Content source: CZ's new book, "Binance Life"

Compiled by: Yuliya & Big Pliers, PANews

Editor's Note: On April 8th, CZ officially released his new book, *Freedom of Money: A Memoir of Luck, Resilience, and Protecting Users*, which he wrote in prison over four months and polished over six months. Before even reading about He Yi's decision to name Binance in China, the first half of the book is enough to outline a complete "CZ prequel"—from an ordinary childhood in rural China to a sports-loving working-class teenager in Vancouver; from a young executive at Bloomberg to a staunch believer who sold his house to go all-in on Bitcoin. This article not only recounts CZ's tumultuous life before founding Binance but also systematically compiles his 72 continuously updated personal principles.

Binance Prequel: From Ordinary Teenager to Crypto Giant

Before creating the world's largest cryptocurrency exchange, CZ's life trajectory was filled with constant trial and error and decisive choices.

1. Adolescence intertwined with sports and part-time work

Childhood: An Old-Fashioned Child

CZ spent his childhood in rural China, catching fish and shrimp, and was the youngest in his class. Later, he moved to Hefei, and due to frequent moves, he developed a habit of not hoarding things. He had only been to Shanghai for the first time a few days before going to Vancouver. A typical childhood of an old-fashioned child.

Middle School: Adolescence Intertwined with Sports

After arriving in Vancouver, sports became the main theme of his high school life. He loved volleyball, served as captain of the school team for four consecutive years, obtained a volleyball referee certification, and also tried inline skating and skiing. Volleyball gave him more than just athletic opportunities. Unable to afford the $90 Canadian dollar training camp registration fee, he watched from the stands until the coach noticed and pulled him off the court. He said that moment taught him two lessons: Being there is 80% of the battle; never break your momentum. These two sentences later guided his entire entrepreneurial career. Meanwhile, he started working at McDonald's at 14, as a dishwasher at 15, and got his driver's license at 16, working the night shift at a gas station. Sports and working constituted his entire high school life.

2. From career uncertainty to Bloomberg executive

University: The same career confusion as ordinary people

During his university years, CZ faced the same dilemma as most people—not knowing what to study. Initially wanting to be a doctor, he chose biology, but after entering the program, he discovered he had no interest in animals and was instead drawn to computers, decisively switching to computer science after one semester. During his university years, he secured several internships, including participating in a government-funded 3D flight simulator development project and an internship at a Japanese IT company in Tokyo through his sister's introduction. These experiences honed his technical skills and broadened his international perspective, laying the foundation for his later career at Bloomberg. He also co-authored an AI paper with a professor, which was accepted by AAAI and remains online 26 years later.

Four Years at Bloomberg: From Writing Code to Managing a Team

He joined Bloomberg in 2001 as a senior engineer in futures trading systems. He was promoted in less than six months and, at 25, began leading a 60-person development team. These four years were crucial in his transition from a technical professional to a technical manager. He summarized his management principle as "slow hiring, fast firing," and realized that management involves more than one dimension, requiring consideration of both business rules and personal circumstances. However, after his third promotion, he found himself increasingly detached from technology, caught in a cycle of politics and resource grabbing. In 2005, at 28, with an annual income of $390,000, he resigned after receiving his year-end bonus.

3. A Turning Point: All-in on Bitcoin and the Birth of Binance

Returning to Asia to Start a Business: From Financial Technology to Bitcoin

After leaving Bloomberg, he went to Shanghai and co-founded a fintech company (Fuxun) with several foreign partners. He secured a contract with Shanghai General Motors using a Perl script, and subsequently signed contracts with Shanghai Volkswagen and Shanghai FAW. The core lesson he learned during this period was: cash flow is the lifeblood.

A Turning Point: Bitcoin

In July 2013, someone casually mentioned Bitcoin at a card game. Li Qiyuan suggested he allocate 10% of his assets to Bitcoin. After completing his first transaction, he was completely blown away and convinced that blockchain was a revolutionary technology for currency. He sold his house in Pudong and went all-in on Bitcoin, only to encounter the collapse of Mt. Gox, causing the price to plummet from 600 to 200 and remain stagnant for a year and a half. But he never sold.

He then worked at Blockchain Info and OKCoin, gaining firsthand experience in exchange operations. After leaving OKCoin, he partnered with Yang Linke to found Bijie Technology, specializing in providing trading system technology for exchanges. This experience in technical services gave him a deep understanding of every aspect of the exchange business. Then, he decided to create his own exchange.

He Yi walked into the office, glanced at the white paper, and said, "Your Chinese name sounds like a supermarket. How about 'Binance'?" CZ said, "Okay."

The story is about to reach its real climax!

CZ's 72 Principles: The Underlying Logic of Life and Business

CZ attributes his success largely to an extremely rigorous and pragmatic set of principles. To preserve the original essence of his thinking, the following is a complete compilation of 72 principles he personally wrote.

