1. Binance is just an exchange. It doesn’t matter how and what coins are listed. “Everyone in my territory must listen to me. Harvest music and find happiness with hearing.”
2. Binance’s original intention is still good, especially the speeches made by Ms. Yi, which are really no different from a few years ago. They all want to do things that are as good as possible for everyone, but problems occurred in the middle, and there seems to be criticism. The problem lies in the mechanism.
3. Listing coins on Binance is a lucrative job. A little bit of profit means you can become A8 or A9. For this position, one needs to be both a gentleman and an expert. It is difficult to choose anyone.
4. It is estimated that only Yijie herself can list coins, but Yijie also has a problem. Her energy is limited. No matter how hard she tries, she cannot be consistent with every hot spot and community. This will most likely lead to a situation where "experts fool laymen, and laymen command experts". There is even no solution to a certain extent: where can you find another Yijie who is not short of money, has long-term values, and only wants the best for Binance?
5. As for the issue of listing coins mentioned above, different opinions can be debated for days and nights. Some say Binance has done a great job and finally has a community; some say Binance is finished and has lost its original intention. In fact, no one needs to convince anyone, and no one can convince anyone - everyone focuses on different things.
6. I pay more attention to the industry. After BOME in March, from the value of MEME, to the selling pressure of VC coins, to the rise of PUMPFUN, to the value of the industry, and finally to the survival and death of ETH, the currency circle is like the collapse of dominoes, and trust and expectations are in a downward spiral.
7. The most common thing in the cryptocurrency circle is PVP, and the main demand is gambling, so if we put aside the future of the industry, it seems right to expect that one positive thing will change people's outlook on life - but if you think about it a little more, you will know that this matter is not that simple, but I will not elaborate on it.
8. If there are problems in the industry, does Binance have to do something that is beneficial to the industry? I don’t think so. Binance is just an exchange. You say this is good and that is good. I am really tired. It is too difficult to distinguish. Let’s just go for both. It is neutral, nothing wrong.
With great power comes great responsibility? That was already a line from Spider-Man 1. It's too old-fashioned. Now it's Spider-Man: Into the Spider-Verse.
9. The parallel universe of the cryptocurrency world is the U.S. stock market. In the future, I will occasionally share some content about U.S. stocks on this Twitter.
The cryptocurrency world is about emotions, narratives, and gambling, with lots of stupid and wild opportunities. It is suitable for finding opportunities that turn hundreds of thousands into hundreds of millions, but the larger the capital, the more diversified allocation is needed, and there is nothing wrong with diversified thinking.
10. I am very pessimistic about the industry. There is no narrative, no hot spots, and no opportunities in the industry.
Whether it is VC or project party, they all know that the valuation of infrastructure is high. People from the Ethereum Foundation resigned and just launched a plate around the Ethereum narrative, with a valuation of hundreds of millions and the same as Binance. Is this good? This is not good.
What about playing MEME? All the community, conspiracy, PUMP, and FUN have been completely falsified. There is no culture or narrative anymore. The so-called greatest value of MEME, which was "attracting new people into the circle", no longer exists. It is all a fig leaf for PVP.
If a newcomer enters the circle and takes on any MEME now, I think the time it takes for him to leave the circle will not be longer than the contract, and it will be over in one to two months.
But do we expect Binance to change the situation? Who in Binance can we expect to change the situation? Is there someone who is professional, cares about the industry, cares about Binance, and has no selfish motives? I think it’s a bit difficult.
11. Binance’s return to a neutral trading background is fine for Binance and Yijie, but this will be an obvious turning point in the cryptocurrency circle.
12. The end point of the project is to be listed on Binance, and the end point of Binance is to provide a trading venue. When the two goals are combined into one, it is simplified to: listing on Binance and selling coins to retail investors - Binance has become the CEX version of PUMPFUN.
Binance and Yijie have always wanted to create the greatest value for the industry, but it is difficult and tiring to execute. Therefore, there is nothing wrong with maintaining neutrality in listing coins. However, as mentioned above and driven by interests, this neutral listing of coins cannot be truly neutral, and the number of people who make money is fixed.
13. The turning point is like a signal. In my opinion, this signal is not a good thing for Binance, the industry, and not necessarily for retail investors. The pure gambling thing is zero-sum, so let's look at it over a longer timeline.
Let me explain in more detail: the exchange only provides a gambling platform. Gambling on anything is gambling. There is no problem from a business perspective. Gambling is the greatest need of human beings.
But looking at the two major gambling platforms, PUMPFUN provides MEME betting, and FRIENDTECH provides traffic betting. Both platforms made a lot of money, but the former ended MEME and the latter falsified WEB3 social networking.
14. Looking back at 2017 and 2021, the biggest difference from now is "different expectations", different expectations for the future of the industry and different expectations for Binance's actions.
15. There is no need to be pessimistic. The reshuffle and reconstruction of the industry will come sooner or later. The thing that the cryptocurrency industry is least afraid of is rebirth from the ashes. At least now a lot of value has been accumulated, such as:
Bitcoin is an innovation at the level of human civilization;
Ethereum's infrastructure is gradually improving;
ETFs and COINBASE in the United States are using BASE, USDC, cbBTC, etc. to attract traffic and break the circle;
In the future, we hope that our next FDV project worth hundreds of billions or trillions of dollars will have tens of millions of users, change the way people live, entertain, and finance, and create a continuous source of attraction.
I believe there will be such a day - but before that day comes, please be sure to protect your principal during the current garbage time in the cryptocurrency world.
