This week, the cryptocurrency market remains dull, but the changing international situation has stirred market sentiments. It reminded me of a once-ambitious project that ultimately came to an end—the Oil Coin.

Let's review the background. A few years ago, a country's leader launched the world's first official sovereign digital currency to solve the economic crisis. The official propaganda was aggressive, claiming to be backed by 50% oil, 20% gold, 20% iron, and 10% diamonds, with each coin equivalent to one barrel of crude oil. On the launch day, they announced raising $735 million and even led by example by buying in themselves. Boasts about becoming an OPEC trading settlement tool and used for paying civil servant salaries were everywhere.

But what was the reality? Those in the know could see clearly—that this was fundamentally a "paper promise." The coin was not decentralized, and users couldn't directly exchange it for oil; its value entirely depended on official credit. What's more painful is that the U.S. had already issued a ban, prohibiting domestic transactions of this currency, effectively cutting off the largest source of liquidity.

Looking at the current situation, the international political climate has shifted. The country's leader is in trouble; crude oil can't be exported, storage facilities are nearing saturation, and production has been forced to cut. This coin has become a rootless tree—the backing asset itself is depreciating, and the issuer has lost its credit foundation. Eventually, the project could only gradually become an obscure asset on exchanges.

This case clearly illustrates the point: no matter how grand the promise, without execution and market recognition, it is all just a castle in the air.