Topic: Let's not be too judgemental about CZ (Binance) - page 2. (Read 502 times)

Lol. In what way he improved or affected your life that you had such a strong feelings for him? If he was such a good guy he would do so many things different way, including his highly centralized and manipulated BSC. I mean, that guy even wanted to reverse bitcoin transactions after they got hacked/


I haven't heard those rumors, but I honestly doubt that CZ has such influence that he can ruin one of the bigger banks in the United States. On top if, I don't think it would even beneficial for him to see USDC fail.

It is sad to see the news about CZ Binance in the media because I love him so much. Several rumors are circulating about CZ Binance involvement in the USDC fiasco to promote B USD. Part of it is that Binance CEO, CZ, has used social media in the past to attack competitors, so it is likely that he was involved. There is still no evidence that support it

None of those he proposed seem to have been forcibly done. He published it so there will be a consensus. I would also suspect that the Chinese government would pressure him even when he is a Canadian and has lived in Canada which is more authoritarian than China these days. I think its the Canadian government that he should be wary of.

This is totally out of context with this topic as anyone could have wider issues against CZ, that's not the main thing and am not concerned about that. My plight was how people were attacking him and binance when the FTX issue was at its peak, nothing extra is to be entertained here. I have also explained myself very well in all my posts in the thread, you might want to read them to adjust your reply.

I'm not too judgemental about him

I'm just sure that when inevitably the pressure from chinese goverment on him becomes too high he will do some shit like nuking the price to pre 2017 levels, trying to force a 'reorg' like the one he proposed in the past or seize the coins and announce that the users now have tokens in bnb instead of the  deal and crypto (except bnb) has become 'obsolete'

I'm also sure that he will become the champion of censorship friendly blockchain tech

It was no more news then that FTX was facing liquidity issues, only that people did not pay more attention to it as the company tries to prove strong and defended itself verbally. This happened until CZ who sees better than mere people because he's in the system, and perhaps had spies there announce the withdrawal of $2.1B. This was what actually triggered the panic withdrawal that eventually called for FTX to go insolvent.

When a company or an asset is stressed and news and surrounding events are adding to it, then there would be an imminent collapse. That's what I would say, and note that the circumstances behind the collapse of FTX and LUNA are not the same. For LUNA, there have been shady deals from the beginning, the intention was not clear, and not completely good, so the foundation was bad. The UST (Terra) used was another issue, while the arrest of Do Kwon triggered the domino effect.

There was a coindesk article that likely sparked concerns about the solvency and liquidity of FTX. Much of FTX's assets consisted of loans made to Almedia(sp) research, and much of the assets held by Almedia were illiquid. If the coindesk article (or some other event) caused FTX customers to withdraw their coin in too large of numbers, FTX would not have the coin available to honor those withdrawal requests and a large margin call to Almedia would be unable to be met.

It is possible for anything to happen, even bitcoin is not 100% guaranteed not to fail in the future. Binance could still collapse like other companies, but it is highly unlikely that it will die now or in the near future. All are centralized exchanges, dead FTX or dead Lunc doesn't mean binance will die or ETH will die like Lunc, they are still completely independent entities from each other. Similar in the past, Mt.gox died but looking at the coinbase it still stands to this day.

Its easier to think (especially if you lost money in Luna/FTX) that there is some conspiracy involved rather than that it was just because of stupidity and greed of people in charge. And the more info comes out about the ways FTX operated, its more obvious that it was more their megalomania than anything else. CZ tweet and Coindesk article probably just speed things up but if they did a legit business and didn't mismanaged users fund, no FUD could touch them.


Problem is that even smart people (and its safe assume that CZ is a smart and capable guy) do stupid things that bring their companies down, not just in crypto but in general so no matter how big Binance is (and I often hear people saying for them that they are "too big to fail") they could still fail.

I believe that the Lunac and FTX incidents didn't just happen, there is some kinds of conspiracy involved. Although business do fail if mismanaged. But in the alleged conspiracy I have always imagined CZ in the picture as the big fish and chief strategist.
I consider him so in general terms, but in personal terms I consider him a smart guy who is always ahead of thr happenings in the crypto world. His empire is too large and he cannot be easily taken down. What makes him bleed will largely affect the whole crypto industry.