Way of thinking

1. Don't waste time : Time is the most limited resource, so use it well. Managing time effectively isn't about what you do, but what you don't do. You don't need to make to-do lists; important things will come to mind on their own.

You need to have a "do not do list", otherwise time will be wasted without you realizing it.

We will not hold long meetings or introductory sessions for "getting to know each other" or "exploring cooperation."

80% of human communication is gossip, so let's cut that out. Don't waste time with small talk; don't say "I'll get to the point," just get straight to the point.

No small talk. Get straight to the point.

Every meeting should have a clear purpose: What do you want? The meeting should be limited to 5 minutes by default.

Don't write long articles, don't make PowerPoint presentations. List a few key points, draw a bar chart, and that's enough (like this document). The topic of time is related to many other principles.

Don't chase after collaborations that sound prestigious; choose the easy ones. Say no early on, and you'll save time for both sides. I'm a passive salesperson; people come to me, and things usually go smoothly that way.

Minimize socializing. Quality over quantity in friendships. I don't watch TV, watch the news, or listen to sports. I'm so meticulous with my time that some people call me rude. That's okay; I don't value politeness, I value efficiency. Time is far more precious than money. Once you truly start valuing your time, success and money will naturally follow. Small changes, over time, make a huge difference.

2. Don't just focus on money : Too many people chase money relentlessly, only to find they "don't get" it. Don't chase money; create value. If you can create 10 points of value, take only 8, or even just 5, and still grow your business, the money will come faster. Keep doing this, and you'll have more money than you can imagine. Making money isn't about maximizing profits in one deal, but about leaving a little profit each time so people keep coming back to you; that's how you accumulate more in the long run.

3. Make the most of limited resources : Many things in the world are finite: health, energy, people (team, friends, family), and time. Many are difficult to expand. You can only conserve your time and health. Regarding people, you can amplify your resources by building a strong team, which is usually a leader's most valuable skill. As for friends, you can't cultivate many deep connections. I'm not a network center, and I can't maintain too many relationships—it's too time-consuming. I'll keep a few "hub-type" friends; they know many people, and I can contact them when I need to make connections. You might have noticed that money isn't mentioned. Money isn't a finite resource, so don't take it too seriously. Establish your reputation, and money will naturally come in.

4. Uphold the bottom line : Never cross the moral red line. You'll pay the price sooner or later. When dealing with users, always do the right thing, not the easy thing. Protect your users, and your success (and wealth) will exceed your wildest dreams.

5. Treat others fairly : This is a broad principle, applicable to personal relationships, colleagues, and business. I truly believe in treating others fairly. Don't take advantage of others, and don't let others take advantage of you. Easier said than done. People are all somewhat subjective and biased towards themselves. You have to be patient and try to be as objective as possible. Conversely, when encountering someone "powerful," don't be too soft. If you can't strike this balance, you won't go far. Therefore, you must learn to do it.

6. Cultivate long-term, win-win relationships or collaborations : The concepts of "long-term" and "win-win" have been overused, but I believe in them. Success is built over time, and maintaining healthy long-term relationships requires a win-win approach. For a deal to be fair, both parties must benefit. Always ask, "What does the other party gain?" One-sided deals don't last; you'll always need to find a (weaker) new partner, resulting in a negative return on investment. Short-term wins are generally small. I oppose short-term wins; they stifle long-term gains, distract you, and prevent you from focusing on the long term. Short-term projects are also time-consuming, with high hidden opportunity costs. Focus on the long term and aim for big wins. Play the "infinite game" (see Simon Sinek's book *Infinite Games*). By "short-term wins," I mean one-off victories, not small, cumulative wins that ultimately lead to significant achievements. The latter is crucial.

7. Focus : Success isn't about how much you do, but how well you do the few things you choose. Focus allows you to delve deeper. Eliminate distractions. I don't have many hobbies. I exercise for 30 minutes every day. I don't have many things to manage. I identify things with high time costs. Besides Binance, I rarely do anything else (this was written in 2022). Unlike some extremely successful people, CEOs of several companies, I basically don't touch other businesses or diversify my investments (this might not work for most people, but it works for me). The risk of doing this is that your focus might be too narrow, causing you to miss opportunities. But in today's information-saturated world, that's unlikely to happen.

8. Stay away from "toxic" relationships : These include those that are immoral, difficult, incompatible with your values ​​and mission, and those that are a huge drain on your time. Let these people go, clear them out of your life. The last type, the "time-consuming," is the easiest to ignore. There's also the type with "high maintenance costs"—they constantly need your attention, get upset over small things, want to chat, and want you to repeatedly praise their importance. These people aren't actually wrong, but I (CZ) can't handle them. I only deal with "easy-going" and confident people. Then there are the "chatterboxes," those who particularly love to chat. That's not wrong either. But I don't have time to chat. I avoid these too. I'll talk about this further in the communication section.

