Coin Edition -
- Changpeng Zhao (CZ) went from anonymity to global wealth in under a decade, as mentioned by Hayes in his blog.
- The blog suggests that CZ, like all those profiting from centralization, is considered a sinner in the eyes of Satoshi.
- BitMEX’s former CEO questions the severity of Binance’s $4.3B fine, comparing it to traditional financial wrongdoings.
In a recent blog post, former CEO of crypto exchange BitMEX Arthur Hayes delves into the extraordinary rise and fall of Changpeng Zhao (CZ), the former CEO of Binance. Hayes highlights the controversial $4.3 billion fine imposed on the largest crypto exchange.
According to Hayes, CZ emerged from anonymity to become one of the richest individuals globally in under a decade. The catalyst for his ascension was Binance, which, in just six years, transformed into the world’s largest centralized trading venue for cryptocurrencies.
Hayes notes, “For some, Binance was their way to purchase a coin or token that was a ticket to financial freedom. For others, it was a very efficient way to speculate on a new political, economic, and technological system.”
Hayes introduces the ideological conflict surrounding crypto, quoting Lord Satoshi’s disdain for centralization as “the tool of the devil.” The blog suggests that CZ, like all those profiting from centralization, is considered a sinner in the eyes of Satoshi.
Hayes also questions the disproportionate punishment given to CZ and Binance in comparison to traditional financial wrongdoings. He contrasts the severe penalty with instances where major banks and CEOs escaped criminal responsibility.
The blog concludes with a reflection on the absurdity of the treatment meted out to CZ, underscoring the transformative potential of cryptocurrency. Hayes sees crypto as a pivotal political, financial, and technological development, attempting to create a parallel system based on voluntary participation rather than coercion.
In addition, the blog ended with a pragmatic note for crypto enthusiasts, urging them to secure their holdings in wallets where they control the private keys to avoid becoming, in Hayes’ words, “a slave.”
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