Maya Angelou once said, “When someone shows you who they are, believe them the first time.” If anyone needed a second chance though, Changpeng Zhao (CZ), CEO of Binance, happily gave them more material.
Commenting on a Twitter thread about Binance Coin (BNB) outperforming Ethereum, CZ initially remarked that while he liked the positivity for his company’s altcoin, he only wants to promote positivity in the industry, a laughable thought considering his recent stance on Bitcoin SV (BSV).
Then, responding to a concern about monopolization, he revealed what his company is really about, lots of tokens, regardless of their true value:
no, we want:
thousands of blockchains; and millions of tokens.
— CZ Binance (@cz_binance) April 22, 2019
That’s the real goal of exchanges like Binance, getting as many cryptocurrencies on offer as possible to increase their own profits. It doesn’t matter if they are offering a vision of a real, worthwhile product, so long as investors can speculate and gamble on their value, sending commissions into CZ’s pockets.
It’s also why he’s singled out BSV and Dr. Craig Wright. Wright, who has proven to CoinGeek that he is the creator of Bitcoin and the pseudonym Satoshi Nakamoto, bravely points out how many altcoins are complete scams. CZ can’t have that, as it directly undermines the business model of his exchange, which needs these altcoins to create the highest trading volumes, and profits, for his overall success.
The response to CZ was immediate from many who saw through his charade. SirToshi Visionaire, a co-host of the Bitcoin SV Channel, commented “proof of what CZ really is.” Another user joined in, declaring “BUCKET SHOP ALERT!!!”
CZ didn’t respond to much of the criticism, instead trying to focus on the positivity, and later retweeting his own mantra to be positive, and retweet when others “shill @binance.” His focus on maintaining a positive brand could be considered commendable, but it’s really just in service of his greater goal of getting as many undiscerning fans as he can collect, and avoiding criticism of coins that could make him money.
Exchanges should only exist to simply allow users to exchange their fiat for real products. Float SV is pursuing that goal, and promises its future customers something of value for their money. Binance will never be that, because it exists only to create value for the exchange itself.
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