Aevo joined up with the Longwin Sniper Industry: I wasted eight years of my life in Crypto
He believes that the industry has lost its idealism and has become the largest and most active super-casino in human history, and is sick of its contribution to it。
Original title: I Was 8 Years of My Life in Crypto
Original by Ken Chan, co-founder of Aevo
Original: Azuma, Odaily Planet
Editor: This weekend, an article by Ken Chan (@kenchangeh), co-founder and chief technical officer of Aevo, entitled "I wasted 8 years of My Life in Crypto" was painted on the extranet。
Ken Chan's attitude in the article is extremely negative, and he thinks that the industry has lost its idealism and turned into the largest and most heavily involved super casino in human history, and that he's sick of having contributed to itI don't know. While we do not share Ken Chan’s view that the article was followed by a large number of counter-arguments from practitioners, its presentation objectively does reveal the deep-seated problems of the current industry’s lost beliefs and values。
The original Ken Chan content, compiled by Odaily Planet Daily。
The original motive
I was a politically motivated person when I was a teenager. Of all the books that have made me more radical, it's actually Ayn Rand's work that affects me the most (e.g. Source, Atlas shrugging). In 2016, I was also a vision free willist who had contributed money to Gary Johnson. In addition to the firm Landerism beliefs, I like computer programming, so encrypted money is a natural home for me. The spirit of the Punk code attracted me. The idea of bitcoin as a private wealth bank has fascinated me — the ability to put a billion dollars in my head across borders, which has been an extremely powerful concept for me。
HoweverOver time, I feel like I've lost my first goal in the encryption industryI don't know. With full-time involvement in the field, the tempting silence over the power of encrypted monetary change is beginning to fade. I'm disillusioned with target users and real clients. I completely misunderstood who the real users of encrypted money are and took publicity as a reality. The encrypted currency claimed to centralize the financial system, and I bought it completely, but in fact it was just a supersystem of speculation and gambling, just a mirror of the real economy。
It hit me like a truck. I'm not building a new financial system. I'm building a casino, a casino that doesn't call itself a casino, but it's the largest, all-weather online, and countless people in our generation。Some of me wanted to be proud at least to spend the whole 20-year-old time building this casino, but others felt completely wastedI don't know. I wasted my life on it -- but at least I made a lot of money from it。
It depends on what they do. Don't listen to what they say
ENCRYPTION MONEY IS A CONFUSING THING. ON THE ONE HAND, YOU WILL HEAR ADVOCATES SAY THAT THEY WANT TO REPLACE THE EXISTING FINANCIAL SYSTEM ENTIRELY WITH CHAINS. AND I CAN TOTALLY IMAGINE THAT WORLD -- ALL YOU HAVE IN YOUR BANK ACCOUNT IS USDC OR BITCOIN, AND YOU CAN SEND A BILLION DOLLARS TO ANYONE IN THE WORLD IN A FEW SECONDS. THIS VISION REMAINS STRONG AND I CONTINUE TO SHARE IT。
But the incentive mechanisms have completely distorted the course of events. In reality, all market participants are willing to throw money in to finance the next so-called "Layer 1" (Aptos, Sui, Sei, ICP, etc.). The only winner of the 2020 Layer 1 war was Solana, which gave rise to a strong speculative drive to compete for the fourth place (bitcoin, Ethera, after Solana?), supporting hundreds of billions of dollars in market value。
BUT DOES IT REALLY DRIVE US TOWARDS OUR IDEAL NEW FINANCIAL SYSTEM? ALTHOUGH VC WROTE 5,000 WORDS TO CONVINCE YOU, THE ANSWER IS NO。IT DOES NOT CREATE A NEW SYSTEM AT ALL; IT ACTUALLY BURNS DOWN THE FUNDS OF ALL, WHETHER DISPERSED OR VC, AND MAKES EVERYONE IN THE NEW SYSTEM POORER。
I'm not targeting Layer1. I can cite countless examples of this: live DEX, lasting contract DEX, forecast market, Meme platform, etc. The mad competition on these tracks does not substantially lead to a better financial system. Contrary to what VCs say, we don't need to build casinos on Mars。
Economic model gambling
If I say there was no financial motive for joining the encryption industry, it's a lie. As a reader, you might think I've made enough money to decide to quit the industry. Yeah, maybe I amBut maybe I'm just sick of my contribution to this mosaic of financialization and gambling。
Normalization of zero-sum behaviour, which is "quick for each other", is not a long-term way of creating wealth. Looks like it, but it's notI don't know. Eight years of encryption have completely destroyed my ability to identify sustainable business models. Here, you don't need a successful business or product to make money。There's a long list of high-market zero-user coins in this industry -- it's completely against the real worldI don't know. These zero-sum business models can't work if you want to bring value to customers, not just gambling, but entertainment。
Concluding remarks
I used to think that "financial nihilism" was a cute and harmless concept. It doesn't matter if you keep putting zero-sum games in the next generation. I have no doubt that bitcoin will eventually rise to $1 million, but it has nothing to do with the financial games that the industry is making。
This industry is extremely toxic, and I believe it will lead to a long-term collapse of social mobility for the younger generation。You can already see it happening, and we must have the courage to resist these meaningless games。
CMS Holdings said, "You're here to make money? Or to prove yourself right? I don't know
This time, I chose to prove myself right。
