Binance: Investing In Binance To Solve Its Price Problem

A story from the last 7 days from a person with money on Binance.

BTC

A🧵.............

I have been following the SBF saga from the moment Dylan LeClair started posting about FTX. Recently eyes have shifted to Binance.

Dylan LeClair 🟠 on Twitter

I had all of my dry powder sitting on binance waiting to try and snipe the bottom of the market. I am bearish on BTC’s price movement so I was holding out. But the above thread made me realise how risky my strategy was.

What if it binance did go insolvent? I decided to withdraw my fiat and find a safer way of purchasing Bitcoin. BUT I was met with this message...........

Volume and drawdowns on BNB also look larger than usual. BNB being used to purchase BTC to cover withdrawals?

I see a link to this thread and decide to pull up a seat.

Cory Swan.com on Twitter

I listen to some clear macro discussion. 90 minutes in and I realised that BTC people’s discussion makes sense to me. The risk of sitting on binance with my FIAT while this was going on was going to be too high.

Today I smashed the buy button and converted everything to BTC. Even if we go lower, I am ready to ride this thing. My stack increased by 49% today. I feel safe here.

This post is based on this twitter thread.