Various stories of getting rich through post-00 cryptocurrency speculation flood social media, and here is the B-side of those stories. (Background: From ByteDance engineer to multi-million dollar crypto trader: The calm wealth code and trading philosophy) (Additional background: From leverage to zero to stable profits: A crypto trader's six years of review and lessons) In a midweek meeting, I spoke to the conference screen with disheveled hair and vacant eyes (this time I didn't turn on the camera, so they couldn't see my state) and said, "I don't want to work anymore." After I finished this sentence, the atmosphere in the meeting froze for two seconds, and the editor-in-chief's voice broke the silence: "Golem, stay back after the meeting." Fortunately, the editor-in-chief was genuinely trying to address my problem, not me. After several exchanges (mainly asking what I liked to do), everyone reached a consensus: I needed to get out and change my environment. So I went to Guiyang to see a music festival, and then stayed in Kunming for a week. Rock enthusiasts from all over the country celebrated at the music festival. Web 3 is no longer the moonlight in my heart. This low energy and confusion is not the first time I've experienced it; since 2025, I have felt this emotion permeate me multiple times. Many friends are concerned whether it's because of work, after all, no human is happy working like a beast. Those who say this clearly do not understand Web 3. Our industry should be the least conventional - higher salary levels than peers, the freedom of remote work, flexible working hours, no clocking in and out, and an open flat management structure; any of these benefits, in today's competitive job market, are a significant advantage over peers. If we classify work generations by five years, I, born in 2002, can be considered one of the first batch of post-00 Web 3 workers today, where '05ers' are already starting to emerge in the Web 3 workplace. Although these workplace benefits have not changed, Web 3 is no longer the moonlight in my heart. I started to get in touch with Web 3 in 2021, and in 2023, I formally began systematically learning about the Web 3 industry and entered the workplace as an intern. In my impression, this industry should have the most idealists; I initially stepped into Web 3 filled with love for blockchain and decentralization and a spirit of 'revolution,' believing this industry could transform our world for the better. Data ownership, personal privacy protection, trustless currency, decentralized finance, open and transparent Web 3... I wanted to devote myself to my ideals and the cause in my heart, regardless of the obstacles. However, reality has shown me that this industry only looks towards 'money.' "I may have been too idealistic and superficial in my understanding of Web 3 and blockchain; I hope to gain a deeper understanding in the new year," I expressed such expectations of myself when my boss asked me about my plans for 2025 at the end of 2024, just half a year after graduation. As a reporter, I am certainly a good role to observe and learn about Web 3; we input a vast amount of raw, first-hand industry information every day, organizing and processing it before outputting it to the market. My initially positive understanding of Web 3 is also being reshaped. What have we experienced from 2024 to 2025? No one cares about technological value anymore, no one talks about ideals; everyone is looking at 'money' regardless of everything. In the first half of 2024, we began to deconstruct VCs and project parties, with low-priced chips unlocking and crashing, false data creation through airdrops, and the 'issuing tokens is the endpoint' passive strategy. We realized that under the technical narrative packaged by VCs, 'money' is the goal; later, the Meme season erupted, with players with ulterior motives building communities under the banners of decentralization and shared ideals, and mediocre developers were elevated under the 'AI Agent saints.' Celebrities from outside the circle received grand 'treatment' for issuing tokens, ultimately leading to the conclusion of issuing tokens → FOMO → abandoning the community/project; 'money' remains the goal. As all liquidity was about to be squeezed out, savvy crypto enthusiasts turned their gaze to the stock market, borrowing shells to go public and establishing listed company treasuries became a means of seeking 'new money,' and what these companies do remains unimportant. Consequently, my understanding of Web 3 shifted from 'this is an industry that can make the world better' to 'this is just an industry that brings money relatively quickly,' and I also began to look at 'money.' Although I continue to monitor industry dynamics and intensively study new projects and trends, my personal Twitter has not updated crypto-related content for a long time. There are fans messaging me, asking why I no longer publicly share projects (thank you for recognizing me); my reason is that besides speculation, there are no projects that genuinely pique my interest, and I have lost the desire to share. "Golem, what you need is excitement, even in work," the deputy editor told me. This statement reminded me of the time in 2023 when I formally entered the circle and interned at a major company writing research reports. I was immersed in obsession and excitement about Web 3 every day, chasing my mentor to discuss how cross-chain bridges achieve asset transfers between two chains, what blockchain ethical issues the monopoly of L2 sequencers would bring, and I would ride my bike along the river in Hangzhou while asking friends: How should account abstraction be understood in simple terms? However, everything cannot go back. The early stages of entering the circle involved organizing some materials for learning about Web 3. Some people told me that this is just because the market is bad or you didn't make money; internal contradictions will intensify in a bear market, and as long as we endure until a bull market, everyone will be happy. Money may indeed be a significant factor, but the lack of a sense of achievement is the real reason. The first batch of post-00 Web 3 workers have started to withdraw/lose interest. As social media is filled with various stories of post-00 individuals getting rich overnight through cryptocurrency speculation or being ordered around in the Web 3 workplace, some post-00 Web 3 workers have quietly withdrawn from the circle. Many former companions have turned to other industries. Wang Yue is a post-00 who has a similar experience to mine; he was an intern at a VC in 2023 and later joined a Web 3 company. At the end of July this year, he chose to resign and start an international trade business. Wang Yue told me that resigning does not mean he will no longer pay attention to Web 3 and trading; he will still pursue opportunities, but he will not invest as much as before. "Actually, I don't have high hopes for my trading skills; comparatively, working in the real industry may be more suitable for me," were his last words to me. Wang Yue discussing entrepreneurial ideas with his international trade partners. More and more post-00s are beginning to realize that the crypto circle is a suitable financial choice rather than a suitable career choice. Taozi, a graduate student from Zhejiang University in 2000, was active in student blockchain organizations during her studies and interned in Web 3 projects, but after graduation, she became a civil servant in her hometown. "I am an experiential person, and I believe that life is greater than work, so I only regard Web 3 as a side business for financial management," Taozi explained to me why she did not choose a full-time job in Web 3 after graduation. Some post-00 entrepreneurial teams have also started to abandon Web 3. "When I joined, the project had Web 3 planning, but for various reasons, it is still purely Web 2 mode now," said post-00 Xiaoyu, who interned at a Web 3 fund before graduation and later joined the current startup team related to Japan's secondary dimension community. This year, she just took over as CEO of the project. We used to be in the same community...

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