Catch up on CZ’s Reddit AMA on May 21, 2022
发布时间：2022/06/10 丨 文章来源：币安交易网 丨 浏览次数：
As one of the industry’s most prominent leaders, there aren’t many crypto fans who wouldn’t have a few questions to ask Binance’s CZ. Here’s your chance to catch up with last Saturday’s AMA session and learn more about what’s on the community’s mind.
If one thing’s for sure, the crypto community has an appetite for direct questions and sincere answers. We all like to be in touch with the projects and services we support, and Binance is no different. As one of the most active crypto communities on the web, Reddit’s r/CryptoCurrency subreddit played host to CZ’s latest AMA on May 21. For those who didn’t follow it live, we’ve gathered here all the questions and responses posted. We’ve even included some unanswered topics that CZ has since covered, so there’s some new for everyone.
A Saturday Afternoon of Questions With Binance’s CZ
Some questions have been cut shorter to make them suitable for display, denoted with a *. We have also included a few unanswered follow-up questions in the first section, marked with a **. You can also follow the link if you’d like to see the Reddit thread firsthand.
1. “Why did you(CZ) resumed UST and LUNA trading knowing that it is a failed project and also Luna mint is still happening although you tweeted 'no more minting'?”
CZ - I saw this question earlier, but it looks like it disappeared as I was answering. It was the most upvoted at the time. Here’s my answer:
In a decentralized world, there are many other exchanges too. If we suspend trading, and prices move on other exchanges, what do you think the holders will say? 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.
2. “Can you please explain why you misrepresented UST repeatedly then deleted all tweets and promotional material stating that it was safe, stable and fiat backed right after it crashed? What are you doing to make this right?”
CZ - 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. I’m 99% certain just a bad twitter conspiracy theory.
Not sure about the Binance main account, but I do delete tweets all the time, mainly due to a lack of edit button. I just asked our team about this, there were some tweets about a specific APY, which is no longer true, so they deleted it as to not confuse new users.
[Later reply]
Apologies, I didn't know this until now. Thanks for flagging it. I will check it. How long it was up for, etc. We do make mistakes. There was another incident where our team used a wrong logo for different project for a while, and then took it down, and corrected it, which I believe it the correct thing to do.
If you think this caused you issues, please contact our customer support. We will look at it in detail. I do not think our team intentionally did it, but will check for that anyway.
Lastly, it is always important to thoroughly research and learn about projects you invest in.
3. “Did Binance stake UST in Anchor protocol, to generate yield for users?”
CZ - Yes, there were some, as part of the Earn program. These programs are accompanied by user education and extensive disclaimers - we are transparent about how this works, and the risks associated.
(Read our blog post to better Understand the benefits and risks associated with Binance Staking)
4. “Is there any plan to make BNB chain more decentralized ? Currently 10k+ BNB needed to become a validator on your own,you also need to get a whole lot of BNB delegated to you as well. Very strict demands. Also there are only 41 validators nodes out of which 20 are always inactive, which makes BNB one of the most centralized coins.
Thanks for your time CZ!”
CZ - Honestly, I am not involved in the BNB chain decisions. I barely found out they went from 21 to 41 before they tweeted about it. I do talk to some of the key devs there. Will bring it up next time. My limited tech understanding is there is a trade off between number of nodes vs performance at this time of our blockchain evolution. We collectively need to work on faster tech for blockchain.
Also, the delegated proof of stake works in such a way that even though there aren’t that many nodes, you do have a choice on which nodes you want to stake too. Hope that helps.
5. “CZ, would you consider bailing out UST and taking over for Do Kwon as head of Terra LUNA?
1)You invest $3-6 billion to partially collateralize the remaining 10 billion UST
2)In return you/ Binance get a big allocation of new LUNA2 tokens.
3)To redeem UST, people have to buy and lock BNB for 3-7 years, for an amount of > 50% of their loss.
