I would like to briefly talk about HashKey: The cryptocurrency market is indeed a 'powerhouse game'. Bosses and investment institutions with resources are indeed more likely to cause trouble; Although grassroots entrepreneurship occasionally has stunning returns, it is highly likely to end up with zero returns. From a business perspective, bankruptcy of a company ≠ bankruptcy of the boss, typical of Shenyu. Yinyu Mining, which was founded in 2015, went bankrupt and liquidated, and users who bought Yinyu stocks suffered. However, this does not prevent him from always being financially strong. For example, 796, established in 2013, was the world's first Bitcoin futures platform that raised 10000 BTC for later settlement. Users who held its virtual stocks for a long time (at that time, there was no concept of "platform currency") were also struggling, but the platform owner was still very wealthy. So are you saying that cryptocurrency financing is a scam? Simply put, it's about making decisions. Whether it can be made, whether there are people pulling the platform coin, whether early investors have run away, whether it's a "project" or a "market", it's not that important. The result is that the platform side makes money, while individual investors serve as sparring partners. The platform coins performed the best, for example, OKB rose up to 50 times, while BTC was only a few thousand dollars during the same period, and BNB was even more exaggerated, rising ten thousand times in total. If you happen to buy it and can hold it, it's really satisfying, but to be honest, most people can't buy it, can't hold it, and end up standing guard. Speaking of HashKey, its core value is actually that 'license plate'. There are too many uncertainties about whether we can capture a larger market in the future, and there are a lot of problems at the moment: 1. The business model is unclear, and there is a high probability that it will not make money in the short term. Even if one can make money in the future, it may not have much significance. For example, in 2018, Bitmain and IDG invested in a project that focused on aggregate trading. Technically, it matched orders with multiple exchanges, allowing users to "buy low and sell high" theoretically. However, with this gameplay, the final market value was only $2 million. They have done destruction before, repurchased 5 billion for 10 billion, and are still burning 100 million pieces every quarter, but no one is buying them. When asked by users, they simply say 'the team is working'. Not running away has become the greatest comfort. As for whether the platform makes money or not, Binance does not have the right to audit; Even if it is really audited, the accounts may not be true. So, ultimately, investing is still investing in people. The rise of platform coins depends on whether the project team has the ability to "resonate with the soul", rather than "how much code has been written". 2. Poor operational capability and depth. The depth of transactions determines the user experience, without depth, no one plays. Operations are also not good, blindly emphasizing compliance, claiming to have bought millions of dollars worth of insurance, but not clearly telling users: 'If something really happens, such as the collapse of FTX, can this insurance compensate and how much?'? ”The promotion is not in place, this money is like a waste. 3. The information of platform coins is opaque. What is the cost of employees receiving coins? How much to send? The rules have never been made public. I asked the former executive, and she said she received a 0.4 cost gold card with 1.2 million pieces, which can be unlocked linearly for 36 months. I also bought a gold card, it's only for 12 months and will be redeemed next month. Why can employees get 36 months? Why can she get 1.2 million? The information in between is extremely unequal. I remember it was quite difficult to win the lottery back then. Compared to other platform currencies, HashKey's HSK has at least some revenue support, but there are still too many problems. Whether the project team is sincere in their work, whether there is anyone to manage the coin price, and whether users can participate in the ecosystem and share the growth dividends are all more important than "compliance". Relying solely on regulation and licensing cannot sustain the entire coin price. 5. HSK is not very useful. Holding platform coins and various BNB coins yields better returns, so people will buy BNB. HSK also invests in many projects, but is not willing to give money to its coin owners.