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Do you really think Binance can go bankrupt?

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by COINS NEWS 129 Views

I see most people here saying "take your crypto off exchanges" which I completely agree because I'm all in for descentralization (I was against ETH's POS) and anonimity because I'm quite a cyberpunk in the sense that I don't want the goverment to mess with my shit.

Still I believe Binance cannot fail because it would just drag all crypto to the abyss. Right now 77% of all traded volume comes from Binance, and most crypto holdings are there. Thus if Binance fails to have adecuate reserves the price of crypto can drop A LOT. For instance Binance has a little over the % of traded volume/total volume than Mt.Gox had in 2014. When the leak of stolen BTC came out BTC lost 90% of it's value. That would mean that BTC would go to the 1.5-2k range if something similar happened.

Now IF that happens what would you think would happen with the price of all other altcoins? They would all basically die and lose 99% making your holdings basically worthless.

So in general I think that it's worth to take BTC and ETH from exchanges because they are the ones that will survive anything even if this bursts like the .com bubble. Altcoins are likely to die and are easier and safer on an exchange, specially if you have little money invested in them.

Pro tip: "cold" storage on the BSC is the same as keeping the money on Binance. Buy a cold wallet for God's sake

EDIT: it's not that Binance is too big to fail, the thing is that IF It fails most projects will become worthless

EDIT 2: My point is "why would you take 20 dollars out of many altcoins from Binance if when it fails they will be worth almost nothing"

submitted by /u/OddAd283
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