Binance CEO Praises Ray Dalio
Changpeng Zhao (CZ), CEO of crypto exchange Binance, said that Ray Dalio will implement the instant scoring mechanism DOTS on Binance. Employees will rate each other on a 1-10 scale out of more than 100 features in an iPad app called “Dots”, based on the principles of “radical accuracy” and “radical transparency.”
Billionaire Ray Dalio recently said that “fiat currencies” are harmful, but argued that neither Bitcoin nor stablecoins offer a cure. The billionaire argued that BTC could not be effective as a custody and exchange tool. Dalio also emphasized that stablecoins are a copy of government-backed currencies and will not be an effective form of money. Binance CEO Changpeng Zhao admitted that he has not yet succeeded in attracting Dalio to the cryptocurrency world, but argued that he learned a lot from Dalio:
“I had the honor of meeting Ray Dalio several times over the past year. I read all of his books before I met him. I even tried to write down my own principles. But it was very difficult to extract and write the principles. I was stuck on the first page.
After meeting Ray, he gave me a few tips. He asked me to write down the decisions you made and why you took them. So a few months later I published my principles blog. Ray unblocked my writing. I’m still working on version 2.
Did I manage to lure Ray into crypto? I haven’t succeeded yet. I am busy learning from him and there is a lot to learn. Ray is an extremely humble man. He understands money better than anyone. Yet he often modestly says he doesn’t understand enough about crypto.”
Binance CEO also explained why Dalio did not prefer BTC:
“He is skeptical of Bitcoin because BTC’s movements have nothing to do with anything and have been shown not to be good inflation protection. He believes an inflation-protected stablecoin could be the right way.
As a footnote, I also love the DOT system. I will implement this on Binance as well. There is always a lot to learn from Ray.”
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