The price is now roughly where it was when Binance went offline

Can anyone explain what's going to happen when they come back online?

My guess is, that a lot of ppl will transfer their coins to their own wallets and also cash out because of damaged trust. It will be like a bank run...expect turbulences!!!

price will go up because everyone will buy what they wanted to buy days ago.

With that being said don't forget that a lot of bots will start their algo trading a down spiral effect because people left the place to secure asset's elsewhere.

Why do I have the bad feeling once I transfer off back to my wallet and say to...kuckoin, they then pull the a 36hr service issue.

>It will be like a bank run
You don't even know what a bank run is. The absolute state

i do not understand this. everyone is worried about "exit scam" or "irrecoverable data," and when binance comes back online with all wallets and coins intact this will ruin trust?

i get it, they probably jewed-out and nigger-rigged their servers after getting huge, but if they come back then they will have absolutely 100% proven that they are trustworthy and will not exit scam.

We will see bro.

I wonder how many users were hitting their service? well if people do leave in the 30min window, perhaps it'll be stable.

Just watch, XLM is going to moon. People will see the future of FairX as an exchange.

Remember when we emptied Binance's hot wallet one night? Yeah, it'll be like that.

I don't know how this affects the price, but I want to buy something in another exchange and I guess that more people want to move out than in after we're done with the freeze.

God you are an actual retard. Binance is an exchange, a bank operates on fractional lending.

Bro, don't go full retard, he was saying that a lot of people will withdraw to their personal wallets or to Coinbase to cash out with "bank run", and that's exactly what's going to happen, expect a crash during the weekend.

They will have proven that they're not scammers but the trust in the exchange is still damaged.
People put millions into this. The exchange is handling like $2 bn. At this level the system has to be flawless.
Unannounced downtime is unacceptable.

link will be $17

I had to shutdown Binance to get my buy through.
sorry guise
dubs confirm

you dumb fucking retarded brainlet, a bank run cant happen with a 1:1 reserve

Nocoiner here

Can someone explain what Binance is, and why people are concerned about it?

Binance is the online nickname for the creator of the coin Chainlink or LINK. After someone named Jason Parser hacked the smart contracts, binance went offline and he haven't made an statement on the lost coins.

It's an exchange where you trade coins. It has been down the last two days and people couldn't access their assets.

wasnt around for that, but i like how it sounds!

prices gonna sky rocket

We are gonna get jewed.

Just absolutely jewed.

Prices will tank, so those fucking greedy dirty jews can buy low because they missed out on the sales from the last week.

I expect it 2 act like a stock halt, tons of people selling at once and leaving. kucoin has yet 2 fuck me over fyi and I win stuff every single competition, only thing they have that is worthless is kcs.

Largest volume exchange as well. Anyone with money invested in Binance can't touch it right now, in an extra volatile run where nobody knows whether we're gonna skyrocket or crash.

binance is satoshi nakamoto's newest project.
bitcoin was about creating a currency, binance is about sending a man to neptune. it's very ambitious. and now they have serious issues.

>itt cucks who missed bittrex registration

A "bank run" is called such because people run to the bank to cash out. Insolvency is what is caused by the bank run when they don't have enough money to cash out everyone at the same time, because of fractional reserve banking.
He is using the term correctly. You are confusing it with the insolvency that usually follows a typical bank run.

no he answerd perfectly, and obviously meant that a bank run won't cause insolvency with 1:1 reserved, ur just fucking retarded and should consider killing urself desu

Oh boy, you must have Asperger if you stick so much to a word...

>A bank run (also known as a run on the bank) occurs when a large number of people withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), a large number of customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; and keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution it may be characterised as a capital flight. As a bank run progresses, it generates its own momentum: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy.[1] To combat a bank run, a bank may limit how much cash each customer may withdraw, suspend withdrawals altogether, or promptly acquire more cash from other banks or from the central bank, besides other measures.

At least Binance are doubling all ETH sent to the account in the meantime. Nice compensation

You have to go back.