Rooting for Binance to collapse is insane if you actually care about crypto.
Criticize the security breach. Demand answers. Make sure customers get made whole. Hold them accountable for what happened.
But actively hoping they go under? Think about what you're asking for.
People are already shaken after a 13% drop. Now imagine not being able to withdraw your funds and not knowing if or when you'll see them again.
Did we already forget what happened when FTX imploded? Are we really this short-sighted?
Withdrawals frozen. Customers stuck with bankruptcy claims. Contagion spreading to other platforms.
Given Binance's size, a collapse would be far worse than FTX. Other firms could have exposure. Customers on other platforms would panic. Capital that might've entered crypto would stay far away.
You don't have to like Binance to understand how destructive that would be.
It's easy to cheer for a company to fail when you don't like the executives and the fallout isn't your problem. Much harder when you think about the person refreshing their withdrawal page, wondering if they'll ever see their savings again.
I want answers, better security, and customers protected.
I don't need ordinary people to suffer just so someone can say they were right about an exchange.
Criticize the security breach. Demand answers. Make sure customers get made whole. Hold them accountable for what happened.
But actively hoping they go under? Think about what you're asking for.
People are already shaken after a 13% drop. Now imagine not being able to withdraw your funds and not knowing if or when you'll see them again.
Did we already forget what happened when FTX imploded? Are we really this short-sighted?
Withdrawals frozen. Customers stuck with bankruptcy claims. Contagion spreading to other platforms.
Given Binance's size, a collapse would be far worse than FTX. Other firms could have exposure. Customers on other platforms would panic. Capital that might've entered crypto would stay far away.
You don't have to like Binance to understand how destructive that would be.
It's easy to cheer for a company to fail when you don't like the executives and the fallout isn't your problem. Much harder when you think about the person refreshing their withdrawal page, wondering if they'll ever see their savings again.
I want answers, better security, and customers protected.
I don't need ordinary people to suffer just so someone can say they were right about an exchange.