Abstract:
Li Guoqing, the founder of Dangdang.com, recently posted a video to publicly comment on Justin Sun, a Peking University alumnus and cryptocurrency entrepreneur, pointing out that the core logic of all his high-profile actions and hype is to build momentum and attract traffic for virtual currency and harvest the market. The operation of exposing his private relationship with a female star is extremely dishonorable and low-level marketing that ruins reputation and completely chose the wrong direction for speculation.
Li Guoqing bluntly said that the personal emotional entanglement between rich people and well-known actors has nothing to do with the public, does not need to be publicized, and the outside world does not pay attention to it.
What the public really needs to see clearly is the underlying logic behind Justin Sun’s continued high-profile campaign and hot spots. Virtual currency has no official credit endorsement, nor is it anchored by physical objects such as gold or assets. The core reason why ordinary people are willing to buy and hold the currency is never the so-called "decentralization belief", but the trust of those who enter the game.
Because of this, Sun Yuchen needs to continuously create major events across the Internet and refresh his personal popularity. The more followers and higher the market attention, the more investors will buy the currency, and the price of the virtual currency under its name will rise.
For him, traffic is wealth, and popularity is bargaining chip. Creating a top topic once a year has long been a fixed hype routine.
Taking a closer look at the past, Justin Sun’s highlight topics are all deliberately packaged in marketing: winning Buffett’s sky-high lunch, spending more than $20 million to enter space, claiming to be the Trump family’s Bitcoin consultant, attending high-end dinners in the United States, and even previous controversial events such as buying sky-high bananas and suing the Trump family, all in order to create a persona of “top rich, top-notch, and powerful.”
Even though he temporarily canceled Buffett’s lunch due to kidney stones, was fined tens of millions of dollars for hyping Trump-related topics, and sued Trump, causing the currency to plummet and fall into a lose-lose situation, he was still able to harvest massive traffic through waves of controversies.
Li Guoqing bluntly said that the so-called identity of the Trump family's Bitcoin consultant is essentially a gimmick in exchange for large sums of money, just to gain popularity among the top circles and increase his own worth.
As a fellow student at Peking University, Li Guoqing used his personal experience to expose Sun Yuchen’s traffic routine.
In 2019, he broke up with Yu Yu, left home, and hit the bottom of his career. When he restarted his morning and evening study and entrepreneurship project, Sun Yuchen publicly stated that he would invest 10 million to support his entrepreneurship.
Li Guoqing, who was well aware of the other party's behavior, saw through his plan to gain traffic at a glance, decisively refused and avoided suspicion throughout the process, and would never have anything to do with him.
He admitted frankly that he did not dare to accept this "good offer" at all. Once he accepted it, Sun Yuchen would use the persona of "helping down-and-out entrepreneurs" to hype up the situation, using his trough situation to win the favor of the entire network and harvest traffic. In the end, he would make far more than 10 million, and he would only become a tool for the other party's marketing campaign.
Li Guoqing also revealed that when Bitcoin became popular eight years ago, Sun Yuchen once roped in himself to join the game, but he flatly rejected it.
He has long seen through the chaos in the currency circle: the industry advertises its belief in "decentralization, self-discipline of procedures, and unmanned control", but in fact it is all about manual manipulation and harvesting leeks.
The project team first relied on building momentum to establish belief, and then arbitrarily manipulated the rise and fall of the currency after issuing the currency. The market fluctuated normally and investors thought they were unlucky. Once they encountered artificial smashing and malicious harvesting, investors would lose their money and have no way to complain. This was the core reason why he was determined not to get involved in the currency issuance industry.
Li Guoqing concluded that the drainage routines of all virtual currency traders are highly unified: first, package the top rich characters to break the perception of ordinary people;
Secondly, the concept of "you can make money by following the game" is instilled in the market; finally, the value of the currency is exaggerated to far exceed the expectations of gold, in order to deceive the public's trust and attract retail investors to enter the market.
Whether it is Sun Yuchen or Zhao Changpeng and other well-known figures in the currency circle, they were all unknown at first, relying solely on personality packaging and topic hype to get into the public eye.
In Li Guoqing's view, all of Sun's past high-profile operations were in line with the marketing logic of the currency circle. Only this exposure of his private relationship with a female celebrity and the release of a long article detailing his emotional entanglements was a complete failure.
Business games, circle building, and capital operations are the norm in the industry, but using personal feelings and women's privacy to gain attention, and not hesitate to destroy other people's careers and consume other people's reputation in exchange for traffic, is narrow and extremely disrespectful.
"The breakup depends on the character. Sun Yuchen is a thief at heart and can't bear any loss. He has the mentality of a nouveau riche." Li Guoqing said bluntly that the entire Peking University alumni group had already been in an uproar, and all his classmates thought his actions were insulting to his politeness.
Originally it was just a private emotional dispute that could be ended in a low-key manner, but he deliberately magnified it, disclosed the details, and ripped apart the other party. It seemed that he was making headlines for several days and earning enough traffic, but in fact, he completely overdrafted his personal reputation and industry credibility.
This incident also caused shock in the currency circle. Zhao Changpeng, a leading figure in the currency circle, rarely came out to express his opinion that "it's too much" and directly criticized Sun Yuchen.
Seeing that the situation was not good, Sun Yuchen urgently stopped and stated that he would leave it to the court for further processing and would no longer speak publicly. However, Li Guoqing believes that his core purpose has been achieved long ago and the popularity of traffic has been harvested. However, the negative reputation and ruined industry image left behind can no longer be undone.
Finally, Li Guoqing commented that Justin Sun’s game with the Trump family and his multiple emotional disputes in the past can be seen in his extremely calculating and profit-seeking style, and he is a typical master of transactions.
In the short term, relying on traffic hype has repeatedly reaped the benefits, but in the long term, it has been wandering in controversies and games, and sooner or later it has fallen into its own utilitarian calculations.
Comments