Recently, I chatted with some veterans in the crypto world, and everyone shared a common feeling: now when opening trading software and seeing the green K-lines, there is no longer any ripple in our hearts. A crash? A disaster? These are not scary; after all, we have experienced bloodier scenes. What truly sends chills down the spine is that the crypto world is losing its most precious asset – the imagination for the future.

One, from "changing the world" to "cutting leeks"

In the first bull market of 2013, Bitcoin was like a rebellious teenager, and everyone was betting on whether it would go to zero. The slogan at that time was "disrupting the existing financial system," and those who lost money also believed they were participating in a great revolution.

During the 2017 ICO frenzy, the white papers were filled with blueprints for "reconstructing a new world." Even though later 90% of the projects went to zero, at least the infrastructure like Binance and stablecoins remained. During the bear market, everyone was still discussing new species like DeFi and NFTs.

In the 2021 bull market, DeFi, GameFi, and the Metaverse took turns being hyped. At that time, we mocked traditional finance as "local dogs" and even claimed we would "teach Tencent how to make games." Even after the 519 crash, the market quickly proved its faith with new highs.

But now? Open Discord, and the screen is full of:
"Altcoins are just air!"
"VC coins are just cutting leeks!"
"Market makers not pumping is just playing rogue!"
"If only Trump could shout out!"

When former revolutionaries start looking to the US President for a market rescue, and "PVP (mutual harm)" becomes the only consensus in the crypto world, that is the most terrifying signal.

Two, the crypto world is becoming an "artificial intelligence idiot"

The outside world is undergoing a revolution of AI Agents, while the crypto world is still playing the tricks of 10 years ago:

  • Institutions are playing the "pump - dump - pump again" game of cutting leeks

  • Projects are eager to issue new coins, conduct IFOs, and open mining pools

  • Retail investors are chasing the rumors of "hundredfold coins" in various communities

When AI can already write code and make decisions, the crypto world is still debating whether "Bitcoin will rise to a million." This comparison is like a PhD student studying quantum computing while kindergarten kids are still playing with blocks.

Three, what’s scarier than a bear market is the "moment of awakening"

The current crypto world is like a drunk person suddenly waking up:

  • Once firmly believed in the "decentralization revolution," has turned into a centralized carnival of exchanges

  • The proclaimed "community autonomy" is actually a one-man show of the project parties

  • The promised "technological disruption" ultimately turns into a PPT in a white paper

As more and more people realize:

  • The so-called "innovation" is just a rebranded funding scheme

  • Behind the myth of hundredfold coins is the scythe of the manipulators

  • Price fluctuations are no longer determined by technology but by policies and hype

This collective awakening is the biggest crisis in the crypto world.

Four, bubbles are not scary, losing hope is what’s scary

The price of Bitcoin dropping from $60,000 to $20,000 is not scary. Every bull market in history has experienced bubble bursts, but new things always grow out of it:

  • The bubble of 2013 gave birth to mining pools and exchanges

  • The bubble of 2017 nurtured DeFi and NFTs

  • The bubble of 2021 propelled Layer 2 and cross-chain technologies

But if after this bear market, the crypto world is left with only:

  • Perpetual contracts from exchanges

  • Quantitative trading by market makers

  • Retail investors chasing and killing the rise and fall

That is the true apocalypse.

Five, we need a new story of "changing the world"

Recently, I saw someone shouting on Twitter: "PayFi is the future!" "RWA will disrupt traditional finance!" The comment section was full of ridicule: "Here comes another one to cut leeks!"

This collective distrust is more deadly than any negative news. What the crypto world needs is not more funds, but:

  1. Technologies that truly solve practical problems (such as Web3 identity, on-chain privacy)

  2. Applications that benefit ordinary people (such as decentralized social media, blockchain gaming economy)

  3. Innovations that break the current interest pattern (such as DAO governance, community fundraising)

Just as Bitcoin was born out of the financial crisis and Ethereum rose during the ICO frenzy, the spark for the next bull market may be hidden in some geek's code or in discussions from some nameless community.

Sowing hope in the cold winter

The current crypto world is like Silicon Valley after the 2000 internet bubble burst. At that time, people were also saying: "The internet is done!" But it was during that winter that world-changing companies like Google and Amazon were born.

I still believe that the future of blockchain is not about cutting each other’s leeks, but about allowing everyone to truly own their own data, assets, and voice. When the tide goes out, those who are swimming naked on the beach will disappear, but those who are truly building the Ark will eventually welcome the next bull market.

Remember: The biggest danger in the crypto world is not the cold of the bear market, but that we no longer believe spring will come.