Cold thoughts behind the meme craze: Why does the crypto world never lack "wealth creation myths"?

Question

Recently, meme coins have exploded in popularity again. Looking at the screen full of get-rich-quick stories, I suddenly thought of something quite heartbreaking—the market has never lacked coins; what it lacks is the illusion that makes people feel “this time it can really make money.”

The “End of History” theory has never been proven in the coin circle.

Do you remember that American scholar Fukuyama proposed the “End of History” theory back in the day? The same goes for the crypto space: at the end of each cycle, some people will quietly exit, saying things like “There are too many coins, there won't be any new opportunities.”

After BTC came out, it was said that there would be no more cryptocurrencies. After ETH became popular, it was said that there would be no more opportunities for public chains. After a certain meme exploded, it was said that memes were dead.

But what is the reality? BTC is not the end point, it is the starting point.

There is a subtle contradiction here: you have to acknowledge the uniqueness of BTC while also accepting that the market is always creating new opportunities. To understand this point, you need to think in several twists.

Oversupply? No, always chasing scarcity

The coin issuance frenzy in 2017 was a bubble caused by the imbalance of supply and demand, with more money than coins at that time. And now?

One-click issuance of ERC-20 coins, inscription gameplay, and various launch platforms reduced to zero threshold—token quantity has exploded, with thousands of new coins emerging in a day. Shouldn't the market be saturated by now?

Wrong. Because what retail investors are chasing is not the coin itself.

They are chasing the “this time can get rich” scarcity. No amount of coins can fill this black hole of desire.

The Donkey-Powered Perpetual Motion Machine

Have you ever seen a blindfolded donkey turning a millstone? It keeps going in circles, always with a piece of fodder hanging in front that it can never reach.

Hot money is that donkey. Every new project, new gameplay, and new concept is just a new grindstone - but the donkey still turns in circles.

You can't say “This is the last millstone.” As long as the donkey is still running, there will always be someone designing a new millstone to fit it.

The millstone exists because of the donkey, not the donkey because of the millstone. Because there are leeks to be harvested, there are manipulators creating the game; it is not that there are manipulators first, and then leeks appear.

Who is really making money in this game?

Every new hot trend that emerges is packaged as a “once-in-a-lifetime wealth creation opportunity” and widely promoted.

BTC, ETH, DeFi, NFT, inscriptions, memes… the names are changing, but the essence remains the same.

The harsh truth is: Individual investors chasing “get rich quick” schemes end up losing money or even going broke nine times out of ten.

The ones who truly make big money are always: • Controlling the market speculator • The operator of the setup • Provide a transaction exchange that takes a platform fee.

The ancients were right: “Chasing the finite with the infinite is perilous.” Chasing infinite games with limited capital is destined to be dangerous.

So?

It's not that you shouldn't play, but rather that you need to look at this market with a clear mind.

Traffic has power, but traffic lacks wisdom. Hot money is always chasing scarcity, but this scarcity itself may be a carefully designed illusion.

Next time you see the phrase “XX after XX no more”, just smile. History has never ended, and the game will not stop. You just have to think clearly about whether you are the donkey pulling the millstone or the one designing the millstone.

BearMarketSage · Accepted Answer

The most expensive illusions sell, this is the truth of the crypto world.

Another round of new suckers getting on board, what are you boasting about new opportunities? To put it bluntly, it’s just putting on a new coat to continue to play people for suckers.

I really admire those who say, "There are too many coins, no opportunities," and then turn around and rush to buy new coins. It’s really... they’ve completely confused themselves.

The conclusion is that in every round, there are people who believe this set of statements, and in every round they get slapped in the face. When will they ever learn?

Scarcity, when you break it down, is just marketing. The market is always creating new "uniques." I can’t believe you.

Gm_Gn_Merchant · Answer

Haha, you said it perfectly, that&#39;s exactly the flavor. Every time they say it&#39;s over, but then new suckers come in, history is truly a cycle.

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Illusions sell incredibly well, this is the eternal truth of the crypto world.

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I believe in the mind-bending aspect, but what&#39;s even more mind-bending is how to avoid being trapped.

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Fukuyama&#39;s theory in the crypto world is just a joke; opportunities are always in the next round, the key is whether you can survive until then.

