Author: Blockchain Knight

Recently, while browsing various social media platforms, I came across numerous critiques and mockeries regarding the current state of the cryptocurrency industry. Among these were some individuals who have gained "fame and fortune" in this field, and I will refrain from commenting on the right or wrong of their views.

However, from the perspective of a practitioner, there is no need to stand on a high ground and scorn the industry just because it is experiencing another low point. Perhaps they have forgotten that if it weren't for the existence and development of this industry, they wouldn't have their current achievements. The saying "don't forget your original intention" roughly expresses this sentiment.

Taking advantage of these jests, I would like to discuss the challenges and opportunities currently facing the cryptocurrency industry.

Of course, before that, we must acknowledge a reality: the entire crypto space is facing a downturn similar to those of 2018 or 2022, not only due to price issues but also because of people's doubts and hesitations about the industry.

If the past two years were years of hope, now most people have scoffed at that hope, largely because the long-anticipated "altcoin season" has not arrived, and the industry seems to have not solidified any new narratives over the past two years, or some new narratives have become cannon fodder. Thus, the combination of these factors has become a heavy burden on participants.

However, the real blow to the industry may not come from within but from an external factor—the rapid development of AI in recent years has captured the attention of most investors, and the cryptocurrency industry is no exception. Over the past year, I have learned that many practitioners have turned to the AI sector, especially developers, which has become the last straw that broke the camel's back.

As of today, with the disappearance of altcoin season, the emergence of critiques about the "lack of new narratives," and AI aggressively seizing market share, all that remains for the crypto space is the sighs of its practitioners.

Oh, and there’s also the recently booming "coin-stock" track, which has directly and legitimately snatched the last bit of liquidity.

Therefore, faced with these subjective or objective issues converging into a river, the cryptocurrency space is presented with yet another low point. However, as the saying goes, without a low, how can there be a high? So where are the current or future opportunities for this industry?

First, regarding the issue of altcoin season, let’s not predict whether there will be another crazy altcoin season like in 2017 or 2021. However, if we only look at prices and multiples, there have still been many wealth creation myths over the past two years.

It’s just that it’s no longer a "full-scale attack" with a flood of liquidity; it’s merely the dance of certain segments or parts, but it still rewards participants with certain insights. Therefore, this trend is likely to continue, requiring us to adjust our mindset and expectations.

Drawing a parallel to the internet era, Amazon's stock price fell by 90% during the internet bubble burst, yet over the next 20 years, it rose by more than 600 times, which was over 40 times the peak at that time. Thus, finding the Amazon of the cryptocurrency industry has become a new opportunity for the sector.

Secondly, regarding new narratives, let’s look at the recently popular stablecoins. Whether in the West or the East, everyone is talking about them. Recently, at the Shanghai Lujiazui Forum, the central bank governor Pan Gongsheng mentioned stablecoins for the first time, which is telling. Meanwhile, over the weekend, Xinhua News rarely published an article introducing stablecoins.

If stablecoins are merely a small application within the industry, that would underestimate their influence. I believe their successful emergence is comparable to the launch of Alipay, which solved online payment security issues and subsequently facilitated the development of e-commerce and various online trading activities. Perhaps looking back in ten years, we will realize that the change happened in that year.

At the same time, the prosperity of stablecoins will greatly expand the user base of the crypto space, truly opening up the market, thus bringing in the long-awaited new users and ushering in the industry's "iPhone moment." However, we are still at the beginning, and it may take another 1-2 years to settle.

Finally, regarding AI, I have long believed that blockchain is not entirely a technology meant to serve humans; to a large extent, it will be a native tool for AI, solving information transmission between machines and real interactions between machines and humans. Currently, this direction seems to be coming to fruition.

With the development of Agents, ensuring secure and reliable communication between machines that can be verified by humans seems to require blockchain, unless we wish for future Agents to be uncontrollable and detached from reality.

At present, this direction is still very early for blockchain. Of course, the Agents combined with blockchain mentioned here are not the ones that were hyped up in January this year; most of that was just hype, so let’s not take it seriously.

Therefore, when some changes have already occurred or are quietly approaching, what we can do is not resist but to accept with joy and follow the trend.

However, I believe that scorn is not a form of acceptance but a struggle that cannot be accepted. After expressing our emotions, we still need to move forward because rationality will always triumph over emotion, and the cryptocurrency industry will not remain in a low point forever. Why not rise again against the wind?

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