EnHeng in conversation with Jiayi: How to stay clear-headed and rational in a volatile market?
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EnHeng in conversation with Jiayi: How to stay clear-headed and rational in a volatile market?
Block out the noise, focus on growth.
Navigating Web3 tides with focused insights
Guest:
jiayi 加一: Founder of GEEKcartel
EnHeng 嗯哼: Binance's "Crown Prince"
Below is the conversation:
EnHeng 嗯哼: Hello everyone, I'm EnHeng 嗯哼. The person next to me is Jiayi Jie. We first met at the Thailand Blockchain Association event—we ran into each other during an activity.
jiayi 加一: Did we really just run into each other at an event? I remember it was in a KTV...
EnHeng 嗯哼: ...Yeah, seems like it. (We also) sang songs together.
jiayi 加一: Right, you need to tell the truth... First came singing, then the chance encounter could happen...
EnHeng 嗯哼: Haven't seen each other for a year, but Jiayi Jie hasn't changed much at all.
jiayi 加一: Really? No change?
EnHeng 嗯哼: Your energy and spirit are even better!
jiayi 加一: Not getting older?
EnHeng 嗯哼: No, no, hahaha~ (Full survival instinct)
jiayi 加一: Alright, alright, haha. But I feel that over this past year—when I saw you last year, you seemed like a little bee buzzing around everywhere looking for opportunities to collect honey. Now you're already the "Binance Crown Prince," right?
EnHeng 嗯哼: Before, I was quite lost, didn’t have a clear direction—just trying my best to find opportunities in the crypto space to survive. Around that time, I switched jobs two or three times within about a year...
jiayi 加一: Were those jobs not working out for you, or were they just unsuitable? You’ll never be able to work as an employee your whole life.
EnHeng 嗯哼: When you’re broke, you obviously have to take a job. It’s mainly about seeing what the market currently needs and finding corresponding roles, hoping to land on a quality project—find the next big trend.
jiayi 加一: So now you’ve found it?
EnHeng 嗯哼: I think BNBCHAIN has many trends going on, so I’m actively exploring opportunities there myself.
jiayi 加一: How much money have you made?
EnHeng 嗯哼: Oh, can I say that?
jiayi 加一: Why not? How much did you make? Just roughly describe it? You must be financially free by now.
EnHeng 嗯哼: For me, yes, more or less. At this stage, it’s definitely enough to live comfortably.
jiayi 加一: Satisfied?
EnHeng 嗯哼: Yes, absolutely satisfied. Because moving forward, what I pursue more is spiritual fulfillment.
jiayi 加一: Spiritual fulfillment? What exactly does that mean?
EnHeng 嗯哼: For example, achieving something meaningful gives a strong sense of accomplishment. That kind of feeling, I think, surpasses simply making more money.
jiayi 加一: You’re 05-born, right?
EnHeng 嗯哼: Yeah.
jiayi 加一: Born in 05—you’re 17 years younger than me… and already financially free… Are you lonely? Empty? Scared? Anxious? (Rapid-fire questions)
EnHeng 嗯哼: Honestly, I still feel quite anxious—because I fear losing my footing early in life and never recovering.
jiayi 加一: What do you mean by “losing footing”?
EnHeng 嗯哼: Like how online there are many cases—people in their twenties earn a lot of money, then get carried away, indulge in vices like gambling, prostitution, etc., and lose all their wealth.
jiayi 加一: You haven’t done that before... hahaha... because the shadow of KTV lingers in my mind.
EnHeng 嗯哼: Well, back then, first, I was young and hadn’t experienced these things. Second, if a stranger invited me to dinner, I wouldn’t know how to refuse. If someone invited me to do something, I’d usually go—even when I clearly didn’t want to, I’d hesitate to say no. At that age, I felt awkward refusing, especially when elders invited me—like having a meal, hanging out, maybe going to a KTV. I just didn’t know how to turn them down. I felt uncomfortable rejecting someone older who reached out to me.
jiayi 加一: Say someone my age invites you—would you still struggle to say no?
EnHeng 嗯哼: No, not anymore. Now I can reject people—I’ll directly say “no, I don’t want to go” to places I’m not interested in. For instance, with someone like Jiayi Jie, who helps grow my mindset, I’ll definitely come.
jiayi 加一: The point you just mentioned actually touched me—it’s about how to define financial freedom. Everyone has different thresholds. Many people are rich, yet still can’t say no. So I believe the key is whether your money allows you to do what you truly want, giving you the freedom to say no—to have that space of choice. That, I think, is truly valuable.
