ASK LEO: Do You Agree With The Notion That Binance May Be Non-existent in 10 Years?
News reaching us from a Binance executive is that the probability of Binance being in existence in another ten years is very low. I started to roll my eyes until I paid attention to the valid reason he pointed out. According to Patrick Hillman, chief strategy officer of Binance, the cryptocurrency market is continuously evolving, and steadily gravitating towards crypto decentralized finance (DeFi). However, Binance is a centralized platform.
What Is Decentralized Finance (DeFi)?
Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. DeFi challenges this centralized financial system by empowering individuals with peer-to-peer digital exchanges.
DeFi eliminates the fees that banks and other financial companies charge for using their services. Individuals hold money in a secure digital wallet, can transfer funds in minutes, and anyone with an internet connection can use DeFi.
Source
Following the FTX saga, the crypto exchange platform is supposedly thriving and has continued to assure its users that all is well. Seeing how much ripple the FTX crash has caused in the cryptocurrency market, it’s not difficult to see why a lot of customers are unsettled.
In addition to stating that it has more than enough funds in its reserves, it is offering to contribute $2 billion to Web3's "industry recovery initiative."
Posted Using LeoFinance Beta
The current happening with FTX has woken a lot of people from the delusion that their funds are safe in exchanges. For some reason, many people still think even though Binance is a centralized exchange, it is not liable to collapse.
Not many people are well versed in Defi right now, but I think that’ll change in the near future, and when it does, the future of all centralized exchanges will be in question.
Dear @omosefe,
Your support for the current HiveSQL proposal (#138) is much appreciated but the proposal will expire soon!
May I ask you to review and support the new proposal so HiveSQL can stay free to use for the community?
You can support the new proposal (#247) on Peakd, Ecency, Hive.blog or using HiveSigner.
Thank you!
Dear @omosefe,
Your support for the current HiveBuzz proposal (#199) is much appreciated but the proposal will expire soon!
May we ask you to review and support the new proposal so our team can continue its work?
You can support the new proposal (#248) on Peakd, Ecency, Hive.blog or using HiveSigner.
Thank you!