After reading Haotian's two tweets, I can empathize with the helplessness of the current industry's bleak situation. I can also explore from a different perspective: Last year, I deeply thought about why shanzhai is getting worse. https://((x.com))/qinbifank/status/1816383628235989447? s=46&t=k6rimWsEbo2D2tXolYcM-A， The result of the market becoming more and more mature without value landing is increasing differentiation. At that time, it was believed that the currency market entering a new normal was a state of extreme differentiation, with only a few targets still receiving attention and showing performance. It is indeed necessary to call for the return of the spirit of crypto punk, but having the spirit of crypto punk alone may not be enough, after all, the crypto industry has also gradually moved from the wilderness to the mainstream, and is already a large industry with a market value of trillions of dollars. The development of an industry cannot only rely on crypto punk, but also on practical application scenarios and value implementation. It can be said that the dilemma of counterfeiting also largely stems from this. Is this the heated argument we talked about earlier? Https://((x.com))/qinbafrank/status/1952664519630852249? S=46&t=k6rimWs Ebo2D2TXolYcM-A: The blockchain technology we previously hoped for could be combined with many scenarios, such as gaming, social networking, e-commerce, and even many offline businesses, in the hope of bringing true innovation and value creation, which may not exist. Encryption is not a technological revolution, but a new capital paradigm revolution. The combination of this new capital paradigm in the encryption industry with a large number of traditional web2 businesses and the upcoming AI agent and bot popularization scenarios should have greater development space. The combination of new capital paradigms and new application scenarios may be really different at that time. Finally, let's talk about https://((x.com))/qinba frank/status/1940337573999151434? S=46&t=k6rimWSEbo2D2TXolYcM-A needs to push not only innovation and value implementation, but also corresponding organizational structure. At present, the cryptocurrency project team is still in a state of great power and little constraint, which leads to the fact that once the project is launched, the project party has no obligation to do anything but has the right to sell a lot of coins, which is a high moral hazard and low cost of wrongdoing. In this situation, it is unrealistic to expect the project party to build well. We need a new project organizational form and governance structure that aligns rights and responsibilities, with the level of authority leading to the level of responsibility.