Editor | Wu Blockchain about Blockchain
At the BNB Chain Super Meetup in Hong Kong on April 6, former Binance CEO CZ exchanged views with KOL Tuao Dashixiong and Tron founder Justin Sun CZ said that almost all the attention has been absorbed by Memecoin, and even we who run exchanges don’t know which coin to list; the long-term direction is still to support those who build a business. A project that can really go far must have real users, income, and profits, so that users can continue to benefit and the coin price can be stabilized; I myself failed in learning about Meme, and it did cause some problems to the community; I am reading a book about Nvidia recently, called "The Nvidia Way"; Binance's Web3 wallet is indeed not very easy to use. Competitive products have accumulated a lot of advantages in the past few years, and it is difficult for the Binance team to catch up completely in the short term; Memecoin is no less difficult than traditional projects. It also needs to polish the content and narrative very carefully to truly stand out. It must have high-quality IP, continuous content output and a reliable team; don't rush to issue coins. Teams that really want to build a business in the long term are actually more likely to get money now - the only way is not to issue coins, but to find suitable institutions to cooperate with; do what you really love; have endurance, and whether you can stick to it is the key to judging whether a person or a project can succeed.
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Different cycles: hype, collapse of faith, absence of builders
Tuao Senior Brother: I have known CZ for many years, but today is our first offline meeting, which can be regarded as "netizens meeting in person". My name is Tuao Senior Brother, and I entered the industry in Australia in 2016. Looking back, the best thing I did in the crypto was to participate in Binance Exchange in the early stage. At that time, I bought BNB at around one dollar in ICO, and I still hold it now. So I am very honored to interview CZ today on behalf of the community.
I have collected a lot of questions from the community, but due to limited time, I can only ask some slightly more "stimulating" ones.
First of all, many people feel that this cycle is very different. VC coins are gradually marginalized, Memecoin is rising, and even Trump has begun to support cryptocurrencies. The entire industry seems to have experienced some kind of "faith collapse". What do you think of the current market state?
CZ: Let me ask first, how many people here are into on-chain meme? (Many people raised their hands)
Then I may say something you don’t like to hear: it’s okay to be a dog-eat- on-chain meme, but it shouldn’t be the whole of the entire crypto. This round of memes is too loud, which is actually unhealthy for the industry to some extent.
Of course, there should be people looking for the code to wealth and real builders in the market. But the problem now is that almost all the attention has been absorbed by Memecoin. Meme players will be disappointed when they can't find coins that can increase tenfold or a hundredfold. Real projects are ignored and considered "not fun". Even we who run exchanges don't know which coins to list.
This community atmosphere is unhealthy and we really need some ways to break it.
Breakthrough: Let projects with real users and real revenue stand out
Senior Brother Tuao: Do you think we have found a way out of the impasse now?
CZ: It’s still in the process and cannot be accomplished overnight.
Our long-term direction is to support people who build blockchain. A project that can really go far must have real users, income, and profits, so that users can continue to benefit and the price of the currency can be stabilized.
I am not against people who pursue quick money, but the support for slow money players is obviously insufficient. So today we are also running MVB and investing in projects. I also keep communicating with many builders in the hope of supporting this ecosystem.
Is HODL still worth it?
Brother Tuao: I am a HODLer myself. I was actually first influenced by your famous saying: "If you can't HODL, you won't be rich". I have indeed made good returns in the past few cycles, but I feel "punished" in this round. Do you think it is still appropriate to continue HODLing?
CZ: I still say that HODL is a method, but the prerequisite is that you have to understand the fundamentals.
You can’t just hoard thousands of tokens when you see them. Most tokens will eventually return to zero. The ones that are truly worth holding for the long term are those projects with real application scenarios and fundamentals.
Besides BTC, who else can outperform it?
Big Brother Tuao: So besides Bitcoin, do you think there are other tokens worth trying that might outperform BTC?
CZ: Actually, there are already quite a few. In the long run, Ethereum has outperformed Bitcoin since its creation; BNB has also outperformed Bitcoin and Ethereum since its launch (referring to the performance in the same period of time, not the launch price).
