Recently, Haseeb Qureshi, a partner at the well-known venture capital firm Dragonfly, accepted an interview. The conversation covered his insights and views on various aspects of the crypto ecosystem and crypto investment.

Many of the viewpoints in this discussion are quite valuable, and the transcript can be found in the reference link after the text.

In today's article, I would like to share some of the points that I find particularly compelling.

"The bear market is like a mirror that clearly shows who comes with sincere intentions and who persists silently. Every bull market attracts a group of successful Web2 entrepreneurs with substantial funds, but those who ultimately remain are often the ones considered 'alternative' or 'crazy'; they are the true builders of valuable projects."

I not only strongly agree with this but also particularly cherish it.

When I look at projects, in addition to considering those initiated by new teams riding the wave, I also pay special attention to teams that nearly collapsed during past bear markets but still persevered.

In fact, many successful project teams did not achieve success right from the start; they often faced multiple failures but did not give up, eventually finding their opportunity at some point.

In any ecosystem, it is relatively easy to find entrepreneurs, but finding teams that have experienced repeated failures yet continue to try their best is the most challenging.

Once such teams successfully build their products, they are likely to become the pillars of the ecosystem.

"Over the past 50 years, most technological innovations have reinforced state power. Think about the internet and artificial intelligence; they have, to some extent, enhanced government control. But cryptocurrency is fundamentally disruptive. Most people believe that technology should ultimately be 'tamed' by the government. However, the uniqueness of cryptocurrency lies in its core value of not being tamed… If we look at what Snowden revealed, we find that the internet has actually strengthened government surveillance capabilities. In contrast, cryptocurrency may be the only significant technological innovation in the past 50 years that truly serves individuals rather than the state."

This is what fascinates me most about cryptographic technology and the crypto ecosystem, and I believe it is a core characteristic that distinguishes it from other information technologies.

It is precisely because cryptographic technology provides individuals with the opportunity and space to remain untamed that we can freely exercise our abilities and seek opportunities in this liberated ecosystem.

I enjoy this state of freedom.

I even believe that the casinos in the crypto ecosystem are relatively fairer to retail investors than those in real life:

I am not saying that there are no scams or frauds in this ecosystem, but rather that in the crypto ecosystem, we at least have a plethora of on-chain monitoring tools that monitor the actions of "whales" and "insiders" in real-time. At least we can see how scammers operate.

In contrast, in real-life casinos, we cannot even see the shadow of the dealer's hole card.

From this perspective, the crypto ecosystem is much friendlier to retail investors than the environments in real life.

"The cryptocurrency industry attracts a diverse range of participants, from day traders seeking short-term gains to professional hedge fund practitioners, as well as entrepreneurs of innovative projects and venture capitalists supporting innovation. This industry often exhibits characteristics of a zero-sum game, akin to a 'player versus player' (PVP) game. Long-term participants may face psychological challenges, easily falling into cynicism, nihilistic thinking, and lingering in periodic false booms, bearing the psychological pressure of rapid monetization."

This passage is particularly well-written, as it profoundly captures the experiences of long-term participants who are repeatedly tormented and battered through cycles of bull and bear markets.

This phenomenon is especially evident in the current market conditions.

No other sector has remained as hot as meme coins since the bottom of the bear market in 2022.

No other asset class has spread like meme coins, which have permeated nearly every emerging sector, ecosystem, and narrative since the bear market began in 2022:

From the initial Ethereum ecosystem spreading to later layer two expansions and Solana, from classic Ethereum meme coins to inscription meme coins and AI agent meme coins, from the initial crypto narrative to later pet narratives and political ecosystems.

As a result, many participants have grown weary and fatigued, beginning to feel pessimistic about the ecosystem and its prospects.

But as stated in the first quote, we should recognize that even in the most tumultuous and restless times, there is still a large group of builders working silently and striving.

These individuals are the future and hope of this ecosystem. The products and applications they build are the foundation and pillars of the crypto ecosystem.

It is precisely because there are still many such individuals persevering in this ecosystem that I am not at all pessimistic about its future, even believing in its bright prospects during the lowest points of the bear market.

Reference link:

https://mp.weixin.qq.com/s/AY418xqvPaU1eFocdwZkuw

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