Written by: haotian

I see many people sharing this post about how I wasted 8 years in Crypto, and I resonate with it deeply but also find it overly pessimistic. Here are a few objective observations:

1) I also entered the space in 2017, which makes it exactly 8 years for me as well. Although there have been ups and downs during this time, I believe that joining the Crypto field has been the greatest opportunity of my life. The personal growth, wealth accumulation, and the resources and connections I have gained far exceed my experience in the past decade of the internet.

This is an absolute fact, and my gratitude for Crypto will always remain.

2) To be honest, from a purely experiential perspective, the Crypto industry has matured over the past 8 years, but it has also become increasingly worse. The pure punk ethos of crypto has faded, the faith of holders has diminished, the motivation for continuous learning and innovation in technology has waned, and the persistent belief that Crypto will change the internet in the future has disappeared.

In its place is pure PVP gaming and nihilistic finance. Although it is difficult, disgusting, and maddening, for the sake of "making money," how many people wear masks and pretend to enjoy it.

3) The crypto industry itself exists based on "consensus." The difficulties everyone feels are a direct manifestation of the fragmentation of consensus. From the beginning, most people believed, but now only a few do, and in the future, it is likely that most will leave. All costs stem from the rupture of consensus.

This is why I repeatedly call on leading exchanges, old OGs, excellent builders, and developers to reforge consensus and work together to innovate on-chain. Because relentless division and differentiation, any false prosperity created by short-termism will bring about more painful costs, and in the long run, there are no winners. Yes, crypto for good! For you, me, and everyone.

4) Undoubtedly, we have reached the darkest moment in the crypto industry. Some may not think so because their obsession with the casino-like status quo and individualistic self-interest has overshadowed the growth of the industry itself. But I firmly believe that a larger group still hopes for healthy growth in the industry and orderly market operations, even if making money can be done with integrity.

Yes, even after seeing the essence of the casino, most people still give it the best vision. Pessimists are often correct, but optimists are the ones who can change the world. I choose to be the person who "still loves the industry after seeing the truth."

5) Currently, the biggest paradox in the Crypto industry is that it uses the most advanced technology to repeat the most primitive financial games. There is a disconnect between technology and application, and a decoupling of value and price. It sounds contradictory, but it is even more ironic.

Fortunately, those who joined the Crypto industry without hesitation in earlier cycles have indeed brought many different things. The DeFi Lego tower has not collapsed; the play of collateralized lending and mining has sustained many DeFi farmers. The NFT, layer2, and Agent craze has been criticized for being a bubble, but it is undeniable that after each bubble bursts, there is always some value that remains.

The non-regulatory nature of the crypto industry gives it a unique advantage in cold-starting innovative narratives, trial and error, and iteration. This allows us, whether speculators or restless innovative explorers, to have more opportunities to seize chances. This aspect of the crypto industry has never changed.

That's all.

I love Crypto because I love its complexity and variability. Those who truly change the world are never those who choose to escape after seeing the truth, but those who choose to stay and fight after seeing the truth. Let us encourage each other.

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