2025-12-11 13:56:54

Talking about the crypto world back then, it was really like the California Gold Rush — a bunch of people digging blindly in the mud with their tools. Retail investors rushed in and went all-in, FDV projects worth tens or hundreds of billions would run after a quick profit, with narratives about Metaverse and GameFi crafted more fantastically than novels.

At that time, just shouting a concept or drawing a pie could make the token skyrocket. Project teams didn’t even have a real product; they just copied whitepapers, and valuations in VC rounds soared to the sky. When retail investors tried to take over, they found only 5% of tokens in circulation, with the remaining 95% locked away.

Basically, it was a game of hot potato — whoever was quick wins, and whoever was slow had to stand guard. Looking back, this kind of play was really quite surreal.

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OnchainArchaeologist

· 22h ago

I'll say it directly, there are still people repeating this pattern, just with a different disguise. Honestly, the 5% circulating supply strategy is still being used; they've just renamed it and rewritten the white paper. That's why I now focus on token allocation when evaluating projects; everything else is just empty talk.

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NFTDreamer

· 12-11 16:16

Haha, I also mined in the pit back then. I was a bit slow and got caught, and I'm still stuck there now. Looking back, it was truly crazy. The project teams can just Photoshop a few images and raise hundreds of millions, and we're still chasing behind. The "hot potato" analogy is perfect—it's all about who can run faster, right? The old tactics don't work at all anymore, and the retail investors have become much smarter. This bull market is obviously much more calm. Everyone has learned their lessons.

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fomo_fighter

· 12-11 14:26

Damn, isn't this just my nightmare from 2021? Luckily, I escaped quickly. There are still people using this套路 now, change the white paper and you can still profit. That 5% circulating supply part was really brilliant; I should have seen it back then. The game of passing the flower is so spot on; everyone wants to be the one passing the flower. My friend went all-in on metaverse coins back then, now his account is just gathering dust haha. It's crazy to have a billion-dollar valuation without even having a product. Actually, those who learn from the lessons later are the real winners. It was high time to recognize that this is just gambling; there's no fundamental difference. Still the same, greed won't survive more than two bull markets.

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AlgoAlchemist

· 12-11 14:12

Ha, do people still really believe in that? I laughed. That's why I now read whitepapers with a magnifying glass. Getting burned once really taught me a lesson. The metaphor of "passing the flower" is perfect; back in the day, so many people were slow and ended up as bagholders.

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ThatsNotARugPull

· 12-11 14:08

Haha, isn't this just our past daily life? Looking back now, it really is outrageous. People who haven't stood guard are shy to say they've played in the crypto world. Do you believe what I just said? Back then, I really thought I could outrun the whales. 95% lock-up is so common; anyway, the ones taking over are always the latercomers. But to be fair, today's project teams have learned to be smarter and more stealthy in their manipulations. Back then, at least they dared to openly pump the market; now, it's truly hard to guard against.

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0xSunnyDay

· 12-11 14:07

Haha, I almost got wrecked back then too, luckily I ran fast. --- Looking back now, they were all just air coins, but indeed the ones who made money had a real blast. --- The metaphor of "pass the flower while beating the drum" is perfect; it all depends on who’s ruthless enough. --- Fortunately, I didn't buy any of those GameFi projects; they all turned into worthless paper. --- The fact that 95% of tokens are locked up now seems really absurd in hindsight. How do people still believe in that? --- So now I have to be more meticulous; I've learned too many lessons. --- During that era, the pump-and-dump schemes were blatant, with project teams not even caring about their reputation.

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TradFiRefugee

· 12-11 14:06

Haha, as expected of the Western Gunslinger era, I almost got cut back then. It's unprecedented, and looking back now, I still feel a bit scared. This round is really just a big casino; whoever is greedy will be unlucky. But on the other hand, now that regulations are in place, they probably won't come up with any new tricks. That 5% circulation trick really caught me off guard, it's brilliant.

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UnluckyMiner

· 12-11 13:58

If I had known earlier, I wouldn't have touched those projects, now I've lost everything The methods of cutting leeks are one set after another, here comes another wave of market 95% locked positions haha, I'm the one out of that 5% who got cut Gold prospecting in the West? More like a Western heist, retail investors are always the prey The most painful scam I ever fell for, now just looking at the white paper makes me want to vomit If you want to play this game, you have to be the big player, with a fate like ours, destined to sit on the sidelines

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Frontrunner

· 12-11 13:57

The 95% lock-up segment is really amazing; we're all the unlucky ones who end up holding the bag in the end.

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