Binance's CZ take on the fiasco

[lwlee]

Media was portraying CZ as a villain, taking down SBF/FTX. This interview doesn't seem to indicate that he wanted to destroy SBF out of spite/revenge. He mentioned that the industry is nascent and could grow 10x so plenty of opportunities for everyone.

If their relationship was better and CZ had quietly gone to SBF to dump his FTT tokens, I think it would only have hidden FTX's weak/corrupt foundation longer which would have lead to a bigger implosion. Also I seriously doubt FTX had the liquidity to pay cash for all those tokens.

 

[Pekelo]

He doesn't sound as a villain, he sounds naive. Sure I am going to announce a huge FTT dump BEFORE I do that (makes no sense, by the way), and that will not effect the issuer or customers holding it, specially that the related business (Alameda) was already on shaky ground. Incredibly naive.

He is in this business deep and he should know that at least 80% of these exchanges use their customers' funds for other purposes or invested it in illiquid other coins. If Binance doesn't do that, good for them.

 

[maxinger]

don't watch the video.
there are tons of junk out there.
Is he a saint?
Is he a devil?
Is he a wolf in sheep's skin?
Is he a sheep in wolf skin?

Some humans are simply just too greedy or power-hungry.
They just want to have millions, billions, or trillions of dollars.
Even if you were a trillionaire, no one would admire you a few thousand years later.


You just need a few thousand dollars to live happily to ripe old age.

 

[lwlee]

He doesn't sound as a villain, he sounds naive. Sure I am going to announce a huge FTT dump BEFORE I do that (makes no sense, by the way), and that will not effect the issuer or customers holding it, specially that the related business (Alameda) was already on shaky ground. Incredibly naive.

I believe CZ thought FTX was stronger than it was. Announcing the sell was gamemanship but I believe if he truly understood how precarious FTX's position was, he would have tried to collaberate with SBF to shore things up. FTX going down, has really set off a domino effect that hasn't ended, which will probably have a lash back on Binance.

What's naive is SBF, not shoring up his books after the Celsius/3AC/Voyager debacle. He had some time to at the very least sell off some of his ownership to raise money to shore up the books. Instead he was soaking in the fame with his Miami FTX sponsership, talking on Capital Hill with lawmakers and just being zoned out.

 

[Pekelo]

What's naive is SBF, not shoring up his books after the Celsius/3AC/Voyager debacle.

I don't think they could have been saved. When you buy into your own BS and fully believe in cryptos going to the Moon, adding bad trading, even worse investments and no capital controls, no extra money inflow will save that.

 

[lwlee]

I don't think they could have been saved. When you buy into your own BS and fully believe in cryptos going to the Moon, adding bad trading, even worse investments and no capital controls, no extra money inflow will save that.

There definitely was a lot of hubris. If he was fully cognizant of how bad his situation was (which I doubt he understood), he would have done a complete accounting of his assets/liabilities and then sold off a decent amount of his equity (could have kept 51%) to shore up his book. It boggles my mind that he could spout how bad 2008 collapse was to lawmakers and not have any decent risk management on his own books. Entire divisions at JP Morgan Chase (inventors of VaR) are dedicated to understanding different levels of risk posed to your company. You have to consider black swan/worst case scenarios ESPECIALLY when the crypto industry has been tethering all year.

 

[TheDawn]

Media was portraying CZ as a villain, taking down SBF/FTX. This interview doesn't seem to indicate that he wanted to destroy SBF out of spite/revenge. He mentioned that the industry is nascent and could grow 10x so plenty of opportunities for everyone.

Way to deflect people's attention on the despicable shit of what he did, LOL throwing money at people coming for his head, "look look guys money, money, you can make lots of money" hoping that everybody forgets about him and just go for money. LOL If this is the best that his PR advised him to do, he needs to get better PR. LOL

If their relationship was better and CZ had quietly gone to SBF to dump his FTT tokens, I think it would only have hidden FTX's weak/corrupt foundation longer which would have lead to a bigger implosion. Also I seriously doubt FTX had the liquidity to pay cash for all those tokens.

Still does not excuse or absolve him for what he did. He didn't do that just for "exposing FTX's weakness"; he did it for personal gain. Of course he's not going to admit that in a PR video but it's obvious. Why else would he have announced his selling? I tell you, I even suspect by the time he made that announcement on twitter, the SOB must've already dumped his FTT, front-running everybody. There is NO WAY that he could've dumped all of his holdings that fast in just one day when there is no active market for the coins. So he's already got his money, and neutralized his risk as many people who defend him say. WHY still announce what he did? That announcement on twitter was purely out of spite, wanting to get the satisfaction of seeing FTX fail.

 

[lwlee]

Way to deflect people's attention on the despicable shit of what he did, LOL throwing money at people coming for his head, "look look guys money, money, you can make lots of money" hoping that everybody forgets about him and just go for money. LOL If this is the best that his PR advised him to do, he needs to get better PR. LOL



Still does not excuse or absolve him for what he did. He didn't do that just for "exposing FTX's weakness"; he did it for personal gain. Of course he's not going to admit that in a PR video but it's obvious. Why else would he have announced his selling? I tell you, I even suspect by the time he made that announcement on twitter, the SOB must've already dumped his FTT, front-running everybody. There is NO WAY that he could've dumped all of his holdings that fast in just one day when there is no active market for the coins. So he's already got his money, and neutralized his risk as many people who defend him say. WHY still announce what he did? That announcement on twitter was purely out of spite, wanting to get the satisfaction of seeing FTX fail.

