I have written in the past about why I am writing here on Publish0X. One of the reasons is I like to see how my thoughts age, to see if I am right or wrong on something. I am willing to be wrong, and I sure as the day is long I like to be right from time to time.
I have to say, this is one of the times I was right.
In quotations is part of the article I wrote on January 13th, 2023. I was writing about some inconsistencies in CZ's behavior at the time, and how it was similar to SBF"s behavior that, at least in my mind did not add up. Here is part of what I wrote then:
"I bring this up, and this is part of why I am concerned about Binance is this article here https://www.cnbc.com/2023/01/11/binance-plans-15-30percent-hiring-spree-in-2023-even-as-rivals-cut-jobs.html Apparently, Changpeng Zhao, better know as CZ is claiming Binance is planning to hire up to 30% more staff in 2023. Now, either this guy is the real deal, and knows something we don't, or this is posture similar to when the fraudster SBF stated something similar, that his FTX exchange was on solid ground and that he was hiring right before they went under and their large scale fraud was exposed.
I am not saying that this will happen to Binance. The question I am raising is this, is CZ's ego getting in the way of good solid, and sound business dealings. Why be so bold now? Either he is on to something, and he really understands the market, has Binance on solid financial footing, and has reserves to cover the already 12 billion in lost assets, or he is an egomaniac willing to blindly go down with the shop as SBF did.
I can't imagine CZ will, or is doing what SBF did, but I understand narcissistic personality disorder (I am not diagnosing either), just using it as a frame of reference for behavior, that it would take that type of personality to do what SBF did. I love CZ's boldness, even if I don't understand why take that risk at this time to make claims of hiring when the market has been so badly beaten and bruised. However, even though I love the boldness, I would not bet on it in the long run, solid business decisions have nothing to do with ego or boldness, it has to do with tangible good decisions.
I can't wait to see how this plays out as I have nothing invested in Binance, but am invested in cryptocurrency and I hope Binance does not go under!"
Now, even in some of the comment's people were criticizing my article as FUD. I mean, have written about how you cannot let your emotions get in the way of sound judgment. I have nothing personal against CZ or Binance, I want them to succeed, but I cannot overlook problems because I am a so called "crypto homer" to take a page from a sports reference.
I underlined part of what I wrote then to make a point today, solid, tangible decisions have nothing to do with emotions or boldness, they have to do with good decisions. Today, as SBF and CZ are in prison or on their way to prison, Coinbase is on solid footing, and it's stock is up over 60% this month alone.
Binance was in trouble, and is in trouble. I am not happy about it, but I am happy that I am learning and understanding how things work in the crypt world, and that trusting the information I read and interpret is helpful. At one point I made a choice to go with Coinbase over Binance due to the solid foundation of Coinbase, over the flash of Binance. I think Binance will survive, I am just not sure what it will look like in the future.