Don't take me wrong.
This is definitely not blatant racism
When I say "Westerners", I am talking about a specific mindset.
The kind that believes the world revolves around them.
The kind that believes if something doesn’t follow their narrative,
or serve their agenda, then it must be labeled a “scam.”
Cringy, overconfident CT — regardless of the language they speak.
Especially the VCs, advisors, and insiders who have been here since 2021.
The ones who now jump on the bandwagon of moral theater, stuffing everyone’s TL with coordinated, groundless Binance FUD, pretending it’s about “justice” and “standards.”
If I hadn’t been there, done that, I might have fallen for your rhetorics.
But nah, you don’t get to fool us twice.
(阅读中文版请滚动到底）
It's All About Money
The 10.11 incident happened more than three months ago.
During that entire period,
not a single major market maker—the supposedly most impacted parties—publicly raised serious concerns.
And yet suddenly, now,
the FUD arrives in formation.
It’s hard not to be reminded of the coordinated attacks on @Pumpfun last June and July before their ICO.
Anyone with even a basic understanding of PR knows this kind of drama is never organic.
Who is behind it is not the point.
Why is.
And the answer is boring.
Money.
Western VC Bags Are Under Extreme Pressure
Including firms like a16z,
six top Western crypto funds are collectively sitting on:
~400 projects
~$20–30 billion in last-round valuation
that have not TGE’d
This excludes Kalshi and Polymarket.
With a few exceptions like MegaETH — which are genuinely solid —
most are already dead ideas.
Overbuilt infrastructure.
“AI + Blockchain.”
Shared sequencers.
Privacy L2s nobody asked for.
Everyone knows they’re dead.
They just haven’t been buried yet.
Binance. Binance. Binance.
Based on public data:
Before @cz_binance return in September 2024,
The "Top 6" crypto VC portfolios achieved ~770% paper returns post-TGE.
Returns collapsed to around 150% after that.
Why?
First, these VCs were pushing high-valuation, low-float launches.
$5–10B FDV at listing.
Prices already near the ceiling before real liquidity even existed.
Second, after November 2024 — starting with CowSwap’s Binance spot listing —
projects with these top names on the cap table no longer enjoyed guaranteed spot access.
Projects like Story Protocol failed to list directly.
Binance Alpha.
Futures.
Aster.
These are not “alternatives.”
They are not stepping stones.
They are fail-safes.
Designed to ensure the project’s sunk cost is large enough
that dumping on Day 1 is no longer profitable.
Many still dump anyway.
But at least the airdrop to users is better than nothing
In fact, the ROI difference between a project with and without a Binance spot listing — even for top VCs — is enormous.
OTC discounts differ.
Spot liquidity differs.
Short-squeeze dynamics differ.
Once the vesting cliff is reached,
you’re in a completely different situation.
And all those ROIs they enjoyed when listed —
who do you think paid for them?
You.
Asian users.
Emerging-market users.
The people “Westerners” dismiss as offshore liquidity.
Remember Blast, STRK, Scroll?
The Truth They Won’t Say Out Loud
For top Western VCs, their LPs are university endowments and pension funds —
patient capital with an extremely low cost of funding.
They can support many such projects.
Until they realized one thing:
Without listings on Binance and Upbit,
their “portfolios that will change the world”
are just stacks of token warrants.
Worthless paper.
Their fellow Western(actually in Western countries) users either:
Can’t buy these tokens due to KYC, or
Struggle to cover a $400 emergency expense
(Report on the Economic Well-Being of U.S. Households, 2018)
CZ’s comeback was the only thing that stopped
this entire dumping shitshow.
Why They Really Hate Binance
Their accusations —
“enclosed ecosystem,”
“monopolistic,”
“intentionally blocking good projects,”
“scammy” —
are not moral arguments.
They are fear.
They claim that token will be better off without Binance
But deep inside they know
Without Binance listings, their bags most likely won’t last.
They go to zero.
They attack what they desperately want.
This was never about fairness.
It’s about who gets the advantage.
If you had said on Day 1 that you didn’t need Binance,
win or lose, I’d respect you.
In Chinese, we have a word for people like this:
道貌岸然
Moral posturing with rotten incentives.
Who Really Killed Crypto's Aura?
Every political movement survives on an unconditional base.
Why does that base exist?
Because supporters believe the movement’s leaders
will have to stand with them — no matter what.
The Bolsheviks called this class (класс).
Like Stalin’s Soviet Union,
crypto is marching toward failure
because its ideological leaders betrayed their class.
