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Over the past three months, if there's one person in the Chinese-speaking world who's the most notorious Binance hater, I think I'm definitely one of them. Why am I speaking up for Binance now? Because the current state of the industry doesn't allow Binance to collapse. They've achieved their current position through both merits and demerits. It's impossible for them to have done everything wrong and still be standing here. Think about what happened after FTX collapsed. The damage to the industry wasn't just the price crash. The outside world's perception of the entire industry completely changed, and this impact continues to this day. If Binance were to collapse, I can foresee the worst-case scenario: The market share of the entire offshore exchange sector would shrink dramatically, making the entire industry even more difficult. Frankly speaking, FTX had a very significant impact on my life. If FTX hadn't collapsed, my net worth would definitely be more than 20 times higher now. If anyone has a reason to hate Binance, I think I'm the one with the most reason. I could harbor personal grudges and constantly criticize and attack Binance. But I've long since let go of those feelings. Believing in FTX is my own stupidity, and I shouldn't blame others for it. Regarding the victims of the 10/11 attacks, I will try my best to support them and encourage them to fight for their rights through legal proceedings. But on the other hand, I don't want Binance to collapse, because when the nest is destroyed, no egg remains unbroken. These two things may seem contradictory to many people. How can you support the victims while simultaneously not wanting Binance to collapse? But I don't think it's contradictory. Because there are no absolutely good people in this world. The more you do your duty, the more you might be seen as a bad person by others. An excellent business owner might be seen by the wives of employees as a scoundrel who deprives husbands of family time. A manager who strictly demands quality might be seen by subordinates as a difficult and fussy control freak. A war hero who fights for his country might be seen by the people of an enemy nation as an executioner who killed their loved ones. The same person, viewed from different perspectives, will appear completely different. The same applies to businesses. You can argue that Binance has done poorly in some areas, while also acknowledging their contributions to the industry. You can support victims in fighting for their rights, but also not want the entire industry to be dragged down with them. Everything has two sides, and the world isn't simply black and white.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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