ICO To King of Crypto
There were plenty of good reasons to pass on the ICO. The only stated purpose of the token at the time was that it would give you a discount on trading. There was no reason to believe that Binance would suddenly become a massive destination for traders.
Fast-forward a couple of years, and Binance is many things. Binance is a launchpad for stuff like the BitTorrent token. Binance is a decentralized exchange provider. Binance is a blockchain. Binance is a cryptocurrency. And, of course, at its heart, Binance is a reputable and widely used exchange.
Binance has become such a presence in the space that some people even floated the idea of rewriting history to thwart some successful attackers.
Changpeng Zhao could tweet the contents of his breakfast, and it would get retweeted a few hundred times.
Have we reached peak Binance?
The recent 7,000 BTC hack was a good exercise in how Binance operates. The exchange was able to cover the loss with funds it had set aside for this very purpose. However, the incident also demonstrated how reliant a community can become on one institution in a short period.
Binance shutting down trading put the brakes on thousands of traders.
Luckily, unlike another exchange that once ruled the market, when Binance was hacked,