If there is a major loss of funds at the world’s largest exchange, there will no doubt be a chilling effect on centralized and/or leveraged trading, and very likely a huge directional (outflow) of value from the ecosystem back into “safe” names. Of course, an orderly closure seems unlikely if the word “collapse” is at all applicable. At minimum I would expect some very high volatility following even an orderly closure of the exchange in which no one lost funds. Binance’s price feeds also act as inputs to other protocols and facilities. Those participants would either have to find other venues (granted there are many) or stop trading. As a major liquidity pool, the disappearance of binance would leave a vacuum. One major purpose of exchanges is for price discovery. Ask your mommy, daddy, or Santa Claus for a Ledger, a Trezor, or whatever hardware wallet you prefer, and have them place that sucker in your hand now as an early Christmas gift, so that you can secure your wealth properly, in your own custody as soon as possible. Your money is not safe on any exchange.Ĭhristmas is coming boys, gals, or whatever you identify as. Why is this so hard to comprehend? How much more money do you have to lose, or watch others lose before you get the concept? Your money is not safe on any exchange. Use the exchanges for what they are good at using them for, such as buying, selling, and trading, and then move your coins and tokens onto your preferred cold storage system. Gox way back in 2014, and then too many other cryptocurrency related companies to list here going bankrupt, or running away with folks's hard earned fiat, coins, and tokens why we are still even having this collective fear, doubt, and uncertainty about Binance, or insert the few remaining centralized cryptocurrency exchange here. I'm not too sure why after all that has happened since the fall of Mt. r/CryptoCurrencyMemes r/CryptoCurrency_Tech r/CryptoMarkets r/CryptoRecruiting r/Best_of_Crypto r/BitcoinMarkets r/BitcoinMining r/CryptoTrade r/Ethfinance r/EthTrader r/Jobs4Crypto r/Liberland r/NFT r/OpenBazaar r/GPUmining Mastering Ethereum (Open Source book) Exchanges IBM's ZeroToBlockchain (Free learning resources) See our Expanded Rules page for more detailsĬoinMarketCap (Cryptocurrency market cap info)ġ0k.pizza (Portfolio tracking.See our Expanded Rules page for more details about this rule.This includes "PM for referral", asking for referral codes or links, and linking to sites used solely for referral links. ![]()
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