Why I feel disillusioned with the cryptocurrency industry: the true voice of an old leek/practitioner Many people enter encryption because of their ideals, passion, and liberal values - and I did too back then. When I was young, I was deeply influenced by libertarianism and enjoyed programming, so the "decentralized finance+cypherpunk spirit" was a natural attraction to me. I truly believe that Bitcoin can free wealth from national borders and institutional constraints, and is a more free financial future. But after working full-time in this industry for several years, I have become increasingly confused. one ️⃣ Encryption is not a new financial system, it is a 24/7 super casino When I truly served users and built products, reality slapped me hard: I thought I was working on a new financial system, But in fact, I am adding bricks and tiles to the world's largest online casino that never closes. An industry that doesn't want to call itself a 'casino', but looks like a casino everywhere. An industry driven by speculation, emotions, FOMO, and zero sum games. No matter how many white papers or visions are written in the industry (most of which cannot be implemented), they cannot conceal this fact: Most users are not here to pursue free finance, they are here to gamble. I spent my entire twenties building this casino. I have made money, but I always feel like I have lost my life. two ️⃣ Watch what they do, not listen to what they say The cryptocurrency industry promotes the need to rebuild a new global financial system, but where do the funds actually flow to? Not financial infrastructure. Not something useful in the real world. But rather: The next Ethereum killer (Aptos, Sui, Sei, ICP) The next wave of speculative hotspots Various tokens that are almost unused but have astonishing market value Have these things made the financial system better? No. In the past few years, the L1 war has burned the money of countless users and VCs - it has not made the system more sound, but has only transferred wealth from one group of people to another. This is not construction, it is migration+speculation+internal competition. Not only L1, but also DEX, perpetual, predictive market, Meme platform The competition and frenzy of each track have not pushed us closer to the so-called 'ideal financial system'. This is not a financial revolution. This is building a casino on Mars. In the end, everyone turned red eyed and ran out of money three ️⃣ The encryption industry is accelerating the "economic gambling" trend I don't deny that I originally wanted to make money. But when the entire industry defaults to zero sum games as the norm, the problem becomes bigger. In the encryption industry: No need for users (if any, how many are real?) No need for revenue (Speaking of revenue, just came from traditional finance, right?) No need for product (see if Aster's product experience can have a market value of billions, tell me the importance of the product) ） As long as there is a token, its market value can reach billions (but now it's gone, all the leeks have been cut, and even if it's smashed, no one will take it) This seriously distorts the business judgment of an entire generation. The real world is not like that. The business that truly creates value is not a zero sum game, nor is it about cutting each other (see how AI US stocks next door hold to earn). The encryption industry continues to strengthen the culture of "making quick money is reasonable" and "zero sum is okay", as long as there is traffic, it is a contributor to the industry. This will make young people mistakenly believe that wealth can only be obtained through gambling, luck, and speculation. four ️⃣ The final reflection I used to think 'financial nihilism' was fun, but now I increasingly see it as poison. I have no doubt that BTC will rise to 1 million in the future. But the garbage games and meaningless speculative cycles constantly created by this industry are not beneficial to society, young people, or true innovation. CMS once said: Do you want to make money or do you want to do the right thing This time, I want to choose to do the right thing. Don't waste any more time!