Author: Professor Suo said

A night sneaking into Hong Kong

Nothing much, just went to HK alone to see what was different about this Consensys, saw that the excitement belongs to them, we have nothing.

Many activities by Agencies, KOLs hold multiple roles

Saw quite a few activities, especially found that many were organized by Agencies for project parties.

Heard from a few Agencies that even in this market, they are making good profits.

• 1. Heard from a few projects with a market cap of 1B, that certain Agencies could receive a 0.5-1% token dividend;
• 2. Heard from a few Agencies, it is hard to say how much they earn, but at least they have entered the international market, directly starting global offices;
• 3. Some Agencies are not satisfied just being Agencies, starting to get involved in project-related matters, including but not limited to acting as "advisors";
• 4. The boundaries between Agencies and KOLs are becoming similar to those of project parties and KOLs, with each being able to take on "the same identity" and work part-time simultaneously;

Currently, some KOLs are acting as both project parties and Agencies, making a lot of money, and it seems there are KOLs who also act as market makers.

It can be seen that Agencies are still quite close to project parties, especially after @KaitoAI passed away.

Main venue empty, all small-scale meetups

Heard that no one went to the main venue, especially this year, but the number of attendees this year was reportedly very high.

These were all relatively "intimate" small gatherings.

Basically, it wasn't a gathering of "strangers"; it was all friends and old acquaintances bringing in new people.

A few times I looked inside the venue and didn’t see anyone, whereas outside there were quite a few people.

They were distributed around the entire Central area, and familiar faces could be seen everywhere.

This time I also didn’t see any "project party meetups" or "exchange meetups"; I only received an invitation from @moonkimbinance to go to @BNBCHAIN.

Unlike before when exchanges were competing for people and chartering planes and drinking at conferences, this time it seemed like I didn’t see that.

Maybe it still requires effort to climb up; I only heard about it and haven't even seen it.

Boring meetings, bickering continues

It seems everyone is very desperate about the market, and in the midst of this despair, the verbal battle between @binance and @okx continues.

Whether it’s the sudden appearance of 50000 brother becoming 50000 sister, or the once famous "Nurse Xu" making a comeback.

Or @cz_binance frequently speaking various "autobiographical content," etc.

And various even more scandalous stories are spreading, but all one can say is to not believe rumors or spread them, just enjoy the show.

This time reminded me of the WeChat group quarrels in 2020, and the final outcome led upwards; I don’t know if this time will also move upwards.

Anyway, everyone saw it on Twitter, inexplicably forcing people to take sides; not taking sides gets scolded, taking the right side gets scolded by the opposing side.

I still hope women won’t spread false rumors about women, even though it's the path traveled, still, overthrowing from below to above and being suppressed from above is quite detrimental.

Market makers are still in the spotlight

Went to meet some project parties with a friend's task, asked whether they needed community support, and the unified answer was: Active market makers can do everything.

Although many market makers died on 10.11, a lot are still alive; after all, according to unreliable information, there are "interest-free loans" and "low-interest loans," etc.

Market makers are basically not working on large projects now, focusing on small projects, specializing in perp+alpha, and generally not taking on spots due to a scattered stake.

There are also market makers who take the tokens given by project parties and run away with them.

In any case, as long as you have money, anyone can be a market maker, and a lot of VCs introduce market makers they know to project parties, earning a little "commission."

• a. Now it seems there are only a few top market makers, all of whom are actively making markets; the one that previously worked on $MMT seems not to be doing well, as most of the projects they worked on are basically out of business, and their account seems to be banned.
• b. The market maker for $KITE seems to be the hottest recently, and it just happens to be based in Hong Kong. (Also worked on one of the most notorious projects in the past 25 years)
• c. The market maker for $PIPPIN has handpicked a bunch of projects, each of which has tried to find fish, and in the end, only $PIPPIN found the fish.
• d. The market makers for $BULLA $SIREN are said to be a new batch from Singapore, bold and ruthless, but it’s unknown whether they can sustain.

Among them, a, b, c, and d are all interconnected; there’s you in me, and me in you.

To sum it up: anyway, it’s a game of bravery; having money alone isn’t enough; one must be able to enter the field to fish, only then can money be made. But how can one catch fish? That’s the fundamental question.

