I'm hi and I'm bi, wait I mean I'm straight

from Odd Future (Ft. Domo Genesis, Earl Sweatshirt, Frank Ocean, Hodgy Beats, Jasper Dolphin, Left Brain, Mike G, Taco & Tyler The Creator) – Oldie Lyrics on Rap Genius

Meaning

Triple entendre:

  1. “I’m hi and I’m bye” refers to the way he is with people (women), where he just gets in and gets out no drama

  2. However, it could also be, “I’m high and I’m bye,” as in high and drunk (‘I’m bye’ as in ‘I’m so gone’)

  3. With the recent news of Frank Oceans bisexuality he could be alluding to that as well.

In the second part of the line, Frank seems to actually forget which meaning he was using and picks up a completely new one, changing it to “I’m bi” (as in bisexual) and quickly corrects himself by saying “I’m straight” (heterosexual). This still actually works for the second meaning though as “I’m straight” is also another way of saying, “Nah I’m not too fucked up, I’m okay”

After Ocean’s much celebrated Tumblr post in which he discusses the complicated relationship he had with his first real love (another man), it becomes clear that Ocean is hinting at his sexuality, yet quickly claims ‘he’s straight’ in what seems to be an internal conflict over either how he views his own sexuality, how much to reveal to the public, or both.

Along with the idea of this representing an internal conflict, it is likely that this line was Frank casually putting one over all of our heads. Most people when they heard that song just thought it was a witty play on words, rather than an allusion to his actual bisexuality. Frank Ocean basically came out in this verse and it went unnoticed because no one really believed that he meant it.

The nice thing is, that all of the OF members were very supportive of their brother Frank.
Tyler in particular addressed the issue in typical Tyler the Creator fashion via twitter:

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