Bitcoin Forum

The aim of this project is to; and CZ urges that this initiative be supported by other investors.
Link to news (https://www.msn.com/en-us/money/news/bitcoin-ethereum-dogecoin-rebound-after-binances-cz-declares-industry-recovery-funds-to-ease-ftx-ripple-effects/ar-AA145kWO)

All this is due to the recent issues with FTX.

What do you think about this initiative?

If this is enough to compensate the losses of many, then why not?
The question is, who will be the one to manage this? And is other site ok with this if their competitor handle the funds or security for them? I applaud Binance and CZ for this initiative, but there’s a lot of questions to be answered first and its up to the investors if they will support this or not.

He's trying to still stand out although he already stood out with what he had exposed with FTX.

I think it's a good thing to support those struggling companies but really has the potential. What it's like is an insurance like they'll be distributed with money for their recovery and then if they go back in shape.

They'll be the next one to contribute for those projects that might have been seen struggling. If I understand this, CZ is trying to weigh and balance thing from the perspective of these exchanges and huge companies.

But all I think is that he's trying to make an organization for which he'll be the leader of them all.

No wonder binance earned the title as the world's No. 1 exchange because of its CEO's cleverness in solving a problem. even helps FTX solve the problem. I believe if this works out it is likely that Binance can attract a lot more investors to the Binance exchange as this adds value to Binance's trust.

CZ took advantage of all these events, he came as a hero for many in order for the crypto to get an immediate price recovery. This is a great move for Binance It looks like Binance will continue to gain additional trust if this works. investing in BNB may also be our way of taking profits.

A good step from CZ but to be honest that will need a very big amounts of money. So many people were shorting the market and many of people rushing to withdraw their money from exchange site. this creates shorting on their liquidity too.
It seems like that binance wanna try to make a comeback to the market but its seems like that there are so many crypto fans who enthusiast with it. At least CZ has been revealing the truth of centralized exchange site and so this gives more exposure to the decentralized ecosystem in the market.

It's better to try rather than never. So many companies have low liquidity at this moment especially for cex.

This is indeed good news, and it is also a model of currency autonomy and self-help, but the problem is that I still have a skeptical attitude towards these actions of centralized exchanges. Is there a decentralized public welfare fund? Specifically to solve such problems.

I don't think that there is a smart contract capable to make decisions who gets the funds, you'll likely going to need people to manage the funds which is going to make it not a decentralized structure.

It is a good time for Binance and CZ to show their power which increases their power and domination in cryptocurrency exchange market. From Binance's core approach that prioritizes safety, they will not take too much risk. Especially the lesson from Sam and FTX is just very hot right now.

Decentralized exchanges can take advantage of the FTX collapse and a fud wave against centralized exchanges to bounce strongly in this bear market. However I would like to remind that most of decentralized exchanges we have now, are not actually decentralized. If their owners, founders, core team members are known, they are not decentralized. Their services can be shut down anytime by governments if they want to do it seriously.

As an industry leader, CZ tries to establish an industry recovery fund to help excellent builders and developers recover from the crisis, allowing more projects to continue construction amidst the turmoil. This move is also very beneficial to Binance. It will increase people's trust in Binance and attract more investors to join it.

I'd say it's a good initiative since it aims to help people who were damaged by the event, but I'd rather make him push the idea of using non-custodial wallets instead of using custodial ones, even if we assume that his initiative is in place already. It might also take a few years for it to happen even, not to mention it might be again, centralized, so if say CZ handles the money and does an FTX move on it then a LOT of money would disappear.

Which leads us again to issues of trust, really, people would just be better off using non-custodial wallets instead of having to think of all these issues.

A smart contract will be an option but the risk still is the same. Even those organizations created in crypto. It will be very centralized whether they or CZ holds these recovery funds. There is no better person who may be qualified because of trust issues. Although CZ appears to be a trusted person, neither can guarantee when his volts lose.

I think the crypto market is better with no recovery funds, everyone is responsible for whatever happens to his own coins.

Why would CZ care for the other exchanges? Why would he want to bail them out? Is he doing this because he is a nice guy? Is binance trying to become the central bank of crypto? Bailing out the exchanges they like and bankrupt the ones they don’t?

This is a bad, very bad move. It just makes the current situation even worse imo.

The collapse of FTX will be taken advantage of by the regulators and it's why it's been covered everywhere by the mainstream media. CZ is also about to do it also. If there will be a consensus I don't think CZ will win knowing that no matter how rich you are if your coins are held by someone, you have no way of getting them back.

It's the government that we need to go thru so there has to be a regulation first.

Is that what you think? Maybe CZ is trying to safe retail investors like us because sooner or later taxi drivers, clerk workers etc that invest in crypto will all be affected.

If CZ is sticking his neck out for this again then there is a bigger damage we don't know of yet, it might affect Binance too.