Of course, Bitcoin is still a reserve asset, and long-term holding will definitely increase its value. However, at a certain stage, there are dozens or even hundreds of tokens that have the opportunity to surpass Bitcoin's performance, but it depends on cognition and persistence to capture it.
How do you view BNB’s valuation?
Brother Tuao: There is an article saying that the reasonable valuation of BNB should be above 3,000 US dollars. What do you think?
CZ: I guess that article was written by Hash Global. They are long-term supporters of BNB, and have been bullish since the price of $6. Their research on BNB is even deeper than ours.
The specific price is not determined by me, but by the market. What we need to do is to expand the use scenarios of BNB, whether in centralized exchanges, DEX, or on-chain applications. The more scenarios, the higher the value.
We are also continuously investing in DeFi, NFT, GameFi and other areas. Some countries have also approached us, hoping to use BNB as a digital asset recognized by their country. We are advancing this path. There is no secret. We just need to do things one by one.
Big Brother Tuao: How high do you think BNB can rise?
CZ: It’s hard for me to say. I can’t control how much the price will go up. What we can do is to continue to build and expand applications and ecosystems.
“BNB Nursing Home”: Controversy over welfare giants dumping shares?
Tuao Senior Brother: Recently, there has been a hot discussion in the community, saying that BNB HODLER benefits are too good, and it has become a "nursing home". Every time a new coin is launched, large investors get a lot, the market crashes quickly, and retail investors take over. What do you think?
CZ: I think the more people who hold BNB, the better, and the more people who are willing to rely on BNB for retirement, the better, because BNB is limited. As long as everyone is willing to hold it for a long time, it is support for the ecosystem.
Some people say that HODLERs have done nothing, but in fact, it is these HODLERs that provide market stability, which makes BNB have strong resistance to decline. So we have to thank them.
Reflections and Prospects on BNB Chain
Tuao Senior Brother: Let’s talk about BNB Chain. I’ve seen you make a lot of efforts in the past, and some even say that you are in a “man-made bull market”. Do you think the current development has met your expectations?
CZ: To be honest, it’s still a little low. BNB Chain is still not good enough in ecosystem construction.
When I was the CEO of Binance, I spent a lot of time promoting it myself. But over the past year or so, I have spent more energy on some compliance issues in the United States and have not paid enough attention to the chain itself. During this period, the meme craze continued, but BNB Chain basically did not participate.
BNB Chain has recovered a little now, but the momentum is still not enough. No matter what the hot spots are in the future, this kind of absence cannot happen again.
We are making up for our shortcomings and will continue to invest in infrastructure, DeFi, AI, DeSci, etc. BNB Chain had limited resources when it started and did not receive as much attention as Ethereum. But I believe we have the opportunity to make the ecosystem stronger.
Today I had a meeting with 16 projects of MVB and saw many interesting ideas that are worth promoting.
Meme coin bubble and community cognition
Tuao Senior Brother: You have also made a lot of attempts in Meme recently, such as posting dog photos to promote PVP. Some people think it is fun, while others think it has caused unnecessary heat. What do you think of this wave of Meme coins?
CZ: To be honest, I failed to learn the meme aspect, and it did cause some problems to the community.
At first, I just wanted to post some dog photos to attract traffic and activate the community, but I didn’t expect it to bring about a chain reaction - as soon as I posted a photo, hundreds of Meme projects were launched online, and PVP appeared immediately.
The community wanted me to "choose one" at first, but I think it's not my choice, it should be decided by the community. Meme is essentially a community culture, but it comes and goes quickly. Whether it can continue to develop depends on how the community operates in the future.
We will support projects that are popular in the community, but we will also check whether they are legal and compliant.
As for whether BNB Chain can produce a meme with a market value of one billion, I am not sure. Solana has produced several memes, but BNB has not. But it is hard to say whether there will be another meme in the future.
I personally don’t buy Meme coins, nor have I bought NFTs. I don’t speculate on coins, and my energy is mainly focused on infrastructure and the underlying facilities of the industry.
