How does the “death battle between currency boys” between CZ and SBF affect the future of the exchange?
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Is there a winner in the "Coin Boys Death Battle"? In a new book that records the rise and fall of FTX (Infinite Storm: Symphony of the Rise and Fall of the FTX Empire), there is a description of the "regulatory compliance" attitudes of the two exchanges FTX and Binance. The author Michael Louis wrote : "Binance is like the bully in the class, FTX's unique idea is like the weirdo in the class."
Back in 2021, the book (Infinite Storm) writes that at that time, SBF believed that after obtaining a license and complying with regulations, it would be able to eliminate non-compliant competitors; Binance founder Changpeng Zhao CZ turned a blind eye to the new regulations. XREX co-founder and chief revenue officer Winston Xiao Huizhong mentioned in this episode that in fact, the two people are not completely opposite in their regulatory attitudes. Between offense and defense in the mall, the weirdo may really be a weirdo, but who Was it a bully, that remains to be determined.
Xiao Huizong believes: "The essence of law is to restrict human behavior, while technology is to change human behavior." Regulatory risks are challenges that new industries must bear.
With the establishment of the Virtual Currency Association, Taiwan will officially enter the regulatory era in 2024. Xiao Huizhong, who is the vice chairman of the association, observed that Taiwan’s regulatory agencies actually have a high level of understanding of the industry, “They (regulatory agencies) absorb new knowledge It’s fast, but you don’t trust the industry too much.”
The overall development is like a sketch poem. Although the speed is a bit slow, it can develop steadily and long-term.
In the era of regulation, centralized exchanges will gradually step into the embrace of regulation. Those who take the lead in complying with the rules of the game, completing compliance and obtaining licenses can build a "moat" in business competition. On the other hand, regulation will also stimulate the rapid development of "decentralized" markets.
Described in the book as a duel between "bully" and "weirdo", there may be no real loser or winner, and this kind of competitive relationship will continue to play out.
Xiao Huizong analyzed that in the end, the development of exchanges will see that decentralization and centralization will coexist, each with its own characteristics and advantages. Entering the era of universal Bitcoin, when everything is in order and there are clear rules to follow, Centralized exchanges will leave the barbaric era, and regular armies and large institutions will gradually move in and move towards a more institutionalized direction.
Web3 Going Westward
The two co-founders of the XREX exchange, Wayne and Winston, and Yoyo, the senior director of corporate communications of the XREX Group, will take turns hosting the event to help you understand the concept of decentralization and understand the Web3 world from all aspects.
Summary
Regarding compliance issues, the ideas of CZ and SBF will diverge in 2021. What are the epoch-making significance and impacts behind them?
Who is the "bully"? Who is the "weirdo"? It's hard to tell
Laws restrict human behavior, and technology changes human behavior. How does the relationship between industry and the government develop?
Can "landing in various markets" build a competitive moat?
What is “regulatory risk”? How should exchange operators control this?
The big showdown between centralization and decentralization! What will the exchange look like in the future?
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