Binance Changpeng Zhao on the cover of "Forbes": Buffett speaks badly about virtual currency because he doesn't understand
In this list released by Forbes, the third-ranked Binance founder Zhao Changpeng not only excited many Chinese cryptocurrency circles, but also successfully appeared on the cover of Forbes magazine, attracting more attention from outsiders. His personal virtual currency net assets Reached 1.1 billion - 2 billion US dollars, becoming the only Chinese in the top ten.
Top 15 Forbes First Crypto Billionaires List
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More bullish on cryptocurrencies than Buffett
Warren Buffett, the stock god, has made a lot of negative remarks about Bitcoin, and Zhao Changpeng said that Buffett is a big figure he admires in the investment world, but he may not know much about virtual currency, which leads to misjudgment, and the value of virtual currency will eventually be realized. reflect.
Such a rebuttal is not just talking about it. He emphasized on social platforms that he has worked hard for this for 20 years.
"I am very honored to be on the cover of Forbes magazine, but this is the collective credit of the team. We did not only use it for 6 months. Such a result is inseparable from 20 years of accumulation. Thanks again to Forbes magazine"
It is admirable that in the competition in the field of cryptocurrency, his Binance (Binance) was able to attract 6 million users with a performance of 1.4 million transactions per second in just 7 months, becoming the world's largest cryptocurrency trading system.
Changpeng Zhao once mentioned that the vast majority of these users are men, and the age group is generally between 25 and 35 years old. Some users made a daily profit of $100,000 with a principal of $10,000, and some even made more profits. He said:
Today, no decentralized exchange can handle our volume, nor is it as secure as ours.
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How to Enter the Cryptocurrency Field
Zhao Liang, 41, who owns the largest stake in Binance, wears a black hoodie, as casually as Zuckerberg and Jobs. His only hobby is mobile phones (he owns 3 mobile phones), in 2014, he sold his house in Shanghai and invested all in Bitcoin, without any cars, yachts and famous watches.
Changpeng Zhao was born in Jiangsu, China. Both his parents worked in education; his father, a professor, was labeled a “capitalist roader” during the Cultural Revolution and temporarily exiled shortly after Zhao Changpeng was born. In the late 1980s, the family moved to Vancouver, Canada. When he was a teenager, Changpeng started to earn money to support his family, selling hamburgers at McDonald's and working the night shift at a gas station.
After studying computer science at McGill University in Montreal, Changpeng Zhao spent time in both Tokyo and New York, first building a system for matching trade orders at the Tokyo Stock Exchange and then at Peng Futures trading software was developed on Bloomberg's trading electronic version. But even at just 27, the programming whiz has been promoted three times to manage teams in New Jersey, London, and Tokyo in less than two years, and he still isn't satisfied. In 2005, he resigned and moved to Shanghai to start his high frequency trading system company.
In 2013, Zhao learned about Bitcoin from a venture capitalist with whom he played poker. He started bouncing around in famous crypto projects. He joined Blockchain.info as the third member of the cryptocurrency wallet team. As project lead, he worked closely with well-known Bitcoin advocates Roger Ver and Ben Reeves.
He also held the CTO position at OKCoin, although this tenure did not seem to be pleasant. There were some conflicts and disputes between the CEO of OKCoin and Changpeng Zhao, and finally Changpeng Zhao chose to start Binance by himself. Among the many virtual currency exchanges in China, Binance is an early internationalized one, and the Binance team is also distributed in many countries and regions. According to Changpeng Zhao,
Due to the uncertainty of various countries' policies on virtual currency, the future of setting up the headquarters in a certain country is relatively variable.
Changpeng Zhao’s Binance company moved to Japan and possibly Taiwan after China enacted a ban on cryptocurrency trading. These changes make Binance’s trading volume no longer dominated by mainland Chinese users. Today, 38% of Binance's users are in the US, with Japan the second-largest market. Because Binance has no record of paying taxes in Japan, the company was limited in its ability to sign leases and was forced to work from a small workstation.
"Our table is just outside the toilet," Zhao said. The company is hiring developers and customer support staff in Taiwan. Changpeng Zhao said he plans to double the size of the current team to 300 in the next three to six months.
Binance currently supports around 120 cryptocurrencies, over 100 wallets and 240 trading combinations. Changpeng Zhao said:
We have received over 5,000 applications to list and trade currencies.
He pointed out that his team only welcomes projects with good credit, a large user base, and strong liquidity. The probability of a project being selected by Binance is 3%, which is lower than the acceptance rate of Harvard University.
There is no doubt that Changpeng Zhao is winning the cryptocurrency gold rush. Unlike most other cryptocurrencies, his trading system is not only the fastest and most reliable, but also the cheapest - he offers a 50% discount on transaction fees. As the largest owner of Binance, he plans to use 20% of his profits every quarter to deflate the bubble, which will take Binance even further.
Produced by the compilation group.
Editors: Hao Pengcheng, Wang Yaqi
