Why is Binance’s “currency listing dilemma” an inevitable outcome?

Don’t be afraid of offending people—the “Binance currency listing dilemma” is an inevitable outcome, and the redemption plan is very cruel.

1. Traditional listing vs Crypto Listing

The two most important purposes of traditional companies going public are:

1. Refinance and expand production
2. Endorsement

Both are aimed at allowing companies to gain commercial competitive advantages and thereby create more profits for themselves and their shareholders. Secondly, both:

3. Exit of founders and investors

4. Motivate employees

The former is a real benefit and encourages the birth of more businesses in society; the latter gains business advantages by increasing employee loyalty.
Importance 1 > 2 > 3 > 4

This is why in the past everyone always said that “capital will reproduce itself”, because all goals end at: making more money through business advantages.

Moreover, many companies do not even want to go public, such as ByteDance and Huawei, because they already make enough money on their own and no longer need to refinance to expand their business advantages.

Everyone knows the cruel fact about our industry. 99% of Crypto projects do not make any money at all.
The purpose of expanding commercial advantages did not exist from the beginning. There is no point in investing in reproduction. The more you invest, the greater your losses will be.
Then only objectives 3 and 4 are left, namely the exit of founders, investors and employees.

2. Benefits and Obligations

Traditional listings have strict requirements and obligations:
Before listing: There must be a strong sponsor for the IPO. This step must at least prove that the founder and business model are not too problematic, and let the founder know that this opportunity is expensive and not to mess with it; the sponsor also cherishes its feathers (license) extremely and will not use excessive off-market tactics.

However, the problem with the Crypto protocol is that it enjoys the benefits of a traditional listing: investors exit/motivate employees…
It does not assume any traditional listing obligations:
Before listing, the project team had no sponsoring agency, and many founders did not realize that listing was a rigorous matter. On the contrary, everyone works on anonymous projects and does not consider future reproduction at all.
So – bribery/faking/flushing/cheating, all the tricks must be used, of course, because they will not be punished!

3. There will be no punishment

Let me repeat this three times:

No punishment;

No punishment;

No punishment;

The investigative team will not be punished, the exchange employees will not be punished, and the exchange itself will certainly not be punished.

3.1 The Investigative Team

The heaviest punishment the investigative team will receive is being blacklisted by the exchange.

But what does being blacklisted even mean?

To paraphrase a classic fantasy question, imagine you have a red button in front of you:

A. 50% chance of winning 10 million

B. 50% chance of never being able to press this button again

If it were you, would you press it? You would definitely press it 100 times immediately—what kind of punishment is that?

3.2 Exchange Employees

You could say that Binance and Coinbase punish employees who accept bribes—criticism, dismissal, and even theoretically pursuing legal action.

However, obtaining evidence is extremely difficult. Crypto is one of the most difficult assets to trace in the world, and it’s an asset used even by Russia, Iran, and North Korea. It’s important to understand that our industry boasts the world’s best privacy infrastructure:

I use Signal or Telegram for private messaging;

I use cross-chain bridges and even coin mixers for trading;

I use third-tier exchanges that don’t require KYC for withdrawals.

Even Interpol might not be able to crack this system. What gives your mere internal audit department the audacity to claim it can solve corruption?

Furthermore, corruption is extremely covert:

A few kind words within the exchange, a few pointers at a task force meeting—that’s enough.

Even when leaders are trapped in their information cocoons—choosing to remain silent instead of exposing them completes the entire bribery process.

Therefore, as Jocy said, the task force specifically bribes KOLs followed by exchange owners. Your exchange’s internal secret police, even if Chen Lifu were reborn or Mao Renfeng were resurrected, could never be solved; this is an unsolvable, open conspiracy.

3.3 The Exchange Itself

Let’s imagine the exchange as an entity.

Listing a coin and seeing it drop 90% first, then another 90% a year later, is simply less profitable than listing a coin that increases tenfold.

Yes, you’ve noticed that listing worthless coins on exchanges can even be profitable; you won’t lose money.

The consequences of bad reputation are impossible to quantify. Exchanges don’t have departments specifically for tracking reputation changes; offending superiors and colleagues without any financial reward is unacceptable.

So, what kind of punishment is this? Is the punishment for listing a worthless coin simply “making less money”?

Is this even a punishment?

IV. Financial Disclosure

Traditional companies, after listing, regularly disclose financial statements, which are scrutinized by countless short-selling institutions and retail investors.

For example, PwC, having taken on the Evergrande deal, is still heavily criticized, and more importantly, was fined a massive 320 million yuan by regulators.

However, after the Crypto project was listed, it was difficult to clarify the whereabouts of the funds in the treasury on the chain, not to mention the lack of financial disclosure.

The project team can use the money obtained from the reduction of holdings at will to buy luxury homes, hold yacht parties, fall in love, and even study immortality. The only certainty is that they will not reinvest to expand reproduction.
This is the key to the problem – after listing, there is no problem in reducing/cash-out, but the problem is that after cashing out, it will no longer be put into production. This is a cycle of blood loss.

5. Solution

The disease is serious and the disease is deep, the only solution is: stop listing coins, stop listing coins, stop listing coins.
Until the Crypto project completely solves the problem of “no income at all”, listing the currency has no meaning:The previous one fell directly by 90%, which is to quickly cut off all users;

First pull the previous one 10 times, and then trap it at the top. This is to help smart users cut off stupid users.
It’s just a joke at fifty steps but a hundred steps away. It’s just that the latter has a better face and is considered to have been chosen based on his ability. The so-called “given a chance.”

Warning: If the exchange continues to adopt the existing currency listing strategy, it is only a matter of time before it is gradually eroded or even replaced by DEX.
I would not be surprised at all if one day Telegram Bot gets 5-10% share of BN CB and UB.

——–Dividing line——–

Let’s enter fantasy time: the fundamental solution: set up two sites, the main site + the social site.

【Main site】 Gradually shrink

Stop listing the tokens immediately. If you are too aggressive, you will gradually phase out the tokens before they are delisted.

【Social Site】 Newly established

The newly established community site adopts the DEX model, which is a registration system, and every project can be listed fairly.
Let me ask, when have Uniswap or Raydium ever been scolded for selling tens of thousands of tokens every day?

When was Hayden Adams ever bribed? Alpha Ray even has a fake name, and no one needs to create an information cocoon for him.
It may be painful, but the benefits are:
In the future, getting on Binance and Coinbase will no longer be the end of the project; it will be the starting point for the project to start striving and aspire to make awesome applications (otherwise it will not make money).

Value discovery is completely left to the community, not the currency listing team or the investment department. The registration system can perfectly solve the problem of “why BN is always the last one”.
If there is a rising star of Crypto in it, it will not be missed. And the junk coins inside will never deceive more people through unfair means.

Looking forward to this day, this decision is great and cruel. However, once successful, it can even reverse the trend of the entire industry in one fell swoop, stop the trend of To Binance and To Coinbase, and then give birth to a real killer app like ChatGPT.
Never go against human nature; never go against the laws of business.

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