CZ AMA Summary: Binance Will Not Engage in Specific Meme Coin Pumping, Investment Should Be More of a "Buy" Than a "Loan"

BlockBeats News, April 15th, CZ's AMA on Binance Square today has concluded, and some of his remarks are as follows:

In response to a user asking, "Many meme coins are now based on tweets related to Binance. Will Binance provide targeted support for native meme coins?" CZ replied that there are already various infrastructures supporting meme coins on the BNB Chain, such as PancakeSwap. In addition, how to operate specifically and which projects are worth paying attention to should be judged and decided by users themselves.

CZ's Reflection on His Entrepreneurial Journey: He has been involved in multiple small entrepreneurial projects since he was young and had early exposure to entrepreneurship. He has worked in large companies with 3000-6000 people, but he felt unsuitable for the 9-5 fixed structure and preferred a free, dynamic small team environment. He has had many failed entrepreneurial experiences and advised entrepreneurs to control risks, not to take on heavy debt, and that investments should ideally be "investments" rather than "loans." Before founding Binance, he worked for a full 17 years. He is not the typical college dropout entrepreneur; those kinds of people are very rare.

CZ's Reflection on His Book Writing Journey: Writing a book is a very lengthy project involving writing, editing, reviewing, discussing whether to find a publisher, designing the cover, and many other details. The first draft is always very bad and requires 10-20 rounds of revisions, each taking two to three weeks. Writing a memoir is bound to offend some people because it requires honestly discussing issues and the people involved. There is a saying: Writing a memoir is a good way to offend friends. He has reached a stage in life where he can accept being "picky" without reservation. The crypto industry is always on the receiving end of a negative narrative, and this book provides an opportunity to tell a true story from his perspective. Many "juicy" contents were deleted from the book, maybe they will be added back in the second edition.

CZ on Investment Philosophy: Initially, Binance was rejected by all VCs, which is inevitable. It is difficult to judge the success of early projects; one can only bet on the founder. He himself might have rejected the early Binance at that time. It is impossible to invest in 100% successful projects. If you invest in every project, 99.999% will fail. The ideal scenario is to control the failure rate at 70%-80%, with successful projects increasing by 10-100 times, resulting in an overall positive return. He likes to invest in mission-driven founders. He particularly likes to invest in bear markets—people who continue to promote projects even during market downturns are highly likely to survive the bear market. In a bull market, valuations are too high, and he does not like projects where the stage does not match the valuation. He prefers projects with demonstrable products and continuous progress.