Post
Topic
Board Economics
Re: FTX Drama and Global Empact
by
poldanmig
on 05/12/2022, 20:47:42 UTC
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.