Quote from: milewilda on Today at 08:29:06 PM

Quote from: Sophokles on Today at 07:09:50 PM

Quote from: Xal0lex on Today at 05:10:03 PM

Quote from: Sophokles on September 18, 2023, 06:47:53 PM

Quote from: Xal0lex on September 12, 2023, 06:31:07 PM

Everything will depend on what position Binance will occupy on the crypto market. If this exchange repeats the fate of FTX, then BNB can wait for something similar. I wouldn't consider such a long term investment as it's too risky to just hold BNB for 5 years. At the next bull sell early and then look at the situation, but the same behavior as in the case of holding bitcoin should not be applied to BNB.

Binance might fall, but that will not be like FTX. SEC can force them to wrap up their operations with Binance and operate outside of the USA. The only thing that can tear down Binance is a major hack. Binance offers most of the utilities of BNB, so if anything happens to Binance, BNB will face the consequences.

Everyone also thought that FTX would not be like MtGox, but it turned out to be a bit worse than the crowd expected. FTX not only went into debt, but was also hacked. There's no telling how shaky CZ's empire is. He may be telling us everything is fine, but in reality things are on a powder keg there. Huge projects can also go bankrupt and close down very lightning fast. Then they will pay investors their money for decades, like the infamous MtGox.

The situation for FTX was different. They have done insider trade with customer funds and taken massive losses; they have donated money in an election campaign with customer funds; they have used laxurious resorts; and they have done unnecessary expenses with customer funds... Binance hasn't done anything like this till now. If they do, we would know that from the SEC already.

Binance's reserve of funds is transparent and audited. It shows they have more than 100% of their customer funds, and it's not in their exchange token, BNB, like FTX has done. If they have to shut down their exchange, they will be able to return all of their customer funds. If their audit report doesn't lie, then they will not go bankrupt like FTX.

We could really see that transparency and we arent that blind that they are really that capable enough on paying up their users funds if ever there would be some bankrupt which they have called it SAFU funds.
This is the reason on why they do get that trust and confidence even more and this had been proven out on that previous problem that Binance did experience on which they do really be able to reimburse into those people who are affected which it did make out some bad impressions but it didnt last that long because Binance did really show that they are really that capable on paying it up. Comparing to FTX then those are solid
points that you had mentioned when it comes to spending on things plus that having transparency which it is the main reason on why Binance is really that still sitting on the top if we do speak about
the current exchange platforms that we do have today but i do agree on some points above that placement or ranking on next 5 years would really be still not an assurance about their dominance in the market,
we cant really be able to know on what are the things that could happen in the market in that time.

I can still remember an incident with Binance where one of their recently listed projects was hacked( I cannot remember that project name anymore), and they compensated all of their customers with that token and BUSD as well. It was a few years ago, and this really recoups their trust level.