Re: CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong?
And yes I may be a Newbie on the forum and I admit that I have a lot to learn from OGs like you, but regardless that fact, i believe that no man is a monopoly of knowledge,
You must have misunderstood me as I never intended to look down on your knowledge, my response came as a response of you saying taking down Binance exchange is almost impossible. Most newbies think that way and that's what I meant. We have seen big and small exchange go down and that'll will always be the norm in the industry until we get rid of or reduced the power of centralized exchanges. At the peak of FTX exchange if they had asked if the exchange can collapse and seize to exist, many newbies would have said no because they had almost the same structural and financial strength as Binance exchange.
The newbies back then would had said FTX will be able to withstand any challenges that comes their way but the story today is different. All I'm saying is, don't put your bet on any centralized exchange as they don't have your best interest at heart. They're only here for profits and Binance is going too far by monopolized the industry and also taking the industry backwards instead of pushing it forward. This is a decentralized industry and it should be respected if you have the industry at heart and trying to do the best for the industry as they say.
Just because others didn't to it doesn't make them foolish, Cz is a greedy bastard and not different from the feds (they both are hungry for control). This is the start of his downfalls as I have always predicted. As for the bet, sorry I won't be placing a bet on something I know is inevitable. Binance will crash like other centralized exchange has, it mightn't be today, tomorrow or next but it'll happen and that's why even though you're using it for trading, don't make this mistake of using if as a place to store your Bitcoin. Your funds might be safe today but tomorrow the case might be different. No CEX is too big to crash. It mightn't even be this case that takes Binance exchange down but something is coming maybe a hack or other crimes they'll be found guilty of.
First of all, I'm not putting my bet or trying to defend Binance, my theory is coming from a neutral perspective. Whatever Binance is doing isn't any of my business. And I'm not trying to defend or side anyone. Once again my theory is coming from a neutral perspective. My argument is on the ground that Binance has the resources of withstanding the pressure of this particular disaster that has befell her. I'm not saying Binance isn't above crashing just like FTX. Yes FTX back then may have shared striking similarities with Binance and nobody believed it would go into bankruptcy and crash in 2022, I've looked into the case file of FTX as well and I can say that if Sam Bankman-Fried of FTX was charged for money Laundering and fined a few billion, then FTX would still business. But come on, A surge of customer withdrawals, due to concerns over the questionable financial valuation practice and unusually close relationship with Alameda, and loosing over $1Trillion would throw any solid company off balance and cause them to crash.
Again my claim is that, this whole money laundering scandal isn't enough to throw Binance into that ditch as FTX. Yes maybe some day Binance's time will come to go down, but this isn't that time because they have more than enough resources and facilities to make it out of this one. Again, I'm not saying this because I'm siding Binance or I'm trying to defend them. No, this is simple logic coming from a neutral perspective.
Call CZ a greedy bastard, I won't dispute that fact or argue it, they're all hungry for control and power, true. I totally agree with you on that one. And if there's another thing I'll agree with you, it's the fact that this is definitely not that scenario that will throw Binance into bankruptcy, (logically speaking) absolutely not. Maybe when that time comes, we'll all rejoice together
.