Do not forget that this is the same man that tried to safe FTX until he saw what FTX have done in the back, this is a man that reveals that some exchanges are sending customers' funds to other exchanges.

I trust this man because he is trying to safe us all.

It comes to two conclusions. First; CZ intends to have sole say in crypto. He showed this with his successful moves. I say successful because we've all seen the results. Latter; CZ really wants to support in good faith. Both of these can be true at the same time. We will see this later. My personal opinion is; What happened to FTX could happen to any exchange. I am against any boss in crypto. I am in favor of being supported by governments. This support must also remain within certain limits.

Several incidents in the current crypto world honestly make me always doubt when new steps are made whose purpose is to prevent anything bad from happening again in the future, the developers, exchange owners seem to understand how to profit in any way and what to do.
Introduced by CZ in my opinion will also fail to protect crypto investors, and this is why crypto investors should realize how risky the crypto world is and don't believe anything as a good thing because when the time comes it will harm many parties.

To avoid loses from collapse of platforms, the most important practice for people is using non custodial wallet. Having self-custody is very important for crypto enthusiasts and people should look at Terra, FTX collapses to more seriously use non custodial wallets.

It's their key, it's their coins.

CZ and Binance want to rebuild the crypto ecosystem and increase their reputation. For crypto investors, what was lost is lost forever but they can learn from their own loses and be smarter, be more carefully in future. CZ and Binance can not cover their loses by anyway.

He's the person who make FTX collapsed and bankrupt, now he trying to act to help any exchanges that has a liquidity problem? ;D

He just want to not get blamed by any users who leave a coin on FTX, because what he done, it make all users on FTX suffer huge losses. Many people are very stupid that think CZ is a good person and care with the other centralized exchanges, but they forget what CZ did before. Sooner or later when there's a big centralized exchange that can overtake Binance position, CZ will do another drama in order to destroy that exchange.

It's my view that CZ is taking important initiatives to ensure the industry doesn't collapse. I hope this will help restore confidence in the community, and help make people realize that this is a dynamic industry, not a fly-by-night "money grab" scheme.

I also like how he emphasizes Public accountability and this initiative will most likely stop the bleeding in the crypto market and set a safe foundation for even better growth.

He is taking careful steps but he is also getting into something he shouldn't have. If he tries to be the saviour and try to build something like this, then people will ask for his help whenever there is a scammer, and when he doesn't help, he will see as a terrible person.

Let’s assume he decided to actually build a fund, and he put a good chunk of his own money, and some from binance, and then coinbase did and then many other places, even casinos did and there is this giant 1 billion dollar fund. That’s not enough to cover everything but they hired the best lawyers as well, so basically it’s all taken care of. Then an exchange says they were hacked and bankrupts and Binance doesn't help, don't you think CZ will be hated? He would be and that’s why he shouldn't do this.

I am surprised that this proposal had an impact on the market because CZ is partially responsible behind the market downfall when he made his claims in twitter and then walking away from the FTX deal, even though i personally feel that it was the right decision because it is a bigger mess to deal with ;D.

The fact remains BTCitcoin was created to move away from the traditional system where the bankers mess up and the government always rescue them and the same system is proposed now. Projects mess up the funds and instead of government coming for the rescue they are planning to create a rescue fund ::). So who will be funding these and till what level they can mess up to recue them  ;D.

Haha I actually want to ask the same thing about "The question is, who will be the one to manage this?" would be great if the money will stay transparent right?

and the team should look at the different angle before compensate "any project losess" cz also said like this

I think other investors are still thinking about it. because there are still many unresolved questions why CZ is so kind to help FTX. if there were no other intentions, it would be impossible for CZ to urge other investors to support him.


I totally understand what you mean. he's the one hitting from behind but he's the one claiming to have helped everyone (sorry out of topic)  ;D
but let's see what next drama will be done by them for profit

What kind of projects need help?
Strong projects accept investments in dollars, and then distribute their tokens to investors. The solan ecosystem has big problems now, and it is incomprehensible how this situation will end.
Anyone who believes in the future of the crypto industry can independently buy cheaper ecosystem projects.

Having donating recovery fund for dump  projects, the CEO of Binance going through some essential projects hoping to support and bring them back to working effectively. If you noticed, the crypto space is kind of unstable and unbalanced but it's just a matter of time for it to retest back to his normal levels. Changpeng been productive this season with worst ungetful events happening in the space. More projects which have suffered heavily breach like Luna and Ftx which have been the major hit dump trend in the space.

And I think this is part of it, to assure it's customer that everything is ok with us and with Binance.

https://i.imgur.com/PudLLLq.png

I got that email in my inbox, but still though, I have qualms so I withdraw all my funds now.

Nevertheless I might continue to do some small trades and continue to accumulate and then withdraw it again if I'm not feel comfortable with the amount in their platform.