Disappointed with the cryptocurrency industry=not grateful to the cryptocurrency industry Many times, cognitive biases stem from neglecting sample size - inferring the full picture of the entire cycle based solely on a few extreme cases. When the market falls, many people curse the cryptocurrency industry for fraud. Indeed, the species here are extremely diverse: there are projects in the cryptocurrency community such as Hype, which have good coin prices and good products, Ondo, which have good products but poor coin prices, Rave, which relies solely on manipulation but has no products, and of course, there are also scams such as Rug that directly scam But can this lead to the conclusion that 'the entire cryptocurrency circle is equivalent to fraud'? If we shift this probability to the traditional logic of venture capital in the primary market, it is simply normal. Every year, there are thousands of startups around the world, and unicorns that can emerge from the waves are rare. The cryptocurrency industry has only accelerated this process of nine dead and one dead, thus completely exposing the elimination rate to individual investors The same applies to the liquidity game. The market is not always a zero sum game. There are high-quality assets like Tradexyz that are truly introducing external liquidity into the system; There are also funds that are purely sucking blood in the pool. The altcoin projects in the cryptocurrency circle were not originally binary oppositions. In the past few years, the traditional logic of capital overflow was that BTC made money and overflowed to the leader of the altcoin group, Ethereum ->Ethereum made money and overflowed to altcoins ->The people who launched the altcoin projects hoarded BTC and invested in other ecological projects to allow funds to flow back into the market - rather than simply turning altcoins into liquidity pumps from the cryptocurrency circle However, who should bear the blame for the current bottomless downward cycle? The emergence of Binance Alpha broke this originally slow process, accelerating it too quickly, creating a period of alpha prosperity while greatly reducing the cost of new shells. Originally, to launch a project, it was necessary to create on chain data TVL、 Social media discussion and so on, now all we need to do is pay chips and a deposit. Later on, after 1011, the ancient BTC ETH OG address became active again for selling coins, the Ethereum Foundation continued to sell coins until they only held 0.36%, Vitalik reduced the EF scale and stopped writing decentralized governance novels, BTC ETFs continued to flow out, and only Saylor tried to buy BTC Praising 'the cryptocurrency industry is ruined', 'the cryptocurrency industry is a cesspool', and 'the cryptocurrency industry people are really leeks' is nothing but an emotional outburst. Essentially, the liquidity transmission game has come to an end, with no liquidity left in the cryptocurrency market. As a result, late stage liquidity providers at the end of the food chain are disappointed with buying these endless early profit opportunities The decline of a cycle is a comprehensive process, and it is difficult to say who did something wrong that directly led to this result. Vitalik is the founder, but he continues to sell coins without taking any action, and his behavior of constantly engaging in zuzalu is indeed not like that of a legendary leader. exchange? Exchanges are profit oriented, not charitable organizations. In the face of the explosive trading volume of tokenized assets in the US stock market and their occupation of market share, it is impossible not to embrace this trend Although I do not agree with the extreme behavior of some people in the cryptocurrency industry who immediately turn a black screen and curse the cesspool, I must also admit that many people in the cryptocurrency industry are stuck in their own way, unwilling to buy stocks that they do not have when they see them flying, and insist on leaving them empty. It is indeed not good. But what we're saying is that the current state of the cryptocurrency industry can't be due to individual investors who don't understand gratitude and refuse to buy coins I really need to think rationally about how the cryptocurrency industry can improve. I feel like I need to first ask Vitalik if he can do some real work and stop writing his unread novels. CZ, can he stop skiing all day long or being immersed in the praise of others' book reviews? Then I can ask those "ETH ICO whales" if they can stop selling and ask project developers if they can create some real AI, robot, and attractive assets for the industry. Capital always follows hot topics, so we can't expect everyone to be someone who likes to bargain