Opinions on cryptocurrencies ("the crypto circle") need to be examined from multiple dimensions including technology, finance, society, and risks. The following is an objective summary:

1. Technological Innovation Coexists with Speculative Bubbles

- Value of Blockchain: Technologies such as distributed ledgers and smart contracts behind cryptocurrencies have the potential to revolutionize cross-border payments, digital identity, and decentralized finance (DeFi), especially in regions with weak traditional financial infrastructure or where it has practical significance.
- Market Status: Over 90% of current crypto trading is speculative, with prices driven by liquidity, celebrity statements, and regulatory rumors, clearly decoupled from technological progress. Most projects lack real-world applications, exhibiting a bizarre phenomenon of "narrative hype."

2. The Ideal of Decentralization vs. the Reality of Centralization

- Power Paradox: Although claiming to be "decentralized," mining pools, exchanges, and whale accounts form de facto centralized power nodes, posing manipulation risks (such as "pump and dump"). Events like the 2022 LUNA collapse and FTX exchange's bankruptcy exposed fatal flaws of internal corruption and regulatory failure.

3. Amplifier of Financial Risks

- High Volatility and Leverage Risks: Mainstream coins like Bitcoin often fluctuate over 10% in a single day. When combined with leverage (up to 100x), they become "retail slaughter machines."
- Increased Systemic Correlation: The correlation between cryptocurrencies and traditional financial markets (such as US stocks) is rising, potentially transmitting risks through institutional investments, collateralized loans, and other channels to the traditional economy.

4. Challenges in Regulation and Compliance

- Fragmented Global Attitudes: China has banned cryptocurrencies outright; the US wavers in enforcement and regulation; the EU is pushing the MiCA legislation to regulate the sector. Regulatory lag has led to gray areas, with frequent cases of money laundering, tax evasion, and scams.
- Future Pathways: Compliance is an inevitable trend, but balancing innovation and investor protection is essential. Progress such as spot ETF approvals and institutional participation is gradually integrating cryptocurrencies into the traditional financial framework.

5. Social Psychology and Group Fervor

- "Get Rich Quick" Dreams: Wealth stories propagated on social media attract many young people lacking risk awareness, viewing crypto as a shortcut to social mobility, often ignoring its high-risk nature.
- Community Governance Experiments: DAO models attempt new forms of collaboration but also reveal issues like mob mentality and decision-making inefficiency.

Rational Summary

- No Mythology, No Demonization: Blockchain technology warrants ongoing research, but the current crypto market remains an early-stage high-risk asset class, unsuitable for ordinary investors.
- Risk Warning: If participating, only use funds that can be fully lost, and beware of "get rich quick" narratives. Prioritize highly liquid, relatively transparent assets, and avoid leverage and meme coins traps.
- Long-term Outlook: The market will undergo multiple cleansing cycles, ultimately converging on a few applications with real value, forming limited integration with the mainstream financial system.

Final words: Cryptocurrencies are like a prism, reflecting technological idealism, financial greed, regulatory dilemmas, and human complexity. Maintaining vigilant observation may be a necessary wisdom to navigate an era of intertwined bubbles and opportunities.