CZ Binance And The Internet Of Influencers
The Culture Of Vultures That Prey On Their Followers.
Changpeng Zhao (CZ Binance) was ordered to step down and Binance to pay more than $4 Billion as part of a plea deal regarding the recent criminal and fraud case for the top cryptocurrency exchange CEO.
Even Yellen went on public TV and announced how the US economy is stronger than these private entities that operate in the blockchain and cryptocurrency field, which was also bizarre and unnecessary.
What will not change with the current course all the mainstream internet platforms take is the impact and loudness of the voices of influencers.
The power influencers acquired in the last few years is so great that they’ve become untouchable.
They promote (shill) any product or service without accountability for putting their millions of followers at risk of incurring severe financial losses.
Some Have Been Warning About EVERY Crypto Scam Or Unstable Platform
Elon Musk found it fascinating, and the truth is not far.
Actually the truth in its entirety lies in my response to Elon Musk:
The current state of the internet is filled with low-quality influencers, botnets, paid shills, and popular individuals who hold immense power.
For several years, a handful of centralized cryptocurrency schemes such as FTX, Binance, Celsius, BlockFi, and various other fraudulent entities have been polluting what was deemed the cryptocurrency industry.
However, the collapse of these empires does not surprise anyone who follows the right people in this field.
Several crypto entities are fundamentally flawed, yet the internet today fails to amplify concerned voices with rational arguments.
It is just the influencers, the Pomps, Bitboys, and Justin Suns out there that will cover any voice of reason.
The early internet was giving real and equal chances to everyone, but in its current state, we only find entirely clueless influencers as the ultimate source of truth.
Twitter’s rise in popularity has led to a hierarchical system rife with favoritism and control. Influencers have become the most powerful marketing tool in this rotten system.
The voice of these powerful shills drowns ours.
The Crypto Influencers:
The crypto influencers are perfect in supporting their bank account at the expense of their followers.
Small accounts with limited reach are sending out warnings about custodians and CEXs, but our warnings are drowned out by the louder voices of the top influencers.
Will Binance survive or not, it doesn’t matter to those of us who practice self-custody and use our cryptocurrency P2P.
If the current users are allowed to withdraw or a cascade of withdrawals forces the exchange to pause and collapse is up to others to decide.
What matters is who’s voice on social media is louder and what these people have been telling you all this time.
Many in the Bitcoin Cash community have been warning about the shenanigans of Binance all this time.
Those that still trust a CEX with their crypto will probably soon find out. BSC is also 100% centralized and at high risk of collapsing in case the exchange goes down.
I did my part to warn everyone too, despite several dubious accounts in social media claiming how legit questions are FUD. Three of my stories regarding Binance and the risk this CEX contains:
November 2022: Is Binance SAFU Or The Next Crypto Empire To COLLAPSE?
August 2023: Is Binance The Next Crypto Catastrophe?
..If all the above reminds us of anything, this is a series of exchanges and platforms controlling billions of dollars worth of cryptocurrency, only to collapse due to mismanagement.
Celsius, FTX, Genesis, 3AC, MtGox, and more crypto exchanges and custodians operated a similar model that only brought their demise.
Cryptocurrency users have a way out of all of these dangers.
Our duty is to warn and educate.
Some of us warned about Celsius others warned about all the rest.
Yet, many in this ecosystem forget to educate newcomers and never practice what they preach.
Self custody, control of the keys, decentralization, censorship resistance, and using our cryptocurrency is what matters. Anything else is mere speculation.
Crypto education begins with Satoshi’s whitepaper, where is written more than a dozen times that the focus is on eliminating the need for trusted third parties.
I have been personally sending warnings about almost all of the crypto schemes that collapsed from various social media (noise.cash, noise.app, X.com, Medium, and read.cash).
Actually, just read the whitepaper. It will save you a lot of trouble.”
In Conclusion
If you ask me why I’m into Bitcoin, this is because I worked for several years with various “trusted third parties”. I understand how global commerce suffers from the countless payment processing services that intermediate a single transaction and how Bitcoin is fixing this.
Bitcoin in its original form, as proposed by its anonymous creator (Satoshi Nakamoto), eliminates these barriers and frees commerce.
If you ask me why I’m into Bitcoin Cash, the answer is the same.
Bitcoin Cash is the only version of Bitcoin that fully supports censorship-resistant P2P transactions with low fees and instant transactions (exactly what global commerce needs).
I’ve been correctly calling Celsius, BlockFi, Binance, and other centralized services for their greed and arrogance, but I never found my posts trending on what used to be Twitter.
Yet, the internet of crap influencers that suppresses logical arguments and rational questions dominates.
Maybe one last (but probably not feasible) hope is reaching the size of these influencer accounts and stripping them off of all this undeserved power they amassed.
Donations
BCH: tipb.ch/Pantera
CashTokens: bitcoincash:zr4nz4jv6jtf7q5tul8dy9j58u24pwawxsm0hh8hwz
Also Read:
Platforms:
● YouTube ● Medium ● read.cash
● X ● Noise ● Memo ● Cashrain
Subscribe to my YouTube channel: @panteraCrypto
Don’t forget to Subscribe and Like if you enjoyed this article!