How do you view community suggestions and criticisms?
Tuao Senior Brother: I see that you often check Twitter, and people give you a lot of suggestions and comments on it. Will you adopt them?
CZ: I do have more time now, and I also spend a lot of time on Twitter. It's normal for people to praise and criticize, and I don't mind it. But if it's constructive suggestions, we will of course adopt them.
If it is insults or false information, we will also clarify it appropriately. I will read Twitter carefully, but rarely read WeChat groups.
Senior Brother Tuao: Do you feel uncomfortable when you see negative comments?
CZ: No. I am thick-skinned (laughs). When facing criticism, you should learn to extract the valuable parts from it and understand why the other party said so. There is no need to take yourself too seriously. You don’t need to care too much whether others scold you or praise you.
Advice for beginners: Don’t dream of getting rich overnight
Tuao Senior Brother: If you are a newbie entering the circle, do you think now is a good time? Do you have any suggestions on how to avoid risks?
CZ: I think it’s never too late to enter the circle, the key is how you enter.
The most important thing is to understand the fundamentals of the project. Don't fantasize about getting rich overnight. Things that can be worth ten or a hundred times as much can also be lost just as quickly. It is recommended that users who have just entered the circle participate in small amounts, buy in batches, and use the fixed investment method for a safer approach.
Mentally, you should also be prepared to accept volatility. The crypto is inherently volatile, especially sectors like DeFi and Meme, which have experienced very dramatic ups and downs. Those who are optimistic about long-term development should be able to hold on.
What book are you reading?
Big Brother Tuao: What book are you reading now?
CZ: I'm currently reading a book about Nvidia called "The Nvidia Way". It's well written and you can see how they started a business and built an ecosystem from scratch.
A word to the community
Tuao Senior Brother: Okay, that’s about it for today. Do you have anything else to say to the community?
CZ: Actually, it can be summed up in one sentence: focus on fundamentals and stick to BUIDL. Short-term speculation is allowed, but the risks must be assessed. We will also continue to invest and provide more support and services to the entire community.
CZ and Justin Sun share their daily routine and exercise habits
Justin Sun: The first question is, how does CZ spend his most typical day?
CZ: I usually go to bed late and get up late. When I get up, I check my messages first. My daily schedule is actually different. I work in bed most of the time because my waist is not very good. I go to the gym for a while around noon. If I have a meeting in the afternoon, I will have the meeting. If not, I will go out for some exercise. Then I usually have meetings and meet people. To be honest, my life is quite boring.
Justin Sun: Apart from work, what is your favorite pastime?
CZ: I mainly do sports activities. Recently I've been learning kite surfing, which is the kind where you use a big kite to pull you and a board under your feet to glide on the water. Apart from this, I basically don't have any other hobbies. What about you?
Justin Sun: Me too. I also go to bed late and get up late recently. There are many reasons for this. I usually get up at 11 am and then basically have meetings all day. When I started my business, I was relatively young and my waist was fine. Now it’s not so good anymore, hahaha. My waist is a big problem now. So I usually go running and exercise, mainly to keep my waist in normal condition. In general, my daily life is meetings and meeting people, which is similar to you.
CZ: I heard your girlfriend is an athlete, right?
Justin Sun: Haha, this is still in the confidential stage. I hope there will be a good result in the future.
CZ: OK, then I guess it won’t be kept secret for too long, haha.
Giggle Academy: Changing the world with digital education
Justin Sun: I noticed that you have been focusing on education recently and have launched a new education project called Giggle Academy. I studied at Jack Ma's Lakeside University ten years ago and I feel that both youth education and entrepreneur education are very important for cultivating a new generation of talents. I would like to ask what are the subsequent plans for Giggle Academy? Do you have any plans to develop entrepreneurial education to cultivate more entrepreneurs?
CZ: I think so. About a year ago, I seriously thought about a question: Which of the things I can do now will have the greatest positive impact on society? I considered many aspects and finally felt that education has the greatest impact.