Why?
a) You would become the most beloved man in the crypto space and it seems like you could afford it. This might be the biggest financial loss in the history of the world and psychologically, people are devastated.
b). You would likely make money too, with BNB forced to be bought and locked, your new allocation of LUNA2
You would start a bull market and BNB could flip ETH in the process.”
CZ - I am humbled by such a request. Thanks for the trust in me. But short answer is: unlikely.
I am pretty busy already, and algo stable coins is not my speciality. We should each do what we do best. I hope the community eventually settle on a good solution, and we will be here to support it.
6. * “Will Binance distribute the LUNA v2 it receives against the user's holding on Binance at time of snapshots?
Do Kwon already tweeted that ONLY LUNA that is in the Terra ecosystem at the time of the snapshot will be eligible for the airdrop. Anyone holding on CEX's will NOT be eligible and will miss out!”
CZ - In general Binance works hard to ensure users that hold coins/tokens on our exchange can receive airdrops intended for holders. The exact details will be worked out after there is an official consensus on what the Terra team plans to do.
7. * “Does Binance take part in governance votes using customer staked assets?
Are there any plans to implement systems that allow your customers to partake in governance votes?
If Binance does indeed not vote on proposals what other steps do you take to help decentralize networks(similar or akin to the spread delegation's you did on the Binance Harmony wallet).”
CZ - No, we don’t. We don’t use user funds to vote. Binance does not get involved in other chain governance. We, as an exchange, like to stay neutral on these things.
** “What about that one time Justin Sun wanted to take control over the Steemit blockchain and you gave him a ton on user-owned STEEM tokens to get the job done?
Did you forget about that one or just deliberately ignornig that it ever happened?”
CZ - At the time, Binance had used its vote to approve what we thought was a regular upgrade/fork. In retrospect, this was a mistake, and I’ve already apologized for the issue. We all make mistakes. We all learn from them.
8. “If Binance goes bankrupt, are user wallets safe?”
CZ - User funds are kept separate from the exchange's operating funds. And, if this were to happen, funds would be refunded to users first, BEFORE any shareholders. Funds are SAFU.
9. “Why does Binance randomly lock customer accounts even though the customer is already verified for a long time. I am not asking for myself, but I have read such posts on the Binance Sub. Also even if customer re-verifies, many times the verification is failed? How is the customer able to gain access back to their coins if such an event occurs ? As this my biggest fear.”
CZ - KYC is not static. For example, in Europe there are newer KYC regulations, which means that users have to re-verify again their accounts even if they were verified some time before. I can appreciate that this can be frustrating. However, KYC is very important - and it is part of the systems in place to ensure that customers can gain access to their coins.
Sometimes, there is a legitimate Law Enforcement request that we have to abide by.
Also sometimes, there are false positives. For risk prevention on your account. For example, if you log in to your account from a different device, IP, or country, etc. That's to protect your account from potential hackers, etc.
All in all, Binance NEVER lock user funds without a solid reason. Sorry that you had a bad experience.
10. “When someone uses high leverage (I believe binance offers up to 100x) and the market turns against them and they get liquidated, where do their account funds go?
Does binance have the ability to trade against its own users in order to force liquidations?”
CZ - 1. they lost to the users who is the counterparty of the trade.
2. No. We wouldn’t have an exchange if we did that. It would be a pyrrhic victory to chase short term gains by trading against our users. Even ethics aside, it is not a good business decision. And we hold ourselves to a high ethical standard.
We even monitor some of our large clients who tend to provide a lot of liquidity in the market so make sure they don’t do that either.
Our job is to create a fair and equitable trading environment. Not saying that doesn’t happen elsewhere in the industry, but it is against our mission and my personal beliefs about what is right & wrong.
Interestingly, a couple of people tried to suggest this (not even against the users, just prop trading) to me in the past, and they no longer work in Binance.
11. “Is it in plans to incorporate Binance Academy into the main Binance app somehow as I believe many new users aren't aware of basic scam prevention and how to keep funds Safu. I believe a prompt to access information regarding scam prevention when registering on Binance will benefit newer members of the community greatly
