On April 15th, a week had passed since the release of Binance founder CZ's new book, "Binance Life." Many participants from different crypto ecosystem read the book during this week. What questions did they raise? And how will CZ answer them?
The following is a full transcript of the AMA from the evening of April 15th.
Compiled by: AI and Humans from PANews
I. How to build confidence and persevere in entrepreneurship from scratch?
You started from scratch, with no resources and no complete plan. How did you build confidence, persevere, and believe that you were on the right path?
I got involved in entrepreneurship quite early, initially as a developer on some small startup projects, which gave me a basic understanding of the startup environment. Later, I worked for companies of different sizes, including small companies and large enterprises, which gradually made me realize that my personality was not suited to working in a highly structured corporate environment for a long time.
In contrast, I prefer smaller teams and entrepreneurial environments that offer greater freedom and faster pace of change. Therefore, I have consistently developed within such environments and have tried my hand at several startups.
In this process, I experienced many failures. Therefore, my advice to entrepreneurs is: you must control risk. When you fail, you shouldn't burden yourself with excessive debt. Raise funds primarily through investments rather than loans to avoid the pressure of having to repay them.
My growth has been a long-term process of accumulation: first, I improved my technical skills, then gradually got involved in business and sales, and then built a team .
The real turning point was the emergence of ICOs. I realized it was an opportunity to raise funds this way, so I started building a team and seized the opportunity in 2017.
The entire process was not planned clearly from the beginning, but rather involved continuous experimentation and adjustments, gradually forming a path in the process.
Ultimately, there is no formula for success; everyone's path is different. The key is to find a direction that suits you and create value for others.
II. How do I determine if the direction is correct? What if the direction is wrong?
Many people work very hard but still can't break through, perhaps because they're going in the wrong direction. How do you determine if you're going in the right direction? And what should you do if you're going in the wrong direction?
My experience during the lowest points in my life is to keep moving forward. Often, things will improve over time, either because the environment changes or you adapt.
But the more crucial issue is direction. If you keep doing something without results, then you must adjust your direction, rather than continuing to repeat the same thing.
Many people fall into difficulties because their behavioral patterns are flawed, such as consistently spending more than they earn, or maintaining habits that hinder improvement.
In this situation, proactive changes are needed:
The first step is to control spending and ensure that a portion of your income can be saved.
Secondly, continuously improve yourself by learning something new every day.
Even those who do manual labor can set aside time each day for self-improvement. Consistency will bring about change.
Many people choose to kill time after get off work, such as through entertainment or socializing. These behaviors only provide short-term satisfaction and do not bring about long-term improvement.
If a person does not make progress over a long period of time, it is easy for them to stagnate.
Small, consistent improvements not only enhance the practical situation but also bring positive psychological feedback. Therefore, maintaining a progressive and optimistic mindset is crucial.
3. Do ordinary people still have opportunities in the current crypto environment?
Now that institutional investors are entering the market and the industry is maturing, do ordinary people still have a chance to make a leap in the crypto space? What advantages do they still have?
I believe this industry is still in its very early stages.
In my understanding, there have been three major technological waves in the past few decades: the Internet, blockchain, and AI, all of which have had a profound impact on society.
While the crypto industry is much more mature than it was a decade ago, it is still in its early stages overall. Currently, the application of blockchain in the financial system is very limited; core areas such as lending, payments, foreign exchange, and commodity trading are not yet fully on-chain.
Data shows that about 7% to 10% of the population has been exposed to crypto, but crypto still accounts for a very small percentage of their total assets, less than 1%.
This means that the entire market still has huge room for growth.
In the future, blockchain has the potential to become part of the global financial infrastructure, and may even eliminate the distinction between "traditional finance" and "crypto finance".
Currently, AI has attracted a lot of funding and attention, but this has actually left the crypto industry with more long-term builders. This environment is beneficial for long-term development.
At the same time, AI will also be combined with blockchain in the future. For example, transactions between AI agents are more suitable to be completed through blockchain.
Therefore, this industry is far from mature and there are still many untapped opportunities.
While it's impossible to predict the price movements of specific assets, I remain very optimistic about blockchain from an industry development perspective.
IV. How to determine if the direction is correct?
How can you determine if the direction you've chosen is correct in life or in starting a business?
I mentioned a point in the book: when you are at a low point in your life, the most important thing is to keep moving forward .
This understanding actually formed a long time ago, even before I entered the crypto industry. In my experience, whenever I encounter high-pressure situations or setbacks, if you can persevere for a few days, things often get better. Either the environment genuinely changes, or you gradually adapt.
Often, the situation isn't as bad as it seems at the moment.
I remember shortly after I graduated, I was in a period of time juggling two jobs. I was working on a short-term consulting project with monthly renewals. Every month at the end of the month, I was unsure whether the client would renew, and this uncertainty created a lot of stress.
If my contract wasn't renewed at that time, my financial situation would be directly affected. I had only recently graduated, and that pressure was very real.
