I am not afraid of offending anyone— the "Coin Listing Dilemma on Binance" is an inevitable outcome, and the redemption plan is very harsh.
【1. Traditional Listing vs Crypto Listing✨】
The two most important purposes of traditional company listings are:
To raise funds and expand production
To gain endorsement
Both are aimed at giving the company a competitive advantage in business, thereby creating more profits for itself and its shareholders.
Additionally, there are:
Exit for founders and investors
Employee incentives
The former is a true benefit and encourages more businesses to emerge in society; the latter increases employee loyalty, thus gaining a business advantage.
Importance: 1 > 2 > 3 > 4
This is why people used to say "capital reproduces itself," because all goals ultimately end in: earning more money through competitive advantages.
Moreover, many companies do not even want to go public, such as ByteDance and Huawei, because they are already making enough money and no longer need to expand their business advantages through refinancing.
The harsh reality of our industry is well known: 99% of crypto projects do not make money.
The purpose of expanding business advantages simply does not exist from the very beginning. Investing in reproduction is meaningless; the more you invest, the greater the loss.
So only purposes 3 and 4 remain, which are the exit for founders, investors, and employees.
【2. Benefits and Obligations✨】
Traditional listings have strict requirements and obligations:
Before listing: A capable sponsor must be involved in the IPO, which at least proves that the founders and business model are not problematic, making the founders aware that this opportunity is expensive and should not be mishandled; sponsors also cherish their reputation (license) and will not resort to excessive off-market tactics.
However, the problem with crypto protocols is that they enjoy the benefits of traditional listings: investor exit/employee incentives…
Yet they do not bear any of the obligations of traditional listings:
Before listing, the project team has no sponsor, and many founders are completely unaware that listing is a serious matter. On the contrary, everyone is an anonymous project and does not consider future reproduction at all.
Thus—bribery/fraud/inflating numbers/deception, all tactics are of course "exhausted," because there will be no punishment!
【3. No Punishment✨】
Important things are worth repeating three times:
No punishment;
No punishment;
No punishment;
The project team will not face punishment, exchange employees will not face punishment, and the exchange itself will certainly not face punishment.
3.1 Project Team
The heaviest punishment for the project team is being blacklisted by the exchange.
But what does being blacklisted even mean?
Using a classic hypothetical question, if you have a red button in front of you:
A. 50% chance to gain 10 million
B. 50% chance to never press this button again
Would you press it? You would press it 100 times immediately—what kind of punishment is that?
3.2 Exchange Employees
You might say that Binance and Coinbase have punishments for bribed employees—criticism, dismissal, or even theoretically pursuing legal responsibility.
However, gathering evidence is extremely difficult. Crypto is the hardest asset to trace in the world, and it is used even by Russia, Iran, and North Korea. Our industry has the best infrastructure in terms of privacy:
I chat using Signal or TG private chat;
I trade using cross-chain bridges or even mixers;
I withdraw using some third-tier exchanges that do not require KYC.
Even if Interpol personally investigates, they may not be able to crack it. Your mere internal audit department of an exchange has no basis to claim they can solve corruption.
Moreover, corruption is also extremely covert:
Just say a few good words internally at the exchange, and point out a few things at the project meeting.
In fact, as long as you choose to remain silent when the leadership is in an information bubble—you have completed the entire bribery process.
So, as Jocy said, project teams specifically bribe KOLs that the exchange bosses care about. Your internal secret police at the exchange, even if Chen Lifang and Mao Renfeng were resurrected, could not solve this; it is an unsolvable conspiracy.
3.3 The Exchange Itself
Let’s imagine the exchange as a physical entity.
If a coin goes live and drops 90%, then drops another 90% a year later, compared to launching a tenfold coin, the former simply makes less money, while the latter makes more.
Yes, you’ve realized that exchanges can even make money by listing junk coins; they will not lose money.
And the punishment in terms of reputation is simply unquantifiable; exchanges will not set up a department to specifically track changes in reputation. Offending leaders and colleagues, with no profit to be gained, no one will do it.
So, what kind of punishment is this? Listing a junk coin, and the punishment is "making a little less money"?
Is this even a punishment?
【4. Financial Disclosure✨】
After a traditional company goes public, it must regularly disclose financial statements, and countless short-sellers and retail investors will scrutinize the financial reports.
Take a well-known example: due to PwC taking on the Evergrande account, they are still being criticized to this day, and more critically, PwC was fined a whopping 320 million by regulators.
However, after a crypto project goes public, not only is there no financial disclosure, but the flow of funds in the on-chain treasury is also very difficult to clarify.
The project team can freely dispose of the money obtained from selling off, whether to buy luxury homes, throw yacht parties, date, or even research immortality; the only certainty is that they will not reinvest to expand production.
This is the crux of the problem—after listing, selling off/cashing out is not the issue, but the problem is that after cashing out, there is no reinvestment in production, which leads to a cycle of blood loss.
【5. Solutions✨】
The deeper the disease, the more urgent the remedy:
Stop listing coins. Stop listing coins. Stop listing coins.
As long as the crypto projects have not fundamentally solved the "lack of income" problem, listing coins is meaningless:
Listing a coin that directly drops 90% is just a quick way to cut off all users;
Listing a coin that first rises tenfold and then traps at the top is just helping smart users cut off foolish users.
It's just a matter of fifty steps laughing at a hundred steps; the latter just looks better on the surface, as if it was done skillfully, the so-called "given a chance."
Warning: If exchanges continue to adopt the current coin listing strategy, they will gradually be eroded or even replaced by DEXs; it’s just a matter of time.
I wouldn’t be surprised if one day, a Telegram Bot captures 5-10% of the market share from BN, CB, and UB.
-------- Divider --------
Now let’s enter fantasy time:
The fundamental solution: set up two sites, a main site + a community site
【Main Site】 Gradually shrink
Immediately stop listing coins, and if aggressively, gradually eliminate previously listed tokens.
【Community Site】 Newly established
The newly established community site will adopt a DEX model, meaning a registration system where every project can list coins fairly.
Let me ask, when has Uniswap or Raydium ever been criticized for listing tens of thousands of tokens daily?
When has Hayden Adams ever been bribed? Even Alpha Ray, with a fake name, doesn’t need to create an information bubble.
There may be growing pains, but the benefit is:
In the future, getting listed on Binance or Coinbase will no longer be the endpoint for project teams; instead, it will be the starting point for striving to create amazing applications (otherwise, they won’t make money).
Value discovery will be entirely handed over to the community, rather than the coin listing group or investment department. The registration system can perfectly solve the question of "why does BN always get the last stick."
If there are tomorrow's stars in crypto, they will definitely not miss out.
And the junk coins inside will never deceive more people through unfair means.
I look forward to this day; this decision is both great and cruel.
However, once successful, it could even reverse the entire industry’s atmosphere, stopping the trend of To Binance and To Coinbase, and thus giving birth to a truly killer app like ChatGPT.
❌ Never go against human nature;
❌ Never go against business laws.
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