There are many problems with our current education system. First, there are about 120 million people in the world who have no access to education at all. They have no schools to go to. About 700 million to 800 million of them are adults who are illiterate and have no cultural level. What's more serious is that about two-thirds of these people are women, and most of them are concentrated in poorer regions such as Africa and Southeast Asia. In addition, there are 300 million to 500 million children who cannot receive education because there are no schools near where they live.
I think that with the current technology, we can completely digitize all educational content and complete teaching through an app. We don't need traditional teachers or schools, we just need the Internet and equipment. I also calculated that, for example, it would only cost $1 million to make a highly gamified, child-attracting content for first-grade English. If we want to make 12 years of content, it would be about $12 million. Considering 30 different subjects, the total investment would be about $300 million.
In other words, $300 million can digitize all 18 years of educational content and popularize it electronically. More importantly, this money only needs to be invested once, because first-grade English does not change often. Once done once, it can be disseminated and expanded indefinitely, and the return on investment is very high.
The reward I pursue is not money, but social influence. I feel satisfied and happy when I can help others. This matter means a lot to me, so I formed a team to do it. At first, we started from the first grade, but later we found that the first grade was a bit late, so we decided to teach from the age of two. As soon as the child starts to learn, we will start teaching until the age of 18, and there is no problem with extending it later. This cost is essentially a one-time investment, but it can benefit millions, tens of millions, or even hundreds of millions of people. I think this is a completely worthwhile investment.
I think I am quite lucky. Although I experienced some unpleasant things last year, I retired because of them. Now I have plenty of time and resources. Although I am not particularly young, I am not old either, so I can still do something. There are not many people who have these conditions. So I believe in this saying: If you can, you must — — If you can do it, you must do it.
So I am really happy to be working on this education project. I only have one or two meetings with the team every week, and their independent team is responsible for the advancement, but I am very happy after each meeting, and I feel that this is really meaningful. I will continue to do it. I believe that within three to five years, we can cover the entire 18-year education system, and it will be completely free.
My education is not for my kids to get a college degree, or even a high school diploma. My goal is to help them find a job. I hope to teach them a skill, as long as they can find a job. So this is the direction I want to focus on. I am very dedicated to this project and I find it very fun.
Justin Sun: Yes, I think this is a very big dream. When I was studying at Lakeside University 10 years ago, it was just when Alibaba went public in the United States. President Jack Ma also paid special attention to entrepreneurship education at that time. I think the vision of Giggle Academy is even bigger than that of Lakeside University.
CZ: Not quite the same. Mr. Ma has always been great, hahaha, so I can’t compare them. But what I really want to do is to start with the education of children, from two years old to 18 years old. And in fact, children at the age of 16 can start learning programming. I think what Jack Ma does is more advanced education, and what we do is more basic and early.
You just mentioned whether we should teach entrepreneurship? I think this is a must. We will also teach entrepreneurship, finance, emotional intelligence, negotiation skills, and how to deal with difficult problems. These contents are basically not taught in the current school system, but they are actually survival skills that everyone needs to have in society. We will also definitely teach digital currency and Web3. We will cover all these contents.
How to convince the government to support blockchain: Selling efficiency
Justin Sun: You have been meeting with presidents from around the world recently, including some memoranda signed a while ago. I would like to ask, what do you think about getting sovereign countries to gradually support blockchain? And how do you convince each president to support blockchain when you meet with them?
CZ: I think there is a good phenomenon now - they come to us, unlike before when we took the initiative to find them. When I do sales or BD, I am usually in a very passive mode. I like the "willing to take the bait" approach because it has the highest success rate. When others take the initiative to find you, it means that their intentions are very clear. On the contrary, if we take the initiative to find them, the whole sales process will be very long.
If you want to communicate with the government, especially the president, they don’t have much time to listen to you explain blockchain from the beginning. So now the situation has changed. They are interested in learning more. For example, the United States has expressed that they want to support blockchain more actively. Elon Musk is also promoting it. The US government documents also mentioned that they hope to use blockchain to improve governance efficiency. As a result, many other countries do not want to lag behind the United States, but hope to move forward faster.
