Crypto has come to this state today, and there isn't a single innocent party.

Venture capitalists seek high returns, project teams aim to issue tokens for profit, exchanges turn a blind eye for listing fees, media and KOLs chase traffic and coins, and retail investors hold onto their hundredfold beliefs, collectively treating 'no limits' as industry culture.

In essence, it boils down to one sentence: This circle is too tolerant of scammers.

Scammers not only won't be nailed to the pillar of shame but are instead repeatedly elevated to the status of new narrative kings.

The result is that bad coins drive out good ones, and wave after wave of retail investors are cut down, only to suddenly awaken: it turns out the so-called 'disruptive paradigms', 'thousandfold potential', and 'fat protocols' are all tricks.

Fortunately, retail investors have finally started to feel the pain.

Only when it hurts will they remember.

From blindly going all in on fat protocols to now starting to ask 'where is the cash flow', this round of painful lessons has at least made everyone see one thing:

Projects without a solid foundation, no matter how good the story, are just stories.

True value will ultimately return to real products and cash flow.

Do you think in the next round, retail investors will still get carried away? Or will they truly have learned their lesson this time?