Say bye to his old him, and hi to the new one. (“hi” was obviously decomposed to rhyme with “say bye”)
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Actually I think he is saying goodbye to the old Hi referencing the old him like the song Hi my name is kind of stating that he has matured perhaps. I mean how would he look like doing those types of songs in this stage of his career!
He’s also saying bye to the old high and and hi to the new. Now that he’s sober he’s replacing that old high with his resurrection in the game.
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Consider it his “coup de grace”, his last appearance, the last time the crowd will “hurrah” to him.
This part was rewritten (and explained) on Eminem’s verse in another 50 & Em' collab'.
Intro to his betting-based metaphorical verse.
He’s got a clip to his Tec, a clip is a serie of vertically stacked bullets, set to reload faster. You better bow to his respect demand, his argument is hardly refutable.
He witnessed all the attenders in the business getting excited about fame and wealth, freakily rushing to the spotlight.
Everybody at that time realized that rapping (lyrical molesting) has started to gain huge influence in the music industry.
Lyrical molesting as in “raping with words” (just like here).
Biggie is raping his competition. Possibly uses “molesting” because he views his opponents as childish.
Even though your life is fucked up (dark past), you go and display a confident cool persona (hot as can be) while everything is still messed up on the inside, so all you do is…next line.
He used to worry about his luck when he was young, not knowing if he would succeed or not. He answers that in the next line.