It's indeed disappointing.

Leverage is just a tool.

It's like when you buy a house and make a down payment; isn't that leverage too?

It's just more common, and people criticize the falling house prices rather than the leverage itself.

The crypto space is the same.

Leverage amplifies human nature, but most people can't handle it, including myself.

In this bull market, the industry has deteriorated and become rotten and moldy.

In the last bull market, many excellent projects had numerous holders and builders, and there was a thriving development of clones without excessive issuance.

In this bull market, clones and low-quality projects are being released in the tens of thousands every day…

People in the crypto space are getting worse, and there are more bad actors, yet these bad actors are living increasingly well, whether it's Dr. XX or Ivy League elites; it's all a game of harvesting.

Two historically deep-rooted exchanges are attacking each other.

As someone who entered the space in 2018, I also think this evaluation is very insightful.

KOLs or traders, regardless of whose benefits they take or who they represent, if they ask themselves, isn't this the current situation?

Remember the nurse who loved to poke fun? Back then, I also joked and watched the stories of those defending their rights, which led me to not put funds on OKX for several years.

Now, it seems they've made enough money and want to do something.

As for BN, I despise SBF, but I still feel grateful for FTX. I also earned a significant profit in the last bull market using Binance's $3,000 rebate, and due to the rising popularity, I made over a million from rebates.

But I mentioned this recently: when you have it, you need to pay a certain price to maintain its existence—reputation, money, and status. I can understand what CZ is doing now, but I don't agree.

But if Trump steps down or is "liquidated," have you prepared your B plan?

The secondary market in crypto is the most exhausting…

It's truly tiring, and the exhaustion is not just physical.

Someone asked me: "Yao, I am a trend trader, currently holding a large amount of ETH and DOGE, betting on the three interest rate cuts from earlier this year, expecting to clear out by the end of the year. Every day I wake up to see this market, and from the structure and pattern, it indeed looks bearish. At this time, holding long positions feels like playing around; one blink and it's over, haha. Who is winning this game? 🤣"

Who is winning this game?

My reply: In the earlier phase, smart people made money from fools; next, it's the turn of even smarter and resourceful people to make money from both the smart and the fools.

Who are the fools?

High leverage + clone contracts, frequent trading of short-term and high-risk operations like on-chain low-quality projects.

One general's success comes at the cost of countless bones; just because one or two myths emerge, do you think you're the next legend?

Little do you know, you are just one of those dry bones…

The next phase of the stock market game will be even more brutal.

The smart people making money have reduced their investments or switched battlefields, even temporarily leaving the market to enjoy life.

Only fools are increasing their investments, continuing to fight in the market, thinking they are the best…

After sharing content for many years, it really boils down to one sentence:

Respect others' destinies and let go of the urge to help.

Truly impressive people don't talk about bull and bear cycles or how many on-chain opportunities there are; high awareness determines when one can make money, whether it's a lot or a little.

The audience for the viewpoints I share has always been the ordinary people who make up the majority of the crypto space because I am one of them.

As an ordinary person, I don't have the strength to lecture geniuses; I can only share genuine experiences from ordinary people to ordinary people.

But those who think highly of themselves will surely mock me, "Yao, that stinky counterpoint! 🤣🤣🤣"

BTC

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