๐ญ๐ฐ Global and Overseas Perspectives from Hong Kong Consensus
I've been meeting a lot of people here and there since coming to Hong Kong, and I'd like to share some interesting things I've picked up along the way.
The original post is posted on Twitter here.
๐ถ The antipathy towards Binance is much stronger than I expected.
The antipathy towards Binance is significant. It's especially strong among Western-based Chinese users. Many believe Binance caused the 1010 (the day of the liquidation) incident last year. Even if it wasn't intentional, I think the biggest problem is Binance's refusal to acknowledge the problem.
๐ช Reevaluation of OKX on Xianbi Exchange.
In return, there's considerable positive feedback on OKX. Many people have said they believe OKX is a sustainable exchange that has no hacking incidents, adheres to the law, and is a good example.
๐ฐ๐ทBithumb's 2,000 Bitcoin airdrop is a hot topic even overseas.
A Western friend of mine, discussing Bithumb's 2,000 Bitcoin airdrop, remarked, "Even Bybit and Lazarus can't compete with Bithumb."
๐ฐ๐ทThe Korean market is a "must-go" market.
There are still many exchanges and projects interested in entering the Korean market, both domestically and internationally. However, there are surprisingly few projects with a strong understanding of the Korean market. Some even argued that Koreans are only using Korean exchanges like Binance, OKX, and Bybit because the government has banned them. While their entry may present risks and opportunities, many market participants are very interested in the Korean market.
๐ณ The prevailing opinion is that the market will likely struggle to recover for a considerable period of time.
The reason is that many Bitcoin OGs, projects, and market makers are selling their spot Bitcoin holdings to cover losses incurred at 1010 and to repay debt. Ultimately, the 1010 incident - market sell-off - sharp sell-off = Binance's fault! It seems to be going this way.
๐กDespite this, the most active sector is RWA.
The RWA sector is actually quite good. They make money by collecting bond interest, and they seem to understand that in a bear market, funds flow into stablecoin farming. It seems like those who make money from coin enthusiasts (swap, futures index, infrastructure layer 1) are dying, while those in the RWA sector are just wandering around, saying, "This is my world!" (This is purely my personal opinion.)
๐ผ And privacy-sector coin trading is very popular overseas.
Since all privacy coins have been delisted in Korea, the Korean community has somewhat fallen out of favor, but privacy-sector narratives like Zcash and Dash are very strong overseas.
๐ฐ Conclusion
The overseas crypto community is quite different from ours. We believe that if we cultivate a global perspective, we can avoid risks and seize more opportunities.
