Cobie's closed door interview: Don't be consumed by the anxiety of sudden wealth! This may be the most thorough reflection on the crypto cycle in the past two years If you feel anxious, confused, and even doubt whether you are really suitable for the Crypto market in the recent market, then you must spend 15 minutes reading this long article carefully. Cobie, the most legendary trader in the cryptocurrency industry, former manager of UpOnly, and opinion leader who was recruited by Coinbase, just conducted a long lost in-depth interview. He did not recommend any passwords, nor did he guess tomorrow's location. Instead, he ruthlessly and soberly dismantled the core tearing of the current Crypto market. Why is the market showing no signs of improvement despite all the good news? Why do applications become stronger while ordinary people suffer more and more losses? Why should you stop living a life plagued by short-term fluctuations? Only by understanding these three cruel truths can you know how to play the next cycle. Truth 1: The cruel "K-type differentiation" - the real application is rising, and the air coin in your hand is returning to zero The biggest market sensation now is extreme tearing. On the one hand, stablecoins are crazily eroding the global payment market, and the prediction market (Polymarket) can even surpass traditional media in key events. Hyperliquid, a derivative DEX on the chain, has run incredible trading volumes. This proves that the technology and applications of Crypto are rapidly advancing in the 'real world'. On the other hand, all the governance tokens, Memes, and altcoins that you can buy are sluggish and lackluster. Cobie pointed out bluntly: This is K-type differentiation. You are using Crypto infrastructure, but you can't buy the "stocks" of these good infrastructure at all. The truly valuable protocols (such as Stripe or high profit on chain platforms) have not been issued, or they are all in private markets. What you are holding in your hand are all those "air assets" that only have the attribute of passing flowers through drumming. So don't blame the market for being too cold. It's not that Crypto is not working anymore, it's that true value creation has not been allocated to you at all. Truth 2: Don't deceive yourself! The essence of every bull market is that 'ordinary people suddenly make quick money' Review every big outbreak in the history of Crypto: the first generation counterfeit coin in 2013, the ICO craze in 2017, the DeFi Summer and NFT foam in 2021. People always like to attach various lofty "grand narratives" to every bull market. But Cobie pulled off this layer of disguise: essentially, there is only one tipping point for all breaking circles - making a group of ordinary people who originally didn't understand blockchain suddenly rich in a very short period of time. That's why so many young geniuses are now running to do AI. Because the current AI development community is very similar to Crypto in the past: an ordinary person buys a computer, connects to an API, writes an Agent, and feels like they can create a profitable business in minutes. Funds and talents are always chasing the illusion of the lowest threshold for sudden wealth. Crypto has not been abandoned, it is just waiting for the next 'new casino' that can make ordinary people rich to be built. As long as someone makes exaggerated money in this new casino, those who curse 'Crypto is all a scam' will definitely buy it back overnight. Truth Three: The Most Neglected Conspiracy - Wealth is being privatized by Silicon Valley's' Friends Club ' This is the most spine chilling viewpoint from Cobie throughout the entire interview. Not only Crypto, but the rules of the game in the entire capital market have also changed. Take a look at SpaceX, OpenAI, and Anthropic, these companies that may define the future of humanity, whose valuations have been wildly inflated in the private market. Ordinary people simply cannot buy these most essential technological assets. The dividends of wealth creation have been privatized by a small group of "old friends' clubs" in Silicon Valley; When they flow to the public market with a trillion yuan valuation, the public can only take orders and bear the risk of foam bursting. Crypto was once expected to break this monopoly with tokens, allowing early users to receive dividends. But sadly, today's VC coins have become a replica of this dragon - high valuations go online, peak at the opening, and then decline all the way to harvest retail investors. That's also why the Hyperliquid airdrop is referred to by Cobie as a 'flagship level success'. Because it truly achieves: users create value, and the system truly returns the upstream profits to users. This is the last trump card for Crypto to resist the traditional capitalist "class solidification".