EnHeng 嗯哼: Yes. For me right now, my money covers daily expenses, and I don’t have major spending habits.
jiayi 加一: No big purchases? Nothing expensive? Made money in crypto but didn’t buy anything big?
EnHeng 嗯哼: I did.
jiayi 加一: Thank you CRYPTO? BMW? (THANK YOU, CRYPTO)
EnHeng 嗯哼: Haha, not yet. Maybe one day in the future, I’ll get to say thank you BNB.
jiayi 加一: What was the most expensive thing you bought after making money?
EnHeng 嗯哼: Actually, the biggest expense was for my dad—I bought him a new off-road vehicle he liked.
jiayi 加一: How much was the car? Tens of thousands?
EnHeng 嗯哼: Roughly, yes.
jiayi 加一: You’re pretty frugal.
EnHeng 嗯哼: Around 300,000 to 400,000 RMB, about 400,000+.
jiayi 加一: Compared to how much you earned, spending only 400,000+... You’re indeed filial (tight-fisted), relatively speaking, haha.
EnHeng 嗯哼: Jiayi Jie, I often follow your Twitter. You seem to be in a post-financial-freedom retirement mode—drinking tea every day. Can you share your financial state with us?
jiayi 加一: Financial state. Yes, going back to what I said earlier—how you define financial freedom matters. In my heart, I’ve already defined it. Yes, I am financially free. But the core of financial freedom lies in how much desire you actually carry inside. As A-Jie once said: I used to feel anxious too, but not because others earned more. Personally, I feel many who suddenly earn large sums do so through short-term gains—can they sustain it? Who will laugh last? That’s uncertain. I don’t envy that. But I do feel anxious when others achieve great results while mine aren’t as impressive. That kind of anxiety exists. Then A-Jie said just one sentence: Stop comparing yourself within crypto. Step back and look at your overall position in the world today.
EnHeng 嗯哼: I was also very anxious at first—felt like I was growing fast each year, but compared to others, still far behind. But then I’d look back at some classmates—they’re happy with a monthly allowance of two or three thousand yuan. That made me realize I don’t need to be so anxious. Like in 2022, I wrote that I hoped to earn $300 a month.
jiayi 加一: Exactly. For some people, earning ten thousand a month means they’re already financially free. For me, that’s my state too. Internally, it’s about how to better please myself, how to make my inner self more grounded, stable, and sustainable. But I’m still grinding—what does that mean? Constantly learning. Doing everything properly, to the best of my ability. There’s no such thing as “passing” for me—if you commit to doing something, you should strive to do it as well as possible. I hold myself strictly on every task. For example, I’ll spend half a day proofreading a single word in a PR draft, because it’s not yet perfect in my eyes. These are choices I make. On the other hand, I don’t hear noise—I have zero distractions. My social life is extremely limited, no noise at all. Just focusing steadily on my own work is enough.
EnHeng 嗯哼: Yes, I think this requires having a clear direction. Since you already know what you want to do, you can filter out unnecessary external noise and stay focused.
jiayi 加一: Lack of anxiety comes from confidence—that you remain valuable in the market, not just based on how much money you have now, but that your value persists. You get early access to promising projects, accurately target them, and quickly see positive outcomes. Many accuse you of front-running—did you actually front-run? Because your track record looks suspiciously like it.
EnHeng 嗯哼: Actually, zero front-running. Just lucky—stepped on the right spots, one after another.
jiayi 加一: I don’t believe it’s pure luck. You must have certain methods for discovering these projects.
EnHeng 嗯哼: For example, when I got into TRUMP, we didn’t make much—less than $200K—and lost back half of it. I entered TRUMP quite late, at $7–$14. To outsiders, it seemed already peaked, but I saw it as my entry point because FOMO had just started. That’s how I viewed it. Take Trump’s wife’s token—I spotted it monitoring, saw it at $2, told a friend to buy at $3. We sold at $12. I noticed that at $12, when Trump was around $67, Wintermute tweeted about enabling OTC trading, so I judged it as a peak and sold. When they announced OTC availability in December, I said sell.
jiayi 加一: So you actually timed your exits very well.
