bull Changpeng Zhao, the CEO of , has earned a reputation as an affable, laid-back guy enjoying the meteoric success of his popular exchange. But is Zhao’s nice-guy persona merely an act?
It seems that way, based on a testy Twitter exchange Zhao (who goes by “CZ”) had with several reporters this weekend.
Fake bitcoin-Trading Volume Scandal Erupts
The brouhaha erupted after Zhao reacted to a bombshell indicating that 95% of spot volume is fake.
“Sadly, most investors who can’t tell real versus fake volume also won’t read such a detailed report,” he tweeted.
excellent report. Sadly, most investors who can’t tell real vs fake volumes also won’t read such a detailed report.
— CZ (@cz_binance)
Analyst to CZ: Why Don’t You Speak Out More?
That’s when Larry Cernak — an analyst with the crypto website TheBlock — suggested that Zhao use his influential voice to call out industry websites that promote fake -volume data.
“Maybe you should more proactively speak against CoinMarketCap as the primary source of information for people looking at volumes,” Cernak remarked. “That seems to be the main issue.”
A defensive Zhao reacted by suggesting that that’s not his job. CZ then inflamed the situation by accusing TheBlock of attacking him and .
“I tend to stay on the solutions-side only. TheBlock seem to just attack exchanges with real volume one after another, while ignoring exchanges with fake volume, etc.
If you are in this industry, you should try to help it grow, not attack, others who do.”
I tend to stay on the solutions side only.
Theblock seem to just attack exchanges with real volume one after another, while ignoring exchanges with fake volume, etc.
If you are in this industry, you should try to help it grow, not attack others who do.
— CZ (@cz_binance)
bitcoin Evangelists Think Crypto Websites Owe Them Positive Coverage
Zhao then condescendingly suggested that because he previously granted an interview to TheBlock, they owe him positive press coverage.
“Larry, we did interviews in the past, you used to be a good and positive. Stay positive.”
The irony is that TheBlock has written several glowing articles about Zhao in the past. But the minute he thinks he’s being criticized, he gets hyper-defensive.
Larry, we did interviews in the past, you used to be a good and positive. Stay positive.
— CZ (@cz_binance)
‘Egos Are So Tiny and Fragile’
At that point, Frank Chaparro — Cernak’s colleague at TheBlock — reacted by dissing Changpeng Zhao for being overly sensitive to feedback.
Chaparro also took a general swipe at the industry, saying the ecosystem is comprised of delicate snowflakes who overreact to the slightest criticism.
“You run the largest exchange. We hold power to account. Get a spine.”
“Crypto. Where the egos are so tiny and fragile that constructive criticism, critical reporting, is viewed as ‘attacking’ and being ‘not positive.”
Crypto.
Where the egos are so tiny and fragile that constructive criticism, critical reporting, is viewed as “attacking” and being “not positive.”
You run the largest exchange. We hold power to account. Get a spine.
— Frank Chaparro (@fintechfrank)
Binance CEO Also Lashed Out at CCN
In January 2019, CZ also slammed this website. Zhao claimed CCN was spreading FUD because we reported on a hacker’s claims that he had from several top crypto exchanges from documents used in KYC checks and was selling the data on the Dark Web.
The CCN reporter later did a updating the story. Reaching out to CCN directly instead of childishly flaming it on Twitter is how responsible executives should react. But oh well.
Delicate bitcoin Snowflakes Abound
To be fair, Changpeng Zhao is not the only person in the crypto-sphere who withers under the slightest scrutiny.
Fundstrat’s resident is the same way — if not worse.
Merry Christmas and Happy Holidays!
Sharing some holiday cheer with the thanks to !
— Thomas Lee (@fundstrat)
After CCN posted a story recounting Lee’s , he blocked this reporter.
shill Tom Lee claims ‘s price should be $15,000 to $20,000 (it’s currently at $4k). Lee’s spotty history of price predictions have caused many to dismiss him.
“He’s been wrong more times than the weathermen in the Bermuda Triangle.”
— Samantha Chang (@samantha_chang)
Is Nouriel Roubini Right About the bitcoin Con?
This is a common problem in trade journalism — where market “leaders” expect positive coverage all the time, especially in exchange for interviews.
They don’t realize that this erodes the credibility of the entire industry. And credibility is especially important in a new industry, such as crypto, which is struggling to gain mainstream acceptance while being roiled by .
If evangelists are unable or unwilling to take the heat, they should get out of the kitchen. Otherwise, they risk being perceived as “arrogant, clueless” con artists — just like hater all along.
‘Arrogant’ Fans are ‘Absolutely Clueless,’ Rants Crypto-Hating Nouriel Roubini
— CCN.com (@CCNMarkets)
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Published at Tue, 26 Mar 2019 06:04:40 +0000
