Self-reflection and Future Outlook of the Crypto Assets Industry

Recently, the concept of "crypto shame" has sparked heated discussions within the industry. Many practitioners and investors feel ashamed because blockchain technology has failed to bring substantial value to society or due to the market downturn. It is worth noting that this sentiment is not only present among ordinary investors; even some seasoned industry experts share similar feelings.

A core developer of a well-known blockchain project expressed his views on social media, comparing the crypto assets industry to aerospace companies. He pointed out that aerospace companies continuously drive human progress through rocket development, while the crypto assets industry resembles a casino prepared for speculators, lacking true social value creation.

The developer acknowledged that stablecoins do play a certain role, but he also criticized many aspects of the industry:

• The original intention of Bitcoin as a safe-haven asset has not been realized, and its extreme price volatility makes it difficult to achieve its initial goal.
• Decentralized exchanges have more fostered speculative behavior rather than creating substantial value.
• While some market analysis tools can be used for data analysis, they are essentially still serving a speculative market.
• Although high throughput has been technically achieved, the current application scenarios are almost limited to supporting the issuance of a large number of meme coins, rather than creating truly valuable services or products.

In fact, the ultimate goal of technological development should be to bring substantial improvements to people's lives. However, the current situation seems to be far from this goal. What is even more concerning is that many practitioners choose to remain silent about their profession and asset holdings in order to ensure personal safety.

Recent criminal incidents targeting Crypto Assets holders have further intensified these concerns. Some security experts have even pointed out that there are organized crime groups specifically targeting Bitcoin holders in certain countries. These incidents have led many people to choose to conceal their identities for security reasons.

The high volatility of the Crypto Assets market is also one of the reasons that makes some practitioners feel "hard to speak up". The drastic fluctuations in the market not only affect the confidence of investors and holders but also to some extent influence the public's perception of the entire industry.

However, we need to view the current state of the Crypto Assets industry objectively and rationally. Although there is currently a lack of practical applications, speculative activities also provide necessary liquidity to the market to some extent. Value investors and speculators each have their significance, and together they form an active market ecosystem.

From a practical perspective, Bitcoin, as the first successful decentralized digital asset experiment, demonstrates the characteristic of global free circulation without the need for a central authority to maintain it. For some investors, it is seen as a long-term store of value, akin to the role of gold. In some countries facing severe inflation issues, Bitcoin has even become an alternative currency option. At the same time, Crypto Assets also provide new payment and savings methods for those who cannot access traditional banking services.

In addition, the application of blockchain technology has far exceeded the Crypto Assets themselves, involving multiple fields such as supply chain management and identity verification. The application of stablecoins in cross-border payments has also significantly reduced the cost of international remittances and improved efficiency.

From the perspective of future development, Crypto Assets and blockchain technology may gradually showcase their immense social value over time, similar to 5G technology. The immutable characteristics of blockchain technology can enhance data transparency and traceability, with potential applications in areas such as charity and food safety. Although these technologies currently seem to be primarily used in investment scenarios, the key to the future lies in how to apply them to more practical and valuable scenarios.

It is worth noting that governments around the world are gradually establishing relevant regulations for the encryption industry, which to some extent reflects recognition of the industry. Regions such as Europe, the United States, and Russia are promoting related bills to provide a more regulated environment for the development of crypto assets.

Overall, we believe that there should be no shame in the crypto industry. Those who work in and participate in this industry should stick to their original intentions and keep moving forward. At the same time, we do not agree with unconditionally displaying crypto assets holdings; personal safety should always be the top priority. At this current stage, what we need most is patience, and we believe that as technology matures and application scenarios expand, crypto assets and blockchain technology will ultimately prove their value.