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Bitcoin is time, the first DePIN product, and it also proves the network effect of cryptocurrencies for the first time.
With David Sacks pushing, the White House crypto conference is on the string. But Dongda's crypto industry is not happy, believing that Trump simply regards the currency circle as an ATM, which will continue to absorb internal liquidity, leading to further price declines. Against this background, he shouted that the crypto industry is unique, and it is excluding external users on the surface, but in fact, he calls for staying away from the vortex.
There is no doubt that cryptocurrencies are already part of the real world;
It is impossible to avoid, and the economic returns and purity of blockchain have declined.
From the current situation of cryptocurrencies, PVP is an absolute no return, and innovations such as DeFi and NFT in the 2021 cycle are unavailable. If you do not participate in PVP, Trump and ETF will pump, and Pump Fun and Four Meme will also take away the USDT in your hand. Then just PVP together, and it seems that you can be happy for a while.
Of course, I'm talking about the crypto field.
In response to this matter, Western scholars have long recorded the dilemma of the country through the theory of wealth of the country and the prisoner's dilemma: Starting from the motivation of personal self-interest, the paths of both sides are:
Theory of wealth of the country: individual profit-seeking -> Market transactions -> Resource optimization -> Economic growth
Game theory: individual rationality -> Short-term game -> Resource competition -> Collective damage
Translation, all the problems now are that the crypto industry does not produce and retain products of value, which eventually becomes U-based, and no one is willing to hold all kinds of cryptocurrencies.
In fact, Trump's FOMO and FUD for cryptocurrencies were both emotionally cleared, from $TRUMP to the metaverse and NFT, which obviously exceeded Trump's personal trading ability. Otherwise, while confronting Zelensky, the layout of the crypto career would be too abstract.
The only question is who the matchmaker is, they replaced the K Street lobbyist, proving that the lobbying power of the crypto industry can already match the traditional military-industrial complex.
Nothing is real; Bitcoin is value.
At a critical moment in the industry, when looking back at the process of Bitcoin, you will find that Bitcoin is not an exclusive private product, but a gift for all mankind. It is precisely because of its extreme inclusiveness that it has finally evolved from money laundering tools and toys for geek groups to become synonyms of value for global competition.
If you believe in compound interest in time, you will get rewards in life.
Looking inside and outside the snow line, encryption continues to evolveHigh temperature corresponds to disorganized, and low temperature corresponds to high tissue degree.
The temperature of the encryption market is now very high, and the corresponding disordered entropy value is also extra high. After the Hong Kong Consensus Conference, the short composition that has been popular for several years and Meme disappeared, indicating that people in the circle cannot find a consensus, and only KOL Agents are looking at each other and treating each other as offline.
The subculture of the encryption market is taking shape, and the group consciousness of our encryption small world is surging undercurrents. He Yi's BOSS direct recruitment maps the self-organization of the industry, and the outside world is silent about this. The accumulation of power always represents the accumulation of energy before leaving the circle.
In this cycle, BTC/ETH/SOL has weak continuity. 100,000 BTC has become a goalkeeper with ETH sleepwalking throughout the game. At the beginning, SOL is the most normal thing, and it is nothing more than Coin Group replacing FTX and Jump Cabal.
The real future is obviously not in the competition between public chains and L2, but in the swallowing of cash by stablecoins. The only question is how much the stablecoin + SOL/Tron/EVM public chain can replace various countries'Small system.
Cash has disappeared, but WeChat and Alipay are the mainstream players. Any U cards such as Infini cannot obtain the qualification for issuance in China and must be subject to personal foreign exchange control limits. Even if products such as HyperCard borrow from Laos to launch UnionPay U card services, they cannot be regarded as equivalent to bank products.
As large-capital countries such as India, Brazil and Nigeria are indeed rapidly cash-free, but it is not stablecoins occupying the market. This part of the market is quickly divided by local central banks, banks and Fin-Tech companies, leaving only the leftovers to the stablecoins.
At the very essence, stablecoins involve sovereignty, and today's stablecoins are essentially variants of the US dollar and are external forms of US debt. Anyone who has certain pursuits will resist the US dollar stablecoins unless they are small countries such as El Salvador and Cambodia that are actually or legally dollar-based.
