Don't let Crypto become an island.
By Ken, Deep Tide TechFlow
Recently, the biggest news that has stirred the cryptocurrency market is the plight of CZ, the founder of Binance.
On Tuesday (April 23), U.S. prosecutors stated in a court filing that they believe Zhao Changpeng should be sentenced to 36 months, which greatly exceeds expectations, as Binance had previously agreed to accept a $4.32 billion criminal penalty.
Man proposes, God disposes.
When CZ set foot on American soil, he may have already become a new pool for the U.S. government, "Staking CZ To Earn."
The world is a grass stage where traps are set.
Many people have thought of TikTok and Huawei, but the latter two may have a much better fate.
TikTok has always had the option to advance or retreat, as well as legal weapons to fight back, not to mention that they actually mobilized the masses, calling on users to pressure the U.S. government by making phone calls. As for Huawei, it seems to have become a symbol of patriotism. Standing behind it is a certain sense of the nation and its people. When Meng Wanzhou was in dire straits, there has always been national support and rescue efforts.
As for Binance and CZ, they can only correct their attitudes, admit their mistakes, even though many in the cryptocurrency industry sympathize with CZ. However, looking at the overall public opinion, most people are more inclined to gloat and ridicule. When a capitalist is hung from a lamppost, they applaud, especially when it's a Crypto capitalist.
This is also the deep-seated problem facing the entire cryptocurrency world: the cryptocurrency industry has money but lacks power, social status, and recognition.
A so-called big shot in the cryptocurrency world can only tremble in the face of a county-level police officer.
Many financially independent cryptocurrency tycoons choose to open up a second battlefield to give themselves a glamorous social title, craving social status and respect.
Just like the "Dark Forest" theory in "The Three-Body Problem," those who have made a fortune in the cryptocurrency circle are all hiding their wealth and intellectual property. Once their wealth is revealed, trouble is inevitable. Everyone deeply understands the saying, "Silent wealth is the best."
In the eyes of regulatory agencies around the world, Crypto may be the best "regulatory target": wealthy, capturing a large amount of wealth from the global market; not creating too many jobs and tax revenue locally; facing no enforcement resistance from other sectors of society; not being tied to the real world, and facing no public pressure from the entire society… Crypto has become a sacrificial lamb on a global scale.
Looking at commercial history, whether it's manufacturing, real estate, banking, Google, Meta, Tencent, Alibaba, and other internet companies, they have gradually become the infrastructure of society, thus forming a vested interest with the country, society, and the people.
"TOO BIG TO FAIL" is their confidence.
The cryptocurrency world lacks this kind of confidence. The disappearance of an exchange or a cryptocurrency project will not cause too much direct loss to the government and society, nor will it cause much of a stir in society.
So what should be done?
Fundamentally, Crypto needs to prove its "positive externalities," that is, to create value and be beneficial to society, although this is still mostly on paper at present. The long-awaited "Mass Adoption" has not yet appeared, only "MEME waves and widespread speculation."
Apart from BTC, ETH, SOL, BNB, and other leading assets whose value is relatively recognized, other assets still need to prove their long-term value.
Currently, stablecoins are still the most effective cryptocurrency application that generates external value and connects to the real world.
In addition, there is no charity without cause. Power comes from struggle. The U.S. SEC's approval of a Bitcoin spot ETF was due to a court defeat, and we should call for and support more of these "upward struggles," of course, limited to the United States.
We need to pay tribute to organizations such as Coinbase, Grayscale, Paradigm, a16z, and others that actively engage in cryptocurrency litigation and lobbying. Only when the regulatory rules in the United States become clearer and smoother can Crypto's global path be smooth.
Finally, if we compare Crypto to a religion, just as the expansion of religion depends on merging with royalty, Crypto needs to preach to more influential figures, just like it once preached to Musk, Larry Fink (founder of BlackRock), and Nayib Bukele (President of El Salvador)… Don't let Crypto become an island.
Lu Xun once said, "In this world, there was originally no faith. But when there are many CX, faith also arises."
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