#AskLeo - What happens if Binance collapses?

alexvan in #hive-167922 • 2 years ago

Hi,

I have another #AksLeo post this week. #AskLeo was brought to us by @acesontop, give him a follow please.

It is a pressing question, that will probably will affect crypto massively, if it happens. The question is, what happens if Binance collapses?

This is a tough question, where I can't have an answer. As they introduced KYC, I've removed my funds from there, but, there is a but, I still have funds on the binance chain, which works anonymously.

Not so many, as I like to keep tokens in the wallet.

If Binance goes bust, there will be a big earthquake on the crypto market, that is for sure, with an ice coming in. States will try to regulate crypto to the max, and it might change in harsher conditions.

The crypto ice age will be for a few years, and a lot of people will lose interest at the start.
No worries, crypto will evolve, and even reward the ones who stay strong in harsh times, but it will be not an instant gratification, as it has happened in the past years. This wave of 20x in a few weeks, is history, we will need to get used to 10%, maybe.

Definitely I will remain in crypto, possibly less time investing, but stake stays here.

So, what happens if Binance collapses? How do you see it?

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#askleo #leo #posh #pob #vyb #ctp #archon #neoxian #leofinance

2 years ago in #hive-167922 by alexvan

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xplosive 2 years ago

So, what happens if Binance collapses? How do you see it?

I have a Binance account, but nowadays I am not using it, so it would not really affect me. Nowadays I use mostly Blocktrades and Coinbase. If Binance (or any other exchange) will collapse, then probably there will be one or more alternatives to it.

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phusionphil 2 years ago

CZ responded to the concerns about insolvency himself. I wouldn't worry, but I also dont use anything affiliated with China which is where binance came from.

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young-kedar 2 years ago

I see the ramifications extending far and wide, shaking the space to its core. There will be a huge vacuum in the space if Binances collapses. But it will pass and things will evolve and the vacuum would gradually be filled. Binance could also be the 'sacrificial lamb' that builds the narrative for a full scale crypto regulation.

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bil.prag 2 years ago

we will have to use cub to move hive around. 🤷‍♂

a lot of people tried last few weeks and are still trying to take it down. after 10-15 billions in withdrawals in a week and binance not really affected it will most probably not happen at the moment.

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acesontop 2 years ago

Thanks for constantly mentioning my name as "the father of #askleo". You don't have to. Keep your posts clean ;).

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alexvan 2 years ago

Well, you deserve it. Also it gives some SEO to your profile.

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