TL;DR
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For the past few days, Binance has paused Bitcoin withdrawals from its platform to users’ private wallets (twice!).
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But much of the crypto community is used to using decentralized services, where a powerful single entity cannot stop them from transacting (even if they try).
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Which has resulted in all kinds of “I told you so” messages floating around the crypto community (the common speculation was that the platform was about to collapse).
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Which is a little skittish – Yes. But most people still have a bitter taste with FTX flavor in their mouth. (So some freak-outs are to be expected).
Full story
Selling products/services to the crypto community as a centralized entity is like trying to convince your grandmother that online shopping is safe.
There is very little trust – and the moment things go wrong, the mistrust is fueled and all sorts of “I told you so” are thrown around.
That’s because much of the crypto community is used to using decentralized services, where a powerful single entity cannot stop them from transacting (even if they try).
But centralized platforms can still provide certain services that their decentralized counterparts cannot.
Like, for example, trading your crypto in US dollars.
That’s where centralized exchanges like Coinbase and Binance come in.
The latter just gave the crypto community another reason to mistrust it. See, over the past few days, Binance has paused Bitcoin withdrawals from its platform to users’ private wallets (twice!).
Which resulted in all sorts of “I told you so”s floating around the crypto community (the common speculation was that the platform was about to collapse).
Which is a little skittish – Yes. But most people still have a bitter taste with FTX flavor in their mouth.
(So some freak-outs are to be expected).