The financial industry often uses technology as a guise, rise as a reference, and bubbles as reality.

Cryptocurrency is essentially finance, but it uses blockchain technology as a guise, refers to the number of addresses and TVL, and relies on candlestick charts as the reality.

According to reason, crypto should have already perished. The story had already ended in 2022.

"Decentralized finance" is as absurd a term as "synthetic meat."

The reason why crypto still exists today, and even thrives, is that it has successfully borrowed the concept of falsehood to become a kind of secondary financial market infrastructure. It has higher volatility, is easier to manipulate, and has higher leverage, making it more suitable for digesting subprime assets or "junk assets."

Tech elitists have naively created a bubble, which, due to the nature of its financial infrastructure, has formed a certain reflexivity, making it a speculative market for subprime assets. The real subprime asset is RWA, while the virtual subprime asset is meme.

Therefore, if anyone still talks about the ideals of decentralization and the technical ideals of blockchain, they are either not smart or not honest.

Thinking pessimistically, crypto is just a financial illusion with no actual value.

Optimistically thinking, what is the most beneficial thing to do in a nascent and untamed financial market?