Features From Binance CEO’s Reddit AMA Session: $LUNA, $UST, $BNB, and $BUSD
On Saturday (May 21), Changpeng Zhao (otherwise known as “CZ”), Co-Founder and CEO of Binance, addressed inquiries from the Reddit people group during an “Ask Me Anything” (AMA) meeting facilitated on the “/r/cryptographic money” subreddit. BNB news…
$LUNA and $UST
- “Binance always has risk warnings to users in all of our announcements. And to the best of my knowledge, we never said UST was “fiat backed”, etc.“
- “We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints, but I believe our action forced the validators to resume the network within a couple of hours. Lastly, no one is forcing anyone to buy just because trading is on. There are high risk tolerance buyers willing to take over from sellers. The market place is neutral.“
BNB Chain Validator Nodes
Truly, I am not engaged with the BNB chain choices. I scarcely figured out they went from 21 to 41 preceding they tweeted about it. I truly do converse with a portion of the key devs there. Will bring it up sometime later. My restricted tech understanding is there is a compromise between number of hubs versus execution during this season of our blockchain development. We by and large need to deal with quicker tech for blockchain. Likewise, the designated evidence of stake works so that despite the fact that there aren’t that numerous hubs, you truly do have a decision on which hubs you need to stake as well. Trust that makes a difference.”
“At least one or two viewpoints to this. The market chooses the worth, very much like with some other resource. Assuming that something is utilized by individuals, it has utility worth. The more individuals that utilization it, the more worth it ought to have. The market concludes esteem in view of the number and the nature of motivations to hold or utilize the resource.
“BNB has many use cases, remembering being the local money for BNB Chain, which has a well known local area of developers and clients. BNB is a local area coin. Myself and Binance add to this local area by building additional utility for BNB in our environment any place it checks out. In any case, the genuine achievement and market standing can be credited to the local area developers and clients that make the BNB biological system so solid.”
Administrative Risks of Binance USD ($BUSD)
“Numerous controllers are positively taking a gander at stablecoins all the more intently. BUSD is given by Paxos, a NYDFS directed substance. It likewise has the most noteworthy fiat backing for every one of the significant stable coins.”
Safety of User Funds
“User funds are kept separate from the exchange’s operating funds. And, if this were to happen [i.e. if Binance ever became bankrupt], funds would be refunded to users first, BEFORE any shareholders. Funds are SAFU.“
How CZ’s Life Has Changed Since Becoming a Billionaire
“To be honest my life hasn’t changed that much. I work hard everyday because I enjoy it, and it is enjoyable. My job is the most meaningful thing I could do with my time/life. I feel very lucky to have this opportunity.
“I’m now doing more traveling – meeting users, the community as well as governments and regulators. For example, I was in Germany this week. There are some benefits as I went to the Top Gun movie premiere in Cannes, which was fun. However, our team at Binance keeps me humble. I ended the week serving and delivering pizza.
“Investment wise, I am not a good example. I don’t diversify. I recommend most people to diversify. But for me, I am all in Binance. I don’t have personal investments. Everything I do, I do it through Binance. Removes any potential conflict of interest concerns. I think it is a good way to lead the team. My personal assets are simple too. I am all in crypto, BNB and BTC. I use my Binance Card everywhere I go.“
The perspectives and sentiments communicated by the writer, or any individuals referenced in this article, are for educational purposes just, and they don’t comprise monetary, speculation, or other guidance. Putting resources into or exchanging cryptoassets accompanies a gamble of monetary misfortune.