Why are there always “new opportunities” in the crypto space? Let’s talk about the donkey turning the millstone and the market makers setting up the game.

While reviewing the recent meme craze, I suddenly realized something: Traffic can create miracles, but traffic is never equal to intelligence.

Following this line of thought leads to an even more intriguing question—what exactly is wrong with those who keep saying “XX is dead” year after year?

Will History Really End?

Remember Fukuyama’s “End of History” theory? Every cycle, someone applies this logic to crypto:

• “There will never be a real cryptocurrency after BTC”
• “No more innovation in public chains after ETH”
• “After this meme wave, the market will be saturated”

All wrong.

Bitcoin is not the end, it’s just the beginning. Truly understanding both “BTC’s uniqueness” and “there are always new opportunities in the market”—two seemingly contradictory facts—is the real cognitive threshold.

Why Didn’t the Explosion of Supply Kill the Market?

Back in 2017, the token boom could still be explained by “too few tokens, too much hot money.” But what about now?

ERC-20, inscriptions, various launchpads have driven the token creation threshold to the floor—tens of thousands of new tokens can appear in a single day. By all logic, this market should have burst long ago, right?

But the truth is—every time you think ‘there’s no more room for innovation,’ someone always comes up with a new trick and creates a new get-rich-quick legend.

Why? Because the market has never lacked coins; what it lacks is the scarcity of money-making opportunities.

Tokens can be issued infinitely, but stories that make retail investors believe “this time I can really get rich” will always be scarce. Hot money isn’t chasing the tokens themselves, it’s chasing the illusion of “the next 100x coin.”

The Donkey on the Mill and the Mill Owners Setting the Game

As long as the chase continues, the game never ends.

It’s like a blindfolded donkey turning a mill—there’s always an unreachable bundle of hay dangling in front of it, so day after day it keeps circling the millstone. You can’t claim “this is the last mill,” because as long as the donkey keeps running, someone will design a new mill to pull it toward.

The mill exists because of the donkey, not the donkey because of the mill. Market makers exist because there are retail investors to fleece, not the other way around.

Every new game gets packaged as a “this time it’s different” money-making opportunity—with new narratives, new technologies, new consensus. The marketing is overwhelming, making you feel like missing out is a crime.

But reality is harsh: the “get rich” dream hot money chases often ends in “loss” and “going to zero.”

Who Are the Real Winners?

The donkey’s life is finite, but the games are endless. Chasing infinite “next opportunities” with limited capital is dangerous!

The ones who truly make big money are never the donkeys turning the mill, but:

• The owner of the mill
• The market maker setting up the game
• The platform building dreams

They design the rules, control the pace, and harvest emotions. Those who believe “this time I can seize the opportunity” are just using their own capital to pay for someone else’s get-rich-quick legend.

The market won’t end, and opportunities will always exist. But the real question is—are you the one designing the game, or are you the blindfolded donkey turning the mill?