Recently, after Binance listed multiple Meme coins, it was reported that a chat screenshot of a KOL accurately predicting all specific currencies before listing, once again aroused heated discussion in the community about "Binance's rat warehouse". The U.S. SEC has also filed a proposed revised complaint against Binance, focusing on Binance’s token listing process and alleging Binance’s conduct as an unregistered securities provider.
In response to this, Binance co-founder He Yi issued an article explaining his personal views and unique views on the two major themes of "not so easy to make money" and "compliance" in the encryption field during this cycle, as well as the specific process of Binance's currency listing. . The following is the original text:
1. Is the currency circle going to end?
Recently, many posts in the industry denigrating the blockchain have become popular. Many people outside the industry are asking me if the blockchain scam is over? People in the industry are asking whether the industry is running out of steam? Where are we in the cycle? Compared with good news, bad news is more likely to make headlines, and bad news is also more likely to gain more traffic and attention. What is more worthy of ridicule than people in the cryptocurrency community who sing down about the cryptocurrency community? These behaviors and emotions are constantly contagious, and the traffic is becoming more and more intense. Even the retirement of some OGs has been magnified as evidence that "the currency circle is about to end." Some staunch idealistic players in the industry will also reveal anxiety and confusion when chatting with me.
In fact, it’s not just the currency circle that’s worried. We live in this world, so we cannot do without the environment, water and air. Whether the investment market is active or not depends on the economic cycle. Whether the economy is going up or down will determine where the public's budget is allocated. As an ordinary person, we have enough to eat and clothing to eat. Only those who are warm will consider investing, so every news from the Federal Reserve is a baton for the market direction for senior players in the currency circle, especially as the overall market size of the currency circle continues to expand, large financial institutions players participate in the industry, and blockchain The industry is gradually maturing, especially after the approval of BTC and ETH ETFs. As a "configurable asset" in the investment category, the currency market and the stock market have become two sides of the same coin.
Hindsight: What changes have occurred in the cryptocurrency community in the past ten years? I once compared the currency circle to the Wild West, so the early people who poured into this industry were the early Western Nuggets. During the economic upturn, a little bit of funds overflowing into the currency circle can also make the currency circle grow exponentially. In the early days of the blockchain industry, when the industry was growing wildly, it was not uncommon to see hundreds of times or thousands of coins as long as you dared to play hard. This was the dual blessing of the early niche market and the macroeconomy. In such an environment, today’s Stud is wrong, stud will be right once tomorrow and come back. But as time goes by, the economy enters another cycle, consumption around the world is downgraded, more players join the Nuggets team, Nuggets players wielding shovels continue to upgrade their equipment, and professional players at the first and second levels in the traditional market are increasingly The more there are, everyone will feel that "the currency circle is not as profitable as before."
From Bitcoin being called a "Ponzi scheme" by countless people over and over again, to being criticized by countless mainstream media, to the approval of Bitcoin and Ethereum ETFs, it is of course a great victory. At the same time, we can see that traditional finance is changing in cryptography. The trading scale of currency-related products is steadily expanding, such as the trading volume of CME and ETF. Yes, the big ones are coming, but the way they come is different from the way everyone imagines capital taking over without thinking. Just like the Internet changed the publishing industry and the television industry, it did not happen overnight, but slowly and quietly, bringing about more than just the rise of Bitcoin.
2. Is Binance flat?
We are pigs in the spotlight, stepping on the pulse of the times, and standing together with users to make Binance what it is today. We hope that the blockchain industry will not be a playground for niche players. We hope that Binance can serve one billion users in the future. We hope that it can become the infrastructure of the future, and we have been working hard towards this goal.
When we want to meet the needs of most people, it means that we need to reconcile with the real world, need to be compliant, need to anti-money laundering, and need to follow the existing rules of the traditional financial industry. You see, history always repeats itself. In the early days of the Internet There have been countless technological innovations, and the turning point is that companies that serve most people have become today's Internet giants, and the absolute liberalism of the Internet has moved towards the dark web.
We have no way to predict the future, so we can only learn from history. Products need to be able to serve most people to become the financial infrastructure of the future world. Binance’s products start from transactions, not just transactions. You will see Earn, Square, pay, The emergence of web3 wallet. We hope to try and explore how we can bridge the gap and truly democratize blockchain technology so that ordinary people can use blockchain instead of just speculating on blockchain. They don’t have to know what blockchain technology is. , but benefiting from the blockchain, it’s like your grandma doesn’t understand Internet technology, but can enjoy the convenience brought by mobile phones. Bubbles will burst, and those products that truly solve user needs will change the world and make history.
3. Is your currency listed on Binance?
There has been intense discussion in the community about the listing of coins on Binance these days. We have taken everyone’s opinions seriously. Whether we thought in the past that listing coins invested by VCs on Binance was betraying the community, or we thought that listing MEME coins on Binance lowered the standards for listing. , or judging that the TG game project on Binance is all nonsense, and the criticism is all studio players, including the rumors of Mouse Warehouse, which are also involved in the investigation. We are all concerned about it, and are constantly reflecting on it. "With deep love, deep responsibility", we don't care People won't spend time with you. Binance has relied on its users to get to where it is today, and every user’s opinion will be taken seriously. Let me try to explain the basic framework and process of currency listing that everyone is clamoring for:
Binance currency listing consists of four links: business, research group, committee, and compliance review.