I live in the UAE now, and they came to me and said they wanted to do this. They knew I lived there, so they contacted me and said, "Then find CZ." So now I have contact with governments of many countries, and many of them asked me to serve as a consultant to assist them in formulating relevant regulatory policies.
This is very meaningful to me. I also hope that countries can formulate regulatory frameworks that are conducive to the development of the industry, and I am willing to spend my time to do this for free.
The next step is how the government can actually apply blockchain. The first direction is the identity system, which is what we call DID (decentralized identity identifier). With DID, the next step is a wallet, and we usually recommend wallets that we support, such as Trust Wallet.
With DID and wallet, where can this identity system be used? For example, visa application, entry and exit management, bank account application, land ownership registration, hospital visits, academic certification, government procurement, etc. All of these can be digitized and de-trusted through blockchain.
I have recently been discussing the implementation of these plans with many countries. Of course, I cannot implement these plans alone, so I will bring in many partners, including the project parties we invest in, to help these governments promote practical applications.
I am particularly passionate about this because it allows blockchain to no longer be limited to the single purpose of "transaction", but can be expanded to a wider range of practical scenarios. When these applications increase, the transaction volume will naturally increase.
As a major shareholder of a relatively large exchange in the industry, I will naturally benefit as long as the industry expands, so this is a win-win situation for me and the entire industry. I am very willing to devote my energy to this.
There is an additional benefit, not to brag - but when most countries are looking for partners in the blockchain industry, they usually think of me first. Of course, they will think of you (laughs), but many of them really come to me on their own initiative. You may be busy, but I am relatively free now, so I can interact with them more frequently.
So I think the landscape of this industry has changed. Now many countries need us, and we have the ability to support them.
Justin Sun: Yes, then I would like to ask you, from a global perspective, based on region or culture, which countries’ governments do you think are the most friendly and positive towards blockchain?
CZ: Actually, many countries are showing interest in this industry. The countries I have contacted are not very comprehensive. Although many countries have contacted me, I have only had in-depth discussions with about ten or twenty countries. After all, it is impossible for me to establish contacts with hundreds of countries.
Of course, the country I have the most contact with is the UAE, where I currently live. They have a very positive attitude towards the blockchain industry and are very strong in promoting it.
Let’s look at the United States. As a big country, its overall attitude towards blockchain is becoming more and more positive. Hong Kong is also a very positive example. Although their current regulatory terms are still a bit strict, it is obvious that they are willing to change and open up.
Thailand and Malaysia are also very enthusiastic about blockchain, and Japan has actually always been a country that is relatively open to this industry. Singapore is currently at a medium level, and they are neither particularly radical nor conservative.
In addition, countries that have recently signed cooperation intentions, as well as African countries such as Côte d'Ivoire and Pakistan, are also very positive about digital currencies.
Product experience issues and optimization suggestions for Binance Wallet
Representative of Mickey Mouse Business School: We want to ask about the Binance wallet. IDO activities are very active now, and we have observed that many people in the community have spontaneously invited their family and friends to participate.
But there is also a problem - many people sell the tokens immediately after receiving them, and the funds cannot stay on the chain for a long time. We think that we can add a component to the interface for receiving tokens to automatically add BNB and new coins to the LP (liquidity pool) trading pair, so that a win-win situation can be achieved and funds can be kept on the BNB Chain.
In addition, I believe that you, CZ, are also a long-term user of Binance Wallet. Do you think the current wallet is perfect? If not, which function do you most want to improve? Thank you.
CZ: Okay, first of all, I am no longer responsible for the daily operations of Binance, but your suggestion is really very good, and I think they should consider adopting it immediately. Adding an LP trading pair option is very specific, direct, and constructive feedback.
Regarding the product experience, to be honest, I think Binance's Web3 wallet is not very easy to use. From the user experience perspective, it is indeed much worse than some competing products. We have not invested enough in this area, and competitors have accumulated a lot of advantages in the past few years. It is difficult for our team to catch up in the short term.
