Why did the 1011 incident take three months to start fermenting?

The 1011 disaster was indeed caused by Binance, but not everyone lost money to Binance. For example, I didn't incur losses on Binance; I just couldn't close my short position of over 120,000 at the time, but later I closed it at 83,000 and ended up making more money.

I lost money on other exchanges (by a twist of fate, it wasn't much), and I can't blame Binance for that. After all, other exchanges and market makers are pegging their prices to Binance's. In fact, during the 1011 incident, not only did Binance make a fortune, but other exchanges also rode the coattails and made a killing, passively profiting.

As a veteran in the financial industry, I know that there's no way to file complaints or protect rights in this situation. Similarly, others in the know, including people from Wall Street, understand that they are like mute people eating bitter herbs, unable to express their grievances, at most just complaining a bit.

Why did it take three months to start fermenting? It's because the damage from this incident to the industry was too great. Not only did major exchanges "zero out" customer funds, but many old money investors saw such a chaotic industry and withdrew, while outside money became even more hesitant to enter, opting instead for gold and U.S. stocks.

Three months have passed, and actually, BTC hasn't dropped much. The key is that the indirect damage from this incident has affected spot traders. Those altcoins are in a state that can only be described as tragic; on-chain DeFi yields have gone to zero, and even redemption is impossible. Various narratives and faith in the sector have collapsed, and the crypto industry is in disarray! Meanwhile, Binance has been sitting pretty during this time, with a few KOLs (Key Opinion Leaders) rhythmically promoting it, but this cannot suppress the industry's awakening, which has been brewing and is now starting to explode.

Will the explosion solve the problem? The answer is no. Both direct and indirect losses are impossible to quantify. Some people say that Binance should use the money it made to pump BTC & ETH; this idea is simply crazy. Not to mention that exchanges are like mythical beasts, even if Binance wanted to pump, it couldn't do it because this isn't a situation where one exchange can profit explosively. Should other mythical beasts also cough up their profits?

I believe the 1011 incident was not a deliberate act by He Yi; it was a technical issue. So when He Yi said it was the darkest moment and that he hadn't slept well for days, I believe him. It feels like I've caused such a huge disaster, and I'm also anxious!

Let's just take time to heal from this. Right now, even if we take down Binance, it won't help. Moreover, if Binance were to collapse now, the industry would be completely finished. Today, it's clear that some KOLs are once again coming out in an organized and planned manner to belittle Cathie Wood, promote conspiracy theories, create a divide between the Chinese and English-speaking communities, and whitewash Binance. I hope He Yi and CZ can keep a low profile and stay out of the limelight for a while.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。