Introduction

This verse has a challenging message phrased difficultly. The interpretations I’ve encountered varied significantly in their treatment of core lines that change the meaning from “love yourself so you can love everyone” to “despise your body so you can properly serve others.” 

In the older texts, the word for “body” is contrasted against the word for “tassel,” giving “body” the idea of “main part.” The whole thing makes more sense when this isn’t a commentary about our physical body. It makes more sense because Daoism favors longevity (preferably immortality!) through self-care. It’s implausible that a canonical text would teach us to despise our bodies. Further, we’ve discovered that Confucian perspectives were read into the Dao De Jing in verse 5. Could particular views from the Hindu/Buddhist ascetic traditions also be mixed in? I think so! However, the position and concepts described are still quite tricky, so this verse is also impacted by whether the text is treated as a pragmatic manual for meditative living or a leadership text for the elite. 

Translation

Honor and shame are extras.
Regard caring as your core. 

Why are honor and shame extras?

Honor and shame are secondary.
Gain and lose them like decorations.
This is what is meant. 

Why say “regard caring as your core”?

I become “me” through what I care about.
What would I worry about if I didn’t have a “me”?

Therefore, prioritizing “being me” in the world,  
the world can be entrusted to me. 

When love is the essence of all,
  the world is in hand. 

Commentary

The structure of the verse bounces around a bit. I think it will facilitate our contemplation of the text to do a little regrouping for the commentary. In the spirit of this, we begin with: 

Honor and shame are extras.
…
Why are honor and shame extras?

Honor and shame are secondary.
Gain and lose them like decorations.
This is what is meant.