CZ proposes an Industry recovery fund.

[Bananington]

The aim of this project is to;

to support “strong” companies and projects that are struggling with liquidity

and CZ urges that this initiative be supported by other investors.
Link to news

All this is due to the recent issues with FTX.

What do you think about this initiative?

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[crzy]

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.

[livingfree]

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.

[diminizio]

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.

[vanesha]

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.

[shinratensei_]

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.

[kennycarder]

The aim of this project is to;

to support “strong” companies and projects that are struggling with liquidity

and CZ urges that this initiative be supported by other investors.
Link to news

All this is due to the recent issues with FTX.

What do you think about this initiative?

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.

[malcovi2]

The aim of this project is to;

to support “strong” companies and projects that are struggling with liquidity

and CZ urges that this initiative be supported by other investors.
Link to news

All this is due to the recent issues with FTX.

What do you think about this initiative?

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.

[tbct_mt2]

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 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.

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.

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.

[Derrickiell]

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.

[Wexnident]

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.

[bittraffic]

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.

[mindrust]

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.

[cabron]

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.

[Outhue]

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.

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.

[eightdots]

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.

[Strongkored]

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.

[OcTradism]

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.

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.

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.

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.

[Jawhead999]

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

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.

[$anounimus$]

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.