The lack of hope among the younger generation is the reason for the excess in the crypto world.

Recently, the crypto world has experienced significant market fluctuations, and many have faced liquidation. I have personally experienced the characteristics of this market and整理了几点思考：

The crypto world is overheating among Generation Z, which is directly related to the unfriendly macroeconomic environment for them. Global wealth is concentrated in the hands of the older generation, and AI technology is replacing a large number of entry-level jobs. Young people find it difficult to achieve class mobility solely through hard work, and even securing a stable job is challenging—domestically facing unemployment immediately after graduation, and abroad, the phenomenon of working being less profitable than trading stocks is emerging. In this context, the crypto world has become the only equal opportunity for all young people to make money, not dominated by the elderly or traditional financial institutions. Especially for those who have lost hope in reality, they are more willing to take risks for a chance to turn their fortunes around. Therefore, the fundamental base of this market will continue to expand.

However, the risks in the crypto world are equally immense. Unlike stocks supported by physical businesses, the vast majority of tokens are driven by speculation, making it difficult to assess their actual application value. The waters are very deep, and after so many years, only Bitcoin has truly gained recognized value.

Compared to traditional financial products, marketing in the crypto world mainly relies on self-media and KOLs, creating a model of information manipulation aimed at young people. The Web3 community and trading platforms continuously create wealth myths, irresponsibly bringing people into the market. This essentially resembles an unregulated casino combined with a pyramid scheme, just dressed in the guise of financial technology. Young people who are short on funds and lack awareness must be cautious when entering the market—there are already numerous cases of celebrities with insufficient knowledge getting into debt from trading coins.

Trading in the crypto world is not suitable for those with a full-time job. The market operates 24 hours a day, which greatly consumes energy. Especially in contract trading, the fluctuations are intense and can easily affect one's mindset. This market amplifies human weaknesses; emotional individuals are prone to making wrong decisions, and those lacking self-discipline are likely to become addicted, ultimately leading to losses that outweigh the gains.

There are also many tricks within the trading platform itself. Compliance issues during the deposit and withdrawal process are often overlooked; unless something goes wrong, few people will discuss them in detail. Before opening an account, it is essential to thoroughly understand the platform's qualifications, fee rules, and the flow of funds.

Although both are high-risk markets, the crypto world and A-shares are different — the number of participants in the crypto world will only increase in the future rather than decrease. As Generation Z gradually inherits the wealth of the previous generation, among all investment options, besides US stocks and bonds, cryptocurrencies are likely to become the assets they are more willing to allocate. Long-term holding of spot assets, rather than short-term leveraged speculation, may be a more suitable choice for risk-averse individuals like me.

Investment requires caution; recognize the risks of virtual currencies.

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