Crypto Ecosystem: The Only Ecosystem Serving Retail Investors in 50 Years

Haseeb Qureshi, a partner of Dragonfly, a well-known venture capital in the crypto ecosystem, recently accepted an interview. The conversation involved his insights and views on many aspects such as the crypto ecosystem and crypto investment.

Many of the views in this conversation are very valuable. The manuscript can be found in the reference link after the article.

In this article today, I will share with you some of the views that I think are more exciting.

"The bear market is like a magic mirror, which can clearly show who comes with a sincere purpose and who is silently persisting. Each round of bull market will attract a group of successful Web2 entrepreneurs with a lot of money, but those who can stay in the end are often those who are considered "alternative" or "crazy". They are the group that truly builds valuable projects."

I not only particularly agree with this point, but also cherish it.

When I look at projects, in addition to looking at projects initiated by new teams that have risen on the cusp of the trend, I will also pay special attention to some teams that almost collapsed and closed down in the past bear market, but still managed to survive.

In fact, many successful project teams are not successful at the beginning of their business. They have failed many times but still did not give up, and only found their own opportunities under certain opportunities.

In any ecosystem, it is easier to find entrepreneurs, but it is the most difficult to find a team that has failed many times but still does not give up and is still trying its best.

Once such a team successfully builds its own product, it is very likely to become the pillar of the ecosystem.

"In the past 50 years, most technological innovations have been strengthening state power. Think about the Internet and artificial intelligence, which have enhanced the government's control capabilities to some extent. But cryptocurrency is inherently subversive. Most people believe that technology should eventually be "tamed" by the government. But the uniqueness of cryptocurrency is that its core value lies in not being tamed... If we look at what Snowden revealed, we will find that the Internet actually strengthens the government's surveillance capabilities. In contrast, cryptocurrency may be the only major technological innovation in the past 50 years that truly serves individuals rather than the state."

This is what fascinates me most about encryption technology and encryption ecology, and I think it is a core feature that distinguishes it from other information technologies.

It is precisely because encryption technology gives individuals the opportunity and space to be untamed that we can freely exert our abilities and freely find our own opportunities in this free ecology.

I like this state of freedom.

I even think that casinos in the crypto ecosystem are relatively fairer to retail investors than casinos in real life:

I am not saying that there are no scams or frauds in this ecosystem, but that in the crypto ecosystem, we at least have a large number of on-chain monitoring tools to monitor the actions of "whales" and "insiders" in real time. At least we can still see how the scammers are defrauding.

In real casinos, we can't even see the shadow of the dealer's bottom cards.

From this perspective, the crypto ecosystem is much friendlier to retail investors than the real-life environment in many ways.

"The cryptocurrency industry attracts all kinds of participants, from day traders seeking short-term gains, to professional hedge fund practitioners, to entrepreneurs of innovative projects and venture capitalists who support innovation. This industry often exhibits the characteristics of a zero-sum game, like a game of 'player versus player' (PVP). Long-term participants may face challenges in mentality, prone to cynicism, fall into nihilistic thinking, wander in periodic false prosperity, and bear the psychological pressure of rapid cashing out."

This paragraph is particularly well written, fortunately it very deeply describes the experience of long-term participants who will be repeatedly tortured and beaten in rounds of bull and bear cycles.

This phenomenon is particularly evident in this round of market.

No track has been as hot as memecoin since it fell to the bottom of the bear market in 22 years.

No asset class has been like meme coins, which have been almost everywhere in every newly emerging track, ecology and narrative since the bear market in 22 years:

From the initial Ethereum ecology to the later second-layer expansion and Solana, from the classic Ethereum meme coins to the inscription meme coins and AI proxy meme coins, from the initial currency circle narrative to the later pet narrative and political ecology.

In this regard, many participants are tired and exhausted, and begin to be pessimistic about the ecology and the prospects.

But as written in the first introduction, in fact, we should see that even in the most noisy and impetuous times, there are still a large number of builders who are silently working and struggling.

This group of talents is the future and hope of this ecology. The products and applications they build are the cornerstone and pillar of the crypto ecology.

It is precisely because there are always many such people in this ecosystem who are still persisting, so I am not pessimistic about its future at all. Even at the lowest point of the bear market, I believe in its bright future.

Reference link:

https://mp.weixin.qq.com/s/AY418xqvPaU1eFocdwZkuw