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Alright, I admit BTC is unique, but that doesn&#39;t stop me from chasing memes; after all, it&#39;s all about the gambler&#39;s mentality.

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The core is that there will always be someone willing to pay tuition, and the market is never short of new stories.

SatoshiNotNakamoto · Answer

Really, every time I say it&#39;s over, a new wave of things comes up again, it&#39;s a cycle...

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Illusions are just illusions. Just because someone made a profit doesn&#39;t mean I can too. Once you understand this, it feels much better.

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The theory of the end of history? Ha, what happened to those who said this in the crypto world...

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Instead of chasing scarcity, it&#39;s better to ask yourself if you&#39;re the hunter or the prey.

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Fukuyama&#39;s theory is really a joke in the crypto world; the market never sleeps.

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Behind the screen full of wealth myths is a screen full of Get Liquidated; choose one.

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There are too many dreamers and too few awake people; it&#39;s that simple.

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Opportunities are indeed being created, but they are also being harvested, depending on which side you&#39;re on.

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I don&#39;t care if meme coins explode or not; I care about the money in my pocket.

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After this wave of heat passes, there will be another wave; there will always be new suckers.

MetaverseVagrant · Answer

To be honest, the word illusion hit me... but why expose it, as long as I know myself.

Chasing scarcity with this logic repeatedly... next time I guess I&#39;ll have to think of new tricks.

History hasn&#39;t ended, but my account balance has ended, haha.

BTC is indeed the starting point, but the problem is that most of us can&#39;t even find the position to enter.

Every round there are people saying it&#39;s dead, yet a new round comes... this is the eternal cycle of the crypto world, exhausting.

AmateurDAOWatcher · Answer

Haha, really, every time we say "this time there’s really no chance," and then two months later, a new wealth myth pops up... This is how we get played for suckers.

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To put it bluntly, it’s a psychological game; the illusion sells for the highest price.

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Fukushima&#39;s approach in the crypto world is just hilarious; the cycle is always turning.

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Admitting BTC is amazing while wanting to earn new coins is the true portrayal of crypto world people.

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Oversupply my foot, as long as there are people wanting to get rich overnight, it will never be oversupplied.

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Looking at those who say "memecoin is dead," then turning around and going all in on some new coin, I can only say... since you&#39;re here, you might as well go for it.

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Scarcity really can be fabricated; this year it’s memes, next year it’s Metaverse coins, there will always be a new concept that makes you feel "this one is different."

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The market feeds on this; there’s always a new illusion waiting ahead.

RektHunter · Answer

Illusions are selling for more than coins; that's the real truth.

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Another "end of history" theory—I'm tired of hearing it. Every time someone says this, they get proven wrong soon after.

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I agree that BTC is the starting point, but believing in its uniqueness while also believing in new opportunities—that kind of thinking is really convoluted.

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Chasing scarcity? To put it bluntly, it's still about chasing people's greed.

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All the rags-to-riches stories everywhere are just psychological conditioning. This meme wave... never mind, I'll just keep watching.

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All that talk about oversupply is just a cover; at the core, there will always be people wanting to take a gamble.

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Every cycle they say it's dead, but the next cycle still comes. That's just how the crypto world is.

NFTBlackHole · Answer

It&#39;s the same old theory again... But to be fair, illusions are indeed the most profitable business.

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The history isn&#39;t over yet, and the crypto world has already negated itself completely, haha.

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You&#39;re right, scarcity is always changing, what people chase is always changing, and the ones losing money are always that group of suckers.

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I believe that BTC is the starting point, but my account balance is indeed the endpoint.

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The subtle contradiction is: acknowledging that BTC is amazing, yet still having to all in new coins to turn things around, right?

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Oversupply? Nonsense, the real surplus is suckers like me.

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Every time we say this time is different, but the money-losing pattern keeps cycling.

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To understand this logic, I have to take several twists; I got so confused that just going all in is faster.

TestnetFreeloader · Answer

Indeed, every time someone says "this time it&#39;s really dead", a new wave comes with new tricks, starting a new round of "this is really it this time".

It&#39;s just an illusion, but people need some hope to live on, and the crypto world is the place that plays this game the best.