EnHeng 嗯哼: Yes, good entry timing, and decent exit timing too.
jiayi 加一: Big coins definitely wouldn’t let you front-run, right? No such opportunity. Focus on the real points. You’ve been remarkably accurate across BNB’s ecosystem—how?
EnHeng 嗯哼: Got it. I know what you mean. For example, with TST, my entry time was same as everyone else—just over a minute after CZ tweeted. My first trade was at three.
jiayi 加一: Being Binance’s crown prince is useless then.
EnHeng 嗯哼: Completely useless. I was even slower than most—part of the slower-reacting group. But I have one trait: I can hold. For example, I bought TST one minute after launch. Many might’ve bought at 3 million, or a few million. After I bought, that night it dropped to 8 million USD market cap—70% gone.
jiayi 加一: Didn’t cut losses?
EnHeng 嗯哼: No, I slept peacefully.
jiayi 加一: You could sleep peacefully.
EnHeng 嗯哼: Yes, I slept peacefully. Woke up next morning, saw it recovered somewhat, then slowly watched the trend. Since I was interested in the project—and specifically in Binance—I paid attention to its entire ecosystem. At the time, Binance Wallet existed, but BNBCHAIN hadn’t launched yet. Binance Wallet was still criticized or underdeveloped. I closely followed FOURMEME, since it was their launchpad. I monitored FOURMEME’s actions. After watching, I saw FOURMEME issued a burn announcement—planning to destroy tokens it held. I thought: CZ retweeted it, and the launchpad is burning tokens—this shows confidence in the project. So I added another position at 30 million. By then, I’d been stuck for two days, decided to double down. Market cap reached 30 million. But at 30 million, it barely moved—until the final day, surged to 80 million. Then I finally had slight profit, but since I invested small, gains weren’t big. I went to Yonghe Temple in the morning, left at noon, checked Binance in the afternoon. That’s just good luck.
jiayi 加一: Luck is indeed important—good luck, plus worshiping gods, stacking buffs.
jiayi 加一: Can I ask a sharp question?
EnHeng 嗯哼: Sure, sure, go ahead.
jiayi 加一: Given your current success, how much is due to flattery? How much to genuine investment skill? And within investing, how much is luck?
EnHeng 嗯哼: Honestly, I feel luck played a role surpassing 80% to 90% of people—that’s undeniable. As for “flattery,” it’s less about sucking up, more about learning their mindset and perspective. For example, from Sun Gex I learned how to block out noise and focus. Initially, noise affected me badly—kept me awake, couldn’t eat. Later, studying Sun Gex’s approach, I realized I could learn to shut it out too.
jiayi 加一: Look at someone facing even harsher criticism—how they handle it.
EnHeng 嗯哼: Exactly. I often examine both sides of things. Sun Gex blocked noise and rose high. Others unable to block noise may fall from here to oblivion. I’m still young—I must keep pushing forward, can’t let small stones trip me.
jiayi 加一: Did you deliberately plan to gain traffic—intentionally seek out top industry Chinese figures, praise them excessively, flatter strategically to build your audience? Or what was your actual mindset?
EnHeng 嗯哼: Not deliberate at all—genuine feelings. When I first heard of Sun Gex, I didn’t even know Bitcoin. I came across a hit piece about him...
jiayi 加一: I thought you thought Sun Gex was amazing. But it turned out it was a hit piece.
EnHeng 嗯哼: Yes, I learned of him through a hit piece. Yet in it, I saw his business sensitivity and decisiveness. For example, he refunded users of another U.S.-based ICO the same day as his own ICO—showing strong execution I could learn from.
jiayi 加一: Everyone sees things differently. Others see gossip, a hit piece—you saw his response, why he deserves attention?
EnHeng 嗯哼: Exactly.
jiayi 加一: What about Binance? Flattering Binance?
EnHeng 嗯哼: Can’t really call it flattery. In 2023, I had a sort of argument with A-Jie—not her attacking me, but me possibly...
jiayi 加一: You simply attacked A-Jie.
EnHeng 嗯哼: Yeah, basically that.
jiayi 加一: Doesn’t matter—she doesn’t care.
