To an extent, that’s actually not true. There is a risk that all girls take by binding; it is greater or smaller depending on the method in which you use. This is actually one of the significantly safer methods. Some of the main concerns in relation to binding are limiting breathing, cutting and irritation of skin and with some methods it can even bruise ribs. Ace bandages (or tenser wraps) are the most popular method of binding, and unfortunately one of the least safe. When I was an inexperienced cosplayer I did use this method and I am extremely lucky not to come out with any injuries. I did however, experience shortness of breath and pain under my bust because my binding had slide down and constricted my rib cage.
The tutorial for the method you see above is created with elastic. The more your rib cage expands with breathing the more the elastic expands with it. This way you can breathe without any pain or problem! As for constricting of your rib cage, because this is one piece it is very easy to adjust, you can even add straps to stop it from slipping all together.
I know that the method above is nowhere near as good as professional binders, and to anybody who plans to bind every day I would suggest buying one. This is however, reasonably secure and will not harm you at all in the long run.