I agree with your thoughts, to me, FTX died because of themselves and not because of CZ or coindesk. If they do business honestly, without lying, no matter how big FUDS is, they will always stand firm and not collapse so quickly. CZ as a billion USD investor in FTX he has the right to doubt and need clarification to avoid affecting his interests. If we were in his position, we would do the same because no one can be silent once money is involved.

And why are you so sure it won't happen?
Is SBF rotting in jail right now or am I missing something?


You're not an advocate but you're opening a topic on how grateful we should be to CZ for all the glorious work he has put into crypto and that we should not dare to doubt to attack him and tolerate all his dick moves and all the bullshit the claims on Twitter because we're too stupid to understand his greatness. F*** CZ! And a big FY to all his cohort of asslickers too!


That's why I asked you, since you like regulation and open data so much, again, where are Binance headquarters and office?
Is Binance licensed and regulated in your country? Oh, wait, no it's not!


Building a monopoly, attacking others, attacking bitcoin, fleeing from the law? This is, good for the industry?


It doesn't matter, Binance is the only exchange you trade on and you're here praising Binance, that is called bias and that's how it is.

I beg to disagree, why is CZ not rotting in jail now or charged for any wrongdoing? I believe you don't understand the style of attack I was referring to.

Don't get it twisted, I'm not an advocate of CZ, and neither am I a fan. I only like what he is doing for the industry. Revealing more secrets is key to sanitising the much-underregulated exchange industry.

Goodness! You still went in search of what I wrote about two months ago? Well, you should not just take that out of context, I wrote the topic in search of a better exchange that offers Options trading better than Binance, so you have no valid point here. It was even negative to Binance because their Options trading was not fair to me, therefore you extracted from what is actually against Binance to prove my neutrality.

Your explanation is good and your found facts are true as well, but you are looking at it in the direction of BSF's mismanagement of FTX. What he did is truly wrong, but have you ever thought that FTX would still be operational if CZ did not announce his withdrawal of the $2.1B? Indeed, it was that announcement that caused the panic withdrawal that eventually caused the collapse of the company.

This is likened to a tree that is about to fall but was supported by another tree or a solid plank. It would surely easily fall if the support is removed. That was what happened. Though CZ is not part of the mismanagement, his action was powerful to an already stressed company.

I would tend to disagree that CZ/binance caused FTX to collapse.

Based on the information I have read that I believe to be reliable, FTX loaned money to an affiliate for the purpose of speculative trading. The money lent was customer deposits that I understand were not interest-bearing, and reasonably should have been kept segregated (at a minimum from an accounting perspective) from other assets at FTX. The sale of FTT by CZ/binance was preceded by the run on the bank of FTX, but FTX would have been able to honor all customer withdrawals if non-interest-bearing customer funds were segregated.

Even if one were to argue that it is permissible to lend out customer deposits that are not interest-bearing (which is an argument I disagree with), there was too much exposure to FTT, which is an affiliated altcoin. This argument requires looking at FTX like a bank (that loans out customer deposits), and having that level of exposure to a single asset is just reckless.

In sum, it was SBF that ultimately caused the collapse of FTX, IMO.

What you're suggesting is illegal in any normal country on this planet and would mean jail time for the one doing so, this is not a game of starcraft this is playing with people's money!


The only thing this guy is avoiding is playing by the rules, I'm not going to start again with the things he lied about but here is one small list of what he lied about his own exchange and this is not even the worse he did.


Then how about you start with revealing stuff about Binance since you like what CZ is doing that much?
First, where is Binance's headquarters and where are their offices?


Biased much?


Because despite the whole decentralization, no key point, no leader narrative most people want a leading figure, they want somebody here to act like the face of the business, somebody to represent their investment, that's why they clap for Saylor or Bukele or CZ, the other reason being that they are heavily invested in some shitcoin or BNB, that they keep their assets or trade on Binance like our dear OP.
Most can't accept being alone, they can't accept the environment to be made just of them, they have to find a platform, a wallet, something that will act like their bank to ease the burden, to give them confidence that someone more qualified is taking care of their assets. And a lot fall for all this #SAFU nonsense, all their lies, all the hype.
Not too judgemental about CZ? F### him!
Everyone should be allowed to be as judgemental as it wants, especially with the events lately.

