Last week, HashKey, known as the 'number one crypto stock in Hong Kong', was listed in Hong Kong.

In the days leading up to the listing, several friends privately asked me for my views on this company and its stock; several domestic venture capital funds in my circle also excitedly shared their enthusiasm and joy about their participation in the subscription.

Indeed, with such a great aura, under the comparison and pressure of the crypto ecosystem rushing across the ocean, Hong Kong finally has a landmark crypto company listed.

This is definitely eye-catching.

However, I clearly expressed my opinion in private replies to friends: I really do not have faith in this company.

The pessimism here is partly due to the company's own development, but a larger part depends on complex non-economic factors.

To succeed in doing something, the three elements of timing, geography, and people are essential.

In our era, all companies and individuals willing and able to strive in the crypto ecosystem undoubtedly occupy the element of timing to some extent, as we are fortunate to be born at the right time.

In the United States and the Argentina I mentioned earlier, the companies and individuals fighting there also occupy advantages in geography and people.

The so-called geographical advantages of the United States and Argentina refer to their sufficient population and large potential user market.

The people in the United States are actively promoting a favorable environment for the development of the crypto ecosystem, from the government to private enterprises; this ensures that innovations from crypto companies are not innocently stifled.

The people of Argentina behave somewhat differently, as it is precisely because of the government's lack of financial regulation that it has inadvertently allowed the crypto ecosystem and applications to grow.

The differences in how the United States and Argentina perform in terms of people also reflect completely different outcomes in practical effects.

The former has developed a large number of major crypto enterprises but is somewhat lacking in practical applications, while the latter has developed deeply rooted crypto applications in daily life but seems to lack world-class crypto enterprises.

However, regardless of the final outcome, we have seen that the crypto ecosystem has flourished and borne fruit in countries where 'timing', 'geography', and 'people' are all present.

But unfortunately, HashKey does not have such geographical and people advantages.

In terms of geography, the user base it directly faces appears quite vague: it certainly cannot be limited to the local Hong Kong, but there seems to be no potential for external outreach.

As for the people aspect, it goes without saying that the advantage of Hong Kong's common law was that 'anything not prohibited by law is allowed'; as long as the law does not say it is forbidden, anyone can do anything. This is a legal system very favorable to innovative development, just like in the United States.

But now, after these years of evolution, the performance of Hong Kong's common law is becoming less and less 'common': the crypto exchange shops that used to be everywhere are now nowhere to be seen, and the ability to freely use Hong Kong dollars to purchase stablecoins is also gone...

Just from these details, one can see the changes in Hong Kong.

In this context, the listing of HashKey seems more like an 'example' and a 'model' rather than a ripe commercial achievement.

In this case, leading such a company forward is somewhat like forcing a clever woman to prepare a full banquet with no rice.

In fact, everyone knows why this is the case, what the future will be like, and where the root of the problem lies.

Yet in such a difficult environment, the HashKey team has been holding on and striving in Hong Kong over the years. Besides my genuine admiration, I find no other more appropriate words to describe my feelings.

Historically, even a genius like Zhuge Liang, the chancellor of Han, could only repay the late emperor's kindness, dedicate himself tirelessly, and barely support Shu Han for decades.

Still, Sima Yi is clever, taking care of his health, hiding his talents, enduring all unfavorable factors, and ultimately laughing last.