From 'CZ Home Still Leaks Water' to SBF Grudges: CZ Three Hour In Depth Interview CZ appeared on the All In Podcast and chatted for 3 hours. I have distilled 10 of the most noteworthy stories and perspectives from four dimensions: personal life, Binance entrepreneurship, investment thinking, and life advice Part 1: Personal Experience 1. CZ's starting point is flipping burgers at McDonald's At the age of 12, he immigrated from China to Canada, and at the age of 14, he was flipping burgers at McDonald's for an hourly wage of $4.5. I worked throughout my college years to pay back my tuition fees. I didn't graduate from McGill. I got my degree in an online project at the peak of the Internet foam in 2000. Why did you start buying BTC? A De Pu In 2013, CZ had a private betting game where a group of struggling entrepreneurs invested in Rafale. The venture capitalists had the money and time. During a game, Ron Cao, Managing Director of Lightspeed Ventures China, told him: CZ, you should take a look at this thing called Bitcoin. Li Qiyuan told him: invest 10% of your net assets in Bitcoin, and with a small probability of returning to zero, you will lose 10%. It is highly likely that a tenfold increase will double your net assets. CZ studied for half a year, and by the time they were ready to enter the market at the end of 2013, BTC had already risen from 70 to 1000. Then he sold his Shanghai apartment (about 900000 US dollars) and bought it in batches, with an average price of about 600 US dollars. 3. People with a net worth of over billions of dollars have their homes leaking water every month CZ describes his current life as comfortable but not extravagant. CZ is currently living in a second-hand old house that has been sold three or four times. The living room leaks water almost every month, and it just leaked last month. He had booked economy class when he left China for Japan, but when someone reminded him to upgrade to business class and sleep while lying down, he finally realized. He said that most people's wealth grows in a tiered manner, with 1 million buying luxury cars and 100 million buying yachts, and their consumption habits upgrading accordingly. But he jumped directly from ordinary life to the Forbes cover without going through that process, so he never developed the habit of spending money. Part 2: Binance Entrepreneurship 4. Binance was not originally an exchange From Blockchain Info to OKCoin, and then to the SaaS business of the Tokyo exchange, CZ changed four jobs and started two businesses before Binance. What's the trick to get into OKCoin, CZ. At that time, He Yi said to CZ, "Why do you want to work for a wallet company? Your experience should be in handling order execution and exchanges." So CZ started working as a CTO. When the ICO raised 15 million in 2017, he was already 44 years old. He said: Most people idealize entrepreneurship, detest the hardships involved, but yearn for its results. Binance initially did not even work as an exchange, but outsourced software to other exchanges and signed 30 clients. It was not until the Chinese government shut down most of its customers in 2017 that they were forced to transition. The ICO logic of BNB is very simple The core selling point is one: holding BNB and getting a 50% discount on transaction fees. ICO sold 60% of tokens, raised 5 million, and attracted around 20000 participants, with 80-90% being Chinese. 6. Grudge with SBF Binance once held a 20% stake in FTX and had veto power over subsequent financing, theoretically able to directly prevent FTX financing. But CZ did not exercise this right and voluntarily withdrew when FTX announced a 32 billion valuation financing in 2021, which was a full year and a half earlier than FTX's explosion. CZ mentioned that during the same period, SBF was using Binance's investments while slandering Binance in Washington and poaching Binance VIP account managers with five times their salary. CZ talked to SBF: Can you please stop doing this? We are your shareholders. 7. Game with the Biden administration in the United States The negotiation lasted for over a year, with meetings with 12 to 20 lawyers every day, and no one had ever experienced such a thing, without reference. When negotiations are deadlocked, the Ministry of Justice will remain silent for two weeks without responding. You don't know whether the next step is prosecution or a red notice. CZ said two weeks is the best time limit for pressure, and the Ministry of Justice is quite experienced in psychological warfare. At that time, CZ people were in the United Arab Emirates, a non extradition country, and could not go. But he said he didn't want to live in constant fear. The final confirmation of an unregistered charge resulted in a 4-month sentence. Part 3: Investment and the Future 8. AI Agent Payment: The Banking System Cannot Support It In the near future, each of us will have hundreds or even millions of AI agents working in the background, with transaction volumes that can reach one million times that of humans. They will not even use banks because banks cannot support them. I think this may be a judgment about foresight mentioned throughout the entire interview. But CZ also admitted that there are currently no particularly outstanding plans and refused to name any projects. 9. Giggle Academy does not advocate coin issuance Once tokens are issued, everyone will speculate. At that time, CZ will not be able to distinguish whether users are truly learning children or mining speculators. In an industry where everything can be monetized, CZ believes that true influence does not require token incentives. Part 4: Life Advice 10. Success formula: 110% -130% daily, persist for 30 years CZ believes that you can't be too stupid, but you don't need to be particularly smart either. Principles, values, and emotional intelligence are equally important. As long as you break through a little bit every day, there is no need to force yourself too much, excessive pressure will only lead to collapse. Maintain a state range of 110% to 130%, persist for thirty years, and if luck is not too bad, you are likely to live quite well. @cz_binance @heyibinance @binancezh @binance