Original title: "Come! Let's cultivate immortality together!"
Original article by Yi He, Co-founder of Binance
I generally don’t like to be a father to others, unless someone else comes to be my father.
Looking back, Bitcoin was born against the backdrop of the 2008 financial crisis. Back then, no one could have imagined that a white paper and open-source code would become the single most valuable asset of the past 17 years. Times change, as do the concepts of money and assets, and policies. Traversing an untraveled path, we practitioners have gone from being called "MLMs" to calling ourselves "honored Wall Street traders." Along this path, our community has grown, facing repeated forks. Every choice is a process of selection, drawing some closer while others drift further away.
As an entrepreneur who believes in "value investing" and "long-termism," I believe that only businesses that solve user problems and generate revenue can be considered entrepreneurial and constructive. The underlying logic behind my long-term holdings of Bitcoin and BNB is my optimism about the entire industry. In this industry, BTC is the leading decentralized asset, and Binance has the largest user base and the strongest team. If this team isn't already world-class, then I'll make it the best in the industry.
Binance has never been a high-brow, perfect team. We've stumbled along the way, flying and repairing planes simultaneously. We've paid a heavy price, so now we prioritize compliance. Binance has invested enormous resources in compliance. Even third-party auditors have rated us as the industry's top compliance authority. Our compliance resources are over five times the size of our product resources, surpassing those of traditional finance. Binance wasn't the first to enter many businesses. When you're first, following is the better strategy. In a sailing race, if you're in the lead, you can easily follow the others. I wasn't the first to build an exchange, we weren't the first to develop contracts, we weren't the first to do C2C, and we weren't the first to integrate an on-chain wallet into our product. But we were the first to require KYC for even that on-chain wallet. Our products all started with "no dog needed." We grew up in an African village, walked with our users through the Darien Pass in Latin America, and enjoyed a relaxing coffee in a small Australian shop. We also share the typical East Asian involution. We don't have the grand feasts of F1. We are with nearly 300 million users. We take small steps forward, guided by the criticism and suggestions of our community and users. In other industries, when the times abandon you, they won’t even say goodbye. Fortunately, in this industry, if we don’t keep up, the community will teach us how to be a good person, and we will “know shame and then be brave.”
I once believed that adding leverage to contracts would magnify human weaknesses, and I vowed not to trade them. It wasn't until the 2019 bear market, when all cryptocurrencies plummeted and users were wailing, that I brushed up on my financial knowledge and learned about hedging and margin trading. Later, I forced two contract trading teams into a horse race. However, we also made sure that contract users were tested before trading, and we implemented a cooling-off period for those who repeatedly went all-in. My own moments of self-deprecation were also my own.
I used to think MEME was a conspiracy disguised as a subculture, and that only serious projects that properly fulfilled their stakeholders' obligations were the right path. That was until I saw that those prominent, prominent figures with impressive backgrounds, who openly spoke of their dreams and passions, were simply using Binance as the last stop for liquidity withdrawal, dumping it directly. Retail investors were defenseless against professional players, facing either spot dumps or contract price crashes. I understood their anger, but I felt powerless to address the structural changes in the industry. I once choked up during a six-hour AMA because I didn't know how to ensure both retail and professional investors could profit. What if we wanted our users to be the first stop? This was the starting point of Alpha. Until I came to terms with myself: most users don't expect perpetual profits. What users always want is fairness, fairness, and damn fairness. Users aren't hyping "Binance Life" or "Customer Service Xiao He," but the tiny bits of fairness, opportunity, and consensus that build upon these CAs. I'd like to remind everyone, unwisely, that MEME has no one responsible for the project, no long-term value, and is not without its share of conspiracy groups. Be aware of investment risks. The inclusion of Binance and my name and tweets in the CA does not necessarily mean endorsement by Binance or me. For MEME fans, Binance and I are in the same quadrant as dogs, pigs, frogs, and memes; there's no difference. I've been against MEME, understood MEME, and finally become MEME. The clown is me.
Compared to the entire financial market, the cryptocurrency world is still a tiny fraction. The market is large enough to accommodate many giants, so we don't attack our competitors. We learn from other entrepreneurs and project owners. If we don't understand, we can still invest or buy. Because the ultimate goal of a simple business war is to see who satisfies user needs, not to fight or spit. YZi Labs plans to invest $1 billion to support the ecosystem and developers, incubating a number of top projects. This is true business competition. Over the years, we've been bombarded with countless bullshit, and we've used it to cultivate vibrant flowers. If our wallet wasn't good, we'd fix it until it was better. We never understood the purpose of MEME. As soon as we saw a CA associated with Binance, we started to refute rumors, strictly guard against it, and distance ourselves from MEME, returning to our own business. It's not without a few broken hearts.
As a new-age entrepreneurial cultivator, I would like to thank everyone for taking the time to read this long article which does not contain much information. After much thought, I have to force some value into it, as this is in line with our consistent altruistic thinking.
Starting a business, trading, making money and cultivating immortality are actually the same thing, which requires principles, methods, techniques and tools. Before you understand it, if you make money unknowingly, you will also lose it unknowingly. After all, people can only make money within their own cognition.
Tao is the law governing the world. Only those who conform to these laws can go far and last. Just like our industry thrives because it conforms to the laws governing world development, not because of the brilliance of one individual.
Law is a principle, the cultural values of each company and organization, and the user-centric nature of Binance. It represents freedom, collaboration, hardcoreness, and humility.
Technique: It is easy for people to be keen on routines, power tactics, and marketing, but they are actually trivial.
Device: product, tool. The most easily replaced products in mobile Internet are tool products.
Every person, company, and organization has their strengths, and doing well in any one area can yield significant results. Everyone can identify their own strengths. Ultimately, Binance is still short on talent, so this is still a recruitment post. Come join us and cultivate together.