Crypto’s real base was never VCs or institutions.
It was the economically marginalized.
A generation squeezed by intergenerational extraction.
Young kids who never experienced a real PvE “golden age.”
They didn’t just want to rebel.
They wanted to stop catching boomer bags
and build a parallel economic system.
Instead, the narrative-steering “Western” elites talked about “mass adoption,”
while daydreaming about defecting to Democrats or Republicans —
hoping Wall Street and Washington would pat them on the head and say,
“good boy.”
After Luna, every cheer for “compliance,”
every sneer at “gamble-mongering” ventures,
was a betrayal of the revolution.
Do they really not understand
that their supporters want:
high risk-reward games,
freedom of strategy,
and unjudged achievement?
Asian CEXs or DEXs— and even Tron —
did more to onboard real users
than any Western rhetoric ever did.
You cannot lecture people into a movement.
It's 2026 And We Are Not Buying Your Bags
Rerererestaking.
ZK.
FHE.
PayFi Chain.
Colonizing black holes.
It’s 2026.
Here on the other side of the world,
we’ve already heard enough.
Basically:
M2 expansion repackaged as sci-fi wet dreams.
We’ve already accepted that everything goes to zero.
So if the ending is the same,
why wouldn’t we play games we actually understand?
Positive EV is easier that way, innit?
That’s why Asian users chase $300K runners
instead of “meaningful” projects
that launch at $20M FDV with 2,000 addresses in three minutes.
You get the same 10× from $30K → $300K
as from $20M → $200M.
Yes.
Whatever you’re selling,
we ain’t buying.
Before you lecture me otherwise, enlighten me:
WTF is 67?
Before that,
please respect the real, actual users — not your conceptual ones —
who keep this industry breathing.
别误会。
这当然不是赤裸裸的种族歧视。
当我说“西方人”的时候，
我指的是一种特定的心态。
一种相信世界围着他们转的心态。
一种相信：
只要某件事不符合他们的叙事，
不服务于他们的议程，
那它就必须被贴上“scam”标签的心态。
不分语言、不分国籍的，蜜汁自信的Crypto Twitter
尤其是那些2021年就在行业里的VC、项目顾问和内幕人士，那些如今跳上道德表演顺风车的人，
用一套协调一致、毫无根据的 Binance FUD 填满所有人的时间线，
假装这一切是在谈“正义”和“标准”这一切是在谈“正义”和“标准”
尤其是那些从 2021 年就混在这里的 VC、advisor 和 insider。
如今还要装着道德高尚，
拿一套几乎一个模板出来、毫无根据的 “Binance FUD” 污染大家的时间线
如果不是我当年全程见识过
我可能还真会信了你们那套话术。
但不好意思。
你们骗不了我们第二次。
一切都是利益
10.11 事件已经过去三个月以上了。
在这整个期间，
没有任何一个所谓“受影响最大”的主流做市商
公开出来指责过
三个月后的今天
突然同时同地点成群出来FUD。
这很难不让人想起
去年 6–7 月、@Pumpdotfun ICO 之前，那一轮高度协调的舆论攻击。
