There are always new opportunities in the crypto world, but only these people truly make money

Recently, I’ve been pondering a phenomenon: whenever the crypto world plunges into a new hype—whether it’s the explosion of meme coins or the rise of a new track—there are always people claiming “this time is different,” and there are always others sighing, “there’s no more opportunity.”

This reminds me of the end-of-history theory. American scholar Fukuyama once proposed that human history has reached its endpoint. Similar fatalism is rampant in the crypto circle: no more cryptocurrencies after BTC, no more smart contract public chains after ETH, no new opportunities after the last meme…

All these judgments are wrong.

What has never been scarce is the coins, but the opportunity to make money

Think back to the 2017 token issuance boom. At that time, token supply was scarce, and hot money was abundant, creating a frenzy through supply and demand imbalance. Later, we saw the standardization of ERC-20, BRC-20 inscriptions, zero-threshold token platforms… a surge of tokens, with thousands of new coins emerging in a single day.

Shouldn’t the market be saturated by now?

No. Because what is scarce has changed. When coins become extremely cheap, people’s pursuit shifts to the “scarcity of making money”—who can seize the opportunity for sudden wealth in this cycle.

As long as such opportunities are scarce, hot money will always flock in. Just like a donkey blindly pulling a mill, always staring at unreachable grass, prompting it to keep turning in circles and running.

New games will cycle infinitely

The market will never stop creating new “millstones.” Smart participants always find new ways, designing new narratives, new tracks, new stories of wealth. After inscriptions, came AVA; after Meme coins, came AI coins; and after AI coins? Something will always emerge.

Why? Because donkeys never go extinct. As long as there is hot money chasing quick riches, there will always be people willing to dream, set the stage, and design new games.

The mill exists because of the donkey, not the other way around. With the existence of retail investors, the manipulators and platforms that create the game are born; not vice versa.

The cruelest truth

But the ending of the game has never changed: participants’ hot money chasing ultimately almost always ends in losses. The real winners are always three types of people—the mill owner (the manipulator), the game creator (the operator), and the dream-making platform.

Donkeys have a limited lifespan, but the game is endless. Using a finite life to chase infinite illusions—that is the underlying logic of the entire game.

Every new hype is packaged as a new opportunity and heavily promoted, but the reality is: the tickets are always in the hands of the issuers.