Is the market over? Is the bull market over? Everyone wants to know, and no one can be sure.
The market in the middle and late stages of the bull market, that is, when the left side has just fallen, will always make people extremely distressed. Even if the timeline is stretched, it can be clearly seen that the market trend is three retreats and one advance, but at the current point in time, each rebound will always make people doubt, is the bull market going to continue.
It’s like the words and deeds of the scumbag, holding his heart firmly every time, knowing that it is just rhetoric, but he is still stuck in it. Each rebound will make you have a certain illusion, expecting unrealistic amplification, adrenaline rush. When the rebound is over and the decline continues, it will fall into a depression and pessimism again. This goes back and forth until you realize that the “bear market is really coming”, your assets have shrunk by more than 90%, and you are no longer able to recover.
I’m not saying that the current market is in the late stage of the bull market or the beginning of the bull market. Frankly speaking, it is unpredictable. Due to the intervention of institutions, the market structure of this round has undergone many changes in various fundamental factors. Simply judging by the experience of the previous cycle, it is tantamount to carving out a boat and seeking a sword.
Being obsessed with precise escape from the top is not of great significance. In fact, no one can do accurate bargaining and escape from the top. This is just a kind of obsession and demon. And growing up with the industry through the bull-bear style may be more important.
There are many signs of a bear market, and the primary market may be a leading indicator. When I was keen to invest in funds for early first-level projects, after investing in dozens of hundreds of first-level projects, I suddenly realized that I had already given out so much money, and then realized that the valuation of the first-level projects was exaggerated to this point. At that time, the bear market may have come quietly.
If there is really a bear market afterwards, it will also fulfill one of my previous guesses. That is, the development of layer2 will blossom and bear fruit in the bear market. Because the innovation and creativity of any industry can only be born in the darkest moment of the industry. In the most prosperous time of the industry, everyone can only think of BMW carving the road. No one cares about technology. DeFi detonated last year’s bull market, and the next round of bull market, it is time for fresh blood to promote the industry. Do not break or stand.
I asked the people around me, and the standard assets in his hand were basically half U and half coins. This shows two things. The first thing is that everyone has made money. The degree of difference in profitability is beyond your imagination. Second, everyone is ready to run away at any time. Once the downtrend is judged to take shape, they will decisively sell the coins in their hands and further increase the share of U in their hands.
I can talk about what I saw from the perspective of a marginal practitioner.
The practitioners I know, there are people who buy Ferraris, and there are also people who buy luxury villas. Exaggeration is understandable, true and false are no longer important. At least it means that everyone has made money. Knowing this, I think it is enough.
There are also some practitioners who caught up with this bull market cycle, made money, bought an RV, and got married. At the age of thirties, you can get married and settle down. It cannot be said to be enviable.
The funds in the currency circle, taking advantage of the bull market, took advantage of the heat to complete the new phase of fundraising, with an average size of 30-50 million US dollars. Some practitioners who have made money have naturally become investors in these funds.
“Let the fund work for itself, and let the racehorses run by themselves.” Those practitioners who have invested in the fund, said this to me. This is also very good. Continue to put money in this industry and make money, without cashing out the money outside the circle, it is considered to have made a contribution to the long-term development of the currency circle.
I didn’t vote. Actually, I could vote, but due to various reasons, I didn’t vote in the end. Maybe I will vote in the future, maybe I will not vote. I don’t know, I didn’t think about it clearly. Sometimes I also think that if I raise a fund of US$50 million to US$100 million in my own name or in the name of my team, it should be reasonable to end the fundraising very quickly. Organizations and practitioners will support me a little bit, it’s not too much. But this is just thinking about it.
After all, I still like to play with my own money. It’s hard to buy for a daughter and I am happy. The most important thing is freedom, and the most important thing is being chic.
This is the case in this industry. People who really enjoy the sweetness will never leave the market again. In the next ten to thirty years, the encryption industry will still be the biggest dividend industry, and no industry will have more prospects and money. Decades later, our peers will also complain. It is all to blame for these vested interests in the 2020s. The backlog of their survival and upward space is so small that they have almost reached a state of suffocation and collapse.
You see, involution actually happens in any era. The only difference is your role, the person who is being caught, or the person who is involved in others.
A bar on the top floor of a hotel on the Bund had an appointment with a practitioner. I drank sparkling water and looked at the river view on the Bund. The three iconic buildings of Shanghai came into view. There was light rain and some dark clouds in the sky. The bar waiter gave us another bottle of sparkling water. He squatted and motioned to us on his cell phone to take a picture of the river view of the Bund and write a good review of this bar on the public comment.
This practitioner is very good. The background of traditional finance, conversation, intelligence, human relations, and cognition are all in the category of financial elites. In the future, this industry will enter more and more talents from the traditional financial industry.
Then you will sigh, the blockchain industry is really becoming more and more “capitalist”.
Money, it turns out that you can really make money. But for myself, I need to stay awake. I can be neither overbearing nor overbearing, but I will never follow the path and direction of the financial elite. Even if this is the political way, the politically correct way. This is the brightest and most promising route, but it is more suitable for my role. In fact, I am a marginal practitioner who keeps a certain distance.
“From the masses, from the masses”, I am more suitable to speak on behalf of the broad masses at the bottom of the currency circle.
There are a few moments, I also think, it is better to start from scratch. Let all practitioners in this industry, no matter their current assets are tens of billions, tens of millions, or hundreds of thousands, they all return to zero. I’m not afraid anyway, barefoot people are not afraid to wear shoes. And if that day comes, you will find that everything is only the dictates of the times. Those big guys you once looked up to, maybe they switched roles and became your look ups. There is no hero, which makes Zhuzi famous.
I don’t hate capitalism, but I don’t like it. I can’t say that I hate it, because that’s what it is. As an individual, I am undoubtedly a gainer of crypto capitalism, but I am qualified to choose not to be immersed in it. Too much intoxication can make people become insensitive.
It’s almost done, there is really no need to fight for a few zero fights.
Why don’t we start from scratch
All assets are reset to zero
After all, this industry
Playing is the heartbeat
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.