Big bro @cz_binance's speech at HKU was brutally honest, no sugarcoating at all: 1. Over 20 government-led digital currencies have been issued, with stricter regulation and monitoring, yet not a single one has achieved market success. 2. When you have too many licenses, the business model becomes more restricted, and often not a single operation can take off. 3. Exchanges creating local independent kingdoms not only face high costs but also poor liquidity, which hurts users. 4. Most licensed exchanges in Hong Kong are currently operating at a loss. While they can sustain in the short term, this loss-making model is unsustainable in the long run. 5. If Hong Kong doesn’t make changes, its status as a financial center will eventually be overtaken by the U.S. Big thanks to @WutalkWu for the full summary~