Editors note: Recently, Binances two founders, CZ and He Yi, have frequently interacted on social media, driving the rise of the BSC ecosystem Meme craze. At 20:00 on March 28, He Yi published MeMe Learning Notes on Binance Square. Odaily Planet Daily reprinted it as soon as possible. The full text is as follows:
1. Subculture: From the margins to the center of the stage
Expression is a common human trait. A good MEME can transcend cultural maps and make people smile.
When the collective self-identity, emotions and subjective intentions of the masses are superimposed, unique values, semantics and forms of expression will be formed, such as the Zangai Family in the QQ era, the social shake in the mobile video era, or the Sanhe God on the edge of the post-industrial era, thus forming a unique subculture. I did not grow up in Western culture, but I believe that every culture has a certain group that you will deeply resonate with. So the subculture I mentioned earlier is very niche and outdated, not a good MEME expression, but it appeared in a certain extreme form in history, with a vivid image and refreshing.
In essence, no one circle is really more advanced. Hippies who attend meditation classes are not necessarily more stylish than those who read stories. Those who like reincarnation and Star Wars are not necessarily more aesthetic than those who like Young and Dangerous, because the more niche the aesthetics are, the less commonality they have. Moreover, our generation has spanned the agricultural revolution, the industrial revolution, and the information revolution, and has run headlong into AI. Chaos is the norm, all authority has been eliminated, and idols are nothing more than that. Meme is a silent thunder, an extreme expression of the crowd, and an impact of subculture on mainstream culture. Therefore, being photoshopped and issued coins is also a part of deconstruction. Therefore, I don’t think I am worthy of being the center of MEME.
Likewise, chasing hot topics on Twitter, in CZ’s or my replies, is not the best path to discovering and creating MEMEs. MEMEs are in your heart.
2. Who can surpass Doge?
There is only one Doge. In the first Bitcoin bull market in 2013, there were countless projects that tried to copy Bitcoin. They mocked Bitcoin and mocked themselves. They were both playful and enthusiastic. The developers gave up the project, but the community had its own vitality. The community spontaneously added an important chapter to the history of the development of crypto culture. Jiang Tao in the Chinese currency circle sent Dogecoin all over the world, opening up a unique currency circle track: Preaching for the industry, rewarding first. The BBS message at that time was: I think you are a good person, so I reward you with 10,000 Dogecoins, leaving the rewarded people in a mess. Without a calculator, I really cant figure out how much 10,000 Doge is worth. In the development of the crypto industry, each community has its own Jiang Tao. Later, Elons preference for Doge made the subculture go mainstream. Now, Doge is more than just a dog.
MEME is the attention economy, but it is more than just attention. If all of this were like the trending searches of the day on Twitter, then everything would be doomed to be short-lived. Great MEMEs do not come from celebrities making witty comments. This is not enough to be a MEME. This is a worship of those in higher positions (whether politicians or entrepreneurs). This is not cool enough.
On the other hand, those who oppose just for the sake of opposing, the extreme left often have a face that says extreme right behind them, and those who call for decentralization are often extremely centralized. Maintain critical thinking and distinguish the true from the false.
Imagine someone in your group tells you to buy a hot topic of the day. Of course, the topic will cool down tomorrow. If these attention can become products, beliefs, and religions, then there will be the possibility of the next Doge, or even surpassing Doge. Who says it is impossible? Everything is possible.
3. Is long-termism outdated?
I dont trade, but I hold for the long term because I follow the logic of value investing. Similarly, when running a business, I also adhere to long-termism, whether it is building a clock or a garden.
Binance is just an infrastructure, a stage, where project owners and investors may win or lose. This depends on ability, determination, and judgment. There are very few top entrepreneurs. They need long-termism, DYOR, and knowing when to quit. Its not that long-termism is outdated, but is it possible that you have chosen the wrong object of long-termism?
When the wind blows to blockchain, investors have a lot of money to invest in projects. A few entrepreneurs can say that their projects are worth 100M, 1B, or even 100B. Everything can be issued as a currency. There will be deviations in prices and values, but they will converge in the long run after going through cycles.
The market size in 2017 was not as big as it is now, and the funding scale of DeFi summer in 2021 was not as big as it is now. We see more outstanding entrepreneurs investing in the Web3 industry. The industry scale is getting bigger and bigger, but the confidence is getting lower and lower. Many users ask why the project valuation cannot return to the ICO era. We can never go back to the past, but we are trying, trying to let users vote to list and vote to delist coins, and trying to let Web3 wallet IDO. Project owners can choose to issue with low thresholds and low market value. It is better to have real users profit than to spend money to fake data and deceive yourself.
Whether it is MEME or AI, games or DeFi, social networking or RWA, let a hundred flowers bloom. I hope that after the bubbles of each round of hot spots fade away, there will still be beer in the cup. Fortunately, history always repeats itself, and the predecessors bragging about technology changing the world will be realized one by one by the successors.
I heard that many serious projects don’t want to stick to it. Hi! My friend, there are always new trends, but the world is driven by a very small number of people. Instead of chasing trends, it is better to become the trend.
4. Investment advice that friends will ask
All my assets are in cryptocurrencies, and the long-term holding style is not suitable for most people, but there is one thing you can refer to: making money with certainty.
1. To make money in cycles, you probably have a good understanding of economic cycles and bull and bear markets. Selling in a bull market and buying in a bear market are basic operations.
2. Assets of any category must follow the head principle;
3. It is recommended to allocate at least 20% of the currency. Land is the asset of agricultural civilization, minerals are the hard currency of the industrial era, and the top assets of the information age are stocks of top Internet companies and top currencies with siphon effects;
4. Some friends say that the volatility of coins with good fundamentals is not large enough. If you don’t add leverage, or there is no opportunity to trade some high-risk tokens, then it is recommended not to exceed 10% of your disposable assets;
5. In fact, most of the principles are understood by everyone, so there is no need for me to say more. It’s just that it’s difficult to do, just like losing weight.
I hope everyone knows and does it.
