Blog Chain FinanceBlog Chain FinanceBull and Bear ApocalypseBull and Bear Apocalypse》, aiming to "gracefully" get through the long bear in the currency circle through dialogues with the hearts of those who have crossed the bull and bear.
Guests of the sixth issue:
host:
host:
The following is the transcript of this interview:
The following is the transcript of this interview:
Blog Chain Finance: How did you spend the Spring Festival that just passed? How is it different from the Spring Festival in the past few years?
He Yi:Speaking of the Spring Festival, I think this topic is quite interesting, because I basically spent the Spring Festival in the past few years on tropical islands, and I quite like the tropics.
This year is really special. I basically spent this year's Spring Festival silently working overtime. In addition, after more than a year of overloaded work, the overall physical condition is indeed not as good as the previous two years, and I also took a little rest during the Spring Festival.
At the same time, I also made some reflections on my workplace experience in the past few years (with a lot of emotion).
What I did well: It may be that I don’t set too many restrictions on myself, have the courage to challenge, and have the courage to break the boundaries.
Things that are not good enough: For example, some basic reserves are not good enough. In the case of a very fast team development, I was lazy in the early years, such as not learning English well, and now I have to make up from scratch. Especially when the entire company is completely on the world stage, whether it is team management or external communication. Although language is not an obstacle, if you can express it more naturally like Chinese, you may do better.
Blog Chain Finance: When did you start to have the title of "First Sister"? And when did you start to feel that you could hold on to the status of "first sister"?
He Yi:The name "First Sister" should be when I was on a trading platform, because at that time, including (the company's) Weibo account, I was also in charge, and then I got closer to users, and at that time the industry and circle would be smaller , so I maintain very frequent communication with many big Vs that everyone is familiar with in the industry.
At that time, we already had the brilliant achievement of successfully making the trading platform a very large market share in China within a few months.
In addition, we have done a lot of things to popularize and promote this industry, including our cooperation with American Ivy League schools, including cooperation with first-line magazines and first-line TV stations to promote Bitcoin.
So I think the main thing is that the friends in the circle recognize me more, so they call me "first sister".
However, I don’t think it matters what you call it. What is important is that everyone recognizes the value you bring—the value you bring to the circle and the value you bring to the company.
Bolian Finance: During the two waves of bull and bear markets in the past five years, China has issued two industry regulatory orders, one in December 2013 and one in September 2017. You are in the market both times, and the mood of the two times is how is it
He Yi:Speaking of this topic, there was a joke at the time that said: "He Yi joined the currency circle for the first time, and five ministries and commissions including the central bank issued a document, and then joined the currency circle for the second time, and seven ministries and commissions including the Three Committees and the Cyberspace Administration of China issued a document."
When I joined for the first time at the end of 2013, the Japanese MtGox exchange closed down, and then when I joined for the second time in 2017, some other small trading platforms closed down, and then the "94" regulation came.
In fact, whether it is the supervision from the end of 2013 to the beginning of 2014, or the supervision in September 2017, it has no impact on me personally, or it is a big impact.
When I joined the currency circle for the first time, because I used to be the host of "Travel Satellite TV", some friends who worked in government departments said, why do you want to go to this industry? The country definitely does not support this industry, and I feel that there is no future. But at the time I was very determined to go my own way. I said that in this world, companies like Twitter and Facebook can break the borders of countries and have so many users all over the world. Their influence may far exceed that of some small countries. The laws promulgated by the state do not affect as many people as the adjustments to the operating policies on the Twitter platform.
At that time, I felt that the boundaries defined by all organizations were artificially added, and these organizations themselves were constantly iterating, and in this non-state network structure, there must be a value carrier. When I saw Bitcoin for the first time, I thought it must be a very good value carrier, and then it will become a new type of "currency" or "asset" that is common all over the world. I was very fascinated, so I resolutely joined this industry, completely ignoring the advice of these so-called "insiders".
BinanceBinanceIt is a foundation to become an international first-line brand. Because of Changpeng Zhao’s own international background and technical background, we can better match and work together to build a top world company. This is also a dream of mine.
BinanceBinanceIt is an international company and platform, so the restrictions and bans of a country did not stop us from moving forward. It does not mean that the exchange will stop doing things when the ban comes.
Looking back, at that time, many practitioners were thinking about changing their careers and thinking about how to realize the coins in their hands, but our entire team never thought that we would stop here or that the exchange business would not need to be done.
