Actually, the biggest problem in the Crypto industry is not that technical narratives are useless, nor is it the rampant MEME gambling, nor the lack of incremental funds, but fundamentally solving three "value misalignment" issues: 👉Who deserves to be rewarded? 👉Who's extracting value? 👉Who are the real builders?

Blockchain is for this purpose, but it is not an easy job. You need to try and fail many times before you can slowly find a way that suits you. Therefore, there are many bad projects, and there are many dead projects and coins. This is the price of development.

It’s just puzzling 🤔, some bad people working on bad projects always seem to succeed! This is not the logic of trial and error.

1. Who deserves to be rewarded? As a researcher, we usually have a tendency, for example, we think that builders should be rewarded the most, but the reality is that "the people who follow the trend the most are rewarded". As for whether it is worth it or not, it will be very subjective. 2. Who has withdrawn liquidity? This mostly happens in the discussion of the stock market. The incremental market in the wild period basically does not consider this issue. As crypto and traditional finance are more and more closely integrated, every individual who makes money may no longer return to this market. 3. Who is the real Builder? This is really hard to see. Many projects are thinking differently about the development of the industry, or are they seeking to exit liquidity. I don’t know... What is more terrible than not knowing is that with fewer and fewer technical voices, it will become increasingly difficult for ordinary people to have "information equality (understanding of real knowledge)".

It is determined by the market. The current soil for encryption is suitable for some bad projects, because many users need dreams, not good projects.

There are many such companies in the stock market, just relatively few. When the shareholding system was first introduced, I believe there were also many stocks that suffocated their dreams.

1) The roles that deserve to be rewarded will change with the evolution of the market, for example, the interactive hair-pulling in the last cycle and the mouth-pulling in this cycle; 2) Liquidity extraction can be luck that steps on the bonus, or it can be a malicious plot; 3) Builders have always been considered to be the opposite of making money, but in fact, those who have long-termism and no malicious intent are builders. .

Indeed, there is another layer of community consensus split problem.