9. Positive Mindset : Everyone faces challenges in life—family, friends, work. A positive mindset often leads to better outcomes. I can't explain exactly why, but that's just how the world works. There's a saying I've remembered for years that has always been helpful: Q: "What do you do when you hit rock bottom?" A: "Keep going, and you'll get out." Also, when you know you're doing the right thing, the negative feelings fade. You'll have a positive drive. This is a major benefit of sticking to your principles.

10. Take Responsibility : The right mindset is a prerequisite for success. Be responsible for your work and have a sense of pride. Don't just "do the task," treat it as your own responsibility. Don't just lay bricks; think of it as building a cathedral. If you don't feel like you're "building a cathedral," then you should find a different job. Think about what else no one has mentioned, but you can do, and make it better. Take responsibility for the results, whether you succeed or fail. If you truly have this mindset, you'll do exceptionally well, and you'll climb the ranks quickly.

11. Keep learning : The world is changing, and you have to keep learning. Read books, live in different cities, and build your worldview. I don't read much news or short articles. I find it easy to nod in agreement after reading a 10-minute article, but I don't think deeply about it, and I forget it as soon as I finish. Books are more in-depth, with reasoning and examples. Reading for 8 hours straight can leave you with some new insights. I think books offer the highest return on investment for self-improvement. I buy a lot, about 300 books a year, but I don't read them all. I can usually finish about 80 books a year. I try to write something every day, a blog post or an article (like this one). Writing helps me organize my thoughts and makes my ideas flow more smoothly. Writing itself is a form of thinking.

12. Be an early adopter : I'm willing to try new things. I download new applications and tools, and often encourage Binance to switch as well. When I'm studying, I also frequently try out new principles on Binance. This is also why I got into blockchain early—it's a new technology related to money. Early adopters often reap exponential returns while only dealing with limited risk. As long as you control downside risk, those exponential returns can be realized. Be an early adopter. Everyone is an early adopter in some way. For example, if you like to watch movies as soon as they're released, then you're a movie early adopter. I usually wait for friends to recommend a movie before watching it. Obviously, being an early adopter isn't very useful in your life. Choose an influential field and be an early adopter there.

13. Understanding the World: To achieve anything, you need to understand how the world works. To understand how people work, read *Sapiens: A Brief History of Humankind*. We live in a man-made world. Everyone's mental world is different, meaning we live in different worlds. You need to understand their worlds. Don't always see things in black and white. The world is rarely binary. Many people oversimplify the world, making success difficult. Look deeper. In reality, most things change gradually. Finding balance is often key, more effective than simple "yes/no." For example, some naively believe all rules are good. Rules are made by people, and not all are correct. Read books like *On Laws* (1850) and *Economics in One Lesson*. Question the world. The world is built by those who don't accept "common sense" or "rules." Yes, rockets don't have to be discarded after use; you can reverse them and recover them upon landing. Cars are useful even if they can only travel on paved roads. The Earth isn't flat. Money shouldn't be an infinitely supplied asset. Also, understand the limitations of the world. We don't live in a perfect world. Don't fight battles you can't win; go around them, find another place, and do something else. There are many things you can do in this world; focus on the positive contributions you can make.

14. Don't be fooled by labels : People love to label things to help us understand and adapt to the world. But labels also often mislead us and limit our thinking. You need to see through the labels and understand the first principles—what things are essentially about and how they work. For example, when you hear "company," you might think of busy people working in an office building. But what is a company? That piece of paper? That office? Is it people? Is it a product? Now, a group of people can work together without a registered company, a physical office, or even a central command. They still collaborate efficiently and have reasonable incentive programs. Another example: what is money? I've seen countless debates about "what is money." "Only what the government issues is money," "If you can't pay your bills, it's not money," "Bitcoin isn't money." Okay, I don't care whether Bitcoin can be called "money." I care whether it's useful, valuable, and liquid. 99% of what we talk about are labels. Job titles, rankings, companies, even countries—these are all concepts (or labels) invented by people. See through them and grasp the essence.

15. Hard Rules: There are some hard rules in the world. Hitting your head against a wall won't make you feel good. Harming others will inevitably have consequences. Losing your reputation will make it difficult to secure funding and succeed in the future. These are the hard rules of life; respect them.

16. Cultivate a Global Perspective: Binance is one of the most globally distributed organizations. No other organization has reached our level of "globalization" in terms of users, team, and mindset. This gives us advantages that others lack or are unaware of. We can recruit globally; our team naturally spans every time zone. We work remotely, saving everyone the fatigue and sweat of commuting and saving an hour or two each day. We develop together in over 180 countries, achieving both localization and globalization. The benefits are endless. There are also challenges. Communication styles differ, which we'll discuss later. Different cultures lead to different understandings of the world. If you feel uncomfortable when others think differently, Binance might not be right for you. If you enjoy exploring different cultures and ideas, then Binance is a good fit. Many people think they are open-minded and can tolerate global cultures, until they get into an argument and then think, "The other person is stupid." Be careful. Try to truly cultivate a global perspective. You can refer to "Cultural Atlases." Also, note that many labels have different meanings in different places. For example, in China, transferring more than $50,000 equivalent in currency in a year will be regulated. In many parts of the world, having four wives is legal and normal. There are countless examples of this. We all live on a small rock called Earth. National borders are drawn by people. We need a global perspective.

team

17. Team over individual : In a poorly performing team, even the best individual performance will rarely be satisfactory. The reverse is often true. When the team is strong, each member, even those who struggle, will usually perform well. Prioritizing team interests is best for every member in the long run. You may have to "sacrifice for the team" in the short term, but you'll win in the long run.