From another perspective, if Binance had done nothing at that time (September 2017): no launch, no currency issuance, we might have considered a new direction. But when I joined, BNB was 0.5, and then it had risen to 18. Many people became BNB holders and Binance users because they believed in me. At that time, I felt that I could not be sorry to those who believed in me. I felt that it was a responsibility and a trust, so I must do better to be worthy of these users who believe in us.
Bolian Finance: From 2013 to the present, we have experienced two waves of bull and bear markets. Big names on the stage, who do you have the most profound influence on and why?
He Yi:In the last bear market, that is, in 2014 and 2015, the person who left a deep impression on me was actually Da Hongfei, the founder of NEO. NEO has slowly cultivated from the downturn of the entire market to today. At that time, it was much more difficult to do public chain projects than it is now. You can’t even imagine how these teams survived at that time. So most of the time, when you see others doing exceptionally well and achieving something, you don't see how much they have put in so much hard work.
In this round of market changes, I think Sun Yuchen is more impressive. Everyone thinks that his personal marketing ability is very strong, but I think people often see the long board that others have, but they don’t see him. Other advantages. I think that when working on the Tron and BTT projects, his overall logic and in-depth thinking are completely going on amidst constant doubts from the public. I think he is a very young and outstanding post-90s, facing the whole world. Amidst the continuous doubts in the market, it is still very remarkable to be able to persevere.
The other person is Changpeng Zhao. In the last bull market in 2013, he sold houses for Stud Bitcoin. I think this behavior and action may be difficult for many people to understand. Of course, it is not worth learning, because it is a This is a very high-risk behavior. Watching one's own (Bitcoin) assets continue to shrink, this requires a very, very strong heart. At the same time, I think he is also working silently in this so-called bear market in the middle. Why do you say that when he took the white paper and asked me if I would like to be his advisor in 2017, Binance was the only project I agreed to be an advisor.
At that time, I participated in the modification of Binance’s white paper, because I would not put my avatar or name on something I hadn’t seen. Moreover, my role as a consultant is not like that at that time when everyone said how much I would charge for an ICO platform. In fact, I didn’t ask for a penny.
Generally speaking, I think I have to constantly learn from others what I don’t have. Then I think the friends in the picture above all have very different advantages. Let’s just give an example, such as Erbao, everyone I think that Erbao is a beef seller. In fact, what everyone has not seen is that Erbao is very good at simplifying some very advanced and logically complex blockchain languages into languages that the people love to hear and see. For example, to promote Bitcoin with uncle farmers who are farming, I think Erbao can also be sold.
Let’s talk about Yang Linke again. I think Yang Linke engraved the titles of various digital currencies on a bridge in a village in Wenzhou some time ago, including BNB. Since he started to operate the Bitcoin China Exchange, we are also regarded as competing products. He is a stickler who has confidence in the digital currency industry, has a very strong business reputation, and has firm belief in this industry. Basically, I put a lot of time and energy into this industry, which I think is very rare.
Another example is Du Jun. He used to be in Huobi. In fact, we are competitors, and we are always fighting when we have nothing to do. Du Jun is from Chongqing, and I am from Yibin, Sichuan. In fact, I think that Du Jun and I have a lot of similarities in our personalities. Both are "powder barrel" types, but I still have a lot of feelings for him It's a pity that he has the gangster spirit of Chongqing people who "do what they say" and I quite admire it.
Let’s talk about the “Guangzhu”, which is Zhou Shuoji of FBG. Why was he called the “Guangzhu” at that time, because he had a group called the Big V Gang, and all of them were Bitcoin holders. Those who didn’t run (leave) in this industry, I remember jokingly said, Litecoin is five yuan, and we still mine, but the five yuan fell from around 130. So every so-called big shot I saw today, or the so-called great man, has experienced the worst and worst winter, and then survived. As far as the "leader" is concerned, he has a relatively good financial background, and he can not only make a living by speculating on coins. He can have better choices, but he still trades with everyone when Litecoin falls to five yuan , and then gave suggestions and opinions to various platforms, and then developed all the way to today.
Let's go on, for example, Zhao Dong, everyone knows that when Uncle Dong was in the worst bear market in the last round, Uncle Dong owed a lot of money and debts, and then Uncle Dong also survived the worst season and ushered in In the new spring, Uncle Dong was under a lot of pressure at that time. He made some investments, such as Binance (BNB), etc., and participated in everything, so we can know how difficult he was at that time.
