Justin Sun: China’s Internet has no long-termism
Author: Justin Sun
Foreword: This is a Chinese article published by TRON founder Justin Sun in 2021, describing why Chinese entrepreneurs and businessmen are more short-sighted, hoping to make more profits in the short term. In 2022, Justin Sun acquired Huobi and is starting a new journey in his career. As a well-known and controversial person in marketing, Justin Sun rarely publishes such profound and critical articles, so we translated into English to help readers gain a deeper understanding of China and Asia.https://www.trzrb.com/chain/7068.html
Justin Sun, the founder of TRON, posted on Weibo, “ China’s Internet has no long-termism” on July 28, 2021, which triggered widespread communication in the community. The following is the full text of the article.
China’s Internet has no long-termism. Originally, the life cycle of the Internet is short. In addition to the constraints of national conditions, valuable things will be destroyed at any time. Even great companies and businesses are quite rare.
China’s globalization is a kind of anti-colonialism. Colonialism is all about transporting earned capital and primitive accumulation from colonies around the world back to the mother country. China’s globalization is the first time in history that its mother country is regarded as a colony. Few Chinese entrepreneurs keep the original accumulation of capital in their home countries. Basically, they transfer them to other parts of the world as soon as they have the opportunity. As long as they transfer out of China, they can be anywhere.
Ten years is a cycle that is difficult for Chinese people to understand, because the future of two or three years is completely uncertain, and the collapse of the banquet building is almost daily news in China. To be famous, you must be famous immediately, to make money, you must earn it immediately, and to be successful, you must be successful immediately. If a project takes ten years to be successful, I am afraid that no Chinese investors are willing to invest.
It is difficult for Chinese people to understand common law. Why one thing can or cannot be done is because the leaders/units/red-headed documents/regulations/laws stipulate it, not what we have always done by convention. A country that speaks most about since ancient times is actually not since ancient times. The country with the longest history actually has no history. So today it can be illegal, tomorrow it can be legal, and the day after that, it will be illegal again.
If a person is so impatient and unstable and lacks a long-term character, then his/her family of origin must be unfortunate, lacking sufficient sense of security, unstable, cruel, just like the dark forest, the game of the whole environment lacks trust, full of calculations and winners and losers.
What if a community of billions of people survived the same way?
Buddhism talks about the afterlife, and people who believe that human beings can only achieve Consummation after several lifetimes of practice will rarely kill the chicken to get the egg. I think if people believe in the afterlife, or even reincarnated people, their hearts must be extremely complete and peaceful. But in today’s Chinese society, which is no different from the dark forest, few people believe it.
In this environment, anyone still working on a platform/protocol is respectable. Because the real meaning of the platform/protocol is a set of trust rules, and everyone can prosper in the platform/protocol for a long time. On the contrary, in the crpyto circle that everyone thinks is full of short-term speculation, the people who make the agreement are the most.
This is the case with the three-body people described in “the three-body problem” novel. Their galaxy has three suns, is moody, and has no laws in motion (the three-body motion scientifically proven has no stable solution). Today’s brilliant civilization will be destroyed tomorrow. Such dark works can only come from the hands of authors from mainland backgrounds, and only those who have lived in a dark forest that is extremely insecure can understand the dark forest.
In a future where the overall geopolitical environment is exacerbating turmoil, China has no long-termism. However, at the moment when I first came into contact with Buffett’s long-termism, I envy the long-termists from the bottom of my heart, the optimism and tranquility about time, years, and the future cultivated in an environment full of trust, goodwill, and benign games.
Maybe this is what I want but can’t get.