林克Clean

I have held Bitcoin for 10 years, and this Binance account is the same age as Binance itself. I registered in July 2017 when Binance launched. Today, I found a post from 2016 when I bought Bitcoin for over 524,649,986,103,000 RMB. At the end of that year, Trump was elected as the President of the United States for the first time, and the price of Bitcoin surged to over 7,000 RMB. I sold off more than half, making a profit of more than double. That was the time I sold the most Bitcoin. Low cost but unable to hold, the limitation of understanding is just the surface. The deeper reason is that Bitcoin has become a container for consuming imagination, carrying a future narrative far beyond my initial understanding.
Observing the Bitcoin whales around me, most of them earn Bitcoin through work. The cost is not the fiat currency used to buy it, but the realization of abilities and resources. Therefore, the cost of fiat currency is original sin, and anchoring prices is a mental demon. The best way is to make your abilities and value become mining machines, directly exchanging labor value for Bitcoin. Without buying points or selling points, one can traverse bulls and bears and stand firm in the torrent of time.

I used to think that people like us who trade crypto and stocks were something of a fringe group in society,
not accepted by the mainstream, and a little divided in how we saw ourselves,
so we were careful with our words and actions, and when we went out, we lived by the motto “the happy should yield”—we put up with whatever we could.
But then, just this past week, I suddenly realized I’m the real threat to social stability. I’ve lost so much that other people now have to go out of their way to yield to me.
Fuck, I’m so irritable—even dogs passing by make me want to yell at them.

A lesson for everyone, especially newcomers to the crypto market, on how to lose less money:
Don't listen to anything other people tell you.
I just checked my assets and found that an Alpha token had been delisted. Someone had aggressively urged me to buy into this project. I bought it and lost money, and now it's completely worthless.

There was another project where the person explicitly told me they'd received a new offer and even called me specifically to tell me to buy in. I couldn't turn them down, so I kept adding to my position. Now I'm down 90%. When I asked what was going on, they only replied: “I cut my losses ages ago.”

Every time, I hesitated. Deep down, I knew they were probably targeting me for an exit scam, but sometimes I could sense their sincerity and found it hard to say no. So I kept falling for it.
Some people have already decided what you're worth from the moment they meet you. How much they can take from you depends on how you see the person in front of you.
Listen less, analyze things for yourself, and respect your own investments. Being targeted for an exit scam doesn't just cost you money—it leaves a bad taste in your mouth.
With liquidity this scarce, ask yourself one thing: if they really had insider information, how would it end up with you?

Went away to study for a few days, only to catch the U.S. stock market crash.

At the event this time, I heard lots of talks about the AI space and learned about all kinds of ways people are thinking about making money.

At the Binance Learning Camp, you could really feel that everyone was constantly keeping an eye out for information, gathering it, and researching it. There’s an unflattering term for it: “a hustle-obsessed maniac.”
But in that moment, it was the only way I could describe it 😂—and I mean it as a compliment, to express how impressed I was.

It’s not just the masterclasses that give you a sense of the industry’s big picture.
What’s most valuable is getting to hear what people really think and how they assess their positions.

What struck me most was everyone’s drive. It was incredibly contagious—I felt humbled by comparison.

After a long day on the road, I finally arrived on Phu Quoc Island.
Walking into the hotel, I found it looked just like a school. I asked AI and learned that the designer had transformed it into Lamarck University. The hotel itself is a complete French-style campus, which fits the theme of this crypto boot camp perfectly.
At first, I wondered why the event was being held on Phu Quoc Island. I’d assumed it was because you could pay with Binance in Vietnam and wouldn’t need cash at all. But as soon as I walked into the hotel, I understood the organizers’ thoughtful intentions.
Just then, a heavy rainstorm rolled in. The rain soaked the lawns, and the whole campus was filled with the fresh scent of grass and trees.
All my fatigue faded away the moment I lay down on the bed.

Binance has resumed withdrawals, so the most critical liquidity-panic hurdle is behind us.
But next, a story reminiscent of *The Odyssey* may be about to unfold.
The major exchanges certainly won’t let this opportunity pass them by. They’ll use the turmoil to launch high-yield stablecoin products and compete for users and funds flowing out. Who wouldn’t want a piece of the action?