18. Regularly rotate teams : Don't let the organization stagnate. Give new leaders more opportunities to grow. Quickly replace "misplaced people" (this may also bring more problems, but...). Team structure determines system architecture. See "Team Topology." Just as we don't want software to stagnate, team structure needs constant adjustment.

19. Internal competition is not a bad thing: external competition will always exist, and a little internal competition is a good thing. As long as you maintain professionalism, it's fine.

20. Orderly chaos is also a kind of order: This is somewhat counterintuitive and hard to explain. Look at the two extremes of "chaos" and "order." Complete chaos is definitely not good, that's easy to understand. Many people think that the more orderly an organization is, the better. I disagree. Clear order has many benefits: clear division of responsibilities, less overlap, less waste, and usually higher efficiency. But what most people don't consider is that order usually only allows an organization to efficiently do one thing. Too much order is also a bad thing. The world is changing, and organizations with rigid structures have to work harder to adapt. Our industry is still young, and the world is changing fast. Organizations with rigid structures have less innovation, less internal competition, and fewer opportunities for promotion. This is not to say that "chaos" is necessarily good. Where is the balance? We live in a changing world, an emerging industry. Our industry has redefined traditional concepts: headquarters, company, team, even money. We work remotely globally, and many traditional structures are not suitable for us. At the same time, we have to be highly regulated in many aspects. We handle users' money. Security, compliance, ethics, and neutrality all need to be strictly regulated. We operate in a regulated environment, and compliance is especially important. An environment of "orderly chaos" requires the best talent—passionate and responsible individuals. Finding this balance is an ongoing challenge. Crucially, chaos can sometimes be a defining characteristic.

21. Focus on local team building : aim for once a month. However, in reality, due to scheduling conflicts, it's usually once every two months. Having a meal together is the best team building activity. It's simple and effective. Organize it locally, even across teams. I don't approve of flying around for team building. Travel costs are high, and the time cost is too great. I don't want people to think we're just taking people flying around to "have fun." For small, geographically dispersed teams, a large-scale team building event every 18 months is acceptable as a special case, ideally combined with existing business trips or activities.

22. Giving Feedback : I give feedback anytime, anywhere, directly, in private messages or large groups. This is something I learned from the Netflix book (The Unconventional). Actually, I prefer giving feedback in large groups so others can learn as well, and I don't have to repeat myself multiple times. Many people are surprised when they receive this kind of feedback for the first time, but they quickly get used to it. My feedback is always well-intentioned, aimed at solving problems or improving things. I want to build a culture of honest feedback at Binance. I think 99% of people don't give enough feedback. Working remotely, we can't see the body language of in-person meetings. So we must rely on direct, honest feedback to compensate. Bridgewater Associates (Ray Dalio) has a DOT feedback system that I really like. We will find a way to use it in the future.

23. Limited Verbal Praise: If you do a good job, you might hear others say, "Well done, fantastic!" I might say it less often. Conversely, if you do poorly, I'll see it, and nine times out of ten you'll hear me nagging. My reasons are: 1. We have high standards and strive for excellence; good results should be the norm. Making a big fuss about every "small" achievement makes it seem like we're setting low standards. 2. Remote work means I can't see the results of all teams and can't be comprehensive. Praising only some and ignoring others can easily lead to feelings of imbalance or give the impression of bias. 3. Satisfaction should come from within. A good internal reward is enough when I do something well. 4. Inefficient. Once a task is finished, it's time to move on to the next one. I'm not saying this is a good method, it's just my habit. I think a "carrot and stick" approach is better, but I haven't figured out how to efficiently give the "carrot" in a decentralized environment. Different cultures have different expectations in this area. The *Cultural Map* explains it well. Americans are generally in a "good job" culture, Asians are more in a "stick" culture. Europeans are somewhere in between. That's what the book says. A more efficient way is to adjust salaries during the next performance review. So I'll also offer "carrots," just not verbally. Since the first version was released, I've received a lot of feedback saying this isn't good, but I don't object.

