Author: He Yi
1. Subculture: From the Margins to the Center Stage
Expression is a commonality among humans; a good MEME can transcend cultural maps and bring a knowing smile. When the collective self-identity, emotions, and subjective intentions of the public overlap, unique values, semantics, and forms of expression emerge, such as the "Funeral Love Family" from the QQ era, the "Social Shake" from the mobile video era, or the "Sanhe God" from the post-industrial era, all of which form distinct subcultures. I did not grow up in Western culture, but I believe every culture has certain groups with which you can resonate deeply. Therefore, the subcultures I mentioned earlier are very niche and outdated; they do not represent good MEME expressions, but they do appear in history in some extreme forms, vividly and refreshingly.
Essentially, no particular circle is truly superior. A hippie attending a meditation class is not necessarily more sophisticated than someone watching a storytelling session; a love for reincarnation and Star Wars does not make one more aesthetic than a gangster. The more niche the aesthetic, the more it lacks commonality. Moreover, our generation spans the agricultural revolution, the industrial revolution, and the information revolution, crashing headlong into AI; chaos is the norm, and all authority has been dissolved, with each idol being just that. MEME is a silent thunder, the ultimate expression of the crowd, and a challenge from subculture to mainstream culture. Thus, being photoshopped or having coins issued is also part of the deconstruction, so I feel I am not yet worthy to be at the center of MEME.
Similarly, chasing trending topics on Twitter, or in CZ or my replies, is not the optimal path to discovering or creating MEMEs; MEMEs reside in your heart.
2. Who Can Surpass Doge?
There is only one Doge. In the first Bitcoin bull market of 2013, among countless projects attempting to clone Bitcoin, they both mocked Bitcoin and self-mocked, with a playful demeanor and passionate hearts. Developers abandoned their projects, but the community had its own vitality, adding an important chapter to the history of crypto culture. The Chinese crypto community sent Dogecoin around the world, creating a unique crypto track: "Preaching for the industry, rewarding first." Back then, BBS messages read: "I see you are a good person, I reward you with 10,000 Dogecoins," leaving the rewarded person in a state of confusion, unable to calculate how much 10,000 Doge was worth without a calculator. In the development of the crypto industry, every community has its own "Gann." Later on, Elon’s fondness for Doge brought subculture into the mainstream. Today, Doge is no longer just a dog.
MEME is attention economy, but it is not just about attention. If everything is like the trending topics on Twitter, then it is destined to be fleeting. Great MEMEs do not come from celebrities making clever remarks; that is not enough to make a MEME. This is worship of the powerful (whether politicians or entrepreneurs), and it is not cool enough.
On the other hand, those who oppose for the sake of opposition often have a face that reads extreme right on their extreme left back. Those who shout for decentralization are often extremely centralized. Maintain critical thinking, and seek the truth amidst the falsehoods.
Imagine someone in your group tells you to buy into a trending topic of the day; of course, that topic will cool down by tomorrow. If this attention can become a product, a belief, a religion, then it is possible to see the next Doge. Who says it is impossible? Anything is possible.
3. Is Long-Termism Outdated?
I do not trade, but I hold long-term because I adhere to the logic of value investing. Similarly, in running a business, I also uphold long-termism, whether building a clock or a garden.
Binance is just an infrastructure, a stage where project parties and investors may win together or lose together. This depends on ability, will, and judgment. Top entrepreneurs are already few and far between; long-termism requires DYOR (Do Your Own Research) and knowing when to take profits. It is not that long-termism is outdated; could it be that you have chosen the wrong object of long-termism?
When the wind blows towards blockchain, investors have plenty of money to invest in projects. A few entrepreneurs can claim their projects are worth 100M, 1B, or even 100B. Everything can issue coins; prices and values may diverge, but over time, they will converge.
The market size in 2017 was not as large as it is now, and the funding scale of the DeFi summer in 2021 was also not as large as it is now. Yet we see more excellent entrepreneurs entering the Web3 industry, the industry scale is growing, but confidence is decreasing. Many users ask why project valuations cannot return to the ICO era. We can never go back to the past, but we are trying to let users vote on which coins to list and which to delist, trying to let Web3 wallets do IDOs, allowing project parties to choose low-threshold, low-market-cap issuance, with real users profiting, which is much better than spending money to fabricate data and deceive oneself.
Whether it is MEME or AI, games or DeFi, social or RWA, let a hundred flowers bloom. May we still have beer in our cups after each round of bubbles burst. Fortunately, history always repeats itself; the grand claims of predecessors about technology changing the world will be realized one by one by successors.
I have heard that many serious projects no longer want to persist. Hey! Friends, there will always be new opportunities, but the world belongs to a very few who drive it. Rather than chasing opportunities, it is better to become the opportunity.
4. Investment Advice Friends Often Ask
All my assets are in coins, and my long-term holding style is not suitable for most people, but there is one point to consider: earn money with certainty.
Earn money through cycles; have a judgment on economic cycles and bull/bear markets. Selling in a bull market and buying in a bear market is basic operation.
Any category of assets follows the principle of the head.
It is recommended to allocate at least 20% of your assets to coins. Land is the asset of agricultural civilization, minerals are hard currency of the industrial age, and the leading assets of the information age are stocks of leading internet companies and coins with siphoning effects.
Some friends say that fundamentally good coins do not fluctuate enough. If you do not use leverage or trade some high-risk tokens, then it is advisable not to exceed 10% of your disposable assets.
Most of these principles are actually understood by everyone; there is no need for me to elaborate. It is just difficult to implement, much like losing weight.
I wish everyone knows and can achieve this.
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