote from: coupable on December 05, 2022, 06:21:57 PM

I still doubt that this will be the last lesson or that what happened to the ftx platform is the worst that can happen. The ftx platform has a huge user base that trusts its centralized power, so its fall was resounding. It is the same way users are currently using the Binance platform. The most important lesson to be learned from what happened with the ftx platform is that no platform is too big to fail. Every strength has weaknesses and every system has loopholes.

I do not agree to attribute the statement to the binance platform because FTX was established in 2019 and last few years they are popular on the list of top exchanges but not relevant for comparison with binance, I don't think any other exchange can guarantee to cover losses due to hacks and other cases, but binance has proven to recover users funds. But I am not on binance side but I still follow the best advice to store assets in personal wallet.

The example provided by the ftx platform was the best evidence of the fragility of the central system in this field when its spread expands and swells to levels that cannot be reconciled with proper control. The platform was going through a real crisis. It was possible to find a solution to it even through the major financial institutions that would have worked to save it from collapse, but Binance paid it the fatal stab by offering huge amounts of ftt for sale, which contributed to the price drop and the collapse of the currency, which led to a resounding collapse for the platform as a whole.