Source: Frank, Zen, PANews

On the evening of April 6, CZ unexpectedly appeared at the BNB Chain Super Meetup Hong Kong Station and had a candid fireside conversation with the community representative "Tu O Senior Brother". Faced with the current industry situation of MEME currency fanaticism, belief differentiation and market fluctuations, CZ bluntly stated that "striking the local dog should not be the only thing in the currency circle."

"IF You can’t hold, You won’t be rich" - This classic motto by Binance founder CZ has influenced countless investors, but in the new cycle, HODL strategy seems to be facing challenges. In this in-depth dialogue between the Hong Kong community, CZ publicly analyzed the development bottlenecks of BNB Chain, the community controversy of MEME coins, and his expectations for the industry's "healthy ecology". He emphasized that "making fast money and slow money need to be balanced", which sets out a survival rule for investors that coexist with risks and opportunities.

Tuao Senior Brother: I have known CZ for many years, but this is also the first time I have met him. When netizens met, my name isTuao Senior Brother. I came to Australia in 2016. But I think the most correct thing to do in the currency circle is to go in the Binance Exchange at the beginning, and then when I was in the ICO, I still got the coin I bought together. So today it’s an honor to have this opportunity to interview CZ on behalf of the community.

I have collected a lot of questions from the community, some of which have not been able to sort out yet...and because the time is short, I try to choose some slightly irritating questions as much as possible.

Tu'ao Senior Brother: First of all, I think many people feel that this cycle is very different. Whether it is the VC currency slowly beginning to decline, the MEME coin begins to rise, or the US Trump also begins to support cryptocurrencies, it seems that the entire cycle has collapsed to a certain extent. So CZ, what do you think of the current market situation?

CZ: Let me ask first, how many people are playing MEME for local dogs? (Many people raise their hands). Sorry, you may be angry about what I say next. I think it is possible to make a fuss about the local dog, but it should not be the only thing in the currency circle. This round of rushing to the local dog is too big, which is not a very healthy thing for the entire industry.

In the industry, there should be people looking for wealth codes, keen on tokens with relatively large increases, and there should also be long-term builders. But now all the attention is on MEME coin, but these MEEM players are actually very disappointed because they can not find ten times and hundreds of times tokens every day. No one pays attention to what long-term builders do, and they don’t think it’s fun. I don’t know which one to use when I make an exchange to list coins. So the entire community is not particularly healthy. I think some ways to break the deadlock are still needed.

Tu'ao Senior Brother: Have you found a way to break the deadlock now?

CZ: I think this is a process. It's not something that can be achieved overnight. For us, in the long run, we should still support construction, and long-term construction will be more effective. It is true that there must be real users, real income, and profits, and users can also benefit, so that the currency price can be maintained for a long time... I think people who want to make quick money and those who make slow money should have it. But those who may make slow money now don’t get enough support. So we are investing in the MVB we made this afternoon, and I personally communicate with the builders.

Tu Ao Senior Brother: I think I am also a "HODL" sect. In fact, many people... are truly priceless or hoarding coins. In the early days, I really listened to a lot of your sharing, and I felt a lot. Because you said at that time, "IF You can’t hold, You won’t be rich", and then my friends and I also took it as mottos. We have indeed made great gains over the past few cycles. But in this cycle, we also find that we are punished. Then do you think you should continue to stick to "HODL" now?

CZ: I think if you want this point of view, you still need to look at the technical or fundamentals. You can’t stock up on tens of millions of tokens in the market. Most tokens may eventually return to zero... Some really have fundamentals and practical applications that you can hold for a long time.

Tu'ao Senior Brother: So do you think there are some other projects besides Bitcoin, which may be worth trying and can outperform Bitcoin?

CZ: I think so far there are still many projects that outperform Bitcoin. Although everyone is not very happy to hold Ethereum now, Ethereum has outperformed Bitcoin since the beginning. BNB has also outperformed Bitcoin and Ethereum from the beginning to now (CZ here refers to the period after the creation of these two tokens, which should not be a comparison of the issuance price of Bitcoin). But Bitcoin’s current status is reserve assets. In the long run, holding Bitcoin will still increase its value. However, there are still dozens or even hundreds of coins that may outperform Bitcoin.

