Chanpen Zhao: Bull market could be back any minute

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Chanpen Zhao: Bull market could be back any minute

During the interview discussed some interesting topics, including the way Campana Zhao to success in kryptomere; what he thinks of fee-mining (the mining of the transactions); about Binance interest in decentralized exchanges; the role of exchanges cryptooperation (such as BitMEX); on the regulation of exchange of Fiat money for cryptocurrency; stalking; “fake” volume; the listing process Binance, its future, and when Chanpen Zhao waiting for the next bullish for bitcoin.

Campana ja began his career by developing the trading mechanisms on the Tokyo stock exchange, Bloomberg Tradebook, and Fusion Systems. Then, in 2013, after learning about bitcoin, he went to work for such top companies like Blockchain, OKCoin and BijieTech. Finally, in July 2017, Chanpen Zhao founded a new “pure crypto” exchange Binance (name, shortened from “Binary Finance,” the binary Finance).

Less than eight months after completion of fundraiser with a token BNB via the ICO, he was able to turn his startup into the largest cryptocurrency exchange in the world, bringing Binance 200 million profit in the first quarter that much more benefit received by the largest Bank of Germany.

– How did you get into tryptomer?

– I learned about cryptocurrency from Bobby Lee and Ron Chao in 2013. Then documents on the subject were few. So I read the white paper, understood it all, and went to a couple of conferences. After the second conference, which was held in Vegas in 2013, I said, “Okay, I’ll do it to the full”, and I left work. That’s all.

– Exchange space has become extremely competitive. Do you see the mining transaction as a threat to their business, and do you believe this phenomenon is harmful for the entire ecosystem?

– In my opinion, it is clear that mining a transaction causing serious damage. But it’s not a threat. Such do it yourself exchange. Trading volume on the stock exchanges to implement this function, is reduced. This is a very difficult way of earning money. The law of supply and demand tells us that the more tokens produces the platform, the more likely drop their prices. And the way it works, is wrong.

– Binance is embedded in decentralized exchange – it seems that the future for them?

– Of course. I think decentralized exchanges are the future, but need a few more years to come. We are invested in their development. But the winner is still unknown. In the foreseeable future, I believe that the volume will not be as high. Therefore, it’s more like an experiment, an innovation. We are still at an early stage of development of the industry.

Right now most of the money still FIATA. So I think that remains the most profitable stock exchange exchanging cryptocurrency for Fiat money.

Regulation, apparently, increases the friction on crypto-Fiat boundaries. What are your achievements in creating cryptobiotic exchanges?

Actually, pretty significant. To organize the exchange of Fiat money is not so easy, because we can not control some aspects, including a Bank account, etc is much harder than with pure cryptocurrency exchanges where we control everything. But all is well.

As for Singapore, we are already working on closed beta. So, hopefully, if all goes well, in the next few months we will release an outdoor version. We are fully compliant and adhere to all the rules… And it seems to me that this success will be seen all over the world. The rules are becoming more favorable… Issued adjustable stabilini, which is very good for Fiat. It seems to me that everything is going according to plan.

We have witnessed the boom tablconv… Circle USDC , CabonUSD , Gemini dollar… you Have your Pets? How, in your opinion, stabilini affect kryptering?

– I think stabilini is very good. I think people don’t quite understand the impact of controlled tablconv. I said it during dinner in jest: “If people understand this, the price of bitcoin has grown.” Stabilini is a great channel through which Fiat money can get into cryptoprotection. And I think that it is very good. We’ve always been about stabilini. We always wanted to help them grow and develop. But I have no Pets. I never said what coin are good and which are not. If I said something like that, people would start to buy and sell based on my words. And what is this if not market manipulation?

We want to support as many tablconv, allowing the market to make a decision… New stabilini will find a large number of operating challenges we have not yet had to face…. How easy is it for people to fulfill the requirements of KYC? The extent to which they accept people from outside their countries? Whether the processes of Deposit and withdrawal fast and are there any limits? Will they be able to serve a million, ten million, a hundred million customers? These are questions which are not answers, just looking at the numbers. So we just have to wait.

