A call to my poor VC peers and the managers of several VC funds I have invested in: Even if no one treats you as the golden patron, let’s not be bullied into submission, okay? Recently, there was a project about to have its TGE, and the founder came over confidently saying that all the other investors agreed to lock up their funds, could you also agree? I was left with a face full of question marks. The terms in the agreement are clearly stated; how can you just change them and act so self-righteous? What’s the point of signing an agreement then? Did the other investors consider the interests of the LPs at all? Excluding charitable investment institutions here. The altcoin market is indeed not great, but not all projects are failing. Excellent projects will actively help investors find OTC or buybacks to solve the selling pressure issue, rather than postponing the problem. As for the failing projects, to put it bluntly, closing down sooner rather than later would be a more responsible approach to the market, rather than dragging it out to try to squeeze out a bit more profit before running away. @heyibinance said many years ago, the gist being that founders issuing tokens are betting their entire reputation, and I deeply agree. New entrepreneurs often say that fundraising for Chinese projects is difficult, and one major reason is that too many of your predecessors have exhausted the credibility of this group. It’s important to know that the spirit of contracts is the most important business ethic. Some project parties will say that the additional lock-up terms are mandatory requirements from Binance. Regardless of whether it’s reasonable or not, it’s their freedom to set whatever conditions they want for their exchange, but whether you accept it or not is your freedom. We have an overseas project that last year rejected a large amount of free tokens offered by Binance in exchange for listing, and it has not been listed on Binance since. This caused quite a stir in the overseas community. And the result? It’s now developing very well, trading on many other exchanges, including Upbit, and its market cap is higher than 90% of the projects on Alpha. Binance is not the only option. For the price to rise, the core still lies in having a quality project and strong consensus, rather than trying to prevent those holding tokens from selling. A healthy market requires both buying and selling; a low market cap that gradually rises is characteristic of an excellent project. BTC, ETH, SOL, and all other excellent projects have basically gone through this process. And those projects without institutional liquidity, where the project team can highly control the market, playing tricks with high FDV and low liquidity, are mostly just trying to cut the retail investors. Investors should not encourage project parties to do this. This kind of play is called market manipulation in traditional financial markets, and it’s illegal.