At three in the morning, I turned off the market chart, and the Chardonnay in the crystal glass rippled under the moonlight. As a female trader who has traversed three cycles of bull and bear markets, I smelled the rusty scent of blood permeating the crypto jungle.
The wild growth in the sinking market always reminds me of the older generation in their youth.
The scene of supply and marketing cooperatives scrambling for treasury bonds. Behind the ridiculed slogan of 'one PI one BTC', isn't it another generational cognitive hunt? When I witnessed a domestic helper exchanging three months' salary for PI coins, I suddenly realized: the valuation models we carefully constructed are merely arrogance framed in gold, in the face of humanity's innate desire for wealth. The CX legion and on-chain gamblers have always been mirror twins.
The Nth version of the evaluation report from the exchange's listing committee flickers with a cold light on the screen. Once upon a time, we would celebrate capturing unicorns with champagne in a Manhattan penthouse, but now the curse of 'listing leads to a price drop' has turned all valuation logic into mere footnotes of performance art. It's not that the aesthetics of listings have declined, but rather the blood-making function of the entire ecosystem is failing — when the market loses its profit-making effect, even the most rational institutional investors become hysterical mobs.
But what truly keeps me awake all night are those AI Agent ecosystems growing wildly in the on-chain world. These intelligent networks, woven by global geeks with 43 million lines of code, clearly nurture the starry sea of the next generation of human-computer interaction, yet they cannot compete with the meticulously designed pyramid schemes of CX. When a product director from a certain exchange showed me the 'growth curve of middle-aged and elderly users', I could clearly see the crypto spirit receiving moral plasma in the ICU.
Late at night, I ponder repeatedly: perhaps what we truly fear is not that the TRUMP coin has drained the liquidity pool, but rather witnessing the industry become a gladiatorial arena where new money harvests old dreams. When the value discovery mechanism is hijacked by traffic, and when technical faith surrenders to marketing rhetoric, this crypto renaissance will ultimately turn into a feast of capital dismembering cognition.
The way out is not in condemnation, but in reconstruction. Just like Wall Street couldn't understand Amazon twenty years ago, what we need to do today is to make smart contracts truly the holy grail of value alchemy. Only by allowing on-chain assets to hold the power to define value can we rebuild the golden laws of the crypto world in chaos — after all, in the dark forest, only the sword bearer has the right to define the light.