The positive externality of the cryptocurrency industry is not only evident in Bitcoin and stablecoins, but also in terms of emotional value. In the last wave of new entrants, the first time they were exposed to crypto was to buy NFT. Regardless of whether they made money or lost money, did you feel happy when you changed your avatar after buying NFT? Do you think Laozi is really cool? He's a player of the new era, and those old players don't even know that I spent hundreds of thousands of yuan to buy this small picture? Has it attracted celebrities and traditional bigwigs to change their avatars one after another? This is the emotional value, the extremely important positive externality, the primitive physiological need for dopamine in human life, which is not fundamentally different from luxury goods, coffee, alcohol, traditional Chinese medicine aphrodisiacs, cricket lessons for women, and Arabic milk milking tutorials. But have you ever felt cool buying memes during this cycle? Pepe is an IP outside the circle, Golden Dog is the single shouted by Musk, and the strongest meme is the one that the president personally harvested and left; Outsiders only think that the cryptocurrency market is really easy to cheat, and they don't think buying things from the cryptocurrency market is cool or flashy. This is negative externality. Only blood draw, no blood transfusion.