ASK LEO: What Will Be The Fate Of Cryptocurrency If Binance Or Tether Ever Collapses?

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Given everything that has been going on with FTX, it is easy to understand why some people are concerned about Binance. I mean not many of us expected all that happened to FTX.

It appears that even renowned cryptocurrency investors have voiced their worries. One of them is Billy Markus, also known as Shibetoshi Nakamoto and a co-creator of Dogecoin.

He has voiced his concerns and believes that the entire cryptocurrency industry might suffer if something bad happens to Binance or Tether.

Shibetoshi thinks that if Binance or Tether ever experiences the same fate as FTX, cryptocurrencies will likely not survive.
Surprisingly, this opinion is not just held by Shibetoshi.

it’s good that more of y’all are finally figuring out what this whole thing is and how the centralized stuff is a big ol’ weakness, but also, it was like this when ya bought too
— Shibetoshi Nakamoto
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Surprisingly, not only Shibetoshi shares this view. Even Jack Dorsey of Twitter seems to also share his opinion.

Again, it's not difficult to see why someone may hold such views about crypto and Binance, given that any little disruption appears to have an impact on market patterns.

But if you agree with me, Bitcoin is one resilient currency. Despite trading in the red over and over again, yet it's still very much in existence.

The largest cryptocurrency platform – Binance – assured its balance sheet is stable and even topped up its Secure Asset Fund for Users (SAFU) to $1 billion to protect customers in case of emergency.
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“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify,” CEO Zhao stated.
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As much as I would love to throw more light on the subject matter, this is pretty much all I have. So, please tell me, do you agree with Shibetoshi Nakamoto?

Posted Using LeoFinance Beta



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1 comments
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I see the point here, but cryptocurrencies existed even before exchanges so they will exist even after them. We do not need all of these platforms, we just need gateways.

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