Summary of Ten Key Points of CZ's First AMA After FTX Bankruptcy
This article comes fromcryptopolitantext
Odaily Translator |
In Binance AMA Space on the evening of November 14th, Binance founder Changpeng Zhao (CZ) answered some questions about Binance, FTX and the cryptocurrency industry, attracting more than 40,000 listeners in just 80 minutes. The interview was summarized into 10 categories of questions, and then let Odaily take you to sort it out.
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1. Binance is working with Vitalik Buterin to develop a proof-of-reserve protocol
2. SAFU: Binance did not borrow from other companies
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When talking about the security of user assets on Binance, CZ reiterated the exchange’s previous statement on user security asset funds, and said that Binance operates a simple business, has not received any loans from the company, and has not accepted loans, swaps and Venture capital funds returned in the form of reverse investments. "We have no loans, we have no debts, we don't owe anyone any money."
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4. Binance will help great projects struggling with liquidity
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5. Don't guess the market, just HODL
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Over the past week, the cryptocurrency market has seen massive downside volatility. In terms of investment, CZ made suggestions to cryptocurrency users, saying that the most basic way to deal with this market situation is HODL, especially for non-professional traders who cannot manage risks, "After a few years, all this will disappear. People may Remember, or maybe not.”
6. Are Binance subsidiaries and portfolio projects also safe?
CZ revealed that Binance has invested in more than 150 cryptocurrency projects, but he does not know the status of all companies. However, there have been no bailout requests from Binance portfolio companies since the FTX incident. Likewise, he added that the BNB ecosystem appears to be less affected by the current liquidity crunch in the market.
7. Even if all users withdraw their funds, Binance is fine
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Binance was an early investor in FTX, and when asked if Binance was obligated to compensate FTT holders who saw the investment as a “vote of confidence,” CZ said that Binance might try to help affected users in some way, However, it cannot be decisively decided whether to return the money to the affected users. If Binance bears all the lost funds of the crypto industry, it may go bankrupt.
10. The biggest bottleneck of encryption technology: low popularity
