Narrative, Sentiment, and Odds: Chinese KOL Dayu's View on Meme Speculation
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Narrative, Sentiment, and Odds: Chinese KOL Dayu's View on Meme Speculation
All people involved in Meme are primarily driven by speculation.
Navigating Web3 tides with focused insightsHost: Alex, Research Partner at Mint Ventures
Guest: Dayu, renowned Chinese-speaking crypto KOL
Hello everyone, welcome to WEB3 Mint To Be, initiated by Mint Ventures. Here, through continuous questioning and deep thinking, we aim to clarify facts, understand realities, and seek consensus within the WEB3 world. We aim to unravel the logic behind hot topics, provide insights that penetrate beyond surface events, and introduce diverse perspectives.
Alex: Today we have with us a familiar face from previous episodes—our good friend, Teacher Dayu. Please go ahead and introduce yourself, Dayu.
Dayu: I mainly do research in the crypto space, trade tokens, and also follow stocks. I've known Alex for several years now and have always admired his investment style and personal integrity. So when Alex invited me to chat about Meme coins, although I wouldn't say I have much experience, I'm happy to exchange ideas and learn together.
Timing and Specific Projects in Meme Investing
Alex: Thank you, Dayu. Dayu is being very humble—he's actually one of the top-tier Chinese-speaking KOLs. I’ve been following his investment philosophy closely, especially his insights on Meme trading, which I find extremely valuable. Recently, from a business perspective, there haven’t been many hardcore Web3 industry trends, but rather more trading opportunities around Memes. That’s why we’re dedicating this episode to the topic and inviting Dayu to share his thoughts.
Let’s dive into today’s podcast content. Could you start by sharing when you first began Meme trading? Do you remember your initial motivation, and which project was your first participation?
Dayu: The first Meme I formally participated in was called People. At the time, I was drawn to its uniqueness—it resonated deeply with me as someone from a humanities background. I essentially brainwashed myself into believing in it. But over the years, I rarely mentioned People again. Back then, I didn’t understand Meme investing at all and had no prior experience; I simply genuinely liked the idea and believed in its viral potential. I promoted it daily in Telegram groups, which ended up backfiring badly. Looking back, Memes rise on FOMO and inevitably fall when FOMO fades. As someone somewhat of a celebrity figure in the community, everyone knew "Dayu" was constantly shouting, building, and bullish on People. I truly believed in it—but my actual position was tiny because my capital was limited, only around several hundred thousand RMB. In hindsight, that was a laughable stake. But it also shows how sincere I was—full of passion, saying exactly what I thought. Later, I experienced something deeply unsettling. When it listed on Binance, I kept urging people to help build the community. They got FOMOed, prices surged, and I posted reminders encouraging likes and engagement, but nobody cared. My voice was drowned out—everyone only cared about price. That’s when I sensed something was off—why did others think so differently? I was full of idealism, thinking this Meme was fun and meaningful, but realized most weren’t like me. This experience taught me a lesson: the crypto space is truly speculative, and many people are malicious and dark. They participate alongside you, buying in too, yet when prices drop, some turn on builders like me: “Why aren’t you posting? Why aren’t you building anymore? Are you dumping? Cutting the grass?” Back then I was too naive and felt heartbroken, deciding never to engage like that again. The takeaway? After People, I stopped participating in any Meme projects. Even if teams offered me allocations or friends urged me to buy, I’d decline. I now only invest based on my own analysis. And anything I share publicly is only what I personally believe in and have invested real money into. I want to profit while standing upright—because the emotional scars run deep. That said, People gave me major insight: all these Meme communities are ultimately a myth—just a group of frenzied speculators, even gamblers. Everyone’s overly excited—this isn’t community, it’s toxic.
Later, during the early NFT boom, I thought maybe this could be a real community, so I dove into Jay Bear (Jay Chou’s NFT), buying at 0.25 ETH. It later peaked at 8 ETH, but I eventually discovered the team was just here to scalp. I assumed everyone meant well—you might relate—we tend to assume good intentions, imagining they want to grow and empower. Of course, it crashed hard, and I didn’t sell much. Then came BAYC, Goblins, and others—similar to today’s Meme dynamics. Goblins stood out as a uniquely original, hideously ugly creation. That project gave me my first major windfall. Bought at 0.25 ETH, sold around an average of 5 ETH, peak at 8 ETH. With ETH worth thousands, I walked away with over a thousand ETH—my first real fortune. But looking back with today’s understanding, I realize I can never miss something like BAYC again. I did miss BAYC back then—partly due to objective reasons. The BAYC crowd had their own circle, mostly in North America, partying offline. As someone introverted who doesn’t mingle, I struggled to grasp or join that scene.