24. Reporting Problems vs. Spreading Gossip : Reporting problems is normal, but there are right and wrong ways to do it. Spreading gossip is when you complain to me privately for someone without telling the person involved. Spreading gossip is bad. I don't deal with gossip; I ignore it. In fact, if you do that, I'll mentally give you a bad review (not to the person being complained about). Reporting a problem is when you arrange a three-way meeting: me, you, and the person you want to complain about. This way, I can hear both sides' perspectives at once. More importantly, this forces you to have an honest conversation with the other party before contacting me. I only need to hold one meeting to handle the report. Compared to dealing with gossip, I have to hold multiple one-on-one meetings. You know my attitude towards time (more on that later). Use reporting, not gossip. It's difficult, but being able to express your dissatisfaction with someone or something professionally is one of the key skills for success. Don't be too soft, don't be too hard; finding the right balance is key.

25. Recruiting : The team is crucial to success. In fact, for most successful people, their greatest contribution is attracting a group of talented and passionate individuals and enabling them to collaborate effectively. I believe this is my greatest value to Binance. Recruiting is clearly very important in this process.

• Hire passionate people : Passion is one of the things I value most. We're remote, so we can't (and shouldn't) micromanage. People without passion will slack off and then be let go. Hire the person who wants to build a cathedral.
• Mission is more important than money : Don't hire people who haggle over salary and benefits. Such people are rarely mission-driven. Compensation should be fair. People who excessively haggle during the hiring process are usually "high-maintenance" types. You know my opinion of them.
• Hire people with a hunger for success : hire people who can grow in the role, not just those who have "done it before and know everything." While past experience is helpful in many situations, and even a prerequisite in certain positions such as compliance, it can be boring, leading to "fixed thinking" and being confined by past experience.
• We hire doers, not talkers : we hire capable and articulate people, not just those who talk the talk but don't walk the walk. A capable but inarticulate doer is problematic; they might be okay in a narrow technical field, but we can't have too many of those in our team.
• Don't be obsessed with titles : Don't hire people who are overly concerned with titles. It won't be a veto, but it's definitely not a good sign.
• Hire someone who can be your boss : Always hire the best. To win, you need to be on a strong team. Hire people who are better than you, similar to you, or even better than you. Hiring someone who can be your boss is one of the best ways to advance your career and also demonstrates your maturity.
• If you have doubts, don't hire : If you have doubts during the recruitment process, don't hire. Small doubts during the interview will eventually become big problems.

26. Don't try to motivate people who lack self-motivation: it's like dragging a dead horse—impossible and not worth it. You can't motivate those who don't align with your mission and values, don't like you as their leader, or are simply lazy. Let them do something else. People are either self-motivated or they aren't. Only work with self-motivated people. We're working remotely, and lazy people are more likely to slack off because no one is watching. But this is a good thing. People might slack off for a day, a week, or even a month, but after a few months, if they don't produce results, you'll know. Remote work actually makes it easier for you to spot them. Once you spot them, get rid of them as soon as possible. I don't give motivational speeches. I think those only provide temporary stimulation and drive, and don't last.

27. Lead by example: Work hard, uphold your values, and lead by example. People watch what you do, not listen to what you say.

28. Never micromanage : Micromanagement takes more time than doing it yourself. If you need to micromanage someone, then let them go.

29. When hiring, first look at qualifications, then look at results: use "years of experience" to screen candidates. Once hired, use results to measure performance.

30. Eliminating the bottom performers : I believe in "bottom-ranking elimination." I've seen many arguments against forced distribution and creating internal competition. I don't believe it. In my experience, high-performing people like to work with other high-performing people. If a low-performing person joins, everything will be dragged down. Get rid of the bottom performers. A group of high-performing people working well together can be addictive. I also believe in the idea in the book *Unconventional* that "a team is not a family." It sounds uncomfortable, but organizations and families are indeed different. We care about each other, but we won't take low-performing people with us. That wouldn't be responsible to the other team members.

31. Use output as the goal : Use output metrics (users, revenue, market share), not input metrics (tasks, features, meetings, work hours).

32. Don't take goals too seriously : Goals and goal setting have many potential drawbacks, which many people have written about. I won't go into detail, but things like the frustration of not achieving them, the lack of motivation after easily achieving them, and rigidity in direction are common concerns. My biggest criticism of goals is:

1. They are never precise or scientific enough; they are basically guesses. In our line of work, the market changes too fast.

2. Discussing goals is too time-consuming (and costly). So, set a goal, work towards it, and once you achieve it, set a new one. Don't take it too seriously, and don't get too caught up in it. For example, when Binance was just starting out, we set a goal to become a top ten global exchange within three years. We became number one in five months. And we didn't stop.

33. Tolerate Failure, But Not All: You often hear "We tolerate failure," and then you hear us emphasize "accountability." What's the relationship between these two? Are they contradictory? I believe accountability is key to any successful team. That's why during debriefings, you often hear me ask "who," and it must be a specific name, not the team or the group. This can easily be misunderstood as "intolerant of failure," or even a "passing the buck culture." I have a more nuanced view of failure. I can accept certain types of mistakes, but not all. I can accept mistakes made honestly, with effort and admission. I rarely punish those who take responsibility for honest mistakes. I cannot accept covering up mistakes, deceiving, or shifting blame to the team or departing employees. The more you try to cover it up, the more I'll dig. I also cannot accept people who are completely negligent, uncaring, unaware of the situation, or do nothing. I cannot accept mistakes made out of laziness. Work hard, do your best, be transparent and responsible, and then don't be afraid.

