Revisiting years ago when Dou Wentao talked about the dark side of the medical industry, he gave the example of a heart stent, which costs more than 10 times its factory cost to the final patient, making a huge profit. The core reason lies in the multi-layered distribution chain (manufacturers, national agents, regional agents, hospital procurement agents, doctor kickbacks, etc.), where each layer extracts water, leading to terminal price inflation and ultimately transferring it to patients. This is very similar to the situation of the king level projects with severely mismatched valuations in the current cycle of crypto. Why is it so difficult for retail investors to make some money through ICO in this round of encryption cycle? From the start-up to the listing of cryptocurrency projects, not counting the internal pumping of the team, the earliest angel round drew one round of water, each round of financing VC drew one round of water and pushed up the valuation, exchange listing drew one round of water, KOL Agency drew one round of water, and KOL round drew another round of water The final FDV of the project is amplified through layers of pumping, resulting in the "real value" of the project (the price at which ICO users can earn money) being only 10% or even lower than its FDV. So why hasn't this extremely pathological valuation system been overturned and rebuilt yet? Ultimately, it's because the fundamentals are too stable.