The "Donkey and the Millstone" of the crypto market: Why are opportunities for sudden wealth always present, but only a few people ever make money?

Today, while sorting through the recent market sentiment, I particularly noticed a phenomenon: memes are hot again. However, behind this wave of enthusiasm lies an easily overlooked truth—traffic does have power, but don’t expect it to have wisdom.

The “End of History” Theory's N Bankruptcies in the Crypto Circle

Do you remember the Japanese-American scholar Fukuyama? His “End of History” thesis has been played out repeatedly in this circle.

Every round of bull and bear market transitions, there are always a group of people who leave quietly:

• Too many coins have been issued.
• There are no opportunities in the track.
• This market is done.

Similar arguments are emerging one after another: “After BTC, there are no real cryptocurrencies” “After ETH, the public chain narrative is dead” “After XX meme, there is no new idea for memes.”

But what about the facts? All wrong.

BTC is not the end point, it is the starting point. Being able to simultaneously understand the seemingly contradictory propositions of “the irreplicability of Bitcoin” and “the market always has new opportunities” is itself a cognitive challenge.

More coins ≠ fewer opportunities, what is true scarcity?

The wave of coin issuance in 2017 was essentially due to the supply of tokens being too low and too much hot money. The imbalance between supply and demand gave rise to a bubble.

What next? ERC-20 standardization, inscription gameplay, launch platforms with zero thresholds… the supply of coins has completely exploded. Tens of thousands of new coins emerge in a single day; logically, the market should have saturated by now, right?

But strangely, just when everyone thinks “there's nothing new”, there are always people who can come up with new highlights and new wealth creation myths.

Because it is never the coin itself that is scarce. What is scarce is the opportunity to make money and the possibility of getting rich quickly.

Even if coins are issued quickly and in large quantities, they cannot satisfy the market's greedy pursuit of the “scarcity of getting rich.”

The hot money is not chasing a specific coin, but rather the illusion of “this time it can double.”

Donkey, Millstone, and the Perpetual Game

As long as the hot money is still chasing, the market will continue to create new opportunities. And the “scarcity of making big money” is almost eternal—this determines that the chase for hot money is never-ending.

In this game, hot money is like a blindfolded donkey turning a mill:

• Hanging in front is the fodder that can never be eaten.
• Running in circles, running wildly
• Always chasing, never able to catch up

You can't determine that this stone mill is the last one.

Those who see through the essence will set up schemes. They always manage to design a new stone mill, leading the donkey over to keep turning.

As long as the descendants of the donkey are endless, the opportunity to make a stone mill (set up a game) will always exist.

The millstone exists because of the donkey, not the donkey because of the millstone. Where there are retail investors, there are market makers. It is not the other way around.

Why do new games keep emerging?

Because those blindfolded donkeys have been running hard.

Each new game will be packaged as: ✓ The next hundredfold opportunity ✓ This time is really different ✓ Benefits for early participants

Then it is widely promoted, in a cycle.

But the reality is harsh: the “making money and getting rich” pursued by hot money often ends in losses and zero.

Life is limited, but the world is infinite. Pursuing the infinite with the limited is dangerous.

The ones who will ultimately make a lot of money are:

• The owner of the grind
• The dealer of the game
• The platform for dream-making

The underlying logic of this game has never changed.