CZ of Binance: Holding BTC surpasses 99% of crypto participants and other assets

[max vitkovski]

It looks very vaguely when CZ told something like this !

[tabas]

He's actually right and on the latter part of typically doing nothing. People will not realize that especially the new ones. They'll have to see the market cycles first before they have understood on how this market works. Aren't we telling them for so long to just simply buy and HODL? There is no need for them to clash with other trades in the market but if like the hassle, they're free to do that but save themselves with some BTC for long term keeps.

[bitterguy28]

He's actually right and on the latter part of typically doing nothing. People will not realize that especially the new ones. They'll have to see the market cycles first before they have understood on how this market works.

quite ironically people will feel even more anxious doing nothing they will always check the market and always react to the price changes emotionally before taking action

Aren't we telling them for so long to just simply buy and HODL? There is no need for them to clash with other trades in the market but if like the hassle, they're free to do that but save themselves with some BTC for long term keeps.

it is because a lot of people are impatient and want quick money they also have taken risks by putting their money into an investment and they always want to feel secured that the investment will work out they seem to can't trust the process

[Lucius]

I don't understand why people are still fascinated by what that jailbird has to say. To me, he was always a shady guy, and only a lot of money saved him from keeping company with the worst criminals for the next 20 years. He didn't do anything for all of us, but for himself and a small circle of people around him, he certainly did - hundreds of billions from overpriced service fees and listing thousands of scam shitcoins is the only legacy he will ever have.

Besides, has everyone forgotten that this man promotes the use of custody services (his CEX in particular) because he believes that 99% of people will lose their coins if they store them in a non-custodial wallet? No CZ, I'm not stupid, you're stupid for thinking that way.

Binance chief Changpeng "CZ" Zhao has suggested users are more likely to lose crypto by holding it in a cold wallet than by putting it on a centralized exchange. “For most people, for 99% of people today, asking them to hold crypto on their own, they will end up losing it,” he said in a Twitter Space discussion held on Wednesday.

[EL MOHA]

This is what I call an honest and useful response from a responsible person. Now nobody can challenge him because he has direct data to support his claim. This is good for new traders who are constantly being fed the crap idea by fake influencers that you can earn a lot of money by short-term/ Intraday trading. This is also good for bitcoin's long-term growth.

Responsible you said mate? Those words aren’t for someone who actually did shill binance native token some years back when he was at the helm of affairs in the organization. Although what he said here is purely the truth but I don’t think it defines CZ character in my opinion. He though has been saying things lately that align with most true bitcoinners just that his own words are been spread more because of his social media influence and that has been what is misleading most people.

I think not on my CZ but everyone who is into crypto for a long term knows exactly that only bitcoin can be used as an assets, the rest of the coins are simply hype, pump and dumps. Two of the biggest lessons in this current market fluctuation is that; do not follow influencers they only Carter for there pockets, Trump actions have confirmed this.

Second is there is no diversification in crypto, it is either your are holding bitcoin as an asset or gambling with other cryptocurrencies. Even the so called large cap altcoins are today at their lowest low. If one had invested into ETH three years ago they will still not be in profit now, but bitcoin has had ATH since then and one will still be profitable even with this dump.

If doubt why 90% of your holdings should be bitcoin ask yourself why even big exchanges that have their own native tokens have bitcoin had their biggest holdings

[tabas]

He's actually right and on the latter part of typically doing nothing. People will not realize that especially the new ones. They'll have to see the market cycles first before they have understood on how this market works.

quite ironically people will feel even more anxious doing nothing they will always check the market and always react to the price changes emotionally before taking action

Well, that's for us to follow to see every time there are fluctuations. But if we'll technically look at it, we actually don't need to do anything for these holdings to increase in value.

Aren't we telling them for so long to just simply buy and HODL? There is no need for them to clash with other trades in the market but if like the hassle, they're free to do that but save themselves with some BTC for long term keeps.

it is because a lot of people are impatient and want quick money they also have taken risks by putting their money into an investment and they always want to feel secured that the investment will work out they seem to can't trust the process

We can't do anything about them if that is the urgency they feel about investing in Bitcoin. But we've warned them, suggested them and told at least those that have asked us on what they should do. They're on their on and believe who and what they want to believe about investing in Bitcoin.

[Smartprofit]

Personally, I don’t consider myself smarter than 99 percent of other cryptocurrency market participants.

Indeed, what is my competitive advantage? Do I have my own team of analysts? Or maybe I have a quantum supercomputer running on human neurons? Maybe my metabolism is so fast that I analyze information and make trades faster than other cryptocurrency market participants? Of course not!

