307 sats \ 2 replies \ @orthzar 8 Nov 2022 \ on: CZ: "We signed a non-binding LOI, intending to fully acquire FTX" 🧵 bitcoin
It'd be quite humorous if this is how Binance goes down: by pouring money into the next major scamcoin company collapse, until Binance has nothing left.
BTW be prepared for BTC to dip as know-nothings get spooked. BTC dipped a little over the last 24 hours, but if Binance goes down we will see a bigger dip.
If binance collapsed it would be orders of magnitude worse than mnt gox.
Extremely unlikely. I dislike cexs as much as anyone here but Binance looks like it's here to stay.
The only way I see that changing is if all the shitcoins collapsed and Bitcoin dominance spiked to >90%. A bitcoin-only market is essentially an exchange killer, they don't get to make a dime on shitcoin casino gambling swaps.
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The only way I see that changing is if all the shitcoins collapsed
Indeed, and that will happen sooner than people expect. Unemployment is going to increase and many people are going to be forced to sell cryptocurrencies in order to pay their bills. Imagine choosing between having a cryptocurrency portfolio and having an apartment for another month.
Exchanges are not prepared for what is coming and, as you point out ("A bitcoin-only market is essentially an exchange killer"), they cannot be prepared for what's coming.
The only reason Bitcoin could survive such a crash is because has such a higher price than all other cryptocurrencies. It's like every cryptocurrency is standing on a ladder. When the market goes down, they all step several wrungs. Bitcoin has the tallest ladder by a wide margin.
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