OK, you may be somewhat right on this. I also try to not take sides and from my point of view you seem to be a tad on CZ side. But maybe it's the language barrier and I'm wrong...


You've pretty much expressed the same thing I meant, just with the "contrarily" in front. Maybe I should have been a bit more clear


I also cannot care less for Coinbase, they are overall bad for the ecosystem, still the Americans prefer them. But Binance is not really better, and I cannot support CZ backstabbing, although it can bring good results for the ecosystem. But, let's just think, why didn't CZ do this kind of actions years ago? Instead of calling for transparency, he did odd (at best) actions many times in the "history" and Binance is faking its volumes just as badly as (or maybe even more than) the rest.

I find also funny that the funds he's proposing to aid other companies are all in his shitcoins, not in bitcoin. So, sadly, all his actions are not for the common good, they're cold business calculations.

Sorry, I can't reply to every post, nevertheless, the replies below should shed more light on my disposition on this thread.

Thank you for the reply, nonetheless, permit me to reply to them one by one.

1. The topic is perfect for what I expressed. I had five different topics before opting for this since I didn't want to be biased. Advising us not to be too judgmental is not what I see as bad for people to carefully review the situation without taking sides and see another good possibility for the industry with what he (CZ) is doing. He might be wrong somewhere but not entirely wrong, and what he is doing might instil fear in other exchanges for them to do what is right.

2. Contrarily, he was aware of the bad situation of the company which made him want to sell all his shares there, but did not know it was that bad.

3. And as for Coinbase and others, they can fire back at him and his company, I don't care, I don't entirely support him but some of his actions. What I want is for them to force regulation among themselves by revealing what they are doing wrong. Binance is not left out of this, let others attack it too and let people know what is going on in there in the bid to better protect people's money.

I believe you are not getting the gist of my post and perhaps mean towards CZ, it's obvious, yet I will remain neutral here. Not being too judgemental as per my title means we should be even with our conclusions and weigh the bad and good sides of what he is doing. Others (exchanges) could attack him for all I care, all I want is a healthy rivalry amongst exchanges and people to stop thinking CZ is entirely evil. The attack he has started is good for the industry as far as I'm concerned, others should attack him too and leak expose about him if they could do. With this, more insanity would come to the industry and they would seat rightly instead of playing pranks on people and their money.

Also, stop defending any exchanges or any personality linked to them, you might be surprised by their internal nonsense in which CZ is not excluded. I am not defending him! In other words, I was just saying his actions are good for the underregulated industry where anyone could do as they like. Anyone could start it, CZ starting it as the largest in the industry is not a big deal.

Why shouldn't we not be judgmental about CZ? Should we protect CZ and attack SBF? Should we spare CZ from our criticisms?

SBF and CZ are competitors. But it doesn't mean they're not of the same feathers. SBF is a douchebag. But it doesn't mean that CZ is not a douchebag. This is not a black and white, devil and angel, comparison. They're both douchebags. They're both hypocrites. SBF was a big failure. He deserved what happened to his empire, if not more. But this doesn't make CZ a hero. Again, they're both villains. They're both liabilities of crypto.

It is even worse than that. In this video SBF admits that he donated the same amount to both the Democrats and Republicans, but the donation to the Republicans was so called "dark money". Watch from 1:00, it's SBF speaking himself twisting things like crazy.

You guys can check this post from me as well. There is another video mentioned (I posted elsewhere as well I think), but that one is worth watching because it clearly shows who SBF was. You won't believe it... That might also have contributed to CZ making his decisions. If he didn't have any insights into FTX and Alameda, there were certainly enough indicators to take action at some point. The way he did it remains perhaps questionable though. But FTX had to collapse. Enjoy the videos.

it's obvious that there was a problem with FTX, Binance's reaction only revealed and accelerated the process. the justification that they actually took care of their investment and the money of their users has a real basis, but the impression remains that Binance has been very happy to use it.
considering that the recovery of the market will not be in the near future, it is likely that the whole FTX problem would escalate in the foreseeable future even without Binance mediation. I believe that if it had to happen, it is better as soon as possible in order to continue with further life/development.