Photo: zerohedge.com
CZ Challenges Schiff’s Tokenized Gold as a 'Trust Me' Scheme in Crypto Debate
Changpeng CZ Zhao of Binance criticized Peter Schiffs plan for a tokenized gold product, labeling it a trust me bro scheme reliant on third-party custody.
- In a recent post on X, Changpeng CZ Zhao argued that Peter Schiffs tokenized gold is not genuine onchain gold but rather a promise dependent on third-party custody.
- CZ emphasized that trusting third parties for gold delivery poses risks, particularly during potential management changes or crises, such as wars, affecting the reliability of the asset.
- The debate highlights differing views on asset security, with CZ advocating for Bitcoin and Blockchain solutions over traditional token coin schemes that rely on external trust.
Why It Matters
This exchange underscores the ongoing tension between cryptocurrency advocates and traditional asset proponents like Peter Schiff. As the demand for alternative mediums of exchange grows, the discussion around trust and asset security in the crypto space becomes increasingly relevant.