Having been asked too many times 'what do you think of the crypto space', this question is like asking 'what do you think of an erupting volcano'—danger and vitality coexist, destruction and creation coexist. After soaking in this market for five years, what I see in the crypto space has never been a black-and-white world, but a complex ecosystem woven from countless contradictions.


It is the freest market and also the cruelest jungle.

The most enchanting aspect of the crypto space is that it has almost no barriers to entry. An African programmer and a Wall Street fund manager have equal trading rights in front of the exchange; retail investors with a few thousand yuan in capital can stand on the same K-line as billion-dollar capital. This sense of freedom makes it a 'place of wealth equality' in the eyes of many ordinary people.

But the other side of freedom is cruelty. The lack of price limits means that you might be up 50% at breakfast and down 80% by lunch;

Without regulatory protection, the risk of project parties running away and exchanges collapsing has never disappeared. Last year, a well-known exchange suddenly went bankrupt, and countless people's life savings were wiped out overnight. That kind of despair makes you understand: the freedom here must be exchanged with a strong ability to bear risk.

It is a testing ground for technology and a magnifying glass for human nature.

Blockchain technology has indeed shone the brightest here. Smart contracts have made cooperation between strangers possible, DeFi has restructured the form of financial services, and NFTs have enabled the possibility of ownership for digital assets.

I have seen public welfare projects using blockchain technology to help refugees receive cross-border donations, and I have seen artists using NFTs to escape the exploitation of middlemen; these innovations make you believe in the possibility of technology changing the world.

But here too, human greed and fear are infinitely amplified. Some believe in obvious scams for 'hundredfold returns', some sell off quality assets like garbage when the market crashes, and some harvest retail investors by fabricating stories.

The crypto space is like a giant laboratory, testing the boundaries of technology while exposing the weaknesses of human nature—and often, the latter has a greater impact on prices than the former.

It is a wave of rapid iteration, but also a practice that requires patience.

The changes in this market are so fast that they can take your breath away. Three years ago, we were still discussing ICOs, two years ago we shifted to DeFi, a year ago we were chasing the metaverse, and now we are focusing on the combination of AI and blockchain. New concepts, new projects, and new ways of playing are emerging endlessly, and if you're not careful, you'll be left behind.

Interestingly, the ones who can truly make money here are often the most patient. That friend who started dollar-cost averaging into Bitcoin in 2018 has gone through three halving events and never gave up;

That developer focused on cross-chain technology quietly toiled for five years before waiting for the explosion of opportunities; that blogger who persisted in popularizing blockchain knowledge accumulated readers over seven years, which became his most valuable asset. The crypto space teaches the most contradictory truth: you must both keep up with the waves and endure loneliness.

The last thing I want to say is the truth.

The crypto space is neither a 'synonym for future trends' nor a 'hell for speculators'; it is more like a barren land that is being cultivated. Some are planting crops here, some are building towers, some are digging pits and setting traps, and some are getting lost and wandering.

It itself has no right or wrong; all evaluations come from what you choose to do in this land.

If you ask me whether you should enter the crypto space, I would say: first think clearly about what you are looking for. Those who want to get rich by luck are likely to be disappointed;

For those who want to rely on their abilities to do things, there are too many opportunities here; for those who want to feel the waves of the times, there is never a shortage of new things.

Ultimately, the crypto space is a microcosm of society—a place with bright progress and chaotic shadows;

It can show you the brilliance of human nature, but it can also expose the complexities of the world. Understanding the crypto space might also mean understanding the intertwining of human nature and the times.

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