Why haven't most people made any money in this cycle? But when we feel powerless, we always like to find a "scapegoat" to scold exchanges, project parties, KOLs, and so on. However, the current situation of this round of encryption is the result of everyone in the chain doing evil together, and not a single snowflake is innocent. 1. Let's start with the source of money, VC: In 2022, I helped many European project teams find financing, and most of the responses I received at that time were - only investing in public chains and infrastructure. Well, some small VCs may not have many graduates from serious finance majors, so they can only follow their big brother to invest. One deck passes on more than ten people, and if the big brother invests, we will invest. If the big brother doesn't invest, we will also not invest. Resulting in all funds being concentrated in the later so-called 'high market value VC coins', while some projects that could be built well with very little money died in bear markets due to broken funding chains. 2. Speaking of the project team: Friends who are a little more careful will find that since the second half of 2022, there have been more project teams than leeks. Everyone hopes to become a successful project team and share fame and fortune, and there are also some ordinary outsiders who attempt to turn things around. Anyway, set up a PPT presentation team and follow the preferences of VCs. They can deceive one person after another, which looks fancy, but in fact, they don't understand the essence of encryption as well as the group of people who did ICOs back then. 3. Exchange: The profit model of securities firms is transaction fees, where there is income from trading. In comparison, the listing fee is really not much money. However, the exchange also faces the strictest regulation, and once a financial asset is targeted by Wall Street's old B's, the profit-making effect will sharply decline (disdainful face). So, in order to embrace regulation, passive market making projects have been implemented, and the parties themselves are unable to control the price of the currency. Many derivatives have been suspended, and in many regions, the functions that can be used are restricted, which is neither appropriate nor appropriate. 4. Retail investors: including all individual investors and KOLs, how many people are still "making money and spending money in the cryptocurrency circle" like before? To put it bluntly, some people come to the cryptocurrency circle just because they can't find jobs in other industries, and they don't even buy coins when they get paid. There are also some matrix numbers, edge trimming numbers, and so on. Even after collecting advertising fees, they are also the first to withdraw funds. I don't know when it started, but advertising fees have shifted from on chain payments to direct payments to exchange UID. The number of KOLs accepting token payments is also decreasing, and only U is needed. However, to be honest, any KOL who is willing to invest in KOL rounds can be considered to have faith in the industry.... Not to mention, the more I speak, the more I get angry. The pain in the industry can only be blamed on myself for not entering the industry early enough and not completing wealth accumulation earlier. I sincerely wish those who still have faith and love for the industry can receive corresponding rewards.