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I don't know about it, Binance has become a gold standard in crypto exchange business. Here on HN it was always about Coinbase likely because its an American co
by mrtksn 4y ago
I don't know about it, Binance has become a gold standard in crypto exchange business. Here on HN it was always about Coinbase likely because its an American company but for the rest of the world, it's all about Binance and the rest of the world is huge. How huge? About an order of magnitude to Coinbase.
If Binance goes, crypto isn't coming back.
- JumpCrisscross 4y ago> Binance has become a gold standard in crypto exchange business This was FTX and Alameda like a week ago.
- potatototoo99 4y agoNot really, FTX was barely in the top 10 for spot, though better in futures. Plus there are DEX and AMM.
- nu11ptr 4y agoFTX was #2 globally. Binance is #1. I'm not sure exactly what ranking mechanism is used to determine that, but that seems to be consensus from a variety of sources.
- Nathanba 4y agoI've never even heard of FTX and I've been in the crypto space for many years. Binance however was always near the top since it came out. There was one american exchange that used to be nr.1 but became irrelevant after they weren't allowed to serve non-americans anymore. I can't remember the name and it isn't in the top 300 anymore, maybe they had to shut down. EDIT: I just checked and FTX was only founded 3 years ago
- jjitz 4y agoI hate to gatekeep, but I find it pretty impossible that you are "in the crypto space" in any meaningful sense but somehow have not heard of FTX. That's like being "in the crypto space" but not knowing what Ethereum is.
- jcpham2 4y agoUnfortunately I can echo the crypto space sentiment for as long as such an expression can exist I’ve never touched Bitfinex/FTX/Binance or any exchange that allows options or leverage. I am a US citizen. Bitstamp Gemini or Coinbase are the only ones I’ll touch And I’m pissed off that coinbase removed the BTC/USDC trading pair because it had low volume Why will I not touch them? That’s a long story but I see history repeating itself - fractional reserve Bitcoin banks paying ponzi interest
- BLKNSLVR 4y agoHow about Kraken? They've weathered a few winters.
- jcpham2 4y agoKraken I trust but I've never used. For perspective, I've traded roughly a million dollars worth of BTC specifically. Most of that was as the knife was falling after the 2017/2018 ATH. DCA-ing since then, selloff at the top in 2021, pull my limit sell orders, let it crash. Doing it again now, kinda hard not to take advantage of deflationary 4-year super cycles
- Semaphor 4y agoNever heard of FTX either until this whole implosion happened. I’m certainly not super active in crypto, but it seems to me there are worlds between Binance and FTX.
- grey-area 4y agoBinance is also incredibly dodgy and will also collapse along with buttoned, tether and multiple other frauds in this space.
- FormerBandmate 4y agoFTX was actually based out of a headquarters and wasn’t on the run from governments.
- chrisco255 4y agoAnd all the while was actually committing fraud. Pays to pay to play.
- naveen99 4y agomtgox was bigger too. There are other reasons for a crypto winter like high interest rates and a newly credible us central bank. Rest of the world is not bigger when it comes to non residential real estate: private equity, venture, tech, finance.
- miohtama 4y agoMtGox had over 80% of volume during its peak. However there wasn’t really any competition. Bitstamp and handful of crap exchanges. Coinbase was an OTC frontend.
- funstuff007 4y agospeaking of mtgox, where's a good place to sell my MtG cards now?
- thom 4y agoSomewhat ironic that popular MtG podcast Limited Resources is sponsored by FTX (and popular card marketplace Channel Fireball).
- gpderetta 4y agoin Europe, cardmarket.com is very good.
- everforward 4y agoEurope is usually CardMarket. In the US TCGPlayer seems the most popular with CardKingdom behind them. I've used both TCGPlayer and CardKingdom on the buy side without issues, but you can also list cards for sale (no idea what the process is like). If you want to get maximum value in exchange for doing more legwork and probably assuming more risk, Ebay or Facebook groups.
- dogman144 4y agoCorrect until the last I think. Every exchange is looking international because they know what you’re saying too. If Binance goes, there’s a mix of enough international toeholds from regulated exchanges and enough defi to keep the markets live.
- themagician 4y agoAll exchanges suffer the same fate. There is just no reason for exchanges to be solvent. The industry is unregulated and there is too much money to be made. Binace will go. Coinbase will go. I believe "crypto" will always be around. It's an MLM for the digital age. It will always be nonsense. Bitcoin, however, I do believe is different.
- cwkoss 4y agoBinance does have significantly lower trading fees than coinbase - so while they do have about 8x the trade volume, it's not exactly an apples to apples comparison, because lower fees mean tighter spreads and more money bouncing around within the system per unit of (deposit -> withdrawal in different currency) So, I'm not sure "an order of magnitude larger" is necessarily an accurate description. Wouldn't say it's inaccurate either, but just missing some nuance.
- melenaboija 4y ago> If Binance goes, crypto isn't coming back Interesting statement for a decentralized asset
- mrtksn 4y agoWhat decentralised asset?
- melenaboija 4y agoSorry, crypto. I don’t know much about the topic and sometimes I get confused with the concepts crypto, currency, non fungible, token and I call it asset asset to generalize. So, what makes a crypto to be a crypto?
- mrtksn 4y agoThat's just the label, nothing decentralised is left. See, as it turns out, to trade you need to find people and people are found in central locations. Okay, there are still many exchanges but this is mostly incidental and it makes sense to end up with single exchange eventually.
- TheOtherHobbes 4y agoI'm enjoying the irony that practical crypto could not possibly be less like an decentralised peer-to-peer system for exchanging value if it tried to be. As you soon as someone creates an exchange - and especially as soon as they start packaging funds into absolutely any kind of financial instrument/service - they've effectively reinvented deregulated banking with no deposit protection and extra risk.
- ausudhz 4y agoand additionally who run these exchange has no economical background whatsoever. Like an ignorant trying to reinvent the wheel into a squared one and poaching it as a new invention. But is "decentralized"...
- bitxbitxbitcoin 4y agoIf Binance goes, cryptocurrency is certainly coming back. Also, cryptography isn’t going anywhere.
- ausudhz 4y agocryptography was not invented for cryptocurrency, I don't understand why it should go anywhere lol It has many applications far beyond cryptos lol
- bitxbitxbitcoin 4y agoI was lamenting that crypto means cryptocurrency instead of cryptography now.