Tu'ao Senior Brother: There are more than I imagined. I think there may be only a few?

CZ: Bitcoin’s market value is very high, so it is still difficult to increase by 100 times. Therefore, some coins with better fundamentals have the opportunity to outperform Bitcoin within a period of time. However, if you want to seize these opportunities, you still need to know that you can discover and persevere.

Tu'ao Senior Brother: What are your expectations for BNB? Recently, some articles said that the estimated BNB should be above $3,000.

CZ: The person who wrote this article should be Hash global. They are a long-term supporter. When BNB was six yuan, they said they would be forty yuan. When they were forty, they said one hundred and fourteen, and then one thousand US dollars. His research on BNB may be even deeper than ours. I think the specific value is determined by the market. The direction we are working hard to expand BNBThe more usage scenarios, whether on a centralized exchange or DEX, the higher the value of BNB. Whether on Binance Chain or other chains, we are working hard to do this. We mainly want more users to use BNB. We have made many efforts in application scenarios in various offline and online

We are now investing in DeFi, NFT, and GameFi, hoping to give BNB Chain more projects... Some people also come to us and say that they want to use BNB as their recognized digital currency, etc. I think this model is feasible, and these are slowly advancing. We have no secret, just simply do things well and increase usage scenarios.

Tu'ao Senior Brother: How much do you think BNB will go?

CZ: As for how much the number will rise, I can’t say, and I can’t control it. I can only say that we continue to build an ecosystem so that more people are willing to hold BNB.

Tu Ao Senior Brother: Speaking of BNB Holder, there is a recent saying - BNB big customers are nursing homes, and the benefits are so good, especially after each new currency is launched, big companies get a lot of benefits, then smash the market, and finally retail investors take over... Is this not good?

CZ: I think the more BNB Holders, the better. The more people get BNB pension, the better, because BNB is limited. The better you can let more people hold BNB, the more prosperous the entire ecosystem will be. Of course, some people say that Hodler does not do things, and I think holding BNB is a kind of thing to do. In fact, it is precisely because of these Holders that BNB is also very resistant to declines, so we should thank these people who hold BNB pension.

Tuao Senior Brother: Then, let me ask a question about BNB Chain. I have seen BNB Chain do a lot in the past, trying to create an artificial bull market. Has the current height of BNB Chain met your expectations?

CZ: I think to be honest, it is still a little lower. I think BNB Chain does not do enough in the entire ecosystem. When I was Binance CEO... I spent more time in. As for the BNB chain, we don’t want it to develop according to the plan, but instead let it develop in the community. In the past year or two, I personally spent more time on related matters in the United States and did not pay enough attention to BNB Chain. This also led to the fact that although meme coin has remained popular for more than a year, BNB Chain has basically not participated.

BNB Chain has recovered slightly in the short term, but the level is far from enough. I think no matter what the next hot topic is, this kind of thing (negligence) will not happen again, and the entire BNB Chain community will definitely seize it. There are still many things to do, and I think AI, DeSci and other fields should develop in the future.very good.

To be honest, BNB Chain had limited resources when it started, and its attention at the beginning was not as high as Ethereum. Over the past year, I have been busy dealing with some compliance or other matters in the United States. But BNB Chain is still developing well at the moment, but it has not fully realized its potential. We will further invest in infrastructure, Dapp, and DeFi next. This ecosystem cannot be achieved overnight and requires continuous cultivation. We also hope that more developers are willing to come to BNB Chain, and I also believe that there will be more opportunities in the future. Today, when I was having a meeting with 16 MVB projects, I could do all kinds of ideas.

Tu'ao Senior Brother: You did a lot of things in meme some time ago and are also learning. Let’s talk about Meme coins, such as the recent PVP. Many people think it is short-term fanaticism, while others think it is a general trend in the community. What do you think?

