Listen to CZ Compare Binance to Bitcoin - Ep.173
Unchained
Navigating Ownership: Binance and CoinMarketCap's Independence
This chapter examines Binance's acquisition of CoinMarketCap, focusing on the implications for neutrality in market rankings and trading volumes. The speaker underscores the necessity of maintaining integrity amidst concerns of bias, particularly in the fight against fake trading volumes reported by exchanges.
Changpeng Zhao, aka CZ, cofounder and CEO of Binance, and I kicked off the Ethereal Virtual Summit with a fun fireside chat! He talked about Binance’s current operations, its plans for the future, and the crypto industry as a whole. He explains:
- Why he thought the questions I asked him in our first interview were misleading
- Whether Libra’s new plans are affecting Binance’s strategy for Venus
- What impact China’s DCEP will have on crypto
- Why the confluence of circumstances caused by COVID are a “perfect storm” for crypto, and how this will affect crypto in the long-term
- Whether the Binance Smart Chain will leech away Ethereum developers and users
- Why he thinks competition in the industry only grows it
- How Binance can own CoinMarketCap without affecting its objectivity
- What he says to the class-action lawsuit against Binance, him and the other cofounders of Binance accusing them of offering unregistered securities
- How he views the role of Binance in governance in delegated proof-of-state systems, such as when Binance flip-flopped on a contentious hard fork in Steem
- Where Binance is headquartered
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Episode links:
CZ: https://twitter.com/cz_binance
Binance: https://www.binance.com/en
My first interview with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/
Details on BUSD: https://www.theblockcrypto.com/post/38607/binance-launching-its-own-usd-pegged-stablecoin-busd-with-paxos-as-custodian
Binance announcement about BUSD: https://binance.zendesk.com/hc/en-us/articles/360032604131-Binance-Announces-Open-Blockchain-Project-Venus-
BUSD marketshare: https://www.coindesk.com/binance-stablecoin-busd-tops-100m-but-lags-behind-rivals
Venus as the One Belt, One Road initiative of Libra: https://twitter.com/DoveyWan/status/1163364542233006082?s=20
Venus focusing on developing countries: https://www.coindesk.com/binance-is-pitching-its-stablecoin-as-a-government-friendly-libra-competitor
Binance’s acquisition of CoinMarketCap: https://www.coindesk.com/binances-coinmarketcap-acquisition-is-a-bet-that-crypto-really-is-for-the-masses
125x leverage: https://www.binance.com/en/blog/393707200802271232/5-Things-You-Need-to-Know-About-Binance-Futures-125x-Leverage
The Block report on BNB’s latest token burn: https://www.theblockcrypto.com/genesis/62306/a-closer-look-at-binances-bnb-burns
Lee et al. vs. Binance: https://www.scribd.com/document/455203877/Lee-et-al-vs-Binance
Estimate that Binance earned $46 million in profit in 2018:
Binance used Steem tokens on its exchange to help vote out Steem validators: https://steempeak.com/witness/@ura-soul/ura-soul-witness-update-anarchy-vs-empire-tron-replaces-top-witnesses-and-takes-over-the-steem-blockchain
CZ’s initial tweet about the how Binance handled the Steemit fork: https://twitter.com/cz_binance/status/1234565384327585792?s=20
Binance reverses course: https://www.coindesk.com/steem-will-hard-fork-in-just-hours-over-community-fears-of-justin-sun-power-grab
Binance not authorized to operate in Malta: https://www.theblockcrypto.com/linked/56603/binance-is-not-authorised-to-operate-in-malta-says-the-countrys-financial-regulator
CZ on Binance not being based in Malta and decentralized: https://twitter.com/cz_binance/status/1230860647086338048
Binance shut down Shanghai offices: https://www.theblockcrypto.com/post/47922/binances-shanghai-office-shut-down-following-police-raid-sources-say
Links to topics we did not have time to cover:
Binance removes all references to Visa from its credit card: https://www.theblockcrypto.com/post/60886/binance-quietly-scrubs-visa-mentions-from-its-payment-card-website
Opening mining pool: https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool
Investment in startups in Africa: https://www.coindesk.com/binance-backed-crypto-payments-app-as-race-for-africa-heats-up
In-browser trading: https://www.coindesk.com/brave-partners-with-binance-to-develop-in-browser-crypto-trading
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