Back in 2018, the cryptocurrency space was practically the 'home field' for Chinese people. In the WeChat group, a shout could make the price soar; mining machines were everywhere, and just picking one out from Bitmain or Canaan Creative could cause a stir. At that time, names like Zhao Changpeng and Wu Jihan were synonymous with the industry.
So what now? The new cycle has arrived, the stage lights are focused on Europe and America, and the voices of us Chinese entrepreneurs seem to be getting smaller and smaller?
In the midst of this, where exactly did it break?
To be honest, this really can't be blamed on everyone's lack of effort. With the 'three mountains' pressing down, anyone would need to catch their breath.
First, the foundation is gone. The major rectification in 2021 directly overturned the 'soil' in the domestic market. Trading and mining, which could originally generate huge cash flows, have basically gone to zero. Without the nourishment of the local market, everyone can only leave home to seek a livelihood overseas; the fractures and pains in between cannot be overcome in just a year or two.
Second, the power dynamics have shifted. In today's crypto world, compliance and institutional entry are emphasized. Over in the U.S., Coinbase and Ripple are thriving; although the regulatory framework is strict, the path is open. However, our Chinese projects encounter an inherent 'trust barrier' in the eyes of Western capital due to culture, language, and even stereotypes. To secure funding, we have to put in several times the effort compared to others.
Third, the track has changed. In the past, we excelled in exchanges, issuing coins, and B2C traffic strategies. But in recent years, the industry's main theme has shifted to underlying public chains and DeFi infrastructure (B2B). It's like we practiced 'Eighteen Dragon-Subduing Palms', only to find that the competition is about 'Western swordsmanship'. Those geek engineers from Europe and America are truly skilled in underlying architecture, and we indeed have a 'time difference' in this area.
Does that mean there's no chance?
Don't worry; in fact, opportunities have already emerged, just with a different way of living.
Look at the recently popular derivatives exchange Hyperliquid, founded by Jeff Yan, who is of Chinese descent and a Harvard graduate. But he never mingles in Chinese communities or uses that kind of 'crypto jargon'; he plays completely according to the Western logic and has carved out a bloody path.
What does this indicate? Chinese descent is not the issue; the key is whether we can 'integrate into the mainstream'.
The current winners, such as Ethereum's Vitalik (an immigrant from Russia) and Solana's Anatoly (also from an immigrant background), all share a common trait: the collision of diverse cultures. They understand technology and the Western values and rules of the game.
Therefore, what we Chinese entrepreneurs are facing now is not the 'end of the golden era', but a 'transformation period'.
The future trump card does not depend on how 'Chinese' you are, but on whether you have cross-cultural collaboration skills, whether you can focus on long-term technological investment, and the 'survival wisdom' when facing complex global regulations.
In simple terms, as long as we can achieve 'global thinking + hardcore technology', the leaders of the next wave may very well be us Chinese! Don't just dwell on nostalgia; the new script has to be written by us. Answer 158 to receive red packets!$SOL $ETH $BNB #BinanceABCs #巨鲸动向
