The US stock market is doing quite well, but #BTC leads the altcoins in a widespread decline!
The aftermath of the October 11th incident is still spreading, and the restoration of confidence is so difficult. A single act of destruction has left the entire #Web3 market in disarray!
The crypto middle class has been almost completely wiped out, like crops being uprooted. Wealth is increasingly concentrated among the affluent, and the wealth gap in crypto is becoming more pronounced. The affluent class plunders while only sharing a small portion of their profits with lower-tier users, yet they are praised for their generosity!
This reminds me of the story of "Bread and Circuses" (Panem et Circenses) in ancient Rome, which ultimately accelerated the fall of the Roman Empire!
In the late Roman Republic, due to prolonged wars, many soldiers from self-sufficient farming backgrounds were away fighting for long periods, unable to tend to their lands. Their lands became barren due to neglect or were forced to be sold to pay for high military expenses and living costs.
Most of these sold lands were acquired at low prices by the Senate's aristocrats and the emerging wealthy equestrian class. They used these lands to establish large estates and employed a large number of war captives as slaves for farming. This intensive production method was more efficient, making it impossible for self-sufficient farmers to compete economically.
The middle class was "uprooted." The self-sufficient farmers, who once formed the backbone of the Roman army and owned their lands, were the foundation of the Republic. They gradually went bankrupt, lost their lands, and flooded into the cities. This group represented the "middle class" of Roman society at the time, and their wealth base—land—was systematically harvested.
Wealth began to concentrate at the top, and land consolidation allowed the Senate's aristocrats and the newly wealthy class to rapidly accumulate vast fortunes, creating a significant wealth gap. The former middle class, after being harvested, became unemployed vagrants in the cities, posing a huge risk to the stability of Roman society.
Faced with increasingly severe poverty and potential social unrest, the rulers of Rome adopted a special appeasement strategy, known as "Bread and Circuses" (Panem et Circenses).
"Bread": The Roman government would regularly distribute cheap or even free food to the urban poor. This expenditure was initially borne by the government, but often, the food was funded by wealthy rulers to win the hearts of the people.
"Circuses": Various large-scale gladiatorial contests, chariot races, and other public entertainment events were frequently held. These activities were costly and similarly funded generously by the elites, made free for the public.
While these actions objectively alleviated hunger and dissatisfaction among the lower classes to some extent, their essence was a form of political manipulation and a game of wealth redistribution. The rulers provided "bread and circuses" to keep the lower classes satisfied with basic survival and temporary entertainment, thus ignoring the deeper structural issues, namely the consolidation of land and the reality of wealth being plundered.
Today, "Bread and Circuses" is being replayed, with a similar situation occurring through meme coins and the distribution of vouchers to numb crypto users, rather than seriously addressing the essence of the problem, focusing on the technical vulnerabilities exposed during the liquidation, and the demands for transparency, regulation, and compliance. There are also multiple calls for the public to review the liquidation data from October 11th between 5:18 AM and 5:58 AM, making it auditable and known.
Yet all of this has not received a direct response or answer, which is both sad and lamentable! 🧐
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