Many friends probably missed the #Binance Square live stream, but no worries! I've specially summarized the entire highlights for everyone, all of which are hardcore dry goods!

This time it's still our Ying Ge @yingbinance personally hosting. Missing the live stream not only means missing a lot of valuable content but also missing out on a beautiful lady. Let's take a look at what core topics were discussed with teacher Yi Lihua @Jackyi_ld, read on:

1. Coming from an early investment banking background, after making the first bucket of gold, why did they invest in the tech industry for 14-15 years before switching to crypto?

Two fatal problems in the tech industry - lack of cash flow and inability to raise funds;

15 years of exposure to cryptocurrency, back when BTC was 900 RMB each; invested hundreds of thousands in mining, able to see profits daily and cash out anytime;

The Shanghai circle (Shen Bo, Wanshang Capital) recommended ETH, bought a lot at a low price, just in time for the eve of the bull market, the ICO bull market in 2017 took off directly, purely hitting the timing, not personal ability.

2. Previously investing in technology was exploratory; at what moment in the crypto industry did you feel the direction was completely right?

Crypto is similar to a secondary market, with quick returns and real-time profit visibility, mining.
The next day there was BTC credited, which could be directly exchanged for cash, completely different from the long-term lack of returns in tech stocks, instantly confirming the right direction.

3. Entering the crypto industry for nearly 10 years, experiencing multiple cycles of bulls and bears; why do you choose to push forward every time without retreating?

Looking at the long cycle, being bullish on crypto is definitely correct: in 2018-2019, ETH was as low as 80 USD, later rising to 4900 USD (50 times);

BTC rose from 15,000 USD to 126,000 USD (seven or eight times); but must respect the huge cyclicality and volatility; being bullish in the long term is industry experience + historical trend verification.

4. Being firmly bullish on crypto, is it rational judgment or pure belief?

Both; investors have inherent inertia; last year when ETH dropped to 1350 USD, I bottomed out because BTC surged, and ETH's drop didn't make sense;

Subsequent ETH declines were due to the Federal Reserve's failed rate cuts, the Middle East war, and the U.S. crypto bill not passing, but most stablecoins are on ETH, and in the future RWA will also land on ETH; ETH will definitely be the winner, just with large cyclical fluctuations.

5. Investments are divided into three stages (tech equity → primary crypto → all-in secondary), is it character, belief, or market judgment?

All; I am a second-generation farmer, with no technology and no resources; the first bucket of gold was earned very hard;

In 2014-2015, I followed the trend of 'mass entrepreneurship and innovation' to invest in technology; three AI / dark technology projects had extremely high paper returns, I saved every penny to invest, didn’t buy a house, didn’t spend;

The remaining money was used for mining in 2015; the next day there was BTC credited, cashable anytime;

The primary crypto market was the bull market from 2016 to 2021; just getting quotas made money, many hundred-fold projects, relying on luck + legitimate crypto circles (staying away from cx);

After 2022-2023, the primary crypto market policies (1+3) changed; project cycles are long and unlocking is difficult, transitioning to secondary — secondary has more liquidity, certainty, and scalability; also because of the 312 peak escape from BTC, but missed the subsequent surge, paid a lot of tuition.

6. Early successes in crypto were not just luck; there was also personal judgment, right?

It's not that anything you buy goes up; only invest in reliable and familiar projects, being in legitimate crypto circles, staying away from cx / non-mainstream circles;

But success is mainly driven by luck, so I focus on trend investing; trends are more important than individual effort (everyone works hard, trends determine results).

7. Is investment based on stable judgment or feeling? Is there an iterative investment system?

Both; looking at market opportunities + personal strengths; success in 2014-2015 was all luck, with no professional investment ability;

Later, large-scale investment losses occurred because I mistook luck for ability; there was inertia; after realizing this, I completely iterated, no longer relying on feeling, making decisions based on cycles, experience, and rules.

8. How are investors in the crypto space categorized? What are the differences?
Three types:
① Ordinary crypto VCs: 99% are eliminated, with no core competitiveness or stable profits, relying on luck; all losses in bear markets;

② Track-type professional investors: specialize in a single track (such as exchanges), have technical barriers and stable cash flow, living well;

③ Traditional financial investors: do not speculate, only invest 5% of assets in BTC for long-term holding, do not touch altcoins or engage in trading, lying down to win the most successfully (in 2018 advised big players to do so, now BTC accounts for 30% of their assets).

9. Are the differences among investors due to cognition or background?
Both; the core is the reality of the crypto space: WEB3 projects' disruptive visions have failed, funds ultimately only flow back to BTC and ETH; altcoins / niche projects are very easy to go to zero.

10. Does having no formal financial background and poor English affect investment judgment?
There are obvious shortcomings: no risk control or strategic capability of financial institutions; poor English puts one at a huge disadvantage in international projects.

