Binance founder Changpeng Zhao’s (CZ) autobiography, Freedom of Cash, isn’t a superb ebook. Mercifully for anyone desiring to learn it, this turns into clear inside the first few sentences, which quantity to an unreadable brain-dump of utterly random statements and claims offered in no decipherable order.
I, towards my higher judgment, waded via 270 pages (and practically put the ebook down) earlier than noticing that the Appendix part wasn’t an appendix in any respect however a protracted record of “CZ’s Principles” — and wow, is it unhinged.
Let’s take a more in-depth look…
A mishmash of recommendation, opinions, and nonsense
Whereas the bullet-point record of rules goes on for 26 pages (sure, you learn that proper) and covers the whole lot from how one can correctly function a world enterprise to what sort of friendships are value having, I completed the record nonetheless unclear if CZ even is aware of what rules are or how they differ from common recommendation.
Certainly, many of the rules aren’t rules in any respect. These embody:
- Pals, you gained’t have the ability to have too a lot of them, a minimum of not at an in depth stage. I’m not a hub, I don’t/can’t preserve too many associates or relationships. It takes an excessive amount of time. I’m cautious to have associates who’re hubs. They know many individuals in order that I can ask them after I must “network.”
- Binance is probably the most international group on this planet. No different group earlier than us began or operated on the identical stage of “globalness” when it comes to consumer base, crew, and mindset.
- Watch out, many labels apply otherwise in numerous elements of the world. For instance, in China, if you happen to transfer greater than $50,000 equal in a foreign country in any given yr, that’s known as cash laundering. In lots of elements of the world, it’s authorized and regular to have 4 wives. The record goes on and on.
None of those are even near resembling what you’d name a precept; they’re extra statements of reality or opinion.
The truth is, if you boil them down, they don’t quantity to rather more than “I don’t have friends and view people transactionally, Binance is big, definitions change depending on jurisdiction.”
Along with this, a lot of his so-called “principles” are contradictory or weird.
For instance, quite a few occasions, he declares that cash shouldn’t be the main focus of any businessman as a result of time is extra essential, repeatedly iterating that point, not cash, is restricted.
He later explicitly states that “money shouldn’t be an unlimited supply asset.” So what precisely does CZ need from cash? How does he suppose individuals ought to worth it? It’s by no means correctly defined.
If the richest man in crypto had employed a correct editor, maybe these points might’ve been mounted. Sadly, he didn’t, and the reader is left to parse via the implications.
Why publish this?
I reached out to CZ and requested him some questions that had been on my thoughts since beginning his ebook, two of which I proceed to battle with:
- Why would you publish this?
- Why didn’t you rent an editor to chop out the repetition and grammatical errors, and truly discover a compelling narrative to deal with?
Although CZ by no means bothered to reply these questions, I’ve been capable of come to my very own conclusions by reflecting on his “principles.”
Within the ebook, he typically speaks disparagingly of coworkers who exit to events or spend time collectively outdoors of the workplace. CZ doesn’t belief anybody to perform something in addition to he believes he can accomplish it.
Why rent a well-known editor to go over your ebook when you already know a man who you suppose might edit the ebook completely effectively as a substitute?
Why outsource the writing to an expert author when you’ll be able to simply write the ebook your self?
How will you probably share this with anybody and get trustworthy suggestions when you don’t have any associates and it feels like everyone seems to be already terrified of you?
Certainly, CZ describes his personal methodology for giving crucial suggestions and it’s to by no means say something an worker has accomplished is sweet, solely to inform them what they’ve accomplished incorrect.
Whereas that feels like an terrible work setting to me, from this ebook I can inform and not using a shadow of a doubt that this isn’t how individuals deal with CZ.
Nobody is telling him to repair the errors, rent an editor, or simply flat-out inform him that the ebook is straight up terrible. They’re saying “great job!” and that’s extraordinarily embarrassing.
By means of his personal “principles,” CZ has created a bubble the place he can deal with others, even those that appear to be extraordinarily near him, with whole impunity.
He’s feared, not liked, and interactions with him are probably performed on eggshells, not via heartfelt honesty.
Fame laundering
I do know why CZ wrote this ebook: it’s known as repute laundering and different billionaires have accomplished it efficiently.
However that’s the important thing phrase right here. There’s an enormous distinction between the profitable repute launderers and CZ.
Elon Musk, for instance, who’s simply as unhinged and terrible in his personal proper, is aware of he isn’t a author. So, when he wanted good PR, he had Walter Isaacson and an editor write a glowing love letter about him.
Even Sam Bankman-Fried let Michael Lewis write his story, with many feeling the top consequence was too sympathetic to the most important crypto scammer in historical past.
CZ, who admits he’s a horrible author on the very starting of the ebook, determined that, no matter his talents — or lack of — he was the one one who might correctly share a ebook about his life.
This, sadly for him, paints a really clear image of who he really is: a billionaire who trusts nobody however himself, who not often does something that’s not business-oriented, doesn’t know how one can work together with individuals on a human stage.
CZ mentions charity dozens of occasions all through the ebook, normally in reference to Binance Charity. He means that Binance Charity and his learn-to-read app known as Giggle Academy are two of his most essential tasks. That is clearly not the case.
Binance Charity hasn’t funded a venture since just a few donations trickled in in 2022.
Nearly all different tasks have been inactive since 2020. If Binance Charity is essential to CZ he’s proven his affection in a really unusual approach — by principally killing off all the idea for half a decade.
Giggle Academy, his different venture that’s supposedly nice for the world-at-large and crucial to him, has solely 94 opinions on the App retailer. These embody, “My kid likes this game, but I was really upset to discover that the storybook section is filled with creepy AI generated slop.”
The sport additionally information youngsters who’re utilizing it, which feels like nightmare gas to any true cryptocurrency and privateness rights advocates.
For sure, it’s simple to see that these ideas that CZ pretends to care about are pure spin, and an try to win again public affection since his arrest and pardon, and the key points with how Binance runs its alternate.
Freedom of Cash isn’t about cash, Binance, and even CZ and his rules, it’s a fairytale to win over the hearts and minds he’s been dropping for years.
Sadly, it fails miserably, reflecting an insecure, paranoid, overconfident billionaire determined for love that he gained’t obtain.