That’s roughly my journey. Later, my skills improved. By “improved,” I mean I established a baseline, an unspoken rule. I realized all Memes are products of emotion, consensus, and narrative—and everyone involved is primarily driven by speculation. Through this, my Meme trading ability evolved. More details later.
Shifts in Perspective on Memes and Why
Alex: Dayu just mentioned that initially, he wasn’t just trading—he was actively helping build the first Meme he joined, People, hoping to expand its influence and bring more people in—the so-called Build. That was already four or five years ago since People was a representative Meme of the last cycle. Since then, you’ve touched on NFTs and other Meme-like assets. From that starting point until now, how has your view on Memes and your investment approach changed? What key events or underlying reasons drove those changes? Can you summarize?
Dayu: Good question. I think the evolution of Memes is a great lens. Crypto Memes have clearly gone through several phases. First, the wild west era—when no one knew what was happening. Doge was pushed by Musk, who I believe was the first major figure to grasp this phenomenon, and he directly made it happen. Musk once said: “Whoever controls the Meme, controls the world.” Initially, Doge was a tipping/payment coin. During the last bull run, I heard a whale bought Doge at the top with 100 BTC, then sold after a 10x gain, turning it into 800 BTC. I was shocked—how did they know? Looking back, it’s clear. Figures like Musk understand that narrative and consensus themselves can merge with tokens to form an economy—a completely new concept untouched by Buffett or traditional investment logic. But absence doesn’t mean irrelevance. It exists, and a bit of reasoning reveals its power. That was the wild west—those who understood it achieved financial freedom early. From Doge to Shib, all followed this pattern: celebrity involvement, massive virality. Shib also had Musk’s attention—every crypto trader saw it. When global attention converges on something with zero baggage—no delivery pressure, unlike startups needing to prove users or revenue—Memes thrive precisely because they’re gambling. And gambling, along with sex and drugs, are humanity’s three timeless desires. The demand for gambling is enormous. Add virality and tokenization, and you get a simple, efficient casino. Neither Alex nor I would gamble our life savings in Macau, but we must admit: many people get addicted once they taste it—they FOMO, they go crazy. Many others are somewhere in between—enjoying, obsessed with gambling. So Dogecoin and Shib make perfect sense in that context.
The second phase is growth. Musk can’t shout every day—so crypto developed its own whales and KOLs. A wave of new coins emerged: People, Bonk, Pepe, WIF, Bome, etc. Bonk came at a pivotal moment—I had just left my job to go full-time into crypto. Bonk went up 5x, which I found satisfying. Much of my current wealth started with Bonk. I vividly recall having most of my money offline—in property, cash—only $100K in crypto. I used that $100K to buy Bonk, turning it into hundreds of thousands. I thought if it dropped, it’d go to zero and vanish. But the whale behind it was strong—it pumped another 100x post-bear market, insane. Then Pepe—I tweeted about it at a $20M market cap, but my understanding of narrative, value, longevity was still limited, so I missed big gains. I bought Pepe at $20M and likely sold around $100M, but it went on to reach billions. I missed WIF due to less discussion in Chinese circles. Bome stood out as a rare large-pool coin with bold vision—funds directly added to liquidity, making everyone FOMO. That was the growth phase—everyone hunting for projects that could gather market momentum. Momentum meaning broad awareness, strong narrative, compelling story. Ordi was also a growth-era Meme. By traditional value investing logic, its intrinsic value is zero—but due to its properties, its price can soar.