In other words, the market for stablecoins is divided into three types. The first type is China, the United States, India and Brazil. Stablecoins are just a marginal financial product. The second type is a small dollar-based country. Stablecoins are more convenient than the US dollar, but the market has not yet been fully opened, and Visa/MasterCard's channel curve is still needed to enter the market. The third clock is that Nigeria, Turkey and other medium-sized coins are chaotic, high inflation but have certain capabilities, resulting in stablecoins having a large application market and real demand, but they cannot be completely mainstreamed and compliant.
Just as Trump targets both positive and negative emotions, the biggest benefit of stablecoins is stability. Compared with cryptocurrencies that need to prove their value through the price of currency, the demand for stablecoins has beenTaken into roots by truth.
Just Paypal and others completed the surprise attack on the card organization at the beginning of the century by first attracting customers without any threshold, defending the established market, and then complying with regulations, cryptocurrencies are also going through this process.
In addition, BTC and ETH have completed the initialization stage of user education. BTC has proved the feasibility of network effects from nothing to something. ETH has amplified the network effects to millions of real users. TRC-20 USDT stablecoin does have daily real users around the world.
Inevitably, before the encryption field was used by hundreds of millions of people around the world, it was meaningless to just shout Mass Adaption, otherwise there would be no COM bubble in the early 2000s. Please believe me, the speculative nature of Web2 was not weaker than it is now, and it was not until Google established an advertising system that it found realistic logical support for the value of the entire industry.
Escape the concept of single point and embrace group intelligenceThe reason why we have made a lot of progress in a stablecoin is that the public chain and DeFi at the current stage have developed to a bottleneck period. After the upgrade of Solana's Firedancer is completed, Solana 2.0 and ETH 2.0 are the two fastest and most stable chains, which are enough to meet any needs of most users and developers.
Only stablecoins can expand the network effect of cryptocurrencies to the extreme. Blockchain does not actually need to discuss how to achieve externality. As long as there are enough people, a group application paradigm will naturally be born. From ant colonies, bee colonies to human tribes and urban civilizations, they are all proving the reality of group intelligence.
Of course, there is a paradox here. We cannot explore the possibilities of mainstreaming all stablecoins, but if you don’t explore them, you cannot know which possibilities are worth exploring. At present, it can actually be reduced to a battle between pure on-chain adoption and off-chain real scenarios.
This question cannot be discussed and answered, but there is one thing that is very effective: only by treating products as services can the best results be achieved. Taking Deepseek as an example, the most accurate comment I saw is: "Deepseek is a feature, not a product."
I give a version of blockchain. We don't need to pay attention to the dynamics and technological progress of public chains, Uniswap, Binance. We are concerned about their connection with everyone in the world. Why Binance has achieved such a huge commercial success is because it really has more than 100 million crypto users. They may not be on-chain users, but their existence makes Binance's network effect extremely close to traditional Internet companies.
The only problem is that we need to find feasible promotion and application scenarios for stablecoins in practice while not knowing how to expand them.
For example, in the regulatory cracks, stablecoins need to complete their original accumulation with anti-fragility, take advantage of the disorder in the gray area, and deconstruct the order and arrogance of traditional finance.Undercurrents always find penetration paths outside the high-voltage barrier, and compliance is not a priority breakthrough or a gimmick to show off.
To reconstruct the payment ecology in the sunny area, you need to face the iron wall of vested interests. Technical efficiency is just an entry ticket. What is really a competition is patience in institutional games. When the supervision cost itself has become a moat, subversives either wait for the metabolic cracks of the old order, or use capillary penetration in the marginal areas to disguise the revolution as improvement, just like Paypal to card organizations, now it is a stablecoin to banks.
Stablecoins are standing at this intersection. The success of black industry is precisely its original sin, and the price of whitewashing may be to bow to Trump's rules to the west.
In every era of thought, there will be a certain style of thinking that tends to become the common standard of cultural life, and cryptocurrency, technology, and way of thinking will definitely become the iconic characteristics of this era.
May we find Strawberry Fields of this era in the world of cryptocurrencies.
