Yesterday evening I made two transactions to Binance - the first arrived within minutes, the second one didn't. So I decided to go to bed and check again "tomorrow".
But this morning still nothing. And all the deposit and withdrawal buttons were disabled. Hm.
So I sent an email to support.
It was only after I hit SEND (and my first cup of coffee...) that it occurred to me to check Twitter and enter the hashtag #binance...
Sure enough, there were the big headlines: "$40m stolen from Binance!!!"
Thankfully, in between the headlines was also an announcement from Binance that none of us will be affected by this and the loss will be covered by them.
Phew! I didn't even have a chance to get worried :)
CZ, the CEO, also held a live AMA within a couple of hours after the announcement to answer questions of worried customers.
Situations like this build a company's reputation.
Mistakes, challenges and incidents will always happen - it's how you respond to them that matters. It's what you do afterwards - and how quickly - that defines your reputation and how your customers perceive you.
I have to say, Binance is doing very well in that regard. At least when it comes to being transparent and informing their customers of status updates.
Whether their customers will agree with the actions they'll take going forward, is another question (there's talk about a "rollback on the bitcoin network" - that doesn't sound OK to me at all.. )
Glad for now & learned a new word
I'm glad that my funds are safe and the only disadvantage I'm experiencing is that I can't buy the dip of some coins now (which is why I went to Binance in the first place yesterday).
I also finally learned what #SAFU means!
In short, it just means "safe". But the term is actually an abbreviation and stands for Binance's Secure Asset Fund for Users (SAFU), which was installed in 2018 specifically for emergency cases like the above.
"10% of all trading fees received go into this fund, to offer protection to our users and their funds in extreme cases."
As things go in the crypto world, the hashtag #safu was quickly turned into a new slang phrase and instead of saying "funds are safe", we now say "funds are #safu".
There you go. A new word to add to our crypto glossaries :)
About the author:
Anja Schuetz helps absolute beginners to become confident crypto investors. She also consults as a Customer Communication & Operations Manager for blockchain start-ups.
Anja offers a Free Bitcoin Beginner's Course when you sign up to her Conscious Crypto Museletter here: http://anjaschuetz.net and has also written a Beginner's Guide to Steemit
Lol just deposited some dash to trade within the following weeks. Thx murphy. Resteem. (I betted on they will try everything to not become Mt gox 2)
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And I deposited STEEM there... ;)
I have a good feeling about Binance. They keep learning and improving from situations like that and make things safer for us.
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My STEEM just arrived! Wow, looks like they're working fast!
Trading also seems to work fine!
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CZ created the SAFU fund after this video.
And just to play The Devil’s advocate:
https://twitter.com/Bitfinexed/status/1125948259229491200
Enjoy.
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Hmmm.... the plot thickens!
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That's the crypto way!
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He entertained the idea of rolling back the blockchain for btc and he has his own blockchain which is unforgivable in my opinion. He should know this.
Binance is the very symbol of centralized exchanges for decentralized networks. Although he handled it better than some, it's hardly good news for his company. He cannot pretend that
yourhis funds are safe on Binance.I am glad he is offering insurance. Maybe he should do more to support proof of keys day.
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Apparently he wasn't the only one entertaining this idea since he had some people to explore pro's and con's with. Scary!! The fact that this can even be considered makes me lose trust in BTC more than in Binance, though. In the end, he took a decision against it.
We can only hope that every future decision by anyone will always be against it. It increases my trust in the people who make these decisions, but the fact that the immutability of BTC is in question decreases my trust in BTC. We all know the risks of immutability but the benefits far outweigh them, which is why we're in it despite the risks.
I'm not sure about CZ either - sometimes I'm impressed, sometimes very suspicious. He is planning a decentralised exchange. But he's also the one who started the recent delisting campaign.
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I think you misunderstand and have too much respect for centralized power system.
Actually in order to do this you need to basically do a 51% attack against BTC. CZ called it somethig kinder more like a fork with consensus. He called for another BCH style approach to a disagreement.
The process is clearly outlined in the BTC whitepaper as a vulnerability with decentralized currencies. Get 51% of miners to agree, especially by offering to pay them well, and anything is possible.
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Another exchange hacked! At least you are confident that you are going to receive your money back.
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Yeah, I'm not worried. And I don't keep a lot in exchanges anyway :)
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Only to buy the DIP. ;)
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Good moment to start using Bitshares, right?
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I used it a little last year but I don't at the moment. One of the major problem in the crypto space, we have too much trading exchanges. People don't need to have them all!
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Yes, but before this we had Mt.Gox and we all know how it ended. I think the same with cryptos, if a crypto is not adding something new of value it don't make sense to have so many cryptos.
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That why most of them will die, almost 90% will disappear in the long-run. Only what people use for real things will survive.
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Wow very nice
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My friend sent me an article about Binance today warning me about crypto. I definitely trust Binance and believe in the way they're doing things.
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You got a 34.33% upvote from @ocdb courtesy of @connecteconomy! :)
@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 20 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.
If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)
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