Why can $BTC's price keep breaking previous highs wave after wave? Because there’s a continuously evolving perception interface (decentralized hardware-level perception), which constantly enables Bitcoin to perceive real-world computational power. On the other hand, POS systems built around their own tokens as the core foundation are purely software systems, akin to a closed mind without sensory organs (like autism). These systems can release their maximum value at the moment they receive external value input—essentially, the instant they become POS. For example: The market cap of $DOT is roughly equivalent to the total ICO valuation before the $DOT POS network was launched. The market cap of $ETH is approximately equal to its valuation at the moment $ETH transitioned from POW to POS.