Business and Cooperation

34. Keep business simple: Complex collaborations with too many variables are prone to failure, and even if signed, they are difficult to exit. Complex collaborations are hard to understand and prone to misunderstandings. One party will always feel they've been shortchanged in some way and want changes. Keep collaborations simple: The client provides this, the contractor provides that; the service provider provides this, the service provider provides that.

35. Say "no" to useless collaborations early : Too many people spend time discussing useless "collaborations." When your mind is occupied by these, you don't have time to think about truly useful collaborations.

36. Move forward quickly, or give up: Either move forward quickly, or say no early. Both are acceptable. The worst is to sluggishly proceed. The opportunity cost of a slow-moving idea is ridiculously high. It occupies your mind, preventing you from doing anything else. If things are moving too slowly, put them aside. If it's not worth doing, move on. This is especially true for business partnerships. If the other party is moving too slowly, or the partnership is too complex and difficult to finalize, it's best to stop there to avoid future trouble.

37. Reject Exclusivity : Long-term, win-win partnerships don't require exclusivity. People who demand exclusivity usually lack confidence in their competitiveness or the long-term value they can provide. Such short-term (or one-off) compensation packages might be more suitable. But you know my perspective: don't spend too much time on short-term collaborations. The world is changing too fast; don't lock yourself in. You can't predict the future. Don't sign exclusive contracts; don't lock yourself in, and don't expect to lock others in.

38. Always include a termination clause : Contracts should always include a termination clause. There needs to be a way to exit a non-win relationship. Always provide an option. Many people only consider the usual (usually optimistic) scenario when signing contracts, which is a mistake. Consider the worst-case scenario. That's the purpose of a contract.

39. Always limit liability : Never sign a contract that could lead to huge or "unlimited" liability. When signing a contract, think about the worst-case scenario, not the "normal/best-case" scenario.

40. No exceptions: Never give a customer special treatment that no one else receives. Always treat all customers equally.

41. Passive Business Development, Focusing on Successful Partnerships : I (CZ) am generally passive in business development, and this applies to my life in general. People often don't understand this aspect of me, or don't know how it works. Don't confuse this with passion. I'm very passionate about what I do, but I take a passive approach to reaching out to people and building business partnerships. I don't chase after the glamorous. In business, I usually don't pursue large clients or major partners. Spending a lot of energy teaching them about encryption, personally guiding them through internal legal and board approval processes takes too long. They often also demand unequal terms, resulting in a low return on investment. Instead, I prefer to spend time collaborating with top-tier companies that proactively approach us. They are already interested in entering the encryption field and want to collaborate with us; we only need to finalize the methods and conditions, resulting in a much higher return on investment. Even if they may not be giants like Apple or Google, as long as we accumulate small successes, major partners will eventually come to us, mostly "naturally."

Other examples: I don't waste time trying to persuade people with prejudices against crypto, like Warren Buffett. I choose to talk to people who want to learn, even if they're not famous. I don't go to countries or regions with negative attitudes towards crypto; I go to places that want to embrace crypto and help them, even small countries. The core is to do collaborations that we can secure. Don't confuse this with "short-term thinking." These easily attainable goals, even if the partners aren't among the world's ten most famous companies, are still long-term collaborations. There are a few things to keep in mind with this approach.

1. We need to be good enough for others to come to us. Fortunately, Binance currently has this advantage, and we must maintain it. I had this mindset before Binance's success, but of course, the effect is even better after its success.

2. We need to be selective. We're getting a lot of offers now, especially given Binance's current position. Choosing the best request isn't as easy as it seems. Similarly, quickly identifying the core of a collaboration is a method I often use.

3. Having said all that, sometimes we still need to take the initiative to prevent the other party from also having a "passive" mentality.

When initiating contact, be specific and clear. If the other party doesn't respond, we know they're not interested. The same applies to life: I don't try to meet celebrities; I interact with people who reach out to me.

communicate

42. Say "no" early and often to save time : The most effective tool for saving time is saying "no." Someone wants to discuss an "important" but vague collaboration; I say no. Someone invites me to meet an important person, but without a clear purpose; I say no. Someone invites me to an art exhibition; I say no. Someone invites me to F1; I say no. A football match? No… I might go to these events with friends, but the default answer is no. This way, I can save time to do more important things, even if it's just staying in a hotel room. I can think about and focus on more important things, like writing this article.

43. Keep communication concise and direct : Always clearly state your intentions or goals. What do you want? Before explaining the background, say "I want…". The other party may agree immediately, and you won't need to explain further.