A few days later, the client did indeed renew the contract, which made me realize that much of the pressure is actually short-term and may not last.
Similar situations have occurred many times in my life, including later when facing greater pressure, such as regulatory or legal issues. The logic is the same: things are difficult in the short term, but things will gradually ease over time.
But let's get back to the core question: if we keep moving forward, how do we know if we're heading in the right direction?
My view is that, in most cases, you can judge by the results. If what you're doing isn't generating any positive feedback, or if there's no improvement over a long period, then it means there might be a problem with your direction.
In this situation, it's not enough to just keep going; we need to adjust our direction.
V. What if the direction is wrong?
If you're going in the wrong direction, the most important thing isn't to keep going, but to change course.
Some people can't break free because they keep repeating the same behaviors, but these behaviors are ineffective. In this case, it's impossible to get a different result without changing.
I've observed a very common problem: many people are in a state of "spending more than they earn" for a long time. They've developed a fixed consumption habit, needing to maintain a certain standard of living, but their income can't support it.
As a result, they will remain under constant pressure and unable to escape their predicament.
In this situation, the first step must be to control spending.
For example, you can reduce some non-essential spending:
- Go to bars less often
- Eat out less
- Reduce entertainment expenses
These adjustments won't actually affect your basic living standards, but they can restore some financial flexibility.
The second key point is: continuous learning and self-improvement.
No matter what job you do now, even if it's manual labor, such as construction worker, restaurant server, or dishwasher—I've done all of these myself—you can still set aside some time each day to study.
It could be reading a book, or learning a new skill.
If you make a little progress every day and control your spending at the same time, you can gradually regain control of your life.
This process may not be quick; it may take several years or even longer, but it is an effective path.
Many people fail to improve because after get off work they simply rest or relax, such as watching TV or scrolling through social media. These behaviors may provide short-term relaxation, but they do not lead to long-term improvement.
If there is no progress for a long time, a person will stagnate.
Once you start making continuous progress, you will gradually generate positive feedback and it will be easier to maintain your motivation.
6. What are your feelings after finishing this book?
After finishing this book, my biggest feeling was "a sense of relief".
This is a very long project, involving not only the writing itself, but also many other tasks, such as repeated revisions, communication with editors, deciding on the publication method, designing the cover, applying for an ISBN, and so on.
The whole process involves a lot of details, and each step requires time and effort.
I also learned some lessons in writing. I read some books by other authors on how to write an autobiography, and one important point was that the first draft is always terrible.
You need to write down all your ideas first, and then revise them continuously. I revised mine about ten to twenty times, and each round of revisions took two to three weeks.
Writing a book is actually a process of repeated refinement, rather than being completed in one go.
Another reality is that writing an autobiography will almost certainly offend people.
Because if you're going to tell your story honestly, you have to talk about issues, and those issues often involve specific people. And as long as you express your true feelings, it's inevitable that some people will feel uncomfortable.
Therefore, writing an autobiography is not only a writing problem, but also a psychological challenge.
At the same time, after publication, you will be scrutinized and even criticized by more people. This is an inevitable part of writing a book.
But from another perspective, this is also valuable. Compared to fragmented expressions on social media, a book can present your experiences and perspectives more completely, allowing others to understand you more systematically.
VII. What do you hope readers will gain from this book?
My purpose in writing this book is not to create a textbook or a methodology for teaching people how to succeed.
What I really want to do is tell my own story in its entirety, so that others can understand these things from my perspective.
The crypto industry, including Binance itself, has long been plagued by negative narratives and misunderstandings. Many people have one-sided understandings of the industry, the company, and even myself.
These perceptions often come from external information, rather than from the perspective of the person involved.
Therefore, I hope that through this book, everyone can see:
- What we experienced at that time
- How we make decisions
- When faced with the problem, this is what I was thinking.
I also wrote about many problems and difficulties in the book, rather than just talking about the successes. Because if you only talk about the good things, it's not true.
Furthermore, I didn't intentionally exaggerate the story. In fact, I actually cut out some of the more "dramatic" content.
Some things were not included because:
It's still too early, it's still under development.
Or it involves matters that are still under legal or regulatory proceedings.
If a second edition is written in the future, more content may be added.
So overall, the core goal of this book is to help readers understand this experience more authentically, rather than to provide a standard answer.
8. How to avoid missing out on excellent projects?
Many investors missed out on Binance back then. Now that you're investing yourself, how do you avoid making the same mistakes and not miss out on truly excellent projects?
Frankly speaking, this situation is unavoidable.
In the early stages of a project, you'll have very limited information. Usually, there's just an idea, a founder, and the project itself hasn't really come to fruition yet.
In this situation, you can almost only judge the founder, not the project.
So even I, if I had viewed Binance from the perspective of an investor at the time, might not have invested.
Similarly, when I invest now, I also miss out on some projects that might succeed in the future. This is an inherent characteristic of investing and cannot be completely avoided.
Investing is not about seizing every opportunity, but about achieving positive returns overall.
In other words:
You'll miss out on a lot of good projects.