EnHeng 嗯哼: Back then, my first time in crypto, playing perpetual contracts—huge price difference between spot and futures. I got liquidated, lost 400U. At that time, 400U was a lot for me. I didn’t understand the rules, contacted customer service, but they spoke in jargon I couldn’t grasp. Asked others—no replies. Somehow found A-Jie’s Telegram, messaged her privately: “Binance maliciously stole my money.”
jiayi 加一: Did A-Jie reply?
EnHeng 嗯哼: She actually replied. Patiently explained for 20 minutes—in plain language, not jargon. Explained how spot and futures prices are pegged, how liquidation works. Spent nearly 20 minutes explaining clearly in terms anyone could understand. After that, I understood, realized I misunderstood Binance. Said sorry for wasting her time. Started angry, ended genuinely convinced—truly turned from hater to fan.
EnHeng 嗯哼: Jiayi Jie, can you share your experience working with industry leaders?
jiayi 加一: Definitely positive experiences—nothing bad. When I joined, P Network was already established, but after Sun Gex acquired it, it felt like restarting a venture. Joining Binance was also early—a growth phase.
EnHeng 嗯哼: Like the 0-to-1 process.
jiayi 加一: Personally, it was my own 0-to-1 journey. My first job was at Binance. Before that, I lived aimlessly. Had the attitude: “I’ll never be an employee”—maybe similar to your current state. But completely self-taught, figuring things out alone. Going through Binance’s 0-to-1 journey—working hands-on across various marketing functions.
EnHeng 嗯哼: Since you’ve worked closely with them, I’d like to ask something sharp—can you critique any flaws? Any genuinely problematic areas?
jiayi 加一: Want me to quit the industry?
EnHeng 嗯哼: Not that explosive—just share your thoughts. What shortcomings do you perceive? Help us understand better. Need to drink water first (ready to enjoy the drama).
jiayi 加一: OK. At Binance, I mostly worked with He Yi. I felt she was overly strict and demanding. If your result matched others’, or if you did well—she saw it as normal, expected. Standards were higher. But if you fell slightly short, I felt she amplified it unnecessarily. Didn’t need to be so strict with me—I’m a baby who hopes for praise. One compliment could make me happy for days. But rarely received. He Yi is a super coach-type person—more about uncovering potential in my view.
EnHeng 嗯哼: I recall A-Jie said in Dubai she hopes Binance will develop 10 He Yis, 100 He Yis—so she won’t have to work frontline, can communicate with these “He Yis” instead.
jiayi 加一: Yes. Another thing—based on my understanding, she always thinks exactly what she says. No gap between thought and expression.
EnHeng 嗯哼: Seems we’ve talked a lot. Let’s return to topic. A-Jie is a coach-type leader. What about CZ and Sun Gex?
jiayi 加一: I think CZ is somewhat idealized—he’s mythologized in my mind. In work mode, I never saw his emotions—always weighing pros and cons, choosing what he believes is the optimal solution. Another rare trait: for example, at Binance, he noticed certain traits in me, asked: “OK, what do you want to do? What do you want at Binance? Your current skills—say one area is strong—doing related tasks lacks challenge. But if you want to level up, what would you pursue?” Within Binance, if you had an idea—say, creating a new business unit—they’d listen patiently. If it made sense, they’d support it.
EnHeng 嗯哼: So he respects individual opinions.
jiayi 加一: Yes. Plus, there’s a concept of “stop-loss space.” How long do you need to prove yourself? Let’s try—if it fails, maybe it’s not meant to be. So a state of deeply respecting others, yet extremely restrained and rational. Sun Gex is more like a trailblazer—he decides what to do, directs others to execute, then reviews results.
EnHeng 嗯哼: Jiayi Jie, can you share your values (regarding employees)?
jiayi 加一: My value: when you join my team, neither side should waste life or time. If unfit, it’s not that you’re bad—just wrong team—leave quickly. But if you stay, we’re highly compatible. I demand extreme growth potential from every team member.
EnHeng 嗯哼: What’s your view of crypto spirit?
jiayi 加一: I feel crypto’s core is recognizing each person’s true value. And whether company founders can identify that value. My education isn’t strong—if I applied elsewhere, interview might fail. But in crypto, it fits perfectly—I have my strengths.
EnHeng 嗯哼: Same for me. My first job didn’t check my resume—I just did work for the boss. After becoming familiar, I asked if they needed help—I could try. He let me join, stayed about half a year.
jiayi 加一: My team has many from top schools. But some newcomers initially lack experience, can’t perform immediately. They propose: “Let me work free—assess my progress. If within a month you don’t want me, I’ll leave. If you do, we renegotiate value.” I deeply admire such youth.