However, Binance has a big advantage, which is the ecosystem. Many competitors do not have their own chains, or are no longer actively building them, so they cannot obtain the best project resources for IDO. But Binance is different. It has the foundation of a centralized exchange, a large number of users, and most importantly, the long-term trust of users. This is difficult for competitors to replicate.
Although the product experience is not good enough, for example, if you want to search for a popular coin or find relevant information in a hot project, it may be difficult to find it in the wallet. But we have indeed seen improvements in recent weeks. But, to be honest, there is still a gap compared with competitors.
I think there is still a lot of room for improvement in this area. Thank you very much for your feedback, which reminds us to optimize the product faster. We still have a lot of work to do.
Is Memecoin a liquidity play or a sustainable narrative?
Xie Jiayin: I am Xie Jiayin, the Chinese director of Bitget. Brother Sun is my former boss. Cousin CZ is someone I admire very much...
CZ (interrupting): Future boss (laughing).
Xie Jiayin: I would like to ask you two a question. Now everyone knows that Memecoin is very popular. But I think there is a question worth thinking about: how long can its liquidity last? In other words, can the narrative of Memecoin last for a long time? Or is it essentially a liquidity game? I would like to ask you two for your opinions.
Justin Sun: Okay, I think on the surface it seems that anyone can issue Memecoin, and many teams are working on it, but in fact, behind the Memecoins with a truly high market value and good performance there are teams that are continuously operating and working hard.
For example, Dogecoin and Pepe are representative Memecoins in our industry. In fact, they have been operating communities and content continuously, not just issuing coins and then ending. On the other hand, we have also seen some failed Memecoins, such as some projects that are launched every day, with a market value of 100,000 US dollars as soon as they go online, and then they collapse quickly, just competing to see who runs first.
So sometimes we joke that both project owners and cryptocurrency traders need to have a "big picture". But the reality is that people who really have a big picture are often cut off. In fact, I think it's just the opposite. A successful project must have a big picture. It must be managed well for a long time to attract more people to join. It must have high-quality IP, continuous content output and a reliable team.
So I personally think that the difficulty of Memecoin is no less than that of traditional projects. It also needs to carefully polish the content and narrative to truly stand out.
CZ: I think the Memecoin model is really difficult. There are indeed some good IPs, ideas or cultural symbols that can survive. For example, the fact that Dogecoin can survive until now is completely beyond my expectation. The founder has long been in charge, and Elon Musk took over. As far as I know, Elon Musk does not actually hold Dogecoin, he just thinks it is interesting.
The biggest problem with Memecoin is that its sequence is different from that of traditional projects. It first issues coins, then looks for business models, and then builds products. This is actually very unfavorable to sustainable development.
The path of traditional projects is to write a white paper first, think clearly about the plan, then issue coins to raise funds and move forward according to the plan. However, Memecoin issued coins first, and the product has not yet been settled, so it is easy to get confused about the direction. Once the coin is issued, the flexibility of the project is greatly reduced, and transformation becomes difficult. So I always recommend: Don't rush to issue coins before finding Product-Market Fit.
You should first verify that the product really has a market, and then issue coins to really help growth. But the Memecoin model is different. It first has a meme, and then it tries to find an application scenario, such as payment or other uses, but many of these scenarios are untenable. It has no real product support, and it only relies on a cultural stalk and community enthusiasm, so it is difficult to have stickiness. You must be really "extraordinary fun" and have a strong enough community resonance to stay.
Therefore, not many projects can succeed under this model, and most of them will not last long. In contrast, traditional projects are more likely to find their own position if they are product-oriented. I think Memecoin is a model that is difficult to run. Although it is popular now, not many will stay.
Financing difficulties faced by long-term BUIDL teams in a volatile market
Clara: Hello everyone, I am Clara from Cycle Network, we are a project incubated by Binance Labs. I would like to continue to ask about the topic of long-term BUIDL mentioned by Mr. CZ just now. First of all, thank you very much for always calling on everyone to look at this industry from a longer-term and sustainable perspective.