CZ: I can tell you that I have failed in my studies in meme and has caused many problems to the community. Because I don’t know enough, everyone says “You send a dog’s photo”, then what I think is whether posting a dog’s photo can increase traffic and create some topic popularity, which is more fun. But later I discovered several mistakes, including the community also told me that once I post a few photos at a designated location, everyone knows that there will definitely be hundreds of meme coin sent together, causing serious PVP.

After the PVP was created, the community wanted me to choose a (memecoin), but it was difficult. I think it shouldn't be me who chooses, but the community. I think Meme coins have its community popularity, but they also come and go quickly. Sustainability depends on how the community develops in the later stage. In principle, we (Binance) will support things that are popular in the community, but we will also see whether they are legal and compliant and valuable.

I am not so sure whether memecoin will be as popular as before. Many people say that there are many meme coin with a market value of US$1 billion on Solana, but it has not yet emerged on BNB Chain. But at this stage, can Solana still achieve another "1 billion market value"? I don't know, I think it's difficult. So we still have to support the community. If the community is popular, we support it. If the community turns to something else, we will also turn to something else.

My starting point is to keep working hard to builder and truly be a long-term builder. I will also interact with the community, and I will also interact with fun projects. As for how far will memecoin go later, I really can't see clearly. I personally don’t really trade cryptocurrency, I don’t buy memecoin, and I haven’t bought NFTs. I am very supportive of this industry and I want to do its infrastructure. I am also very optimistic about this foundation, but I will not be the one who trades and speculates.

Tuao Senior Brother: I think you often go to Twitter, watch itSome suggestions or comments from home. Will you adopt everyone's suggestions?

CZ: There is a lot of time now, so I spend more time shopping on Twitter. Of course, it depends on the specific situation. For example, if I want to attend the conference today, I will have less time to interact (Twitter). It is normal for everyone to have positive or negative comments. I personally won't mind too much, but it depends on whether it is constructive. If it is abusive or false information, we may clarify it in moderation. I would rather hear the actual ideas of the community, whether it is praise or criticism, which will help improve. We will adopt it, and some of the suggestions we see are quite (constructive). I read a lot of Twitter and a lot of WeChat groups.

Tu Ao Senior Brother: Do you feel uncomfortable when you see negative comments on Twitter?

CZ: Actually, I don’t have any, I’m thick-skinned. When I see criticism, I think I can’t feel too uncomfortable. At the same time, I should also calmly understand and learn why others criticize this way, and understand the particularly important part of other people’s criticism. So we don’t have to take ourselves seriously. Whether others scold you or praise you, we don’t have to pay special attention to it.

Tu'ao Senior Brother: The last few questions: If you are a novice, is it a good time to enter the circle now? How to avoid risks?

CZ: I don’t think it’s too late to get into the circle at any time, but it depends on how you get into it. The most important thing is to have a basic understanding of the project and don’t fantasize about getting rich overnight. People who have just entered the circle should try to look at the fundamentals as much as possible. They will also pay quickly if they lose money for ten or a hundred times a night. Those who have just entered the currency circle should not put too much money in it. At first, they will invest a small amount of money, and the result will be easier to accept. You can consider batch investment and DCA (fixed investment) methods, choose some mainstream currencies, and don’t rush them. In addition, you should be calm and once you enter the circle, you should accept its fluctuations and not be affected by short-term rise and fall. The industry is still in its early stages and it takes time to build it. If you are optimistic about long-term value, you can take it. In the long run, there is no problem with the future development of the industry, but this fluctuation will be very strong in the short term, so everyone must pay attention to risks.

Tu'ao Senior Brother: What book are you reading now?

CZ: I read a book by Nvidia, "The Nvidia Way". I think this book is well written and you can see how others start their own businesses.

Tuao Senior Brother: OK, then we have almost the same time today. Do you have anything else to say to the community?

CZ: Actually, I want to tell everyone that we must pay attention to fundamentals and long-term construction. Short-term speculation can be found, but you have to assess the risks yourself. The currency circle is a high-volatility industry, especially DeFi and Meme. These are not very stable. I hope everyone can participate in a healthier and more rational way. We will continue to invest in the industry and provide more support and services to the community.

Tuao Senior Brother: OK, thank you CZ. That’s all today, thank you very much for accepting the interview.

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