Editor's Note: This morning, Binance co-founder He Yi published another lengthy article on Binance Square, sharing the considerations behind Binance's recent frequent moves. He directly addressed the "face-slapping moments" and cognitive iterations in businesses like contracts and MEME, and systematically expounded on his entrepreneurial philosophy of "Tao, Fa, Shu, and Qi." The following is a reprint of the original article. Enjoy~

The original text is as follows

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 "MLM" practitioners 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. My long-term holdings of Bitcoin and BNB stem from my optimism about the entire industry, where BTC is the leading decentralized asset and Binance boasts the largest user base and 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, operating and repairing the plane simultaneously. We've paid a heavy price in the past, so now we prioritize compliance. Binance has invested enormous resources in compliance, and even third-party auditors have rated us as the industry's top compliance authority. Our compliance resources are over five times our product resources, exceeding those of traditional finance.

Binance wasn't the first to launch many of its businesses. Because when you're first, following is the better strategy. In a sailing race, if you're ahead, you can easily follow suit if others turn. I wasn't the first to build an exchange, we weren't the first to offer contracts, we weren't the first to do C2C, and we weren't the first to include an on-chain wallet in 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 feast of F1, but we are with nearly 300 million users. We advance in small steps, navigating the criticism and suggestions of our community and users. In other industries, when the times leave you behind, there's no word. Fortunately, in this industry, if we don't catch up, the community will teach us how to be a good person, and we can "learn from our mistakes 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 took responsibility for their stakeholders were on the right path. That was until I saw that those prominent, well-regarded projects, openly discussing their dreams and passions, were simply using Binance as the last stop for liquidity withdrawals, dumping them directly. Retail investors were left 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 couldn't figure out 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 for Alpha.

Until I came to terms with myself, most users don't expect perpetual profits. What they 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 each of these CAs. At this point, I'd like to offer a rather inconsiderate reminder: MEME has no one responsible for the project, no long-term value support, and is rife with conspiracy groups. Be aware of investment risks. The inclusion of Binance and my self-proclaimed tweets within the CA does not constitute an endorsement by Binance or me. For MEME users, 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. Therefore, 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 straightforward business war is who satisfies user needs, not ripping hair or spitting. YZi Labs plans to invest $1 billion to support the ecosystem and developers, incubating a number of top-tier projects. That's what true business competition means. Over the years, we've received countless hurdles, and we've used them 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, but 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 some 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, it represents the cultural values of each company and organization, it is Binance’s user-centricity, it represents freedom, collaboration, hard-coreness, 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.

PS: All the above information is not intended as investment advice. I am very sorry that English players can only read AI translated content. I will make time to learn English.