It is the same narrative with your bank account where they can freeze as soon as you make a small mistake in society.
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It is the same narrative with your bank account where they can freeze as soon as you make a small mistake in society.
But banks don't pretend to be something that they're not.
When you deposit money in a bank account, you are fully aware of the risks and in certain jurisdictions, are backed by government safeguards.
Binance Smart Chain essentially pretends to be a decentralised network with their system of validators.
When the reality is a single man has full control over them and as such, is a single point of failure.
CZ did 'the right thing' this time.
But there's no guarantees he will next time.
This is a MASSIVE risk for anyone with serious money tied up in the BNB ecosystem.
Much higher than in a US-based or in my case, an Australian-based bank.
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I always know my money is in my bank account and save to use if I pay my bills on time. With BNB, it might not be the case.