The Rise and Fall of Cryptocurrency: Finding Balance Between Madness and Rationality

Bitcoin surged thousands of dollars in one night, new project tokens skyrocket upon launch, the wails of "liquidation" and the ecstasy of "financial freedom" intertwine—this is the world of cryptocurrency, a field that condenses the extremes of human nature.

Some view it as the biggest bubble, filled with scams and harvesting; others believe it is the frontier of technological revolution, containing the code to disrupt the financial order. The two opposing voices cannot fully encapsulate the whole picture.

Newcomers are often attracted by the “get-rich-quick myth.” Seeing tokens multiply by dozens of times, hearing stories of “earning several years' salary in just a few days,” they easily fall into the illusion of “quick monetization.” They chase trends, speculate on concepts, and turn investment into gambling as they chase peaks and troughs on candlestick charts. But the cruelty of the market lies in the fact that when a waterfall decline occurs, the money made by luck will eventually be lost by skill.

Those who remain have often experienced several cycles of bull and bear markets. They have seen Bitcoin rise from a few dollars to tens of thousands, and also witnessed it lose 80% of its market value; they have participated in the ICO frenzy and witnessed project teams running away. These experiences teach them that short-term price fluctuations are superficial; what deserves attention is the underlying logic of blockchain, the project's ability to solve problems, and the social value of decentralization.

The world of cryptocurrency is harsh because it magnifies human weaknesses: greed traps people at high points, fear makes them cut losses at low points, and a sense of luck leads to addiction to leveraged liquidation. But it is fair; it does not consider identity or background, only cognitive ability and self-discipline. An ordinary programmer might cross classes by understanding the value of Ethereum, while a financial elite might fail due to underestimating the rules.

This industry is still young, with regulatory gaps and technological uncertainties, and air coins and pyramid schemes abound. But blockchain is changing the world: enhancing cross-border payment efficiency, improving supply chain transparency, and clarifying the ownership of digital assets. These advances support the industry as it moves forward amidst controversy.