But I want to point out a very realistic and serious problem: in the current impetuous market environment, many teams that really want to build for the long term do not get the support they deserve, such as financing becomes very difficult. I would like to ask what do you think about this issue? Do you have any suggestions for those of us who are insisting on BUIDL?
CZ: Actually, I think the difficulty in financing is both a challenge and an opportunity.
We are now more willing to invest in teams that can calm down and work hard on products. As long as we come across such projects, we are very willing to invest. Many projects in the market are now issuing coins, developing token launch platforms, and AI agents. An AI agent can generate one in one minute, and then issue a coin... We are not very interested in those who blindly chase hot spots and lack continuous investment.
Teams that really want to build a long-term business now have an easier time getting money — the only difference is that the way is not to issue coins, but to find the right institutions to cooperate with. If you come to us at YZi Labs, we are willing to invest.
From an investment perspective, this is like investing in a bear market. Although it is not a bear market in the strict sense, this bull market is not particularly "bullish". But because of this, we think the current market environment is more suitable for investment - especially those teams that still insist on building in difficult times, we will pay special attention to them.
So my advice is: don’t rush to issue coins. There are still many investors with money in the market. Although many retail investors are chasing Memecoin, institutional investors are still looking for projects that are truly valuable and have long-term potential.
In addition, although there are many opinions about VC and VC coins, we cannot simply dismiss them. We still hold the projects we invested in YZi Labs, such as Luna and Terra, and we have not dumped them. We are long-termists and really hope that the projects will succeed.
We will assist in designing the token model according to the needs of the project and help you design a token mechanism suitable for long-term development, rather than a structure that can be dumped for arbitrage as soon as it goes online.
So I think it is easier to find good projects in times of adversity. As long as you are willing to look for opportunities, we are also willing to lend a hand.
Clara: Yes, I want to add one thing. I have just been listening to you talk about the topic of long-term BUIDL, and you also mentioned important indicators such as the number of users and turnover, which are positive externalities.
I actually want to take this opportunity today and this microphone to call on everyone to pay more attention to those teams that are truly committed to long-term development. Feelings are not just talk, they really need to be seen and supported by more people. I hope that everyone can work together to push the industry in a healthier direction.
How to promote excellent products? Suggestions for the new generation of BUIDLER?
Audience: First of all, thank you both for sharing today, it is really inspiring. CZ recently proposed a concept called "pay to reach". I have two questions: The first is, if a new product appears and it is better than the existing products, how will you use it and promote it? The second question is, what suggestions do you have for future BUIDLER? Thank you.
Justin Sun: Okay, actually, I am quite touched by the questions raised by this student and the previous questioner.
TRON and Binance were both launched through ICO financing in 2017. I was particularly impressed by an article CZ wrote on Steemit at the time. He mentioned a point that actually makes sense: to make a good blockchain product, you don’t necessarily need a lot of money.
In our era, even in 2017, many of the most successful projects were not the ones that raised the most money. Instead, some serious teams may have raised a few million dollars, which was enough to build excellent products. Ethereum also raised only a little money in the early days. So I think today's BUIDLER should focus on products, construction and user needs, rather than just focusing on financing.
Financing is important, but what is more important is the mentality. It is enough to have enough, and you don’t have to pursue the so-called “super ICO”. Sometimes there is a misunderstanding in the industry that it seems that a big ICO is necessary to be successful, and even the ICO itself is regarded as the whole of the project. I think this is a big deviation. Focusing on the product itself is the root of success.
CZ: My advice to BUIDLER is just one sentence: Keep BUIDLING.
This sounds simple, but what I want to say is actually two points. First, you have to do what you really love. If you are passionate about it, it is worth your full investment. Second, you have to have persistence. Whether you can persist is the key to whether a person or a project can succeed.
No matter it is a bull market or a bear market, no matter how many setbacks we encounter in the process, our generation has persisted in this industry for more than ten years and is still working hard. So I want to tell the new generation of BUIDLER: If you have passion and can persist, you can go further.
