Binance has finally opened up withdrawals about 55 to 60 hours of being hacked for SIX BILLION DOLLARS, and initially there seems to be about 12B dollars of active withdrawals away from the exchange, but since then, the withdrawals have stopped, also, a lot more people have deposited on the platform.
it's safe to say that a faction of people did spread a lot of FUD about binance, saying they were insolvent, but this are paranoid people who probably didn't like CZ.
infact, Elon musk kept FUDDING CZ a few hours after the hack, just for CZ to remind him that binance is invested in his spaceX project, and should be mindful of how he FUDs the project, and surprisingly ELON stopped.
I guess he was scared what binance selling off their shares in his company would create a chain reaction of investors would would probably panick sell the shares they have in his spaceX company, and for how rich we think Elon is, without his investors, he's probably nothing and CZ reminded him that.
Also the FUD on binance also reduce a lot, and a lot of people have continue using the exchange, and honestly it's just because of two reasons, there's no other place as safe as binance, and it's better to let an exchange as binance handle the security of your money, because they'll probably do a better job at security, more than you who is probably self-saving/custody-ing.
Except of course you're choosing an place like Hive with decentralized savings that unhackable without the hacker actively having your keys. This is something I understand about CEXs like Binance.
Call them all you want: centralized, rigid and complex, but they give you something in this AI age where scammers are getting smarter by the day, and that's world class security, and real life backed assets that helps users recover their money in cases of hacks.
Whether it's having a real ledger, you're still not safe. Even though you're actively storing your key in real life, a lot of people still get hacked, and that's the reality of the whole thing.
.Self custody was cute and reliable when AI wasn't a thing, and scamming wasn't as advanced, these days, you're better off keeping it in an institution that can buy world class security, which you'll probably never even be able to afford, and the only problem here is the KYC you're probably submitting and the "not your key, or coin thing".
.But, just like I said in my post yesterday, a lot of people would prefer to be safe before they choose privacy and we exactly no het everything when it comes to the storage of assets. Also, in regards to our chain, perhaps someday we can sell or market it using the decentralized savings feature that's fireproof against hacks as an onboarding tool, and why? It's simple.
We haven't prioritize security in crypto for a long time.
Security is becoming a huge selling point in crypto. A lot of people who were holding their assets in hot wallets are no longer doing so, and why? A lot of them gave gotten hacked without even clicking any links, simple because smart contracts has a lot of issues that makes it cryptographically exploitable, people are going back to the CEX that they once despised, why?
Because it's better for a random entity to have your details, than a random scammer having control and stealing the money you've worked so far for.
So perhaps one day, as a Hive faithful, maybe we can strengthen our tokenomics, make HBD attractive, and people can open Hive accounts for the sakes of just saving, using our home grown savings features.
We've got a lot of potential we're not selling, and honestly security and privacy is something we're great at doing, but we haven't really explored the opportunity of marketing it well. Hopefully we can make Hive great again in this regards. Cheers to CZ and binance, the man just onboard more people looking for safety because of how they've handled this hack.
