Atari moment of the currency circle: the foam buries tens of millions of chips, and the desert siege of those who are in debt Atari buried unsold cassette tapes in the desert In 1983, the North American gaming industry experienced the collapse of Atari, once comparable to Hollywood's golden race track, and its market value evaporated by 90% in just one year. A massive amount of shoddy pickup truck replacement belts were piled up in the warehouse, and the popular IP "E.T. Alien" was poorly produced with four million unsold copies. In the end, 14 trucks transported hundreds of thousands of copies of the game to the New Mexico desert for landfill, causing the industry to slump for four years. Players turned pale at the mention of games, manufacturers went bankrupt in batches, and countless retail investors who followed the trend lost all their money. The current bear market in the cryptocurrency industry is the Atari moment of the digital asset industry. The debt retail investors who returned to the zero imitation market, exploded on the stock exchange, and overdrawn their assets are like the inferior cassette tapes buried in the yellow sand back then; On the one hand, the ecological foam was completely cleared, and on the other hand, ordinary people were trapped, overdue, and collected a series of critical attacks, with double purgatory staged simultaneously. one ️⃣ The same original sin of the foam: no threshold flooding low-quality assets, overdraft market trust The root cause of Atari's collapse is the relaxation of third-party development without any review threshold. Just a few people can write code for two weeks, set up an IP address, and make cassette tapes for distribution. The market is flooded with thousands of skin swapping garbage games, and consumers spend $30 to buy inferior products with bugs flying everywhere. In the end, they completely lose trust, and channel merchants collectively clear their inventory and sell them off. cassette tapes that were originally priced at several tens of dollars for $2 have no buyers. The cryptocurrency industry has replicated the complete script: in a bull market, there is no threshold for issuing coins. Copying the white paper, changing two lines of code, and calling out orders from internet celebrities can lead to the launch of Tugou MEME、 Air project. 90% of the tokens have not been truly implemented, have no continuous development, and have no real users on the chain. The so-called "metaverse, AI public chain, GameFi" are all shell narratives, corresponding to the low-quality pickup belts produced by Atari in bulk. Atari accumulates unsold cassette tapes, and the coin market accumulates zero knockoffs; In the past, players bought low-quality games and never touched the console again. Now, retail investors have completely lost confidence in the knockoff track after falling into the trap, and market liquidity has rapidly dried up, leading to an endless downturn in the market. Even more ironic is that "E.T.", which crushed Atari at the time, benchmarked the bull market's sky high narrative blue chip market: relying on popular concepts to raise funds and overdraw expectations, the actual product was empty. Ethereum, like Atari's original masterpiece, can still hold its basic position, while the vast majority of popular mid-level public chains, such as the cryptocurrency version of "E.T.", aggressively sell at high points and cut back and forth in bear markets. two ️⃣ Industry giant thunderstorms=Atari parent company's stock price avalanche After the collapse of Atari, the stock price of its parent company Time Warner plummeted by 32% in a single day, resulting in huge losses. The company was directly split and sold off, and the industry leader collapsed with a loud bang. The core explosion of every bear market in the cryptocurrency industry is the centralized platform version of "Atari Collapse": from the theft of Mt. Gox, the collapse of Terra stablecoin, to the top exchange's embezzlement of user assets, there are systemic risks in the industry's core channels, where user assets are locked up and cannot be withdrawn, such as the mountains of unrealized cassette tapes piled up in the channel merchants' warehouses at the same time. Atari relies on offline channels to distribute its products, and the exchange is the only circulation channel in the cryptocurrency industry; The channel explosion brought chain panic, and retail investors sold off spot goods at no cost, causing the market to plummet and liquidity to instantly dry up, which is no different from the collective clearance and selling of game stores across the United States in 1983. three ️⃣ Leveraged overdraft+nationwide follow the trend, giving rise to a large number of debt "desert wall hanging people" In 1982, the game industry became a national craze. Retailers and small manufacturers borrowed money to store tapes and bet on the Christmas market. After the foam burst, they lost their stocks and countless people went bankrupt in debt. In the current cryptocurrency market, there are millions of ordinary people who enter the market with overdue debts, perfectly corresponding to the bear market wall hanging phenomenon: 1. Overdraft cash flow bottom fishing, debt tied to currency prices. Retailers used to borrow and hoard cards in the past, but now retail investors are using credit cards, borrowing online loans, adding warehouse contracts to consumer loans, and using Soha knockoffs. I originally planned to pay off my debts in a bull market, but ended up hitting an Atari style bear market, causing a continuous decline in currency prices, shrinking asset losses, and inability to repay monthly payments, resulting in complete delinquency. 2. The double explosion of long and short leverage accelerates debt collapse. In the Atari era, no one understood leverage, but cryptocurrency contracts were a powerful tool to amplify pain. Debt retail investors always want to short sell and buy the bottom quickly to repay their debts, but in bear markets, they intervene and harvest gamblers with volatility. With several times the leverage, they can sell out their positions at once and only have chips left. The debt hole only increases and does not decrease, which is like burying all of their own cassette tapes in the desert. 3. Double mental torture: market crash+debt collection bombardment. In the Atari era, loss making merchants only bear inventory pressure. Nowadays, those who are stuck in the cryptocurrency circle have to endure double torture: opening market software is full of deep green lines, mobile phone text messages and debt collection calls are bombarded 24/7, threatening to sue, explosive contact lists, and door-to-door visits. They are anxious about the market during the day and consumed by debt at night, like being trapped in a barren desert with buried cassette tapes and nowhere to escape. Summary: Hundreds of thousands of E.T. tapes in the New Mexico desert were epitaphs of the foam era; Nowadays, countless knockoffs, account freezes, and overdue bills are the footnotes of Atari's moments in the cryptocurrency industry. Foam are always buried by sand, but the really valuable assets will cross the cycle. At present, we have endured debt collection, withstood the downturn, and endured the major collapse of the digital asset industry. Only in the next round of industry recovery will we have the opportunity to dig out the chips buried deep in the desert, settle all debts at once, and emerge from this bear market siege. From the group friend Peipei King Channel: Gambling Crash Record