11. You can seize opportunities that others cannot; what is the core difference?

Advantage — can accurately catch the windfall; when the wind blows, I follow up;

Disadvantage — it's difficult to avoid volatility when the wind recedes;

Core key: After seizing an opportunity, timely control risks, stay clear-headed, and do not be greedy;

People around me in 2017 exchanged all projects for BTC and exited, now extremely successful, just with a longer-term perspective.

12. The current industry has poor liquidity, personnel loss, and AI diversion of attention; many people are confused; what do you think?

This is the third bear market (the first two: 2018-2019, FTX crash); the characteristics are decreased liquidity, personnel layoffs, and transformation;

AI's impact is huge; it urges all the companies I invested in early to turn to AI, as AI can enable 2-3 people to do the work of a hundred;

The bear market is the best entry opportunity (counterintuitive: bear markets make money while bull markets are busy losing money); this year = 2019, is a historic opportunity, bottom fishing in the secondary market, investing in AI in the primary market.

13. Outsiders say you are aggressive in investment, creating hype to sell; how do you respond?

There is fundamentally no hype or manipulation; BTC and ETH have a market cap of trillions of USD, personal/small funds cannot push it;

I only discovered undervalued assets (like ETH) and bought in, going with the trend; trends determine everything, cannot be stopped even when buying during dips; so-called hype is just netizens joking, an emotional release after losing money.

14. What is the boundary between hype and manipulation?

Manipulation is when project parties/market makers control the chips;

With ETH's market cap in the hundreds of billions of USD, a few hundred million in funds cannot manipulate it; I am just an ordinary large retail investor, with no manipulation ability.

15. Will on-chain operations interpreted by the market and followed by others affect the market?

Not at all; refer to Buffett and Duan Yongping; operations are public but no one can fully replicate them; in the secondary market, everyone believes they are correct, will only reference the thought process, will not fully follow, and I will not be influenced by others.

16. What are your future investment plans? Will you still operate in the primary market?
Two core directions:
① Secondary: Learn from Buffett and Duan Yongping, focus on long-term value + stable cash flow, no longer simply and brutally bottom fishing BTC and ETH, mainly holding long-term + short-term to catch the rhythm to increase chips;

② Primary: The primary crypto market is dead; transitioning to general AI primary, establishing an AI fund; AI allows small teams to start businesses at low cost, giving opportunities to those with ideas but no management/funding capabilities; all the projects I invested in early have turned to AI.

17. When doing ETH, are you a long-term investor or a short-term trader? What are the differences?

The core is being bullish on ETH in the long term (without long-term optimism, the win rate is extremely low);

Short-term trading is just to increase the number of ETH chips; long-term price increases + more chips = maximized returns; the two are not in conflict.

Difference: long-term investors have a higher win rate, rely on time for certainty, and have a stable mindset; short-term traders rely on mindset, control the market, and catch fluctuations, extremely difficult to accurately escape peaks and bottom fish, with a low win rate.

18. Do you only trade ETH? Will you dollar-cost average into BTC?

BTC has allocation; ETH has greater volatility, dropping more in bear markets and rising more in bull markets, yielding better short-term returns, so I focus on ETH.

19. Being viewed as a contrarian indicator by netizens; what do you think?

① X updates slowly, market changes quickly; the viewpoint is to bottom fish ETH below 2000 looking for rebounds (2500-2800), not a reversal;

② Netizens' nature: criticism always outweighs praise; if wrong 5 times, criticized for 1 time;

③ Trading is never 100% correct, which is very normal; in the early years, I was deliberately slandered, now I am an industry OG, not caring about negativity, only focusing on my operations.

20. What is the correct investment?

: The core is to look at the investment cycle + expected returns; successful investors have long cycles (5 years), low expectations (one-time returns), good mindset leads to large returns;

Now people in the crypto space have short cycles (1-2 months) and high expectations (getting rich quickly), which inevitably leads to disappointment; correct investing is about matching cycles and expectations, not being impatient.

21. What is the biggest change in investing now compared to a few years ago?

More planning, clear investment cycles and return expectations; a stable mindset, not anxious or impatient;

Model upgrades, emphasizing risk control, long-term, patience, no longer staring at the market 24 hours a day, waiting for surges.

22. What advice would you give to young people with no background but enthusiasm?

① Give up the mindset of getting rich quickly; the crypto space has matured, and speculative opportunities have decreased;

② Every stage has new opportunities (ICO, NFT, inscriptions, etc.);

③ Must learn AI; AI brings new entrepreneurial opportunities and can challenge industry giants;

④ Maintain curiosity, enhance cognition, and control risks.

23. What would you say to your five-year-younger self?

Investment, risk control, and exit must have systematic professional capabilities; cannot rely on luck; this is how to go all the way.

24. Additional sharing (extra core)

Answer: I invested in a company called 'I'm Back' that can recover lost BTC from lost Apple phones, keys lost / hard drive damaged crypto assets; historically lost BTC has reached 3-5 million coins!

That's about all I have to say; I hope to provide some inspiration to everyone!