The Biggest Problem and Danger in the Crypto World

A crash? A disaster? These are not scary; we have already experienced too much.

The scariest thing is only one, and we have no experience with it yet.

Back in 2013, during the first bull market of Bitcoin, everyone entering the market to trade memes and leading coins today is not much different. The constant struggle between the "risk of going to zero" and "extraordinarily great potential" was filled with passion.

Even when the bear market arrived, people still felt it was just a great retreat; every pullback was for a better entry.

In 2017, with the ICO boom, whether in terms of assets or projects, everyone was telling the same great story: "Let blockchain reconstruct a new world," making the future better. Even when the bubble burst, we believed that fearing the bubble meant we were not qualified to taste the delicious beer.

The bear market left behind Binance, stablecoins, and laid the groundwork for DeFi, among others. During the bear market, we still firmly believed in a better future.

In 2021, when the bull market arrived, people's faith was further strengthened through trials. Even significant negative events like May 12 quickly rebounded because this round we experienced: "DeFi in decentralized finance is to replace traditional finance," "NFTs grant individual rights," and other exhilarating revolutions, as well as the highlight moment of "GameFi's GMX educating Tencent on how to make good games."

In this round of the bull market, we experienced:

"Altcoins are all scams"

"The project teams and VC coins are just here to harvest retail investors"

"A market maker that doesn't harvest retail investors is not a good market maker"

"A president who doesn't know how to operate is not a good president"

"Those who play VC coins are fools"

"PVP is the future"

"Those who play memes have also become fools"

In this round, we transitioned from "only PVP is left in the crypto world" to "PVP is the classic use case," and then to "P is stagnant," "whoever P's will die."

Most people in this round of the crypto world no longer expect any revolution or future; they are all discussing which coin to pump, and whether to pump at all. On the contrary, we look forward to Trump calling for meetings, expect the U.S. to introduce policies to pump the market, and anticipate institutions to come in and buy, but we are hesitant to expect new innovations, especially with the explosive development of AI agents outside. Looking back, the crypto world seems to have dropped from a PhD level to a kindergarten level, from pure artificial intelligence to pure artificial stupidity.

Of course, we can still vaguely see some people on Twitter weakly waving their fists, calling for a revolution, and some are saying, "This is probably the bottom," while others weakly mention difficult terms like PayFi and RWA, but they are met with ridicule: "Did you buy the dip again today?"

The scariest thing in the crypto world is not the endless decline, nor the real arrival of a bear market, but the increasing awareness among people of the overall high bubble in the crypto world—this was originally a good thing, and the problem is not significant, just like the issue of growth stocks being overvalued is not a big deal.

However, if the high bubble begins to be accompanied by a "wake-up call," problems will arise. We all recognize Bitcoin's high value, but if there is no prosperity across the entire chain, will Bitcoin also be greatly affected?

Confidence is more important than gold. Is your information about the overall development of the crypto world as firm as it was a few years ago? Is your confidence in Bitcoin as strong as it was a few years ago?

I am still looking forward to new good things emerging after the bubble is squeezed.

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