I think going on, I have commented on all the people in the currency circle. In fact, everyone has a very distinctive character, and has also experienced the cold winter of the currency circle. Those people in it have experienced the trough of despair. today.
Now if you ask us people in the so-called old currency circle, no one actually thinks how miserable it is now, because you didn't see it at the worst time.
Broadchain Finance: In the past 5 years, what was your most satisfying investment, and what was your most unsuccessful investment?
He Yi:The most satisfying investment must be Binance, because I am basically All In with people and money on Binance, and the most satisfying investment for many people may also be Binance (BNB).
The most failed investment was a venture capital investment I made before, which was a catering agency operation project made by a friend. It should be the only one I have not invested in. Other investments are still running forward. I have invested in the entertainment industry, including the Internet celebrity economy, etc., but in terms of return or investment, Binance is of course the highest.
I haven’t lost much money in stocks. I hoarded BNB before, but I didn’t hoard a lot. I didn’t learn from CZ (Changpeng Zhao) and sold my house to hoard coins. Because I didn’t buy a house before, I didn’t use all the money to hoard coins. In this regard, I still have to learn from CZ.
Bolian Finance: Bitcoin has gone through ten years, and this is already the longest bear market. Looking back at this wave of bear market, what are the similarities and differences with the last wave of bear market?
He Yi:In fact, this time is not the longest bear market in history. The last round of Bitcoin’s high of 8,000 yuan was at the end of 2013. In 2014, it went down all year, and in 2015, it fell as a whole. Basically, it didn’t get better until the end of 2016, so it didn’t work for four years from 2014 to 2016, and then it rose in 2017. It reached 20,000 US dollars at the end of 2017 or early 2018. Basically, it is close to a four-year cycle. In fact, you can see that the stock market is also basically a four-year cycle.
In view of the fact that the development of the Bitcoin industry is in a state of acceleration, I think it is reasonable for it to go from one high point to another high point in a 4-year period. Although the middle price may rebound, it will not be as fast as it is now.
The so-called bull market and bear market are relative, in my opinion, it is a cyclical callback. I still have all the coins in my hand and have not sold them. When I really need to spend money, I sell a little bit, and I feel distressed when I sell it.
I think the similarity between the two bull and bear markets is that when the price is high, there will be a lot of people pouring in, and they will pay more attention to the price every day. Whenever the price falls, a large number of people will leave the market, announcing that Bitcoin is "dead". . Whenever the price of Bitcoin is high, the regulatory authorities will be more nervous, because they are afraid that ordinary people will be less able to resist risks after buying it, and they will not be able to stand it.
On the whole, every time after such a fluctuation, the crowd or circle of practitioners in the entire industry will become bigger and bigger. Think about it four years ago, there were only a hundred or eighty people in the industry who were famous and worthy of names. .
But on the whole, I think the whole industry is still spiraling up. The industry has developed to the present, and the user base is getting bigger and bigger.
Bolian Finance: If you were to invest, would you personally allocate assets in a dispersed manner, or would you choose a category All In?
He Yi:My main assets are still in the state of All In, which are basically digital currencies. A small number of assets are projects invested in the past, and some projects are developing well.
I haven't bought a house or a car myself, and basically fly around the world, "living in no fixed place", and I don't have any obsessions, and I don't think that buying a house will make me feel much happier.
On this basis, I can bear this high-risk asset allocation. Maybe for ordinary people, the market will fall by half. Like Bitcoin, many people are crazy now.
Generally speaking, I believe that the currency price will rise to a reasonable price. (Short-term) no matter whether it rises or falls, I may not pay much attention or buy and sell frequently.
Bolian Finance: You have known Changpeng Zhao (cz) for more than 5 years, and you have been a colleague and partner for more than 3 years. Over the years, what kind of relationship do you most hope for you to be?
He Yi:CZ and I should be in a mutual achievement relationship (at least in the past), and it is also a back-to-back relationship that can trust each other. I think the best relationship is to maintain this kind of trust, back-to-back support, and continuous mutual achievement. This is a very reasonable relationship.
Bolian Finance: Judging from the pattern of global exchanges, Binance’s “personality” is changing from China’s Big Three (Binance, Huobi, OKEx) to “global duo (Binance, Coinbase). What are the main changes in Binance?
He Yi:In fact, we have never agreed with the term "China's Big Three".