44. Keep your writing concise. Read *The Writing Bible*. I hate seeing people either not write at all or write too much. It means they either haven't spent time on it or lack the ability to organize their thoughts. To me, I don't want to see anything longer than:

• A 15-minute meeting should include 3-5 key points.
• A 30-60 minute team meeting should use half a page to a full page.
• Monthly or quarterly business reviews, no more than 5 pages. No PowerPoint presentations or fancy slides, just text and simple bar charts.
• Blogs, articles, or books—you can write longer pieces. Learn to write well. I'm still practicing…

45. Messages over meetings : I disagree with the old saying, "If you can call, don't text; if you can meet, don't call." I advocate the reverse: "If you can call, don't meet; if you can text, don't call." Neither is wrong. For tricky conversations, meetings are better. But for most everyday communication, I value efficiency over form. You need to communicate with people you have a high degree of trust (or credibility), mutual understanding, no suspicion, and always think the best. Since most of our work is remote, I adopt this approach.

46. ​​Avoid communication chains : Don't talk to someone who has only heard a version of events from someone else. The information you get will definitely be distorted. Talk directly to the source. In the workplace, we often use project managers or other leaders as intermediaries. Avoid overly long communication chains. Bring the source into a group or meeting, but don't make the meeting too large.

47. Make your point in one message, don't send multiple messages.

Sending multiple messages will result in the recipient receiving several notifications, and my waiting time for a reply might also be longer. How about this:

One message, done. Yes, I try to optimize my time this way. I don't like talking to people with "bad communication habits." They have more time; I don't.

48. Don't argue in instant messaging : Don't argue or debate in chat. Pick up the phone and debate via video or voice.

49. Too much communication is bad: Too little communication is bad, and too much communication is bad too. If you have to constantly over-communicate to move things forward, then something is wrong. You need to address the root cause.

50. Include context when asking questions: We work in a remote environment and don't see many colleagues. Questions are easily misunderstood. Always clearly state why you are asking a question.

51. Include units: Bad: "We spent 40,000." Good: "We spent 40,000 dollars." Bad: "The rent was 40,000 dollars." Good: "The rent is 40,000 dollars per year." Don't leave out the units and expect the other person to guess correctly. There are many currencies in the world, and now there are cryptocurrencies. Strive for accuracy in communication. But this information can be more comprehensive.

52. Keep meetings short: Meetings should be as short as possible, ideally 5 minutes. If you and your close colleagues can't manage a 5-minute meeting, it means you haven't found common ground yet. Find a way to make it that way.

53. Be punctual for meetings : Join the meeting one minute early. Set your alarm for 3:59 instead of 4:00 so that the meeting will start promptly at 4:00:00.

54. No introduction, no background, just get to the point.

• Don't use that old-fashioned approach of "I'll tell you what I'm going to talk about first, then I'll talk about it, and finally I'll summarize what I've said." Just get straight to the content.
• Don't start with "This is today's agenda...". Just get straight to the point.
• Don't ask, "Can you hear me? Can you see my screen?" Test your equipment beforehand and just join the meeting.
• Don't jump straight into the meeting with "Thank you everyone for attending...". Begin with "I/We want to..." For example, "We want to hire 10 more people. We need a budget of X." If the other party answers "Okay," then the meeting is over. There's no need for extensive background information or introductions.

55. Discussions with fewer than 10 participants : Discussions should only involve 5-10 people who are most knowledgeable about the topic. More people will actually slow things down. Meetings with more than 10 people should be short meetings for quick information sharing.

56. Remove the silent ones. If you attend a discussion and don't say a word the entire time, you probably shouldn't be attending. Perhaps just reading the meeting minutes is enough.

57. Write down key points before the meeting . Writing them down helps clarify your thoughts. I (CZ) am a visual learner; I can remember very little just from verbal communication. Written documents are also easier to forward. Verbal communication is not as effective. You can search for "telephone games." Don't make written documents too long. One page is enough for a 30-minute meeting.

58. Don't use PowerPoint: that's a waste of time. Use key points and bar charts to show history and trends.

59. Avoid "introductory" meetings: I don't attend meetings that are just for getting to know each other, exploring the possibilities. I'm not a pivotal person, nor am I good at maintaining many relationships. I prefer meetings with a clear purpose. Some might think this is too "utilitarian," but it's efficient. It might offend some people, but my goal isn't to be friends with everyone, it's to get things done.

product

60. Focus on users: Having users is key; nothing else matters. Without users, there is no value. Treat your users well.

61. Only make products that can be scaled up: Only make products that can be scaled. Start with a minimum viable product (MVP), then either shut it down, switch to another product, or scale it up as much as possible. If it cannot be scaled up, don't make it.

62. Everyone is a product manager : Everyone is a product manager. As long as you're at work, you're a product manager. In life, you are your own product manager. There's much more to say about product development, but I won't elaborate.

