It would appear that Binance just can’t win with the crypto community. Today they announced a scheduled system upgrade and now the twitterati and telegram trading groups are awash with messages that the entire crypto market is going to crash.
System Upgrade Notice
Binance will perform a scheduled system upgrade starting at 2019/03/12 2:00 AM (UTC). The upgrade will take approximately 8 hours.
Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.
We apologize for any inconvenience caused, and thank you for your patience.
Please note: The 8 hours is based on our best estimates and may vary. As usual, we will maintain regular communication on the progress of the upgrade on our various social media channels.
Thank you for your support.
Binance just can’t win
Despite being the only CEO of a cryptocurrency exchange who is active on social media as themselves, CZ is the butt of a lot of flack. This flack covers a wide range of negativity and, very rarely any positive comment about the state of the crypto market. This system update announcement is now being seen by the naysayers as impending doom constructed by CZ himself
The @binance system upgrade maintenance is scheduled for 2:00 AM UTC on march 12th. Based on past upgrades I'm going to assume a nice dip here. I'll be lurking to re-enter some positions on key alts #dumpincoming #bitcoin #crypto $btc #buythedip pic.twitter.com/Sda7nF5XGR
— Crypto Khab (@cryptokhabra) March 11, 2019
Time to DUMP
— Crypto Parsifal 🍀 [Jan/3➞₿🔑∎] (@SanctiGrail) March 11, 2019
Fortunately there do seem to be people out there on Twitter with a differing opinion
Why do ppl dump when system maintenance are scheduled? Why can’t they understand that when it comes to Binance it just means UPGRADES 💱 better user integration and more than likely more features.
— CryptoRaver (@Crypto_Raver) March 11, 2019
With so many crypto exchanges being hacked and some questionable activities taking place at other exchanges we understand the concern with the premier exchange being down for 8 hours, but have to side with the two posters above. Shutdown and upgrading of any kind of IT platform is require on a regular basis to ensure effective operations. The added layers of security, and the transparency provided to the systems at Binance on a regular basis can only benefit users.
Is it perhaps the case that manipulators and whales use these system upgrades to their advantage and use the power of social media to spread distrust? This is certainly a viable option, with the nr 1 exchange down, smaller exchanges can be used by the unscrupulous traders out there to pump or dump (m)any coins to suit their own goals. so maybe Binance just can’t win but the manipulators can.
Whatever the case please always ensure you stay #SAFU when trading and hodling crypto!