But Odysseus eventually made it home, and he was the only one who could truly string that great bow.

Binance clearly won’t sit idly by while users and funds leave. How long has it been since the crypto world brought in a meaningful number of new users? Right now, it’s a battle for existing capital.
Binance’s repeated renewals of fixed-yield products and its lowering of VIP thresholds were essentially ways to improve user retention.
After this turmoil, it will probably roll out even more attractive financial products, perhaps with extra perks, to win users back.

So it’s worth waiting to see.

A crisis could turn into a battle between exchanges for users’ funds.
For those holding plenty of U and sitting on the sidelines, the golden window for yield-farming arbitrage is here.

What sets people apart isn’t just professional ability—how quickly they learn and adapt is key. Breaking free from the constraints of your past environment is what makes major breakthroughs possible. Wang Baoqiang is a classic example.

He’s not nearly as simple and honest as he looks, and he’s become even more clear-eyed since his divorce.
Unlike the Wang Baoqiang you might remember, he completed his transformation from actor to investor long ago.

There are plenty of performers with stronger professional skills and higher incomes than him, yet they never made the leap from employee to boss. Beyond personality and opportunity, the key difference is how they update their way of thinking.

Most people are content with modest wealth and care more about a steady paycheck than taking bold risks. But during an industry boom, that can be a major strategic mistake. Wang Baoqiang, on the other hand, thinks in ways you wouldn’t expect from his appearance—especially when it comes to learning.
He actively shed the small-farmer mindset that came with his humble beginnings. Once he had built up some resources, he began running his own business, riding the wave and keeping control of the resources and decisions in his own hands.
He repeatedly gambled the steady income from his acting fees on film investments. By the time China’s film market was expanding, he had built himself into a major investor.

There was a turning point behind this transformation. When Lost in Thailand became a huge hit, Wang Baoqiang, despite being one of its stars, received a fixed fee of just 2 million yuan. Huang Bo, who had a supporting role, casually converted his fee into a share of the profits and made 50 million yuan. After taking that hit, Wang Baoqiang invested in Detective Chinatown 2 through his own company as a co-producer. The film grossed 3.4 billion yuan, and his investment return came close to 200 million yuan.

This wasn’t a lucky fluke. He saw that the market was on the rise, so he consistently turned “steady cash flow” into “equity and control.”

When the market is booming and liquidity is high, remember: “If you want to get rich, make a big bet.

When you have the chance to make money, make as much as you can, and do your best to cash out near the top.”

Chinese people have a very strong voice in the crypto market.
It’s also one of the few areas in the global financial market where Chinese people can play a deep role in shaping the rules and compete on a global scale.
Some people don’t want to see that, and there have been plenty of targeted crackdowns.
Even Musk, for all his wealth as the world’s richest man, has used his influence to make money in the crypto world. Tesla also made considerable gains from investing in Bitcoin, and Tesla and SpaceX still hold large amounts of Bitcoin.
Competition among our exchanges is fierce. Beef and business wars are commonplace.
But when something goes wrong, few people gloat. Even bitter rivals will lend a hand.
Because when any major exchange goes under, it’s a disaster for us and for the entire industry.
That’s not just human decency shining through; it’s also because our interests are intertwined.
But when the industry faces a major security incident and market confidence takes a hit, Musk keeps making mocking remarks. It’s hard not to think he’s acting maliciously.
You may be the richest man in the world, but you can still make mistakes. Even the greatest entrepreneurs have their own little agendas and can go too far.
When the crypto market is going through a tough time, making remarks like that one after another is simply ungentlemanly.
Put bluntly, you’ve made your share of money in this market, haven’t you?

It’s clear that crypto’s wealth effect is still the hottest draw. The only difference is that it’s not attracting retail investors, but all kinds of token launchers, malicious market makers, people scheming to build hidden positions, signal callers looking to fleece their followers, rug-pull project teams, and hackers of every stripe.

Ever since Mt. Gox, exchange hacks have become a problem the industry can never completely avoid.
Fortunately, the industry has grown, and exchanges are now capable of dealing with a theft of this scale.

