Borrowing a line from Zhang Mazi: "Fairness, fairness, and f***ing fairness." Back in the day, people joined the crypto space for grassroots empowerment and equal opportunities. But now? Institutions are running the show, VCs are lifting the sedan chair, and projects peak at launch. Many feel the industry has lost its soul and isn't fun anymore. Looking back over the past few years, there are three truths you need to understand—most anxiety is just self-inflicted. 1. Crypto has been tamed by Wall Street The market today has a major issue: using a scale for selling cabbages to weigh rockets. ETF, compliance, custody... Once the "regular army" entered the space, everyone started pretending to be sophisticated, using P/E ratios and revenue reports to value blockchains. Then came the bearish voices. Multi-billion-dollar opening FDVs are nauseating, but that doesn't mean the industry is doomed—it means the valuation system is misaligned. Using "linear valuation" from mature markets to measure explosive new technologies is inherently flawed. 2. Crypto is still a super goldmine that hasn’t been "internetized" Stop shouting revolution for a second. To put it bluntly: current crypto applications are like a mix of early internet BBS forums and online banking—slow and clunky. Mass productization, standardization, and interaction revolutions haven’t even started yet. But anyone who understands tech knows that crypto is all about the efficiency and speed of capital flow. The efficiency gap is still there, and this industry is still the Wild West with a long way to go before hitting its ceiling. Value won’t grow from coin price fluctuations but from the true internetization of the industry. 3. Say goodbye to "mutual cutting" and start doing real work Over the past few years, the space has been all about PvP—friends cutting friends, communities cutting each other, VCs and market makers cutting everyone. Moving forward, explosive value growth must come from real value: payments, DeFi, gaming. Only when technology truly lowers trust costs and improves circulation efficiency will it deserve trillion-dollar valuations and immense wealth. This is the only shortcut to getting crypto onto the mainstream stage. I still believe in exponential growth—not out of greed, but because I trust historical patterns: technology will devour outdated financial systems just like the internet devoured traditional media. Don’t panic. Let the bullets fly a little longer.