Changpeng Zhao (a.k.a. @cz_binance) is the CEO of Binance exchange as everyone already knows. Sometimes he seems to be disconnected from the core of what cryptocurrencies represent.
The centralization of power the crypto industry provides to some people can often have negative consequences.
This post is not about the financial shenanigans of Binance. It is how I see some of the recent crypto-entrepreneurs that try to capitulate on this market but often using their rules contradicting common accepted principles and consensus.
Let's relive some of the top Tweets by @cz_binance that were not considered important by the crypto media to be discussed in length.
Proposed a reorg of the BTC blockchain to recover hacked BTC from Binance.
The discussion was mostly between CZ and Jihan Wu. CZ didn't understand the implications of even discussing this with miners, however, as with everything in the crypto industry, any bad publicity is forgotten a few days later.
This was a clear example of how CZ sees decentralization and how much he cares about financial freedom.
Thinks financial freedom is about increasing the price of crypto assets.
Of course, nobody replied because nobody on Twitter cares about financial freedom. Having the ability to own our money and use them as we want is not exactly what CZ cares about anyway.
For three years he allowed everyone to believe Malta was the Binance base of operations. Malta is the Cayman Islands of the EU, and Binance is currently based on Cayman's instead.
Malta is an EU economy, open with all other European counterparts. This means it provides access to the whole European economy.
Basically, everyone was led to believe that Binance was running from Malta, something that wasn't true and CZ didn't do anything to clear this misconception as it was favoring his interests.
CZ does not enjoy constructive criticism. Currently posts limiting comment participants
Certainly, CZ doesn't have all the time in the world to read and reply to all comments on his Tweets. However, before this feature was added on Twitter, I remember him being irritated on tweets criticizing him more than often.
Posting every day about price, yet at the same time denies it.
Tweeted at the top (BTC price was $58,000)
Obviously, this is financial advice.
Delisting of BSV for personal issues.
Not supporting BSV with this but I'm against this reason for delisting a cryptocurrency from the Binance exchange.
Even though BSV is just CraigCoin, it was delisted as it was in the personal interests of CZ to increase his popularity in the community. It was a strategic move that increased CZ's influence furthermore and made a clear example of CZ's power in the crypto industry.
I'm 99% sure there was a CZ tweet saying "Do you want delist" which was a clear threat. I tried finding it but it was either deleted or perhaps I wasn't remembering this part correctly.
Final Thoughts
Taking everything into consideration, and with due respect to CZ and what he achieved, my impression was mostly a negative one all this time.
However, I respect the product more than the individual that created it.
I don't find it logical to stop using technology because I disagree with the actions of its founder.
Binance is a top centralized exchange, I'm frequently using it and made a few good trades there. It reportedly employs 3,000 people, making it probably the top company in this industry in terms of employment.
But, I'm not going to delete my Binance account because I disapprove of CZ. I don't approve of trade embargoes and boycotts, as they harm many more than just those targeted.
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Wow.. great researched and effort sir..☺