The one thing that is true after people dug deeper into this stuff was that both these guys were not choir boys. Apparently SBF had done shorting to take out 3AC and some other firms when they were weak, as well as did something against Binance in 2019 (?). Not to mention that SBF also wanted to use his political clout to take control of the crypto industry. Payback is a bitch. CZ saw the opening and he took it. These type of backstabbing plays on both sides kinda makes SBF's "effective altruism" stand seem so hypocritical. The ends justify the means.

 

[TheDawn]

The one thing that is true after people dug deeper into this stuff was that both these guys were not choir boys. Apparently SBF had done shorting to take out 3AC and some other firms when they were weak, as well as did something against Binance in 2019 (?). Not to mention that SBF also wanted to use his political clout to take control of the crypto industry. Payback is a bitch. CZ saw the opening and he took it. These type of backstabbing plays on both sides kinda makes SBF's "effective altruism" stand seem so hypocritical. The ends justify the means.

Yeah and both play this "effective altruism". This zhao guy has said that he plans to donate 99% of his wealth. LOL So far, I don't think we've seen a penny. LOL At least SBF has donated some and done something, not to excuse his mismanagement of the company but really what cz is just a fake and an a$$hole even on the "altruism" front. Political clout is all part of the game. Name me ONE industry that doesn't have lobby groups in the government. LOL And how do you know CZ didn't have them? Maybe not in United States but in other countries? WHERE did he get his seed money of $15 million from his very first ICO? Is that really purely from investors like you and me? Have you looked at his wiki page? https://en.wikipedia.org/wiki/Changpeng_Zhao He went from a futures trading software programmer to a multi-billionaire in just FIVE years!! How many programmers do you know do that? LOL No, he's got connections, lot deeper connections than SBF. What CZ did broke at least 10 securities laws. If he were someone else, all of the regulatory bodies would be all over him by now. He would be arrested and be in jail right now and yet he's still remaining at large and untouched right now. All that is happening is just a Congressional hearing. That's nothing. That's just a bunch of bureaucrats asking some questions with no judiciary consequences.

The biggest problem here is that there is no means to justify here. When you have the end justifying the means, there has to be a "means" that's worthy to justify. What "means" did this Zhao SOB justify? Driving people's pension funds out of money? Causing financial ruins of ordinary people like you and me? LOL So far, that's all zhao's dumping announcement has achieved even assuming that zhao is justified to do whatever he did just because everyone else is doing it too.

CZ Zhao is a piece of shit! Pure and simple. What he did was despicable. He needs to cough up the money to make FTX's investors whole as the first step of his redemption.

 

[lwlee]

Yeah and both play this "effective altruism". This zhao guy has said that he plans to donate 99% of his wealth. LOL So far, I don't think we've seen a penny. LOL At least SBF has donated some and done something, not to excuse his mismanagement of the company but really what cz is just a fake and an a$$hole even on the "altruism" front. Political clout is all part of the game. Name me ONE industry that doesn't have lobby groups in the government. LOL And how do you know CZ didn't have them? Maybe not in United States but in other countries? WHERE did he get his seed money of $15 million from his very first ICO? Is that really purely from investors like you and me? Have you looked at his wiki page? https://en.wikipedia.org/wiki/Changpeng_Zhao He went from a futures trading software programmer to a multi-billionaire in just FIVE years!! How many programmers do you know do that? LOL No, he's got connections, lot deeper connections than SBF. What CZ did broke at least 10 securities laws. If he were someone else, all of the regulatory bodies would be all over him by now. He would be arrested and be in jail right now and yet he's still remaining at large and untouched right now. All that is happening is just a Congressional hearing. That's nothing. That's just a bunch of bureaucrats asking some questions with no judiciary consequences.

The biggest problem here is that there is no means to justify here. When you have the end justifying the means, there has to be a "means" that's worthy to justify. What "means" did this Zhao SOB justify? Driving people's pension funds out of money? Causing financial ruins of ordinary people like you and me? LOL So far, that's all zhao's dumping announcement has achieved even assuming that zhao is justified to do whatever he did just because everyone else is doing it too.

CZ Zhao is a piece of shit! Pure and simple. What he did was despicable. He needs to cough up the money to make FTX's investors whole as the first step of his redemption.

Lol, whoa dude, you seem to be pretty upset with CZ. Did you lose a ton of money with him? Hadn't heard Binance losing a million accounts their money. That's apparently the number of people with FTX accounts that will be applying in bankruptcy court.

Just read the wiki page, nothing about CZ bankrupting pensions. Even if you do harbor deep resentment against the guy, please present facts of what he did. I'm sure he's no choir boy but at least he wasn't so inept to destroy so many people's account when he was the golden boy of crypto.

As for billionaires with crypto, dude I know of a poker player who went all in on crypto and was worth a billion at its height. So yeah, LOTS of people made insane amount of money in crypto. The original story about the dude using 10k BTC to buy pizza! Worth hundred of millions of dollars if held today. So yeah a lot of nerds got REAL lucky making a fortune just by holding on to BTC. Your insinuation that the programmer got to be a billionaire must mean he's doing so political shenanigans or whatever is just personal conjecture which could be fiction.