Memphis

Wanting Binance to collapse is a fucking ridiculous position to take if you actually care about this industry. Criticise the security failure. Demand answers. Expect customers to be made whole. Binance should be held accountable for what happened. But actively hoping the exchange goes under? What exactly do you think you’re wishing for? People are already uncomfortable after a 13% correction. Imagine being unable to withdraw your funds and not knowing when, or how much, you’ll get back. Have we already forgotten what happened when FTX collapsed? Are we really that short-sighted? Withdrawals stopped, customers were left with claims in bankruptcy, and the damage spread to other businesses. Given Binance’s scale, a collapse would be even more damaging than FTX. Other firms could have funds exposed. Customers elsewhere would start questioning their own platforms. Money that might have entered the industry could decide it wants nothing to do with it. You don’t need to like Binance to understand how damaging that would be. It’s easy to cheer for a company to fail when you dislike its executives and the consequences are somebody else’s problem. Much harder when you think about the person refreshing a withdrawal page, wondering whether they’ll get their savings back. I want answers, better security and customers protected. I don’t need ordinary people to get hurt just so someone can post that they were right about an exchange.