Public Relations

63. Avoid major announcements: Don't make a big splash on the first day of launch. Problems will inevitably arise. Wait until the system/product is running stably for about a week before making a major announcement.

64. Don't advertise empty memos or letters of intent : only advertise results. Unless the advertising itself brings us significant benefits. Be wary of small partners who just want to use our brand to endorse themselves.

65. Don't delay, announce when it's ready : A practice I disagree with: Sometimes, PR teams suggest waiting until a certain date or time to announce something that's ready. Reasons might include: It's Friday night, the news effect will be poor, wait until Monday morning; we just announced something else, we need to stagger it; save it for Christmas, because there's less news then. These only create unnecessary delays, pushing all follow-up work back, and the loss of efficiency far outweighs the negligible optimization of "better news effect." The cost of delaying in our work is extremely high. Delaying an announcement just keeps the event in people's minds for a little longer, which is unnecessary. Announce when it's ready, then move on to the next thing. The same goes for tweets. Many social media experts suggest tweeting at the optimal time of day. This might be helpful if you specialize in social media. I tweet when I have an idea. Otherwise, the psychological cost of letting an idea linger in your mind for a few more hours isn't worth the so-called optimal effect. After tweeting, I move on to other things.

66. Responding to reporters: If you don't respond, they will write about the worst-case scenario. Reply to them, make a note of it, and you can repost it yourself if necessary.

67. Respond quickly to negative news : otherwise, it will spread. Unless you're sure it's a small media outlet that can't cause a stir.

68. Decision-making framework : Making good decisions can be practiced. I generally follow this thinking framework.

• First principles : If a decision touches upon core principles, follow those principles. Simple.
• Small things vs. big things : Small things: make quick decisions or delegate to others, then move on. For example, where to eat or a small investment. These are things with little impact. Big things: gather data, discuss in a group, and then decide overnight. For example, large sponsorships or investments.
• Reversible vs. Irreversible : Some decisions are reversible, such as developing a new feature. You can stop at any time, switch to something else, or shut it down after you're done. There will be some loss of time and effort, but it's limited. These decisions can be made quickly, and trial and error is predictable. Some decisions are not easily reversible, such as a large upfront payment for a sponsorship, acquiring a large company, and planning to integrate its team. These require more careful consideration.
• Am I an expert? If it's a field I'm familiar with and have a background in (like technology or products), I'll make decisions faster. In areas I'm unsure about, like marketing, I either delegate, consult experts, or make a more cautious decision.
• Is the information sufficient?: Finally, ask yourself, do I/we have enough information? Small matters don't require much information. For important matters, we should try to obtain the necessary information. But ultimately, we often have to make decisions with limited information. Finally: Usually, making a decision and executing it is better than making no decision. Not making a decision is itself a decision.

Rest, stay calm, relax

Some people asked me how many hours I sleep and how I adjust to time zone differences, so I added this section.

69. Sleep : I recommend finding the sleep method that gives you the most energy. I sleep 5-6 hours at night, and usually take a 30-45 minute nap in the afternoon. I feel most energetic after a nap, followed by the hour after waking up in the morning. I do intense thinking or difficult decisions during this time. The rest of the time I handle "routine" tasks. A little secret: napping is also how I adjust to jet lag. When jet lag is severe, I sleep longer. These two sleep periods are very helpful. Also, I relax or nap when I'm tired.

70. Calm Personality: I am calm. If others' emotional fluctuations are a 10, mine is probably a 5. I do have strong emotions, but I don't get overly excited or sad. This calm personality is very helpful under high pressure, which is common in our fast-paced startup. This personality is partly innate and partly developed. I believe in "simulation theory," which is very helpful in maintaining emotional calm. Upholding high ethical standards also helps. Knowing that I'm doing the right thing means I don't have much to worry about. This makes me mentally strong. Knowing that I have a positive impact on the world also helps.

71. I don't crave a luxurious office : This might be debatable. I'm not a believer in the luxury office thing. I've worked in Bloomberg's offices, with fish tanks, unlimited food, and massage services. I don't think those things boost productivity or morale. I think it's like living in a nice apartment – ​​you get used to it in two seconds, and then it doesn't do anything. I prefer a fully functional (home or hotel) "office" with high-speed internet, an external monitor, a height-adjustable desk, and a phone holder. When traveling, I use my suitcase as a height-adjustable desk. I like to make calls on my phone while simultaneously reading documents on my laptop. It works very well for me.

72. Relaxation and Entertainment : I relax like most people. I move around every day, doing some exercise. I enjoy skiing. I watch movies (usually recommended by others). When visiting a new city, I see the sights. I relax with friends, eating and drinking. I don't pursue luxury, luxury cars, jewelry, etc., although my lifestyle might seem quite good to most people. I travel frequently and stay in nice hotels. I'm sometimes invited to lavish parties (which I usually don't really enjoy). I like gadgets: phones, cameras, drones, even smartwatches with so many functions I don't need.