Rational Thinking in the Blockchain Frenzy: Value Creation vs Pure Profit Seeking

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The wisdom, wealth, strength, independence, and freedom of the youth are related to the future of the country. This was a viewpoint expressed by Liang Qichao in "The Young China" a century ago. In his reflection after the failure of the Hundred Days' Reform, he placed the hope of the nation on the younger generation. How the youth perceive the world, conduct themselves, and judge right from wrong will all influence the future of the country.

However, it seems that we haven't examined our spiritual world for a long time. The country is developing rapidly, opportunities are everywhere, and people are busy chasing money, rarely taking the time to stop and think. The criteria for measuring the value of things seem to have turned into "whether it can make money" and "what benefits can be gained." People are accustomed to dividing the world into the rich and the poor. Spiritual abundance has gradually become a topic rarely discussed, labeled as "self-righteous," "not conforming to the group," or "out of touch with reality." Even talking about these topics makes people feel lacking in confidence. Perhaps, most of the time, we are all trying hard to fit into the mainstream, attempting to be more "down to earth."

In the rapidly developing blockchain industry, especially in the so-called "crypto circle," the situation is even more extreme. The pace here is astonishingly fast, leaving people almost no time to think. There seems to be only one goal: "making money." "Can one make money" has become the only standard by which everything is measured. Many people have therefore quit their jobs to focus on trading cryptocurrencies, or joined blockchain companies, or even created their own tokens. The root of all this lies in the enormous wealth-generating effect of the crypto circle, with returns often in the hundreds or thousands of times. But are these returns real and reliable? What impact will this phenomenon have on young people who are forming their values and methodologies? Young people are easily tempted by money, especially when wealth seems easily attainable. Some industry insiders have even summarized a methodology for acquiring wealth, harvesting retail investors, and collecting "intelligence taxes," while those being harvested still blindly worship. Nowadays, in the crypto circle, concepts like community, society, and IP have become distorted, essentially devolving into tools for cultivating retail investors, attracting new entrants, or once again harvesting old retail investors.

In fact, the idea of building a personal IP and forming a technical team is not without reason; it is also a common strategy on the Internet. Many people in the crypto space are obsessed with establishing communities and creating personal IPs, leading to a surge of media and official accounts. The book "The Crowd: A Study of the Popular Mind" accurately describes the current state of the crypto space, illustrating the decision-making mechanisms under the unconscious state of the crowd. The communities in the crypto space are typical examples of the crowd, where group decisions are often swayed by a few "big shots." In this situation, proxy voting and taking over naturally occur. Do such communities really hold value? Some may believe they will not become the last buyer, but can they ensure that it won't be the case every time? Even the so-called "big shots" find it difficult to do so, as evidenced by their recent disputes.

Therefore, we need to reflect: Does what we do bring value and progress to society and the industry? We should guide young people to create value and promote progress, rather than making profit the only standard and thinking that not making money is foolish. In the face of any blockchain project, we should first ask: What value does this project bring? Hype needs hot topics, like artificial intelligence, but hype does not necessarily require actual value. So, when facing popular projects, do not act impulsively; first think about what actual value it has besides speculation and hype. Don't just look at the team, advisors, stock market, and popularity, but focus on the actual role of the project.

Our development has been very fast, and there's no need to accelerate further. We should slow down and focus on overcoming technical challenges, striving to make China a dominant force in the field of open-source public chains. We should slow down and work on building an ecosystem that empowers the real economy with blockchain, rather than depleting resources. We should slow down and help the younger generation form the right values, so that the blockchain industry and the country can have hope.

Not everyone is suited to be a teacher, create an IP, manage a community, trade coins, invest, or write articles. Find your own position, work diligently, and you will eventually reap the rewards.