I generally don't like to play the role of a father for others, unless they come to play the role of my father.
Looking back, Bitcoin was born against the backdrop of the 2008 financial crisis. At that time, no one would have thought that a white paper and open source code would become the best asset of the past 17 years, bar none. Times are changing, the concept of money is changing, the concept of assets is changing, and policies are changing. On a path that no one has walked before, we practitioners have gone from being labeled as 'pyramid scheme operators' by others to calling ourselves 'prestigious Wall Street traders.' On this path, our community has grown larger and larger, facing forks time and time again. Each choice is a process of selection; some will move closer, while others will drift away. Regarding the legal documents,
As an entrepreneur who advocates 'value investing' and 'long-termism', I believe that only by solving users' problems, and providing a business that someone is willing to pay for, can it be called entrepreneurship and construction. The underlying logic of holding Bitcoin and BNB for many years comes from my optimism about the entire industry, and in this industry, BTC is the most leading decentralized asset, while Binance is the project with the most users and the strongest team. If this team is not the world’s top team, then I will make it the industry’s best team.
Binance has never been a grand, perfect team. We have stumbled along the way, fixing the plane while flying it. We have paid a huge price, so now we prioritize compliance. Binance has invested significant resources in compliance, with even third-party audits evaluating us as the industry's compliance ceiling. The compliance resources are more than five times that of products and weigh heavier than traditional finance. Many of Binance's businesses were not the first to launch, because when you are first, following is often a better strategy. In a sailing race, if you are in the lead position, you just follow and turn when they turn. I am not the first to create a trading platform; we are not the first to do contracts; we are not the first to do C2C; we are not the first to implement on-chain wallets in products, but we are the first to require KYC even for on-chain wallets 😂. Our products started from a point where 'even dogs wouldn't use them'. We grew at the village entrance in Africa, walked through the Darién Gap in Latin America with our users, enjoyed coffee in cozy Australian shops, and experienced typical East Asian competition. We do not have the grandeur of F1; we are with nearly 300 million users, moving forward with small, rapid steps based on community and user feedback. In other industries, when the times abandon you, they won’t even say goodbye. Fortunately, in this industry, if you don’t keep up, the community will teach us how to behave; we 'know shame and then become brave'.
I once believed that leveraging contracts would amplify the weaknesses of human nature, steadfastly claiming not to engage in contracts, until the bear market of 2019 saw all coins plummeting, and all users were in despair. I hurriedly supplemented my financial knowledge to understand what hedging and risk management are, later forcing two contract teams to compete, but we did not forget to have contract users undergo testing before trading, nor did we forget to set a cooling-off period for users who continuously gambled. My moment of self-reflection was also crafted by myself.
I once thought that MEME was a conspiracy dressed in subculture skin, believing that only serious projects that take responsibility for their holders were the right path, until I saw those bushy eyebrows and bright-eyed people, with impressive backgrounds, openly talking about dreams and ideals, while the project parties merely treated Binance as the last station for liquidity exit, pouring it directly. Faced with professional players, retail investors are defenseless; they either pour in spot or face contract explosions. I understand their anger, but I feel powerless regarding the structural changes in the industry. I once choked up during a 6-hour AMA because I didn't know how to ensure that both retail and professional players could benefit. If we want our users to be the first stop, this is the starting point of Alpha. It wasn't until I reconciled with myself that I realized most users are not looking for perpetual profits; what they want is fairness, fairness, and more fairness. Users are not trading 'Binance life', nor 'Customer Service Xiao He', but rather the little bits of fairness, opportunity, and consensus that accumulate under these CAs. At this time, I would like to remind everyone who is unaware: no one is responsible for the MEME projects, there is no long-term value support, and there are not lacking conspiracy groups. Be aware of investment risks; the CAs contain my self-proclaimed statements and tweets, which do not equate to endorsements from Binance or me. For MEME players, Binance, me, and dogs, pigs, frogs, and memes are in the same quadrant, with no difference. Opposing MEME, understanding MEME, and ultimately becoming MEME, the clown is myself.
Compared to the entire financial market, the crypto circle is still a drop in the bucket; the market is large enough to accommodate many giants, so we do not attack competitors. We learn from other entrepreneurs and project parties; if we can't understand, we can invest and buy, because the ultimate goal of simple commercial competition is to satisfy users' needs, not to pull hair or spit. YZi Labs plans to invest 1 billion USD to support ecology and developers, hoping to incubate a batch of top-notch projects; this is true commercial competition. Over the years, we have faced countless challenges, using them to cultivate brilliant flowers. We have improved our wallet continuously until it meets standards; we have never understood the significance of MEME's existence. Since seeing a CA associated with Binance, we started to debunk rumors, strictly guarding against and distancing ourselves from MEME, returning to focus on what we should be doing, though we have stumbled on the path a few times.
As an entrepreneurial cultivator of the new era, I thank everyone for taking the time to read this lengthy article with little information content. After much thought, I can only force in some value, which aligns with our consistent altruistic thinking.
Entrepreneurship, trading, making money, and cultivation are essentially the same thing, emphasizing the Dao, Fa, Shu, and Qi. If you haven’t figured it out, if you earn money in confusion, you will also lose it in confusion, after all, a person can only earn money within their understanding.
The Tao is the operational rule of this world, and only those who align with the operational laws can go far and last long. Just as our industry thrives because it adheres to the laws of world development, not because of any one individual’s brilliance.
Fa is the principle, the cultural values of each company & organization, the user-centric approach of Binance, freedom, cooperation, hard-core, and humility.
Arts: People are easily obsessed with tricks, power, and marketing; in fact, it's just a minor path.
Tools: Products and tools are the most easily replaceable in mobile internet products.
Everyone, companies & organizations have their strengths. As long as one area is done well, substantial results can be obtained, and everyone can identify with their respective roles. Ultimately, Binance is still lacking talent, so this is still a recruitment post to join us in cultivation.
PS: The above information does not constitute investment advice. I sincerely apologize that English players can only view AI-translated content; I will make time to learn English.