I looked at how much my assets had shrunk. For those of us who hold spot assets long term, it’s still pretty manageable. Especially since the industry embraced TradFi across the board this year: our portfolios now hold quite a bit more U.S. stocks and gold, which has also helped spread out the downside risk.

This seems to be a thorny issue that the crypto industry has never been able to fully resolve. Someone once asked me whether the impact of quantum computing and AI would affect the security of cryptography and blockchains. I said I didn’t understand the academic details, but logically speaking, technological advances bring new ways to attack, while also giving the industry stronger defenses. This isn’t unique to crypto.

But I do have a few thoughts that go against the grain.
First, a lot of people have said that keeping funds in a wallet is less safe than keeping them on Binance, because many people can’t live by “Not your keys, not your coins.” Driven by the victim mindset, what many people want isn’t absolute control over their assets, but the assurance that “the exchange can reimburse me in full.”
As for Binance, it can fully reimburse the stolen funds, so there’s no need to panic too much.
As for the market falling due to the ripple effects, it reminds me of how, not long ago, many people still didn’t believe the bear market would give way to a bull market, because there hadn’t been a black swan event yet.

That’s the habitual way of thinking we crypto folks have developed from years of hardship: unless we take a hard hit, we won’t believe the industry has risen from the ashes once again.
So, can we safely buy the dip now? 😂

No one wants to see a security incident in the industry. But since one has happened, and Binance can fully reimburse the losses, I wonder if there might be a positive side to it too.
Whether it’s the biggest exchange or an individual, a major upgrade and a moment of reflection often need an event to set them in motion. Every time the industry goes through a major risk event, it emerges more alert and more resilient.

Don’t think the sky is falling. That’s just how crypto is: nothing can kill Bitcoin. I’ve always believed that.

It’s like how, after someone gets a severe case of the flu, their body undergoes a deep repair, their immune system and metabolism get an upgrade, and they develop stronger antibodies.

At last, it’s all over. Thanks to all of you for believing in me—I’ve been able to make progress.
The competition really was fierce this year.
I don’t think everyone cared that much about the award itself. Rather, I think we all genuinely felt how hard it was to make our way along our own paths this year.
Only you know what you went through on every difficult night.
No one is targeting anyone else—we’re all just doing our best to protect what we hold dear.
Thanks to everyone who voted for me, and to all the brothers in the livestream who helped drum up votes for me 🙏🏻

I said last year that trophies and honors are only temporary in the end. But if you truly believe you can do it, then go out and make something happen. Next year could open up a whole new world.
All right, this year’s Top 100 voting has ended, and next year’s voting officially starts now.

Lately, I’ve been canvassing for votes in the @风哥不吹牛 livestream while trading with Feng-ge too. I’m getting the best of both worlds 😂 I feel a little embarrassed.

Google and Microsoft report earnings tomorrow.
I feel like they’ll say something about AI monetization accelerating, beat expectations, and—along with dovish remarks from the Fed—it’ll finally be tech stocks’ turn to rebound, which could then lift the crypto market.
That would be a pretty good script 😂

Has the crypto market improved?
I think it has. Compared with last year, things are actually much better this year.
Last year, many new coins listed on Binance were basically just giveaways. Project teams felt that once they got listed on Binance, they had achieved the highest honor, and they didn’t care at all about post-listing performance. There were even cases where market makers only sold and never bought, which led Binance to step in and investigate multiple times.
This year, Binance’s spot listings have become noticeably more cautious. I’ve even heard that for some projects that already got an offer, the listing time still hasn’t been confirmed. Project teams can only gradually shift their attention toward Alpha+perp.
From the recent performance of DNA and AXIS, those who rushed in at the time of listing all made money, at least the new coins pumped.
New projects can show the market that there are opportunities, and naturally everyone’s enthusiasm comes back.
Although the crypto market was hit by TradFi this year and a lot of capital was diverted.
People still have expectations for TGE projects like Predict, and sentiment is no longer at the bottom.
In fact, what the market needs is not just BTC pumping; it also needs to make everyone believe again that there are still worthwhile opportunities in crypto, after all, people come to the crypto market to chase high-multiple returns.