Primary investments have basically vanished

Talked with some primary investors, most have given up.

Some primary investment departments of exchanges have begun to request refunds for projects they previously invested in; if no refund, they send lawyers' letters.

Some exchanges had once told employees that they could take the shoddy coins, firmly believing that November would be a shoddy season, but as we can all see, it’s not happening, and their primary departments also started directing investments back towards projects they invested in before.

Basically, everyone is withdrawing from crypto's primary projects because investing in primary is worse than buying in secondary; the order of being cut differs.

It’s confusing; investors are fighting for their rights, and those who haven’t invested don’t know how to invest, as it’s better to just distribute the money among acquaintances instead of putting it in.

Secondary is now standard for primary funds

Many funds that used to only focus on primary have started to set up secondary departments.

After all, now it’s found that investing well isn’t that important; it’s more important to sell well, especially when the market is good.

I once invested with a friend in a fund’s first phase, where the first project did 1000x, and another project did 700x, but as a result, it’s highly likely we won’t recover our principal, so while it looked good, there was no money, and the significance was lost.

I and you are the fish everyone wants

Accidentally squatted in the restroom for a while, heard something about whether it was project parties or market makers talking about their grand plans.

Such as we have already taken all exchanges' offers/ we’ll find ways to get KOLs to shout more, to make everyone short against us/ we’ll find more consultants and give them some coins, which aren’t immediately unlocked/ whether black or red, it’s still red.

I almost wanted to just walk out without wiping, but I was afraid of getting hit, so I could only act as if I didn’t hear.

We, the investors, are currently the fish in the pond; everyone wants to eat us.

Exchanges want to eat, project parties want to eat, market makers want to eat; there are only so many fish, which are basically already being overfished, leaving no chance for small fish to grow.

In the past, when people cut leeks, they would leave the roots to cut again later, but now they’re catching all the small fish, and the leeks are being uprooted.

The non-famous non-Texas master @MetaHunter168 once said, when you don’t know who the fish is while playing Texas, you are the fish.

A painful realization; it's a rare honor to be remembered, only to be for a few bucks in my pocket.

When you go out, your identity is what you make of it

Went to Hong Kong mainly to see if I could find someone to boast to me, after all, when I hadn’t gone to Hong Kong, a lot of people asked if xxxx is real, do you know xxx, is xxxx boasting, etc.

Anyway, I heard a lot of news.

Amidst the recent scam events that swept through social media, I can only say that when going out, your identity is based on what you project yourself.

Met the so-called friend of xxx, childhood friend of xxxx, boyfriend of xxxx, girlfriend of xxxx.

For each person, I hold a "reverential heart," just seeking to reduce social interaction; your greatness is your business, and as long as it doesn’t relate to me, that’s fine.

Good people might not make money, but they won't harm others; bad people damn well can’t make money, and that’s truly hopeless.

People turn into vegetables, available for others to consume

Heard gossip from various Agencies, telling each other what’s wrong with one another, for example, xxx project failed, xxx project promised a pump but didn’t, xxx project took too much money, xxx project breached contract, etc.

Watched some people serve as partners in dozens of Agencies, while others simultaneously act as KOLs and start their own Agencies with other KOLs, and some have transformed from Agencies to KOLs, etc.

Also, some rely on "upward social connections," treating "brothers" as vegetables to meet all sorts of "monsters and spirits"; who understands the flavor of this dish of brothers.

Suddenly remembered a friend saying that before, a and b were regulars at c's gatherings, because c needed to use a to attract people and partnered with b to split the first and second halves. But now, a and b no longer go to c’s gatherings; it turned out that c's gatherings no longer needed a to attract people, and b wasn’t even worthy of joining the table.

Thankfully, after refusing to socialize with strangers and not socializing with unfamiliar people, it feels comfortable.

To conclude

It seems that everyone is saying there’s no opportunity in crypto, with various all-in on AI.

Yet, coming to Hong Kong appears to be all about cutting a wave, perhaps the last wave, maybe there’s still one wave; in the end, it still has to come to an end.

So ultimately, it’s still a game of chance.

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