任何稍微懂一点 PR 的人都知道，这绝壁是有人操作的。
谁搞的不重要，不聊阴谋论。
处于什么动机才是。
答案也很简单，就是利益
西方 VC 压力很大
包括 a16z 在内，六家头部北美加密VC
目前一共压着：
- 约 400 个项目
- 总估值约 200–300 亿美金
至今尚未 TGE
不包括 Kalshi 和 Polymarket）
除了像 @megaeth 这样确实靠谱的少数例外，
剩下的大多数，
过度基建:
“AI + Blockchain”
共享排序器
没人要的隐私 L2
所有人都知道它们已经死了, 只是还没埋而已。
币安，币安，还是币安
根据公开数据：
在 2024 年 9 月 CZ 回归之前，
“Top 6” 加密 VC 的项目TGE账面回报率大约是 770%。
在那之后，直接塌到 150% 左右。
为什么？
第一，这些 VC 在疯狂推高估值、低流通的项目。开盘就是 50–100 亿 FDV。
在真正有流动性之前，价格就已经摸到天花板了。
第二，从 2024 年 11 月开始 CowSwap 上币安现货为分水岭——即便 有这些顶级机构也不再享有币安现货的“保送资格”。
像 Story Protocol 这样的项目没能直现货:Binance Alpha, Futures, Aster
这些并不是“替代方案”。
也不完全是“爬天梯“上现货
它们更像是保险丝，目的只有两个：
提供个入口用户多个选择，再确保项目方的沉没成本足够大，第一天浇给不划算。当然，很多人还是会砸。但至少给用户空投，总比什么都没有强。
上现货和不上现货，ROI 是两个世界
事实上，一个项目有没有 Binance 现货，即便对头部 VC 来说，在收益率上的差距也是巨大的：OTC 折扣不一样现货流动性不一样，逼空流动性条件不一样。
等 vesting cliff 一到，你面对的就是完全不同的局面。
那么问题来了：
那些VC在现货项目里赚到的巨大回报，
是谁在买单？
你。
亚洲用户。新兴市场用户。
那些被“西方人”轻蔑地称为**“离岸流动性”**的人。
还记得 Blast、STRK、Scroll 吗？
他们绝不会明说的真相
对这些顶级西方 VC 来说，他们的 LP 是大学基金、养老基金——
极其耐心，融资成本极低。因此他们可以长期供养很多这样的项目。
直到他们意识到一件事：
如果没有 Binance 和 Upbit 的 listing，他们那些“将改变世界的项目”，
不过是一堆合同废纸。
他们自己的西方用户要么因为 KYC 根本买不了这些币，要么连 400 美金的紧急支出都很吃力（《2018 年美国家庭经济状况报告》）
@cz_binance 的回归，是唯一阻挡这场倾销闹剧的。
他们为什么恨 Binance
“封闭生态”、“垄断”、“故意不上好项目”、“诈骗”——
都在掩盖一个事实
那就是恐惧。
他们嘴上说：
“没有 Binance，token 反而会更好。”
但他们心里非常清楚：
没有 Binance 的 listing，他们的包大概率撑不住会直接归零。
他们攻击的，正是他们最渴望的东西。
这从来不是公平的问题，而是占便宜的是谁的问题。
如果你在从第一天就明确说：
“我不需要 Binance”
不论成败，我都会敬你是条汉子。
我们中文里有一个词形容这种人：
道貌岸然
到底是谁让Crypto了无趣味？
任何政治运动要存活，都需要一个无条件支持的基本盘。
为什么会有这种基本盘？
因为支持者相信：运动意识形态的领导者必须无条件站他们，布尔什维克称之为：阶级（класс）。
就像斯大林时代的苏联一样，Crypto 正在走向失败，
原因只有一个：
掌握意识形态的那群人，背叛了自己的阶级。
Crypto 的真正基本盘，从来都不是 VC 或机构。而是被主流经济体系边缘化的人被代际掠夺挤压的一代。从未体验过真正 PVE“黄金年代”的年轻人。
他们想要的不只是“反叛很酷”。
而是：
不再接 老登的盘，并建立一个平行的经济系统。
但那些掌握叙事权的“西方”精英，嘴上说着“mass adoption”，脑子里想的却是，要不要投靠民主党还是共和党——幻想着华尔街和华盛顿的老头，摸摸他们的头说一句：
“真乖”。
Luna 之后，他们每一次对“合规”的欢呼，每一次对“赌博式项目”的鄙视，
都是对这场革命的背叛。
他们真的不懂吗？支持者想要的是：
-高风险高回报的博弈，
-自由选择策略的权利，
-以及不被评判的成就感。
亚洲的 CEX、DEX，甚至 Tron——在拉新真实用户这件事上，都比任何“西方 陈词滥调”做得更多。
毕竟你不可能靠说教完成一场运动。
2026 年了。我们不接你们的包
Rerererestaking
ZK
FH
PayFi Chain
殖民黑洞
拜托这是 2026 年。
在世界的另一端，我们什么故事都听过了。
说白了就是：
M2货币信用扩张，换了一层科幻意淫的包装。
我们已经接受了万物终将归零 这个结局。那既然结局都一样，为什么不玩我们真正理解的游戏？
正 EV 显然更容易不是么？有什么问题？
这就是为什么亚洲用户宁可追 30 万美金的狗，也不碰那些三分钟 2000 个地址、20M FDV 起步的价值项目
毕竟从 3 万到 30 万，和从 2000 万到 2 亿，都是 10 倍。
是的。
你说啥大家都不信了
在你反驳我之前，先回答我一个问题：
67 是TM啥
讲明白之前，先尊重那些真正的、活生生的用户——
不是你 PPT 里的概念上的”用户“
行业就靠着他们吊着这口气