– There is a huge number of reports indicating that up to 60% of volume on some exchanges is nothing more than a fake. It is obvious that the definition of “fake” in this case yet, but what is your opinion about this, and you think it happens to Binance?

– The way you asked this question speaks to your insight. How can you determine is a trade of “fake” or real? If one trader buys another, and then sells the asset back is bad from the point of view of the exchange? And how to determine the limit, after which we can talk about fictitious trade? If you say that it is two accounts, the trading volume between them is more than 100 thousand dollars, then the next day these accounts will be traded to the level of 99 thousand. This problem is quite difficult to fight. We need to develop a comprehensive mechanism that will prevent such events. But yet, if exchanges are involved in this, trying thus to raise the volume of trading, it’s bad. The exchange should not do such. Some do, but not us. And there’s exchange involved in mining transactions… They only stimulate such behavior. We are fighting with them. But it’s because they know how to get out.

We should not forget about manipulation, right? There are people that use only Binance. So when they want to buy some cryptocurrency, you place your order on our exchange. And, of course, the price of this crypto-currency will only grow with us, but not on other exchanges. And the orders are sometimes very large. How can you consider this manipulation? Other exchanges zalishivsya a new cryptocurrency, may be faced with high demand for it, which will lead to higher prices. Thus, it is very difficult to define what is manipulation and what is not. But we continue to work on solving this problem.

The listing of cryptocurrencies – what is your process of checking these currencies, whether it is transparent and open?

– I wrote about this great article on LinkedIn. We use the black box method, referring to the projects to provide a whole bunch of information and then making a decision based on the findings and impressions, the formulation of which is thus a black box. But, in principle, we are looking for good projects with long-term growth. We have no hard requirements. Because as soon as we will put forward the requirements, someone will try to circumvent them. For example, if we say that there should be a Telegram group with 10,000 members, they will immediately buy your own parties – in the Telegram that on Twitter. Therefore, we have no public metrics. We study the project team. We like teams with history. We look at the fit of the product. We want to see a functioning product, and even better – users that this product came in handy… We study the source code on GitHub. We study their group. We ask the questions in Telegram groups to assess their level of support.

While it allows to achieve very good results. We make mistakes. Sometimes we listen cryptocurrency, which does not work, especially given the state of the market in the last six months. But overall, I think our cryptocurrency show quite good results. And the results speak for themselves.

– How do you see Binance in five years?

– I think that in five years this industry will be much more. And we want to provide key services in the industry. Right now we have a good exchange, is uniformly expanding in the direction of a Fiat currency, and in the direction of decentralized exchanges. We want to remain a key player Cryptoprotected. I think the purses are very interesting and very important. Therefore, we have entered into a partnership with Trust Wallet, very reliable product. They don’t do marketing, so to promote the purse shall we. We want it to be a popular purse, and, most of all, we will create several types of wallets and hardware, institutional, etc.

We plan to strike and in other areas that we are familiar not so well, using the possibilities Labs initiative, in which we are invested, and which help with liquidity and listing, and token-economy…

We want to promote educational and charitable projects, because it is our duty to society. We will continue to do all this, and hope that in five years this industry will be much more. There will come a rush. And we need to stay afloat. That’s all. And I think we will be quite a large ship!

– Then you stick to their predictions about a thousandfold increase?

– Absolutely! I think that the growth will be even greater. I’m going to save this tweet, and when we achieve this figure – I don’t know when it will happen but it will happen – I’ll re-tweet it.

– When will the next bull market?

– I’m not analyzing the markets, because, as I said, it will look extremely authentic, and when people read this, they will begin to buy and sell on the basis of my words. As the operator of the exchange, I can affect the price, but if you look at the graphs, you will see that in 2018 we have seen a strong price support level of $ 6,000, while in 2015 the level of real support was only $ 200. I look at annual charts. And I don’t think that now we are dealing with a bear market. Yeah, well, if you look at weekly or monthly charts, the market is now can be called bearish, but the price of 20 000 only lasted a week, and I always appreciate long term. I have never traded. I always buy and keep.

So I think that the bull market could be back any minute, and the October and December is historically a good cryptocurrency for months. The market always rises before Christmas, but I’m not saying that it will happen this year or it won’t happen in any case. I don’t make predictions. I’m just acting.

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