The state of virtual currencies today is truly a mess, and not a single player is innocent.
VCs are seeking high multiples for exits, project teams are harvesting by issuing tokens, exchanges are turning a blind eye to listing fees, media and KOLs are chasing traffic and tokens, and retail investors are holding onto their hundredfold beliefs, collectively treating 'no bottom line' as industry culture.
In essence, it boils down to one thing: this circle is too tolerant of scammers.
Scammers not only won't be nailed to the pillar of shame but are instead repeatedly elevated to the status of new narrative kings.
The result is that bad money drives out good, and wave after wave of retail investors are harvested before suddenly realizing: the so-called 'disruptive paradigms,' 'thousandfold potential,' and 'fat protocols' are all just traps.
Fortunately, retail investors are finally starting to feel the pain.
Only when it hurts will they remember.
From blindly going all in on fat protocols to now starting to ask, 'Where's the cash flow?', this round of painful lessons has at least made everyone see one thing:
Projects without a fundamental base, no matter how good the story, are just stories.
True value will ultimately return to genuine products and cash flow.
Do you think in the next round, retail investors will still get carried away? Or have they really learned their lesson this time?