EnHeng 嗯哼: I wonder—is this due to being a new industry, or is crypto inherently open?
jiayi 加一: From a market perspective, I firmly believe the type of earliest users a project attracts determines the fundamental composition of its future community.
EnHeng 嗯哼: I feel this market offers youth the biggest opportunity. My most direct impression: if I were in traditional industries, I’d likely start as intern, again intern, again intern—after graduation too.
jiayi 加一: ...Wasting your life.
EnHeng 嗯哼: Exactly. But in crypto, it’s different. I can skip college, keep working.
jiayi 加一: Yes. Returning to earlier question—working at Binance, at P Network—I strongly felt company cultures differ. Binance’s initial team possibly comprised outstanding individuals from various fields, willingly taking pay cuts to join. Motivated by shared vision—to witness a common goal, to witness “Exchange the word,” changing the world via crypto.
EnHeng 嗯哼: Choking for dreams...
jiayi 加一: Yes, everyone was like that. With hundreds of core staff starting this way, company culture evolved quite positively.
EnHeng 嗯哼: Jiayi Jie, can you share views on newcomers entering crypto?
jiayi 加一: I think the value I see might be invisible to others. Share one story: recently, some very young 00s, possibly still in college, asked me: “Do I have a chance? Your industry has developed so long, I know so little—do I stand a chance?” Simple answer: First, download Twitter. Done. I’m lazy—I won’t spend much effort telling you exactly what to do. No detailed advice. Second, I send them your Twitter (EnHeng 嗯哼), saying: This guy is 05-born, check his posts—he’s at least financially free now. After they read, I give a pep talk: Everyone has a chance. So go learn, research on your own.
EnHeng 嗯哼: Yes, Twitter is a good starting point. A new friend asked me for advice—I sent him CZ’s, A-Jie’s, Sun Gex’s, and Trump project accounts. Told him: These represent major directions—study them well.
jiayi 加一: From now on, tell them: First follow me, study my journey, then follow everyone I follow.
EnHeng 嗯哼: Yes, I think that’s a solid point. Like the employee I introduced earlier—I wrote an article about him, admired his strong execution. I shared his story with a friend, but he took shortcuts—used AI to summarize instead of truly grasping key insights. I felt he wasn’t suitable.
jiayi 加一: Hmm, requires mental effort.
EnHeng 嗯哼: This circle demands strong independent thinking. If you rely entirely on others guiding you, you won’t last. Because following means imitation—only mimicking, only executing others’ moves.
jiayi 加一: Yes. Only by constantly thinking can you summarize, grow—you’re exactly like that. Our industry has many who just ask: “You have info? Tell me, I’ll buy.” No research. Don’t know how profits were made, don’t know how losses occurred—that’s their state. Eventually, they’ll fall far behind.
EnHeng 嗯哼: Yes, they’ll definitely get rekt. I’ve seen several—posted on Twitter about insider trades yet still lost heavily.
jiayi 加一: I don’t believe in insider trades—anyway, I can’t access any real insider info.
EnHeng 嗯哼: I believe any “insider” info reaching me is already public knowledge.
jiayi 加一: Why would real insiders tell others? Frankly, I feel people overly blindly follow certain information flows, or maliciously speculate about project teams. But basic judgment requires your own brain.
EnHeng 嗯哼: People now believe single narratives—like someone profited solely because of front-running. Pure luck...
jiayi 加一: He must have done this or that...
EnHeng 嗯哼: Yes. But Sun Gex said: View things from multiple angles, not just one. That makes a lot of sense.
jiayi 加一: As a young generation trader, or aspiring KOL seeking traffic—what would you like to share with them?
EnHeng 嗯哼: I think the sharing point is quite interesting. First, believe in crypto’s future—that’s foundational. Even after making big money, buy Bitcoin or BNB as core holdings. Don’t recklessly gamble on contracts or DeFi unless you understand them. Third, stick to your chosen赛道 (track/ecosystem). For me, I genuinely believe in BNBCHAIN, so I’ll persist—not out of flattery, but heartfelt conviction it will succeed. Truly believe in your chosen path—that’s the key. Choose your track, then keep striving.
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