Then came the final phase—the current destruction era. Once Pump became easy, launching Memes became trivial. Previously, you needed a small team—developers, web designers, Twitter managers. Professional Memes like Pepe had market makers, pump-and-dump operations—complex stuff. So few played the Meme game. But with Pump, anyone can launch a token. A dead squirrel spawns dozens of coins. A网红 says something, Musk posts a picture—boom, a new token. Everything gets tokenized: NEIRO puppy, big dog, lowercase dog, uppercase dog, capitalized first-letter dog, etc. Memes became flooded. The wild west had two: Dogecoin and Shib, both reaching tens or hundreds of billions in market cap. Growth era had billion-dollar players like Pepe—total Meme capital maybe hundreds of billions, reasonable given crypto’s size. But now in destruction, hundreds or thousands emerge daily. One day a consensus forms around a great narrative—tomorrow a better one appears. Then what? Nothing lasts. Meme lifespans shorten dramatically. With Bonk, even if you didn’t sell at the first peak, it later pumped 100x—you could hold for years. Hatdog was similar, only dying slowly. But not anymore. Of course, exceptions exist—like Trumpcoin, with massive influence. Once launched, the whole world noticed—price jumped to $70B FDV instantly. That’s the ceiling—similar to Doge and Shib’s $100B range. While crypto’s total capital is larger now, valuation ranges remain similar—it’s musical chairs.
Memes have zero intrinsic value—price driven by short-term emotion, narrative, and gambling demand. But once capital pushes far enough, space runs out. These phases are clear. Those who don’t adapt suffer. Many fail to keep up. I see dumb tweets like: “The Pandora you mentioned crashed to zero.” But when I mentioned it, it had already 10x’d. They say “it went to zero, you scammed people,” but these people live in the past—they’ll never profit in investing. Because altcoins’ value is zero—that’s a quote from a Binance support agent, I thought it was brilliant, became a meme. Altcoins’ intrinsic value is zero—how can you expect endless price growth? Impossible—they all go to zero eventually. A close friend once asked: “Can I still bottom-feed this Meme? Buy again?” I said: “When in doubt, think of Trumpcoin. Trumpcoin is the ultimate Meme, the strongest Meme—look at its chart. If you want to bottom-feed or seek value, just think of Trumpcoin.” This trick works wonders—even for me. Whenever I feel overly optimistic about a Meme, I think of Trumpcoin.
Role and Position of Memes in an Investment Framework
Alex: OK, Dayu just shared his understanding of Memes, including their evolution. He highlighted a key point: from wild west to growth to current destruction, the total market cap of crypto Memes remains roughly in the tens to hundreds of billions. But now, with countless Memes, each gets a tiny slice of capital and attention—lifespans and market caps shrink fast.
Dayu mentioned a core principle: Binance’s customer service line—“altcoins’ value is zero.” Yet I see you still practice Meme investing. Within your current investment framework, where do Meme assets stand? What role do they play?
Dayu: Yes, Memes’ value is zero, but price can be infinite—that’s where opportunity lies. So I treat Memes as the high-risk, high-reward side. Many traditional investors look down on or fail to understand Memes. I’m humble, but I also believe anyone failing to evolve will be outpaced by those who iterate. In such high-risk strategies, the key is payoff ratio. For example, when I buy a Meme, regardless of my rationale—narrative economics, “idiot investing”—as long as I find a repeatable logic. Suppose I act 10 times—three or half lose money, but losses are limited—say 30%-40%. Why? Because I only buy highly liquid Memes—I avoid bets going to zero, and I buy small. So if I lose 50% on five trades, that’s manageable. But the other five? High risk, high reward—5x, 10x, even 100x gains. That makes returns substantial. Take Trumpcoin—I entered around $1.2, holding a large position. Or Bome—gains of tens of times in days, absolutely wild. Given such odds, Memes are excellent vehicles. Actually, thinking about Memes mirrors the entire crypto space—the logic is identical. Bitcoin obviously has value—its system differs from Memes, but emotionally, in terms of consensus and virality, it’s the same. My point: even 10 years ago, even if you denied Bitcoin’s intrinsic value—called it zero—you could still allocate to it as part of traditional investing, purely from narrative and consensus angles. So with today’s knowledge, I’d definitely buy Bitcoin. My investment framework embraces this barbell strategy—high risk, high reward. In crypto, I once said a widely circulated phrase: “Technology is worthless, consensus is priceless.” Because in crypto, any random dev team can build tech, create products, but generate little real value—few users, low revenue. That kind of tech is indeed worthless—not dismissing all tech, but most in crypto. “Consensus is priceless” means even with weak tech and poor PMF, narrative and consensus can hold immense value. This has been proven. PEPE—those who looked down on it, if they bought at $20M market cap, it reached billions. Trumpcoin—from $1 or less to tens or hundreds of billions. Arguing right vs wrong afterward, insisting “not playing Memes is correct,” feels hollow—it’s just mental self-deception. Sometimes the brain disguises bias as “I’m smarter than others”—dangerous.