Frankly, I don’t have any significant competitive advantages. So what are my chances of outperforming a simple Bitcoin hold in terms of profitability (by trading alternative cryptocurrencies)? Frankly, these chances are very small.

Therefore, the most correct strategy, in my opinion, is to simply buy Bitcoin in any situation. As for alternative cryptocurrencies, they are not worth paying attention to at all.

[sokani]

I totally agree with CZ.

There are some persons who bought and staked altcoin in a staking protocol with the intention of making money. At the end of the staking, the token has lost its value that the yield generated from the staking plus the initial deposit becomes worthless. But by mere holding Bitcoin and practically doing nothing about it, one will be better off.

[mindrust]

Btc is the main character of this show. The rest are lottery tickets. You sometimes get lucky with alts but most of the time they only make you lose money. That doesn’t mean you should completely ignore altcoins though. Yes btc is the safest choice in the long run but it doesn’t hurt if you allocate 10-15% of your crypto savings in alts. Your majority of savings will still be in btc and it you are lucky, that 15% in alts will create a significant difference.

[Faisal2202]

According to CZ, among the 5%, only 4% trade or allocate capital toward blockchain projects, yet they fail to outperform buy-and-hold Bitcoin.

By comparison, long-term Bitcoin holders exceed 99% of all crypto market participants and outperform most traditional asset classes without breaking a sweat, he said.
At the same time, though, he said climbing to the top 1% of crypto takes an "extraordinary effort," work, and knowledge of the market...cont

CZ is actually a genius and he knows a lot about crypto market, and whatever he said I totally agreed with him, most of the project wants to outperform BTC but they can't and if we own BTC then we already overtook the 99% of the participants. Those 4% wants to make quick money, they know with BTC only comes safe and less volatile income but with alts they can make more money because they are more volatile.

I wonder what does extraordinary efforts looks like, does that mean trading by doing some math, using AI, technical and fundamental analysis of chart, etc. etc. or more complex things to understand trading.

[doomloop]

He's actually right and on the latter part of typically doing nothing. People will not realize that especially the new ones. They'll have to see the market cycles first before they have understood on how this market works. Aren't we telling them for so long to just simply buy and HODL? There is no need for them to clash with other trades in the market but if like the hassle, they're free to do that but save themselves with some BTC for long term keeps.

I think not 99% of crypto participants since BTC is the main crypto and that can also mean that lots of people are also doing the same (holding) thing. It also sounded weird to say that we can surpass an asset when they are not a human like us.

Early people in crypto are the real ones that have a hard time because I believe there are still limited information on the past than compared to nowadays, though it is also in the nature of some newbies to jump in the water immediately without learning how to swim first. But remember, there are also newbies that came here from time to time and then there are simply hard headed people.

[coolcoinz]

There are lots of "dumb money" around the shitcoin/memecoin markets, but accumulating and HODLing Bitcoin is a safe bet.

I guess a lot of people have the fantasy of losing a shit ton of money and then recovering it slowly through hard work and stress than simply buying Bitcoin and forgetting about it.  I am starting to believe some of them actually like it.

For most people it's unimaginable that you can make more money doing nothing than actively choosing coins to invest, following the news, moving money between exchanges, participating in airdrops and all that.

IMO the most important thing being able to make the right choice. People who identified bitcoin early as the superior coin made a shit ton of profit in a very safe way. You just had to buy and forget about it, spend your time somewhere else, for instance by being with your family. That's what I did and managed to avoid all the shitstorms in the space like failing coins, NFTs, exchange bankruptcies and all that.

That said, one in a million investors in the space made money by entering and exiting at the right time, for instance those who bought ETH very early, or those who sold airdropped shitcoins like BSV. There were moments where even bitcoiners had to make a choice because they were given things for free and could sell, or keep them.

I still think that for an early bitcoin investor the BCH fork was one of the most profitable events ever. If you owned a few bitcoins in late 2017, these were worth $3k a piece and you were able to get 1 BCH per coin, that even in May 2018 was trading at around $1.5k, so for every BTC bought in q3 2017, 6 months later you were getting 50% return on investment. If you waited until late 2018, each of those sold BCH would buy you half a bitcoin, so for every 2 bitcoin bought in 2017 you were getting one for free a year later! That's insane if you think about it now. Basically free $100k per every $3k invested in 2017 + additional $100k profit on your investment.

There will never be an opportunity like this one in our lives.

