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CZ answers ten questions from the community: "This year has seen many 'firsts', and I am looking forward to the end of 2022."

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CZ answers ten questions from the community: "This year has seen many

Binance founder Changpeng Zhao (CZ) answered ten questions from the community, stating that what he is most looking forward to in 2023 is the end of 2022, as this year has seen many negative events.

1. When did you invent Bitcoin?

No, I did not invent Bitcoin, at least not yet. Maybe when I'm 200 years old, I can time travel back, but as far as I know, I am not Satoshi Nakamoto.

2. What "firsts" have you experienced this year?

Yes, there have been many firsts. I first visited 33 countries I had never been to before this year, met some heads of state for the first time, many regulatory agencies, and many community users.

We also faced many first-time issues in the crypto industry this year, with many "firsts."

3. Why do I always buy low and sell high?

This is a common sentiment among traders in the crypto market or any trading market. If you feel this way, you might not be a good trader. Well, don't trade, just hodl.

4. How can I get a Binance cap T-shirt?

The cap T-shirt I'm wearing is not for sale; it is provided to community members. If you are helpful on Twitter, Telegram groups, and actively answer questions, when someone from the Binance team notices you, you can get the cap T-shirt. It has no price; it is priceless.

5. If all Binance users withdraw simultaneously, will it collapse?

The definite answer is no; we will be fine. Binance represents every token held by users with over 100% reserve assets.

So if there are any concerns, withdrawals can be made at any time without any issues.

6. If Binance goes bankrupt, is Trust Wallet still safe?

User assets and Trust Wallet will be safe. Users hold the private keys to Trust Wallet and should also ensure they have the recovery phrase.

Trust Wallet is independent of Binance, so regardless of what happens to Binance, Trust Wallet remains completely controlled by users.

7. How would you handle a collapse event similar to FTX?

The key is, of course, not to get to that point. It's not just about crisis management after the fact. When you misappropriate billions of dollars of user funds and mess up, it's very difficult to handle. Even if things eventually go wrong, I think it's best to pause all activities, make everything transparent, and communicate actively.

More importantly, stay away from those red lines. Some principles must always be followed, such as never touching user assets, ensuring the safety and clear separation of user assets, and building a healthy business based on sustainable operations without taking shortcuts.

Prevention is better than cure; stop trying to fool anyone.

8. Does CZ sleep?

I do sleep. I usually split it into two segments. I sleep about 5 to 6 hours at night and take a 30 to 45-minute nap in the afternoon. I find this sleep combination very helpful for me. Binance is a remote working environment, so I can enjoy this.

9. What is the most important lesson you have learned at Binance?

There are several valuable points I believe in:

  1. Maintain professional ethics: Never cross ethical boundaries, never touch user assets, avoid doing things that harm users, always do the right thing, even when managing astronomical user assets.

  2. Build a strong team: Binance is fortunate to have a strong team working together to build a successful platform continuously.

  3. Communicate with the community: This includes users, Binance Angels, KOLs, regulatory agencies, and even traditional financial professionals.

I think these are the three things I've learned that have made Binance very successful.

10. What are you most looking forward to in 2023?

I'm most excited that 2022 is finally over. It was a very difficult year with many negative events, coinciding with a bear market. So I hope the crypto industry in 2023 will bring more positive and proactive events.

I hope to see more developers create more widely adopted applications, develop more GameFi, Metaverse, NFT, DeFi, CeFi, wallets, and more compliance measures, KYC, and SMS solutions.

Our goal is to make the crypto space more accessible to everyone seamlessly. I'm glad that the arrival of 2023 finally allows us to leave 2022 behind, and we will continue to build the crypto industry.