Narrative, consensus, emotion—these shape life constantly. Example: people used to get news from NetEase, Tencent, Xinhua. Then Toutiao emerged—its insight wasn’t delivering accurate news, but making you feel good while reading. So Toutiao calls itself “recommendation”—recommending content that feels increasingly satisfying. My dad used to use it—I looked down on him: “Why do you keep sharing false, stupid, outdated info?” Then one day I realized—it’s not Toutiao that’s dumb, nor my dad—it’s me. I had to understand what Toutiao does. Later, switching to Douyin—now everyone’s addicted, kids and elders alike scrolling phones daily. Of course, wise people avoid it—to escape emotional and consensus traps. Now crypto tokenizes these human traits. From Doge to today’s Memes—if you connect the dots, crypto, once it had tokens, tokenized everything. Whoever captures this trajectory profits. Personally, Memes helped me achieve major life goals—so I’ll keep watching.
Let me expand with another example: Pop Mart. I noticed too late—only when it hit HK$150-160. After researching, I thought: “God, if only I’d known earlier.” Still, chances remain—it’s pulled back. I consider Pop Mart my favorite company—perfectly embodies the logic above. It sells emotion, consensus. IP means you don’t want fake Pop Mart—you want authentic, quality. Like LV and luxury brands—originally for French royalty pre-revolution. Kings executed, queens deposed, nobility gone—what could tailors do? They survived by creating scarcity. Ironically, scarcity made people desire them more. So Pop Mart is a company I deeply admire. Such companies have a trait: brand value grows over time. If Pop Mart strengthens its IP further and gains wider recognition, it becomes more valuable. Lao Pu Gold is another bizarre stock. I discovered some female friends, even when gold prices are high, willingly pay premiums—they simply love it. I was stunned—companies commanding premium payments are great companies. Pop Mart, through blind boxes and evolving IPs, is a model I adore. Again, Musk’s words: “Who controls the Meme, controls the world.”
Meme Selection Criteria and Reference Points
Alex: Understood. We just discussed where Meme assets fit in Dayu’s investment framework. He described a barbell strategy—one end blue-chip, long-term hold assets; the other end, Memes—high risk, high potential return. Of course, this demands significant speculative skill and market sentiment reading. On the high-risk, high-return side—your selection of Meme assets—based on years of experience and practice, what hard standards do you apply? What references guide your Meme screening?
Dayu: I’ve summarized a few angles—some may no longer fully apply.
First, naturalness. I said during Ordi: natural diamonds always beat lab-grown. Naturalness means it’s serendipitous—not something anyone can assemble with a few devs and a fabricated story. If you can fabricate it, so can others. Soon it becomes generic—impossible to hype. Ordi started as an inscription—a technical novelty, not intended as a Meme. “Ordi” was the first half of that word—boom, a Meme coin appeared. It inscribed data on-chain, and that tech spawned a tradable token. Being the first gives it naturalness. The second copy isn’t natural—it’s imitation. Bitcoin is natural—a peer-to-peer blockchain system. Litecoin? Not even close. Now anyone can clone code to make a “Chinese Coin”—useless. Naturalness means it can’t be engineered on demand.
Second, originality—ideally unique innovation. Like Bome, introducing “donating money.” Donations aren’t new, but doing it massively makes it interesting. Hard to replicate—millions in scale, bold vision—that’s impressive. Later, many donation scams emerged—“animal schemes”—donate and run. Like Maji Brother, donated, added liquidity, took millions and vanished.
Third, virality. Whether a Meme spreads depends on narrative scale. Musk posts a picture—just one of countless tweets—virality moderate. But if he changes his bio, pumps it to $1B; changes avatar, name—more pumps. That’s virality. Trump personally launching a coin, building a website—massive virality. So judge from these angles. Of course, every Meme differs—hard to replicate. Bome: donations. Pandora: solved NFT issues. Trumpcoin: president launches coin. Ordi: Bitcoin chain inscription. Each unique.