[memehunter]

Although what he said here is purely the truth

Exactly! This was my only intention. I am not here to glorify any individual

[Agbamoni]

It has always been obvious that in long term nothing can compete with bitcoin that has gone up from a fraction of a cent (something like $0.001) all the way to $100,000. It became even more palpable after 2017 when multiple shitcoins claimed they are doing "flippening" and will soon overtake bitcoin. Today we know that not only they couldn't even get close to bitcoin, but also they got dumped hard the next year in 2018 and continued dumping to this day (eg. ETH went from 0.15BTC is down to 0.02BTC).

Prolly the main reason why i laugh at political leaders and their humble believers who are claiming that they are the reason why Bitcoin has gone up and will go up in the future. Without them Bitcoin has been gaining Significant rise from 2009 till date, it does not need any influence from anyone to rise over time.

No wonder the so-called trump supporters are part of the 80% who will put all their money on shitcoins only to get dumped because their leader want it so.
Ultimate goal is focus on Bitcoin, focus on long term.

[pooya87]

No wonder the so-called trump supporters are part of the 80% who will put all their money on shitcoins only to get dumped because their leader want it so.
Ultimate goal is focus on Bitcoin, focus on long term.

It's all about greed and being wishful to become rich quickly. Which is why we see this many of them go on a buying spree of shitcoins. They just see the hype and a small rise and they get excited. And remember shitcoins are usually centralized and have a dedicated budget for advertisement which is why they attract so many panic buyers. And when someone like Trump talks about something, he similarly attracts same type of greedy panic buyers.

[BenCodie]

Coming from the ex-CEO of the biggest crypto exchange in the world that has listed probably every shitcoin known to man,
that is a pretty stunning admission. But since he no longer works for them I guess he can speak freely and say the truth.

It is bitter sweet to see these kind of comments as it is a very impactful comment for a man of his position to make, but also opens the question to if he knew this the entire time that he led Binance, and while Binance capitalized on listing and allowing altcoins/tokens to be listed and trade by anyone, without this fact being present during its entire growth.

I wonder how many people would still have traded shitcoins if they saw a banner at the top of the Binance website "Remember, that holding Bitcoin is the easiest way to profit from crypto" - Of course this might constitute financial advice so it's not too practical, though regardless I'm sure my point can be understood.

[Agbamoni]

No wonder the so-called trump supporters are part of the 80% who will put all their money on shitcoins only to get dumped because their leader want it so.
Ultimate goal is focus on Bitcoin, focus on long term.

It's all about greed and being wishful to become rich quickly. Which is why we see this many of them go on a buying spree of shitcoins. They just see the hype and a small rise and they get excited. And remember shitcoins are usually centralized and have a dedicated budget for advertisement which is why they attract so many panic buyers. And when someone like Trump talks about something, he similarly attracts same type of greedy panic buyers.

Your are totally right. Its more about greed and most times about the idea that the news has fed into their minds. Most of them are victims to the promise that was made earlier by the owners of the shitcoins or the developers, some of them go in because have had a few friends who were lucky to get something from the last shitcoins they put their money in.

Well am glad you understand what i meant to say.

[Text]

It's the best way to stay with the nerves intact on the market, and we just got another example of why it's true.

Exactly staying sane in this market is half the battle. The hype cycles come and go projects rise and fall but Bitcoin keeps standing tall as a true cornerstone of the crypto space. Sometime the smartest move isn’t chasing the next big thing or getting caught up in the noise it’s zooming out trusting the long-term fundamentals and letting time do the heavy lifting. It’s not flashy or exciting but it’s a whole lot better than burning out trying to time the market perfectly. Consistency and patience tend to win where speculation fails.

[Sticky Bomb]

Nothing compares to holding Bitcoin actually, from the stress free approach, to it's compounding interest, I've bought some shitcoins with the hope it pumps, I've held for years to no avail, so I think I'm going to remain on Bitcoin for a fairly longer time. Bitcoin outperforms other shitcoins and no matter how hard they try to measure up, it's Bitcoin always winning on the long-run, so it's only very wise to buy and hold Bitcoin and keep enlarging your portfolio.

[maydna]

Some people still need altcoin to make money from crypto while we invest in Bitcoin. Many people already experienced that and when they make a profit from altcoin, they can use that profit to buy Bitcoin. Many of them make a profit in Bitcoin so that increase their Bitcoin amount and that is why they still use altcoin to increase their wealth.

But they know that Bitcoin is a long term investment so they keep their Bitcoin and use altcoin to make money. But they also use Bitcoin to make money because the gap of the price will help them to make more profit. Following what CZ said, we can buy and hold Bitcoin as our main investment and search for more profit from altcoin.

But people must be careful when choosing altcoin to make a profit because not all of altcoin will give the opportunity so they must research first.