On November 14, CZ had an AMA about an hour and a half long on Twitter Space. After speaking briefly about his vision on Proof of Reserve and Binance itself, questions were open to the listeners.
Here are some quotes from CZ after one listener asked about his opinion towards the media.
`That`s a somewhat frustrating experience. I don’t think it will change in the short term. If you look at the mainstream media, many of them either say algorically crypto is bad or whenever there’s a problem in crypto they amplify it….
So I think the narratives are a little bit unfair but we`re in a new industry so people are skeptical of things. And also even within the industry, there are exchanges that were touted as the savior of the industry but it just went down.
There’s also the narrative that large exchanges get large because it does dodgy things. That’s completely not true, you only get big by earning users’ trust. So users today are quite smart. Social Media, Twitter, and information flows very quickly. So, it is what it is. It’s just something we have to deal with. But I`m very very glad that I have Twitter. Twitter allows us to get our voice out. And we do have a decent amount of followers on twitter now and on other social media platforms as well. Social media is actually a great thing, a great tool for us to have. I think it restores levels of balance.
But more importantly, in the long run, we do have to work with the traditional media. You know, the newspapers, etc. I think we need to educate them. We need to teach them how to see through the narratives.
On the reserves, there was another article written by Bloomberg saying, the first version of the article was that more than 50% of the reserves on Binance are its own coins. When I read that I was like, `what?` And it’s a paid article, which I do not subscribe to. But even in the first three lines they show that most of it is in BUSD. It’s not a coin that we issue. It`s a Binance brand, but it’s not BNB. BNB is only 6%. The second version of the story is that the reserves are 50% Binance brand. Okay, that is technically correct, but it’s very misleading. And the way they use the wording, obviously the journalists think that our reserves are reserves, meaning that when people want to withdraw, we convert at that time for them. If you read the article carefully, they didn’t even understand that our reserves are just the same form the users store with us. So if the user just happens to store all BUSD with us, that`s all we have. We don’t convert. The reserve in a banking sense, and the reserve in a crypto exchange sense are very different. And we just need to educate the traditional media. So I think over time this will improve.
But frustratingly, in the short term, there will be pain here and there, but I think at the same time the community, they have been doing this for a while. The situation has been there for a while. Especially what I see on twitter. The guys on twitter are quite immune to it. We all know this is the case.
So over time, and the more we act and think like that, the less incentive for the media to do that. Because every time they do that, and report something that’s slightly off, that has a bad narrative, they`ll lose their credibility. Over time their influence will diminish. So it’s not good for the long run. Short term they can create some sensation, but on a longer term that’s not gonna work. That’s kind of how I view the media. We gotta work with them, but we gotta educate them, you know, and at the end of the day, long term, right messages, the actual messages will prevail.`
I was impressed by CZ`s positive approach and point of view to educate and coexist with the existing media, rather than destroying them, as the critical media is due to the lack of knowledge about crypto.
Author: Crypto Shoks from GOOD DEED