Another factor for me: entry point—not too high. High entry means poor safety margin. The biggest Meme in crypto—total cap maybe hundreds of billions. Now if a new Meme starts at $20B—like PEPE—I lose interest. Pepe at $7B—can it surpass Trumpcoin? Unlikely, narratively or virally. Trumpcoin currently at tens of billions—Pepe even with a few multiples may not catch up. Plus, Meme value is zero—bear markets kill appeal.
So I adopt “dare to follow, not lead.” I’m rarely the first in—early entry demands extreme diligence, high frequency. I can’t spend that much time. I let capital screen—say multiple Memes orbit one narrative, unclear which is authentic—let market capital decide. Capital battle—real money is most truthful. Also, entering later has benefits. I usually consider entry only above $10M market cap—drastically lowers zero-risk. Say I buy 1%—at $10M cap, that’s $100K. Given my capital size, 10 trades per year is manageable. Plus, 1% in a Meme is plenty. Some take 10%—early, oversized—risk whale exit, no one follows, hard to hold.
So my decision factors: price, combined with naturalness, originality, virality.
Positive and Negative Cases in Meme Investing
Alex: Great—Dayu clearly laid out his Meme screening standards, investment methods, and thinking. Can you now share practical cases from your Meme investing experience? Pick two: one most successful, one most disappointing—and discuss lessons learned and post-mortems.
Dayu: Actually four come to mind. First, Bome—mentioned earlier. Donation-based, bold vision, perfect timing—on-chain capital active. I entered around $30M market cap—already high. Many claim 10,000x gains—donators earned huge. I entered later, took a large share. Listed on Binance in three days—insane. Funds in my account exploded. After listing news, a spike—still bullish, held for days. Thought it could surpass Pepe—Pepe at $7B, Bome at $1B—sevenfold gain possible—huge win. But post-listing, I reminded myself—good enough, time to sell. Sold as it dipped—no regrets, wanted to lock in cash. Later it kept falling—I forget exact figures, maybe from 0.2 to 0.15. After I sold, it rebounded above 0.2—felt slight regret—could’ve earned more. Kept small bag, sold gradually as it dropped. Second, Trumpcoin. Saw it at $1B market cap—very early, ~10 minutes post-launch. Posted in my group—many members gained hugely. Among Bome, Trumpcoin, Ordi, Pandora—some friends earned over $100M. Post-Bome, some sent me red packets—tens of thousands in USD. Four or five achieved class leaps. With Trumpcoin, hands fuller—more capital, bolder moves, faster gains. Around 10x return, I started selling—volatility intense, scary. Three hours, large position 10x—tested psychology. Talking in group, chatting with friends—mind chaotic—acted reflexively. Noticed 0Xsun’s actions mirrored mine—same timing, similar ratios—I sold 90%, he 80%. Hindsight—both wrong. Too chaotic—each price tick meant millions, overwhelming info, extreme stress. Thought $100B cap a huge barrier for most Memes. Why wrong? Presidential coin launch is rare—should’ve thought bigger, not drowned in noise. Talking now, I realize—sometimes for big decisions, step back, walk alone, think calmly—like meditation. With Bome, I happened to walk in a Hong Kong park—exhibits on Bruce Lee and Jin Yong—I thought slowly, concluded don’t be greedy—sold. That was decent exit without solid framework. With Trumpcoin, I had a solid framework. Two things: sold, because my framework ensures gains across most Memes and avoids getting stuck—any anomaly, I flee fast—break 15-min k-line, I’m out. Did same with Trumpcoin—later realized mistake—such narratives are rare.
Failures stem from this review. After Trumpcoin, I thought—right move needs more aggression, detachment. Asked: will other presidents copy? Which one likely? Thought of Argentina’s Milei—reformer, international reputation, pro-crypto. His coin would blow up—I waited, ready to strike big. Sure enough, he launched—I spotted immediately, bought within minutes, shouted in group. Quickly doubled—large position, deep pool, active trading, no slippage. Doubled—felt confirmed, confidence boosted. But here I broke my own strategy. Watched price fall, profits vanished, principal lost. Wrong—why drop so much? Initial dip fine, but hit cost basis—I always remember Buffett: “Never lose principal.” Especially in speculation. Didn’t understand, but cut loss—lost ~20%. Small loss, but emotionally hurt. Later, Argentine president denied involvement—became a farce. Review: seize big opportunities boldly, but stick to iron rules—never lose principal, or minimal loss—no gambler mindset. With Trumpcoin, selling at 10x was fine. Most important in crypto: survive long. As long as you survive, big wins keep coming—rich eventually.
