Changpeng Zhao (CZ), CEO of the world’s largest crypto exchange Binance, made important statements at a question and answer event he attended today.
Changpeng Zhao answered questions from users at the AMA event he attended today on Twitter.
What does he think of BRC-20 tokens and Ordinals?
CZ, addressed to him BRC-20 Although he gives evasive answers about the question, especially a few to the point finger pressed. During the BRC-20 frenzy Congestion in the Bitcoin network Referring to the CEO, Binance said that in those days, he had no choice but to stop the transactions. CZ, network congestion queue at the door of a popular restaurant likened it.
There is not much that any organization, company or team can do about congestion in the Bitcoin network. It’s like seeing a long queue outside a very popular restaurant, sometimes it’s good to see this because you know that restaurant is really popular. To be honest, we can all try to clear this blockage in different ways. I think Ethereum helps with this because they are now taking a bit of a load off Bitcoin. This may not be what Bitcoin maximalists want, but as the industry grows, the shift to alternatives is inevitable.
Notable currents such as CZ, BRC-20 that there is always Emphasizing that and will continue to be, he warned investors to do their own research. On the other hand, the BRC-20 Ordinals NFTTalking about his that you have never taken NFT stated.
Such protocols are always commercially available. I don’t know in detail what they are, but you have to try and learn. Of course, without forgetting the risk factor. On the other hand, I have never bought NFT. I’m not an art collector, but that doesn’t mean it’s not valuable. And finally, brokerage firms have become more difficult to reach, given the recent changes in the regulatory environment on the banking side.
Paxos and BUSD developments
In the past months, upon the pressures of the USA of Paxos Binance USD (BUSD) Reminding that he had decided to stop his export, a listener asked CZ for his views on the subject. CZ is aware of the situation and for the best alternatives He said they are continuing their work. On the other hand, in the light of the latest developments, it will function as an intermediary institution. It is getting harder and harder to reach banks. expressed.
Our relationship with Paxos is still good. It was only ordered by the authorities not to print any more BUSD, which basically means the circulating supply, market value, etc. It means it will eventually fall slowly. At this point, we are working on a few different alternatives. However, we have managed to find new partners and they will be operational very soon. So yes, sometimes you lose, sometimes you win.
Ledger needs to address concerns
lately Ledger’s secret key passwords (seed key) copies of Storage in 3 different institutions decision and identity to be straightened A listener who asked about his updates on the topic said he was curious about CZ’s thoughts on the subject. CZ, Ledger a critical actor for the industry made by stating that that you don’t think the last moves are right stated.
I knew there was going to be a question about this, and frankly, it’s kind of hard to answer. The Ledger team dominates the market and they have come up with an innovative solution to a very important problem. They deserve respect for this. But I think their latest move doesn’t offer a very useful solution. So I think it would be better for them to stay on their initial course and somehow go back and address the concerns. On the other hand, this decision is entirely theirs. Users who are uncomfortable with this situation may turn to other hardware wallet alternatives.