Let me roughly summarize the aesthetic preferences retained by previous committees, which can be roughly divided into:
1) Launch projects that users need, projects with users and traffic. In the past two cycles, we have made many mistakes in listing coins. In the early days, we did not pay enough attention to MEMEcoin, so in Shib, PEOPLE, PEPE, and even the recent For these MEME projects, they were all belatedly investing in them after they had risen so high that their faces were swollen. The experience and lesson here is that Binance, as a trading platform, cannot feel good about itself, but needs users to feel good about it.
In the dispute between big and small neiro, it is also because of the criticism from the community that we are more reflective about what is a good MEME. If the essence of the MEME community is another "anti-Wall Street movement", then the tokens will be highly concentrated and the price will have been blown up by Pump. I don’t know when the bubble will burst. Is it still MEME? Or Pond's in MEME clothes? Therefore, several MEME projects with relatively dispersed tokens and low market value were selected. More than ten projects were initially screened, and many of them were due to compliance review and token concentration.
2) on long-lived projects; at the beginning of the last two cycles, some traditional VCs began to enter the currency circle, frequent and generously generous, then we found that the industry slightly a little like projects are rising, the project side in the VC end After reaching the valuation of billions or even billions of dollars, with a large sum of money in hand to try and make mistakes, adjust the direction, Matic that kind of low valuation selling coins in the flourish of infrastructure projects is gone forever, with a large sum of cash in hand , who is willing to lower their worth billions of dollars to sell their coins for tens of millions of dollars? It is not Binance that determines the price of their tokens, but the token model, circulation, buying and selling. These top teams' high-valuation projects have a large number of MMs willing to make plans for them to maintain high market capitalization A large number of exchanges are flocking to it, especially AMM with the rise of DEX, and it is not impossible to have no trading platform. But there’s no denying that they live longer and have more opportunities as other projects go up and down.
Many people will say that this shows that Binance is losing its right to speak. Yes, of course there is no absolute right to speak. This is precisely the characteristic of industry decentralization and the result of the joint effect of professional financial players and the rise of DEFI, and these two They are all the key to taking the industry to the next level. Without the involvement of capital, how could cryptocurrency become a hot topic in the US election? Decentralization and the lack of absolute authority are the charms of this industry, isn’t it?
3) There are projects with solid business logic on the Internet. In the past ten years, I often heard a saying: "Cryptocurrency projects do not need a business model. Once there is a business model, the valuation can be calculated." But I think that regardless of Web2 or Web3, the essence of entrepreneurship is to create what the world needs. Naturally, someone will pay for it. Whether the customer is a B-side or a C-side, the financing method will change, but the essence of entrepreneurship will not change. Since the ICO craze of ETH in 2017, I have been conveying a concept: issuing coins is issuing bonds, which is guaranteed by long-term reputation. Obtaining your start-up funds is easier and more liquid than finding VC financing, but the responsibility It is also bigger. If you sell the coins and retire directly after issuing them, then the bankruptcy of a person's reputation is the real bankruptcy.
Because we like projects with solid business models and income, we hope that the team will be reliable, that they have the potential to start a business, and that they can take responsibility. We also hope that your valuation will not be too high and that you can take care of the community and grow together. We I hope you can empower your tokens, because if you stand with your users, your users will stand with you. If any project meets these standards, please contact us, or leave a message under this post.
In terms of the currency listing process and the prevention of insider trading, Binance as a system has considered all aspects of isolating information. As the outside world said, the Binance currency listing team has been bloodbathed for several rounds. Currently, the people doing currency listing research at Binance We don’t talk about business, and we don’t know what projects have entered the observation pool when talking about business terms. Everyone only knows the progress of the projects they are responsible for. Even if they pass the IC vote, these projects are subject to compliance review restrictions and may be canceled at any time.
From a compliance perspective, the current Binance currency listing process is monitored by monitors. If any rat positions are found, they will be reported to the inspectors stationed by the U.S. Department of Justice and Fincen, and employees involved in insider trading will be held criminally responsible.
We can establish rules to restrain people, but it does not rule out that the current system or system may still have information blind spots, so we have issued a high reward: everyone who knows about any reports involving currency listings and other corrupt practices, or any other blind spots in our If the "coin observation indicator" is verified by the Binance team, we will keep your identity confidential and provide you with a security vulnerability reward of US$10,000 to US$5 million; report email: audit@binance.com
4. If we have different opinions, then maybe you are right
In the past few months, I rarely posted on social media. The more I read, the more ignorant I felt, and I became more and more in awe of the world. We are all just a grain of sand in the torrent of the times. Various causes and coincidences have been swept up in the waves. Everything I have gained today is a product of the times. It is the rapid economic development brought about by globalization and the rise of the information platform on the Internet. , is an opportunity that the blockchain industry has created from scratch. It is not because of my own talents, but because in the early days of the industry, "there are no heroes to make Zhuzi famous."
This means: "I may not be right", because according to the logic of currency listing mentioned above, even if Bitcoin is born today, it may not be able to pass IC. My casual words, incomplete and inaccurate expressions may It has brought unnecessary misunderstanding and over-interpretation to the community, so I am increasingly lacking the desire to express myself. Occasionally I will try to explain some misunderstandings, but everything becomes darker and darker.
The world that everyone can see is not the same. We may be the intersection of different parallel time and space. If my words have touched you a little, can make investors DYOR, and can make entrepreneurs willing to calm down and move forward, then I feel deeply It’s an honor. Everyone can only see their own future. Whatever you believe in, you will build. We will continue to explore the future, just like the first day we entered this industry. Thank you for your peers.
This article is reproduced with permission from: Shenchao TechFlow
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