Essential Qualities of a Top Meme Investor
Alex: Great—Dayu shared three detailed cases. In the market or investor communities, there’s a view: whether one can succeed in Meme investing—or achieve good results—is highly talent-dependent. In your opinion, combining innate talent and cultivated skills, what qualities must an excellent Meme investor possess?
Dayu: Not sure about talent—definition complex. But I believe whether investing in Memes, anything else, or even whether to invest at all—must align with personality. Everyone different—personality part of talent or skill. Someone reads little, low IQ—personality matches foundation. On that base, various personalities. Some fickle—quick excitement, fast-changing. Others deeply loyal—hold one thing long. All impact investment outcomes. For me, playing Meme—I must be a “bad boyfriend.” Never fall in love—absolutely no true romance. Buy a Meme knowing its value is zero. You’re just pretending, enjoying temporary fun. But at slightest sign—just one sideways glance—leave instantly, no hesitation. But if you’re sentimental, and insist on playing Meme—try small. Personality dictates outcome. So, to the question—needed talents/qualities—I think it boils down to personality—nothing else.
On top of suitable personality, some just want money—see Meme as high-risk, high-reward—may do well—especially if personality neutral. In such cases, I see several required advantages: First, diligence with small capital. Two standout examples: oXsun and Laser Cat. Both run active communities, track every Meme daily. Also Big D from Taiwan. They catch nearly every contract, every Meme—sometimes at $10K market cap, even pre-launch. Their action frequency is high. Say I deploy $100K at $10M cap, they might use $100—already 10,000x. That’s diligence. Other skills essential—early-stage coins 99% go to zero—the more diligent, the more you may lose. But my “follow, not lead” approach also needs diligence. When Trumpcoin launched, I happened to be at my desk—critical. I’m always at my desk, reading, learning, routine. Miss it—opportunity gone. At 10 mins, $1B cap; 30 mins, $3B; 2 hours later, eating lunch, $10B. At $10B I’d already exited—trying again needs luck. Larger positions—50% drops common.
Second, vision. Hard to elaborate. Years ago I lacked vision—poor skills. Requires massive training. Active, speculative, “bad-boy” personality—plus real-money experience—winning, losing—vision naturally improves. Not random play—each time with judgment, then review, reflect, summarize, improve.
Third, luck. Sounds mystical, but I believe luck matters. Without it, hard to succeed in Meme trading. Meme value is zero—no matter how sharp your judgment, it’s like Texas Hold’em—much calculation, but still needs luck. How to gain luck? Mystically—do good deeds, be a good person. I deeply believe: wealth we hold is merely entrusted by fate temporarily. To carry wealth well, be a good person, have ideals, use money to give back, help those in need. Then luck improves.
Fourth, courage. Usually, good investments—like value investing—don’t require courage. You understand it, naturally invest, unafraid of dips—know the value. But Meme requires courage—truly involves gambling, needs luck, needs boldness. Boldness—true or false? Some bold before buying, timid after—fake bold. True bold—like Liangxi. Can earn $200M overnight, lose $200M in three days—yet dares again. That’s true bold. Ordinary people doing this a few times—mentally broken. Not that rich people are necessarily bold—still personality-linked. Someone earns $200M, but if cautious, thoughtful—won’t say “Now I’m rich, bet $100M.” Another with only $10M might say “All in! Lose? Fine, go deliver food again.” Personality difference.
Last, a top Meme investor must know how to cut losses. Meme is high-risk, high-payoff—betting small for big. But better risk control boosts returns. Risk control means buying cheaper, exiting faster when danger looms. If no chance to exit, strictly cut loss. Like my Argentina coin—still believed, saw little risk, but kept falling. Knew someone was dumping—likely scalper market maker, team exiting—otherwise unexplainable—cut loss decisively. Loss-cutting must be ruthless, firm. I see many buy alts, get trapped: buy $1M, drop to $900K—“No problem.” If I say project bad, risky—they attack me; drop to $800K, $700K—“Rebound soon”; $500K—stop attacking, silent; $400K, $300K—stop checking, numb, adapted. Don’t be like that. If I buy $1M, drop to $800K, $700K—I cut loss, keep $700K. If crash fast—wake up, $1M to $300K—I still cut loss. Shift mindset: if I now have $300K, would I buy this coin? If no—I sell. Don’t think “lost from $1M to $300K”—think “now I have $300K—do I want it?”
