CZ: Why do people FUD Binance?
Binance CEO CZ recently shared his thoughts on why people FUD Binance on social media platforms, and BlockBeats translated it as follows:
Some in the crypto industry hate centralization. Whether or not CEX helps cryptocurrency adoption faster, they just hate CEX. Everyone has the right to an opinion, and there's nothing wrong with that.
Someone who loses money in a transaction, or has other problems, may accuse and attack us. Not everything is black and white. For example, a user temporarily unable to access Binance because of a problem with his own router can be difficult to diagnose or prove, even though during this time no one else has problems, and our system monitoring shows no queues, no traffic overload, There has also been no sudden increase in the number of customer service cases.
Some in the industry see Binance as a competitor. We've seen some people lobbying tirelessly against us, or lending money to small media outlets (the money is worth many times the market value of the media), or even buying a house for their CEO, etc.
According to the above, some media got paid by FUD us. Some companies are completely "owned" by "competitors." Some people may wrongly think that we cut off their funding (we didn't, they couldn't) and accuse us, no matter how illicit their funding.
Cryptocurrency has not yet been adopted on a large scale, probably less than 5% globally. Many people remain skeptical of cryptocurrencies. There's nothing wrong with some outlets having a more traditional audience and tending to align with their views.
The same goes for politicians, policy makers, etc. Not all are progressive. There is nothing wrong with being conservative. I've met leaders who want to "protect" their banks, not "disrupt" them with cryptocurrencies. Of course, I personally hold the opposite view. I think the best way to protect banks from disruption is for them to adopt blockchain technology early. Of course, I'm not necessarily right.
Then there is generalization. “If one CEX is bad, then all other CEXs must be bad too.” Especially if the CEX they liked before turns out to be bad. Then they have to hate other CEXs even more.
There may also be a small group of people who are jealous or racist purely against Canadians with Chinese faces. Who knows? We don't care.
scale. Mentioning "Binance" will get you more clicks. If you're writing for a small trading platform, you'll get a little less hits. There are pros and cons to being large.
There is no absolute right or wrong for most of the above reasons. This is our world. We just need to recognize and understand it.
We are not perfect. We welcome feedback, but ignore FUD. We specialize in building our own products with your support.
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