Credit to Joe Foot for his insight.
I know stuff is scary but remain calm and collected and analyze the facts.
Fact #1: Binance is not FTX. Not even close. FTX had an average daily volume of 3-4B with the ocasional peak of +10B during the bull run. Binance is over 10B and routinely broke +100B during the bull run. Their revenue is at least 5-7x that of FTX yet people pooled them in the same category. Insanity
Fact #2: it took only RUMORS and speculation to trigger a 5% bank run on FTX for them to shut down withdrawals and panic. For contrast Binance had 22% of assets removed a few months ago (from 71B to around 55B) and they didn't panic or even break a sweat. In fact got interviewed the same day and said people could withdraw 100% of their assets from Binance if needed. He is either an epic master bluffer or he sleeps well at night knowing funds are safu.
Fact #3: Binance grew faster than most companies in modern history. Occasionally those companies will move fast and break things and yes, even break the law such as Uber, Facebook, etc. in the case of Binance they grew without major VC and mostly using ICO funds. They have no bank debt or major stakeholders and for that, the system is shocked. Binance was cash flow positive from month 1 they opened operations and people just can't believe it. But in reality the ICO model has a lot of advantages over the traditional funding methods and again the system is shocked.
Fact #4: when regulators go after every major player in an industry, in 9/10 times the problem is not the industry, it's the regulations. There's gonna be a lot of discussion around what the future looks like and you can bet your bottom $$ it won't be as clean cut as people think it will be.
Fact #5: Binance has onboarded at least 25% of all crypto users. Some studies actually say close to 45%. Binance has done much to help the field and CZ never shied away from any criticism. He has only been candid in his interviews even when he was clearly frustrated with whatever FUD was being thrown at him. I've met many people in my life who were leaders. Some were shit, some were the stuff of legend. CZ is not shit and he shows all the telltale signs of a great leader. I'm sure he made mistakes (and he will pay for them most likely in $$$ and stress) but there's nothing here that can take down Binance.
I firmly believe they can withstand this storm of epic proportions and when they do just think how their reputation is gonna skyrocket
