We can look at this issue from three levels:

1. Why do you think it is a bubble? Your observation is accurate.

This feeling originates from the serious speculative phenomenon that indeed exists in the market.

· Price and value divergence: Many projects lack practical applications and can cause the coin price to soar and plummet in a short time solely through hype.

· Fraudsters and speculators abound: Air coins, pyramid schemes, and fund pools exploit the public's lack of understanding of technology to harvest profits, making blockchain synonymous with scams.

· Difficulties in application implementation: The technology is still in its early stages, with issues like slow transaction speeds and poor user experience. Apart from financial speculation, ordinary people still find it hard to perceive its practical use in daily life.

2. What is the real value support beneath the bubble?

Bubbles often wrap new technologies, and the core value of blockchain lies in its function as a trust machine that can solve problems that traditional internet cannot.

· Decentralization and Immutability: Data is not controlled by a single centralized entity and cannot be altered once recorded. This has tremendous value in fields such as supply chain traceability (like tracking vaccine transportation temperatures) and judicial evidence preservation, reducing societal trust costs.

· Value Internet: On the blockchain, value can be transferred globally in real time like information, without intermediaries like banks. A typical case is cross-border payments, which traditionally take days, but through the blockchain (like stablecoins) only take seconds, at a very low cost.

· Data ownership return: In the vision of Web3.0, the data and assets you create on the internet belong to you. For example, items purchased in games are no longer server data of the company, but truly your digital assets that can even be used across games.

· Financial Inclusion: There are many people in the world without bank accounts, but as long as they have a smartphone, they can access the financial world of blockchain and obtain basic savings and lending services.

3. How to view rationally? (Just like the internet bubble of the 1990s)

Today's blockchain is very much like the internet bubble of the late 1990s. At that time, the internet was also regarded as a huge bubble, with countless '.com' companies' stock prices soaring and then plummeting, ultimately resulting in the disappearance of 90% of the companies. However, after the bubble burst, surviving companies like Amazon and Google truly changed the world.

The same is true for blockchain. The current bubble and speculation have attracted a large amount of capital and talent, driving the continuous evolution of underlying technologies. The bubble will burst, but as a foundational trust technology, it is likely to profoundly reshape fields such as finance, gaming, and social interactions in the coming decades, just like the internet.

Therefore, blockchain is neither a worthless scam nor a shortcut to get rich overnight. It is a foundational technology that is still in its early stages. For the average person, it is important to distinguish between speculation and investment: be wary of projects that only want to raise money with air coins, and also pay attention to and understand those technologies that are genuinely solving real problems.

If you want to know which relatively reliable blockchain application directions are currently solving real problems, I can continue to introduce you.