Since the beginning of 2018, our user scale and transaction volume have been overwhelmingly overwhelming that of Coinbase. At that time, other exchanges in mainland China may have done a better job of publicity in China, but we did not feel any obvious changes.
In the past year, Binance has completed many of the previously planned things one by one, and each step has been relatively stable.
For example, until now, some people often say that Binance has no international users, and there is no one abroad to speculate in coins. In fact, more and more domestic friends go abroad to wear Binance clothes or wear Binance hats, and then be recognized by others. There are more and more such things, and everyone is slowly discovering that Binance It is quite well known internationally.
Bolian Finance: For exchanges, a good platform currency seems to be a money printing machine without any restrictions. In your opinion, what does platform currency mean to exchanges? Compared with its peers, how strong is BNB, and what are the killers behind it?
He Yi:I don't think platform coins are unlimited money printing machines. If it is only a platform currency, it should be closer to the platform’s “voucher” function, which means that the more users there are on the platform, the more valuable your “voucher” will be. "Voucher" is limited in total amount and does not continue to be issued, the more people use it, the higher its unit price will be. If the issuance continues and there are few users, the value of the platform currency will definitely continue to decline.
For Binance, BNB is not limited to the category of platform currency. I think the current price of BNB is undervalued.
Everyone knows that many public chain projects do not actually have a real profit model, but BNB is a rare token with a mature profit model and business model, and Binance’s income is not bad, with 20% annual revenue. The pure profit of BNB is used to destroy BNB, which means that its total amount is constantly decreasing, and it is a token that is constantly deflation.
Binance has more than 10 million users around the world, which should be regarded as the one with the most users in the entire cryptocurrency field, as well as good income, all of which can be linked to BNB, and the total amount of BNB is constantly decreasing every year.
Another dimension, if we take other encryption projects as an evaluation, for example, our current business includes not only exchanges, but also Labs, media business, Info, Academy, charity, fiat currency trading platform, etc., and then we have our own public chain to publish Currency, followed by the decentralized exchange DEX.
Binance is working on the underlying system of the entire blockchain industry. Based on this logic, every business department of Binance is split out and brought to the market. It may be an independent project, and their own value can be included in the block. The top 100 or top 50 in the chain field.
In addition, Binance also acquired Trust Wallet. This project was originally intended to issue coins, but was later acquired by us. For example, we invested in TravelbyBit, a POS payment system based on blockchain technology. You can book hotels and air tickets through BNB.
In the final analysis, the value of a token is not obtained by "calling orders", nor is it based on mechanism design strategies to coax users to "mine" and "lock positions". But to truly create an organization that can create continuous value for the entire industry, believe in this industry, and promote the development of the industry, users will slowly see its value.
Bolian Finance: Extending the time to 2-3 years, Binance has changed from a dark horse in the blockchain industry to a phenomenal presence in the industry. From mainland China to Japan and then to Malta, which ones are actively seeking changes and which ones are passive choices? ? Have you prepared Plan B for yourself in the past few years?
He Yi:An important reason for becoming a phenomenal existence is because I think Binance has the best international foundation, because CZ has an international background and team members have a relatively good international foundation.
There are active and passive in this process. The active aspect is that Binance has been seeking the path of internationalization and obtaining legal licenses in various countries around the world. Binance is also the trading platform that has obtained the most legal licenses from countries and regions on the market.
The passive aspect is that in this process, many countries and regions will contact Binance to land, and Binance will choose some countries and regions that are more suitable in terms of strategic strategic layout to cooperate and strive to obtain legal licenses.
This is actually a dynamic process. Binance was actually launched on July 14, 2017. For more than a year, Binance has developed relatively fast and relatively stable.
In the process of coping with changes, sometimes it is necessary to control and make decisions about the future, and then to be able to see the direction of the future and the direction of the tide.
Bolian Finance: Many people said that the capital winter in the blockchain industry will last for a long time. What do you think? So far, Binance is still "profitable". If the market continues to deteriorate, what adjustments and changes will Binance make?
He Yi:A mature start-up company should learn to plan its own finances reasonably.
Some companies in the blockchain industry may be more difficult, but for Binance, because the two founders have experienced various types of start-up companies, as well as industry bubbles and troughs, Binance is still relatively controlled in this regard They will also reasonably plan their own financial expenditure and personnel costs, which is a very basic requirement for a good entrepreneur.
Now there is a saying that all trading platforms have no income, and they cannot survive without doing business such as futures contracts. This may be the case of some trading platforms.
