《Crushed Confidence》 Today, NVIDIA, worth $5 trillion, has crushed all the confidence of the altcoin community. Compared to NVIDIA, the latter feels like a joke. You can probably sense this sentiment. But crises can turn into opportunities—just wait patiently. Most people might interpret this as: the U.S. stock market is high-class, while the crypto space is low-class. This is actually what I’ve mentioned before: the U.S. stock market is a positive-sum value creation market, while the crypto space is a negative-sum value distribution market. The environment we’re in is more closely tied to the essence of liquidity and monetary phenomena. Why doesn’t the crypto space have the ability to create value? In other words, even if you give the crypto crowd the same amount of funding, they still can’t produce a legitimate project like AI. This isn’t because people in crypto love to scam or lack morals. It’s because in an environment where asset issuance has zero cost and zero barriers, any substantial business can’t compete with asset issuance and trading. Among the millions of projects in crypto, it’s been proven: Honestly investing $100 million into building AI is less effective than drawing up a concept, issuing a token, and cashing out. This is determined by economics. The more profitable business model of asset issuance and trading has crushed almost all other business models.