Balancing Memes with Other Asset Classes
Alex: Great, very specific. We know Meme is one of Dayu’s investment categories—his portfolio is diverse. Within your current investment framework, could you share what other asset classes you hold? How do you balance blue-chip, value-investing assets with Meme investments?
Dayu: Honestly, I consider myself a value investor. Might sound funny—most of my money comes from speculation. Why call myself value investor? Because I believe Meme’s intrinsic value is zero, but price can be infinite. I’ve explained the “price can be infinite” logic clearly—why and how I participate. So this part is more a profit tool. On making money—whether investing or speculating—no moral hierarchy. Key is suitability. If fits, do it. I call myself value investor because I deeply believe in compounding, in intrinsic business value—buying stocks means buying companies. If a stock rises today, falls tomorrow—I don’t care. I ask: if this company is worth $10B today, and I had $10B, would I buy it entirely, ignore it, enjoy growth as majority shareholder—earn what it earns? That’s it. In balance, they coexist harmoniously for me. Memes have zero intrinsic value—I truly hold long-term only those with high intrinsic value.
Asset-wise, mainly stocks. Gold—I see Bitcoin as gold’s substitute. Also invested via others in some films—returns depend on box office—have director dreams myself. Also run a company registered overseas—next step, invest in equity like SpaceX. Equity investing—early-stage projects. SpaceX now valued at $400B—by PE etc., currently overvalued—many early investors willing to sell shares. But I’m very bullish on such equity. When humanity enters interstellar age, these firms could reach tens of trillions, even quadrillions in value. Traditionally, I prefer Tencent, Pinduoduo. Tencent’s strength well-known. Pinduoduo—I love its business model—capitalism “inverted.” Don’t compare to Amazon—Pinduoduo aims to disrupt all global retail—Costco, Walmart, Sam’s Club. Others may scoff—“How? It can’t even beat JD.” But this model ensures victory. Similar to Musk’s EV logic—no EVs globally, he said EVs replace ICE—higher efficiency—achieved. With capable leaders, it happens. Huang Zheng young—love such companies.
Advice for New Meme Investors
Alex: Now our final question. Our podcast audience likely includes many not yet in Web3, or haven’t made their first Web3 investment. Suppose you have a friend—Web3 newbie—who hears this episode, thinks Meme suits his personality, wants to try. If you could give this beginner at most three Meme investing tips—what would they be?
Dayu: For beginners, best not to invest—start with Bitcoin. Bitcoin’s risk is already huge—challenging enough for most newcomers. My advice: first understand Bitcoin. Bitcoin resists fiat inflation—and fiat will inflate. US earns $5T yearly, pays $1.5T interest—unsustainable. If US earnings exceed military spending, must inflate currency. In such context, Bitcoin and gold race against fiat—run fast. If Bitcoin reaches gold’s level, still over 10x room. Vs gold—next decade, gold’s consensus stronger; but in 100 years, I believe 100% Bitcoin dominates. Always thought—SpaceX related—gold reserves in space are infinite. Humans can’t mine now, but future—interstellar ships, Mars colonization, AI—mining vessels unmanned, robot-built mines. Tech advances rapidly—gold may become ordinary mineral. Once wondered—how Bitcoin nodes sync in interstellar era? Recently realized—no issue—quantum communication built for things like Bitcoin. Yang Zhenning said nations study quantum communication intensely—regardless of distance, no EM interference, instant signal exchange. Bitcoin becomes interstellar asset—citizenship of the stars. In interstellar age, nation concept weakens. Mars colony—may not answer to Earth—new systems emerge. Back to point—if you really want in—use 1% of funds. If prone to obsession—go back to tip one—don’t invest. Human nature hard to beat—greed and fear tough. With 1% allocation—regardless of volatility—mindset stays healthy.
Alex: Thank you, Teacher Dayu, for sharing so much—from your personal Meme investment practices, to abstracted methodologies, to personality and cognition-related insights—rich, insightful, inspiring. Thanks again, Dayu, for joining us—hope to have more discussions in the future.
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