Bolian Finance: In a bull market, the main business models of exchanges are listing fees, handling fees, and platform tokens. What are the differences in the business models of Binance in a bear market? After the Binance public chain comes out, what new business models are expected to emerge?
He Yi:The business model of Binance is very simple, mainly to provide everyone with a fair trading place, and then charge reasonable handling fees.
In terms of listing fees, we have publicly stated a long time ago that the listing fees on Binance are now free. Of course, if the project has a budget for the listing fees and just passed our listing review, welcome! He transfers the listing fee to our charity department.
Regarding the platform currency, although Binance’s platform currency BNB has risen, what our team holds is locked, so I also bought my own BNB by myself.
You have heard before that the coins held by some project parties were smashed into the market. Basically, similar things have not happened to BNB, because the part held by the team has not been dumped into the market.
The business model of Binance is very simple. The current profitable part is mainly in transaction fees. The second part may be the investment department, which mainly depends on the return on investment. Many other business sectors, whether it is media, research, charity, wallet, etc., are all cost departments, because Binance’s personnel structure is relatively well controlled. Up to now, there are almost 400 people, and the personnel has maintained a very stable growth trend. Binance has no area. The situation of mass layoffs in the blockchain industry.
After the Binance public chain comes out, you can use the Binance public chain to issue coins, or use the decentralized exchange DEX for transactions, and it can also help Binance's own ecosystem to carry out a self-circulation and self-construction. However, the Binance public chain itself does not have too many business models in the short term, and our current income is relatively stable.
Bolian Finance: In the past period of time, Binance has been actively promoting fiat currency exchanges and decentralized exchanges. If you were asked to make a choice between these two businesses, which one would have a higher priority?
He Yi:Fiat currency exchanges and decentralized exchanges, these two priorities are relatively high. Because there is more than one legal currency trading platform, it means that we will be divided into different business groups, some people will be responsible for the legal currency trading platform, and some people will be responsible for the decentralized trading platform. When the company develops to a certain stage, it will no longer be A single choice of A and B, but whether it can be developed collaboratively in a group situation.
The significance of the fiat currency trading platform is to obtain a legal license in the existing system, and then a process of "surviving" with the mainstream crowd in the development of blockchain and cryptocurrency, while the decentralized trading platform is the process of the entire region The "people's aspiration" of the blockchain industry.
In general, fiat currency exchanges and decentralized exchanges do not conflict with each other, they are both needed.
Bolian Finance: Nowadays, many newcomers who entered the currency circle at the end of 2017 or even 2018 are very pessimistic. What do you want to tell them most?
He Yi:I want to tell them—"go on", step through the "abyss", and then "the future will be bright".
Broadchain Finance: For 2019, what new opportunities do you think deserve our attention?
He Yi:Many new opportunities are hidden in our hands.
If we look at the development process of the Internet, the "bubble burst period" is the basis for the birth of great Internet companies. In the first dot-com bubble, only Yahoo survived. And in each round of the so-called "callback period", those who can still persist are the true believers.
Instead, I suggest that everyone pay more attention to those projects born in the so-called bear market, to understand their teams and backgrounds, and they are less likely to be "opportunistic" or "get a vote" and run away.
Bolian Finance: Our column is called "Apocalypse of the Bull and Bear". What do you think is the most important point of crossing the bull and bear?
He Yi:"Crossing bull and bear" is the most important thing is confidence. Only those who believe can see, just as only those who believe in miracles can perform miracles.
Blog Chain Finance: What does freedom of wealth look like in your eyes? If you leave the blockchain, what industry will you be in? Or what to do?
He Yi:I think the greatest freedom of wealth for a person is the freedom of the soul. Pure wealth freedom does not exist. For example, wealth freedom in a county and financial freedom in New York, USA, must not be the same value.
Blog Chain Finance: If you were asked to recommend 3 people to participate in the column "Apocalypse of Bulls and Bears", which ones would you choose? Why?
He Yi:The first one, I recommend Erbao. His characteristics of "people love to hear and see" are more related to the topic of bull and bear, and can also help everyone build confidence in (bear markets).
Second, I recommend Da Hongfei. Uncle Da is the representative of "Crossing the Bull and Bear". He was born on the edge of the bear market.
The third one, I recommend Zhao Dong. Uncle Dong’s story and personal experience can still inspire many people. Although people often say that Uncle Dong has started to “talk” again, he still has a lot of advantages and experience that can be used for reference. Everyone.
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