A Memoir of Binance Co-Founder He Yi’s MEME Learning: Insights into Her Investment Philosophy and Lessons Learned from Memes

Binance Co-founder He Yi’s Reflection on “MEME Learning Notes”

Recently, He Yi, co-founder of Binance, wrote a brief essay titled “MEME Learning Notes” in Binance Square. The article has garnered nearly three million views and primarily discusses the history of memes, the next DOGE, the existence of long-termism in the cryptocurrency world, and investment advice for friends and family.

1. Subculture: From Margins to Center Stage

Expression is a commonality among humans; a good meme can transcend cultural maps and elicit a knowing smile. When the collective self-identity, emotions, and subjective intentions of the public converge, unique values, semantics, and forms of expression emerge. Examples include the “Sad Love Family” of the QQ era, social shaking in the mobile video era, or the “Three He Gods” in the post-industrial era, each resulting in a distinct subculture.

I did not grow up in Western culture, but I believe every culture has certain groups with whom you resonate deeply. Therefore, the subcultures I mentioned earlier, though niche and outdated, do not represent good meme expression. However, they showcase a form of extremity in history that is vivid and refreshing.

Essentially, no particular circle is inherently superior; hippies in meditation classes are not necessarily more refined than those attending storytelling sessions. A love for reincarnation and Star Wars doesn’t confer greater aesthetics than a gangster film, as the more niche the aesthetic, the fewer commonalities it possesses. Moreover, our generation spans the agricultural revolution, industrial revolution, and information revolution, colliding with AI, where chaos becomes the norm, and all authority dissipates, revealing that every idol is merely human.

Meme is a silent thunderbolt, the ultimate expression of the crowd, and a challenge of subculture to mainstream culture. Therefore, being photoshopped or having tokens issued is part of the deconstruction process; thus, I feel unworthy to be at the center of memes. Similarly, chasing trending topics on Twitter, or in replies from CZ or myself, 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, countless projects attempted to mimic Bitcoin, simultaneously mocking Bitcoin and themselves, with a cheerful attitude and fervent spirit. Developers abandoned their projects, but the community thrived. The community’s spontaneous (CTO) contributions marked a significant moment in the history of cryptocurrency culture. The Chinese coin, Jiang En, spread Dogecoin worldwide, paving a unique path in the crypto space: “Charity for the industry, rewarding the pioneers.”

Back then, BBS comments were: “I think you’re a good person, so I’ll reward you with 10,000 Dogecoin,” leaving the rewarded confused, as one couldn’t calculate how much 10,000 Doge was worth without a calculator. Throughout the development of the cryptocurrency industry, each community has its own “Jiang En.” Later on, Elon Musk’s fondness for Doge brought subculture into the mainstream, and now, Doge is not just a dog.

Meme is attention economy, but it is not just attention. If everything is akin to trending topics on Twitter, then it is destined to be ephemeral. Great memes do not stem from celebrities making clever remarks; that is insufficient for becoming a meme. It is a form of idol worship towards those in power (be they politicians or entrepreneurs), which lacks coolness.

On the other hand, those who oppose simply for the sake of opposition often have faces that reflect extreme right ideologies, while those fervently shouting for decentralization tend to be highly centralized. Maintaining critical thinking is essential; seek authenticity in the midst of deception.

Imagine someone in your group advising you to buy into a trending topic today; tomorrow, that topic will undoubtedly cool down. If this attention can transform into products, beliefs, or religions, then the next Doge might just emerge. Who says it’s impossible? Anything is possible.

3. Is Long-termism Outdated?

I do not trade but hold long-term because I adhere to the logic of value investing. Similarly, in managing a business, I also hold onto long-termism, whether building a clock or a garden. Binance is merely an infrastructure, providing a stage where project parties and investors can achieve either mutual win or loss. This depends on capability, determination, and judgment; top entrepreneurs are already scarce, and one must not only adhere to long-termism but also DYOR (Do Your Own Research) and know when to take profits. It is not that long-termism is outdated; perhaps you have simply chosen the wrong object for your long-termism?

When the wind blows towards blockchain, investors have a plethora of funds to invest in projects. A few entrepreneurs may claim their projects are worth 100 million, 1 billion, or even 100 billion. Everything can be tokenized; price and value may diverge, but over time, they tend to converge.

The market size of 2017 was not as large as it is now, and the capital scale of the DeFi summer of 2021 was also less than it is today. Yet, we see more outstanding entrepreneurs entering the Web3 industry; the industry is growing larger, but confidence is dwindling.

Many users ask why project valuations cannot return to the ICO era. We can never go back to the past, but we are trying—attempting to let users vote on token listings and deletions, and facilitating Web3 wallet IDOs. Project parties can choose to issue tokens with low thresholds and low market capitalization, allowing real users to profit, which is far better than spending money to fabricate data and deceive oneself.

Whether it’s MEME or AI, games or DeFi, social or RWA, let a hundred flowers bloom. May we still have beer in our cups after every round of froth subsides. Fortunately, history always repeats itself; the grand claims of predecessors about technology changing the world will eventually be realized by successors. I’ve heard many serious projects are considering giving up. Hey! Friends, there will always be new opportunities, but the world belongs to the few who drive change. Rather than chasing trends, why not become one?

4. Investment Advice Friends Often Ask

All my assets are in cryptocurrency; a long-term holding style is not suitable for most people, but one point to consider is: earn money with certainty.

Earn money through cycles, which requires judgment on economic cycles and bull-bear markets. Selling in a bull market and buying in a bear market is basic operation.

Any asset follows the principle of being top-heavy.

It is recommended to allocate at least 20% to cryptocurrencies. Land is an asset of agricultural civilization, minerals are hard currency of the industrial age, and in the information age, top assets are stocks of leading internet companies and cryptocurrencies with a siphoning effect.

Some friends say that fundamentally sound coins do not experience sufficient volatility. If you do not use leverage or trade high-risk tokens, it is advisable not to exceed 10% of your disposable assets.

Most of these principles are understood by everyone; it does not require me to reiterate. The challenge lies in execution, much like weight loss. I wish everyone knows and can implement these strategies.

Risk Warning

Investing in cryptocurrencies carries a high level of risk, and their prices can be highly volatile; you may lose all your principal. Please carefully assess the risk.