The fundamental contradiction of this bull market: strong expectations brought by the outside and weak reality of internal development

Let me talk about some opinions on the current primary and secondary markets:

1. The current debate on bull and bear is meaningless. You should know that besides the continuous rise and fall of coin prices, bull and bear are mainly supported by market expectations consensus.

If the market unanimously believes that most projects are "garbage", and the exchange listing of coins has become the end of the journey, and the "goods" created by the project party are ignored, then the current "bear market" is undoubtedly.

A market where "consensus" expects to collapse is more terrifying than simply having no "price".

2. The Crypto environment seems to be easier than ever, but it is harder than ever.

From the initial initial construction of decentralized infra in the ICO market, to the previous Cycle market upgrading and iteration around technological narratives, to the outbreak of institutional adoption of main upward waves and MEME Coin wealth effect, until finally, Crypto's expected spot ETFs were finally fulfilled, with the support of the US friendly crypto government, compliance bills and plans are also on the way, and all "external factors" seem to be improving.

But in contrast, what projects are Crypto itself truly irreplaceable? Which technology infra is possible to be implemented on a large scale? What narratives are so true that they will not be falsified? What coins can accompany you in your growth for a long time? Or are there any MEMEs that can sleep well overnight? ... I believe that when I think of these "internal factors" problems, most people are confused.

Obviously, only the favorable factors of external factors and no internal value support will be the market in a "chaotic" state. If we put aside the value tracking and invest in the irrationality of macro-population, it would be too painful, right?

3. The problem is here, what should I do? Calling for a return of technical narratives, it is obviously not possible without the new innovative application of old technology projects. Similarly, criticizing the irrationality of the MEME market is also because it avoids the main contradiction that technology cannot be implemented. Everything is actually a systematic problem of the industry itself, and "game + internal friction" caused by long-term opacity, potential manipulation, unregulation, and excessive profit-seeking.

To break the deadlock, the process will definitely be painful and must be handed over to time. For example, how to reasonably estimate a valuable project, how to make those worthless harvesting projects lose their survival soil, and how to make some new narrative directions continue to evolve and develop, etc.

From a different perspective, when the market speculation trend of "assets are as numerous as bulls" has passed, and after all the markets are under pressure, the opportunities for value investment will truly come. Even if there are many garbage projects, there will always be some teams with great vision, innovation + execution, and long-term Build, right?

In fact, Crypto industry has overfomo and pessimistic moments in every round of Cycle, but it seems that it has survived it, and it can always unexpectedly get a breakthrough. Looking back, it has been making progress.