You will also invest in many projects incorrectly.
The key is that a few successful projects can cover the losses from failures.
So I won't try to "not miss any opportunities," but rather accept this reality.
9. What do you value most when investing?
In early-stage investments, the founder is still the most crucial element.
I prefer to invest in people with a long-term mission rather than those who only focus on short-term gains.
A fairly obvious way to judge this is by observing people who continue working on projects even during a bear market.
If the market environment is bad and the crypto industry is in a slump, but this person is still continuing to work on projects, then he is more likely to be a long-term thinker.
In contrast, a bull market often sees a large number of overvalued projects that may seem attractive in the short term, but it is difficult to determine which ones will truly survive in the long run.
Therefore, I personally prefer to invest more actively during a bear market.
In addition to that, I also look at some basic factors, such as:
Do you already have a product or prototype?
Does it have a certain execution capability?
Can it be advanced quickly?
Now that we have AI, it's very fast to create a prototype, so I'd rather see it actually implemented than just remain an idea.
Another important factor is valuation.
If a project has no product or users, but demands a very high valuation, I usually won't accept it.
Of course, investment decisions are a team effort. Our team conducts more in-depth due diligence, while I personally rely more on intuition and experience to judge founders.
10. How to determine if a crypto project has long-term value?
In the current market, there are many narratives and trending projects. How do you determine which crypto projects or narratives have long-term value and which are just short-term hype?
There is no absolute method to solve this problem, but it can be determined by using multiple signals.
First, a very important metric is the project's development activity, such as commit activity on GitHub. If a project has continuous code updates and developers are constantly participating, it means that the project is truly progressing steadily.
This can be understood as whether a project "has a life." As long as development activities continue, it means that the project is still developing.
Many projects launch with extensive marketing and release a version initially, gaining attention in the short term. However, if subsequent development activity declines rapidly, the long-term value of the project becomes questionable.
Sometimes you'll find that a decrease in development activity precedes a drop in prices.
The second important factor is whether the project has gone through multiple market cycles.
If a project persists through multiple bull and bear market cycles and continues development even during bear markets, it is more likely to be a long-term project.
Conversely, some projects are very popular in one market cycle, but almost disappear in the next. These types of projects usually lack sustainability.
For example, some projects that were once very popular are almost never mentioned again after one cycle, and even if they are still under development, their activity and influence have declined significantly.
The third factor is the founder's history.
If a founder changes projects every one or two years, it can be inferred that the lifespan of his current project will not be very long.
While there are exceptions, overall, the founder's willingness to commit long-term is an important signal.
All things considered, I value the following more:
Development activity
Whether it spans multiple cycles
Founder History
In contrast, I don't rely too much on price or market sentiment to make judgments.
11. What is the real story behind Binance's success?
The outside world sees Binance's growth and success more often. But are there any lesser-known factors that are actually crucial to Binance's development?
I think the most underestimated aspect is the intensity of the work the team puts in, especially in the early stages.
Crypto exchage are a 24/7 business; there are no real "off-hours." The system must be available at all times, and team members need to be on call at all times.
In the early days, the team often spent long hours in the office, almost constantly working.
Even when I'm not at my computer, I still need to handle problems via my phone at any time.
This type of work demands a great deal of physical and mental energy, but it is difficult for outsiders to truly understand this intensity.
Many people say "work hard," but it's hard to understand this kind of long-term, continuous, and high-intensity dedication.
As the team grows, things will gradually improve, the organizational structure will become more stable, and the workload will decrease. However, in the initial stages, this high intensity is unavoidable.
12. What advice would you give to confused young people?
Many young people today start from humble beginnings, have weaker self-control, and face increasingly fierce competition, leaving them feeling lost about the future. What advice would you give them?
I believe there are actually more opportunities now than in the past, not fewer.
Young people's greatest advantage lies in their strong learning ability; their brains adapt to new knowledge more easily. If they can continue learning and make progress every day, their growth rate will be very fast.
Conversely, spending a lot of time on entertainment, such as gaming, social media, or short-term gratification, will not lead to long-term improvement.
This doesn't mean you can't have entertainment at all, but rather that you need to control the proportion. For example, spend only a small amount of time on entertainment and devote more time to learning and self-improvement.
In addition, I believe everyone should possess at least one core skill, such as:
- technology
- market
- finance
Based on this, other capabilities can be gradually developed.
From a broader perspective, technological development is accelerating.
In the past, it took a long time for a company to grow from zero to tens of billions of dollars in size, but now this process is constantly shortening.
Technologies such as the Internet, cloud computing, AI, and blockchain have significantly lowered the barriers to entrepreneurship, and globalization has enabled products to reach users quickly.
While the competition is indeed more intense, competition itself is also part of the learning process and can help you understand what works.
Many people feel that the environment is more difficult now, but similar views exist in every era. In fact, the overall living conditions of humankind are constantly improving.
Therefore, I disagree with the view that "opportunities have decreased." There are actually more opportunities now; it's just a matter of continuous learning and adaptation .
