The scarcity of making money is endless - dissecting the essence of the crypto market pump and grind game.

The scarcity of making money is endless

What is the most worthwhile question to think calmly about in this wave of meme coin craze?

In the end, it's just four words - Believe in traffic, but don't trust its wisdom.

Continuing to think along this line, one can see a deeper question: does the cryptocurrency industry have an endpoint?

In every round of bull and bear cycles, many people are completely disappointed with the cryptocurrency world. Their logic is very simple: too many coins have been issued, there has been no innovation after BTC, no public chains after ETH, and no opportunities after a certain track. This line of reasoning is somewhat similar to the “end of history” theory proposed by Japanese-American scholar Francis Fukuyama back in the day - it seems that everything has come to an end.

But this judgment is wrong. It's a big mistake.

BTC is not the end of cryptocurrency history, but the starting point.

Looking at the evolution of token issuance, it becomes clear. From the initial token craze to the standardization of ERC-20, then to the explosive growth of inscriptions, and now to the proliferation of zero-threshold token issuance platforms, the supply of tokens has exploded—over ten thousand new coins appearing in a single day. Logically, the market should have been saturated by now.

But what about in reality?

There will always be smarter minds that come up with new ways to play and design new get-rich stories. Why?

Because what is scarce is never the coin. What is scarce is the opportunity to make money.

You send out ten thousand coins, and I will still chase after them, because what I'm pursuing is not the coins themselves, but the potential for profit behind them—the dream of “I can double my investment in this wave.” The scarcity of such opportunities is the true scarcity.

So, no matter how fast or how much currency is issued, the hot money in the market will always feel that it is not enough. What they are desperately chasing is actually the opportunity that could lead to sudden wealth. And this opportunity is always scarce.

As long as hot money is still chasing, there will always be people in the market creating new opportunities. The chances to make money and get rich are eternally scarce, which determines that the chase of hot money will never have an end.

The Cycle of Grinding Games

To put it metaphorically, hot money is like a blindfolded donkey. It cannot see the real road ahead and can only be attracted by a bunch of fodder dangling in front of its eyes, continuously going around in circles—this circle is the stone mill.

The donkey runs desperately, and the stone mill keeps turning. New stone mills keep appearing because as long as the donkey is running, there will always be someone willing to create new millstones.

The donkey will never reach that pile of fodder, but it will never give up. Therefore, the dealers can always design new games to lure the donkey in.

The logic here is very clear: The stone mill exists because of the donkey, not the other way around. In other words, it is because there are retail investors willing to chase that the operators appear; not the other way around.

Every time a new game appears, it is packaged as “new opportunities, new tracks, new possibilities for getting rich,” and heavily promoted. This leads to a new wave of hot money flowing in, turning the new millstone.

The problem is that the truth is often very heart-wrenching.

The “making money and getting rich” that hot money has always chased, what is usually the final outcome? Loss, losing everything.

Life is limited like a donkey, but the grinding stone is endless. Using a finite life to pursue infinite opportunities can ultimately lead to an ancient saying – “It's dangerous.”

Who is the real winner?

There are always only three types of people who truly make big money:

1. Master of Grinding - The one who holds the opportunity to produce.
2. The House——The person who designs the game rules
3. Dream-making platform - providing a stage and charging fees.

The retail investors frantically chasing profit opportunities are ultimately just creating wealth for these three types of people.

This doesn't mean that there are no opportunities in the crypto market, but rather that the distribution of opportunities is always unequal. Information asymmetry, first-mover advantages, and capital scale are always present. When new tracks emerge, large investors and market makers can always see and act faster.

Retail investors are always chasing opportunities that have already been discovered, while the institutional players are already designing the next opportunity. This game, logically, determines who profits and who loses.

The crypto market always has new stories, always has new coins, and there are always people saying “this time it’s different.” But the grind of the game has never changed.

The only thing that changes is the appearance of the millstone.