Finally, BTC has reached 100K. Looking back, it all comes to mind.
In 2015, I entered the world of cryptocurrency with curiosity about blockchain technology and bought my first BTC. The market at that time was filled with uncertainty but also brimming with hope for technological transformation. Along the way, I witnessed the prosperity of the crypto market several times and personally experienced countless crashes.
These crashes are not only declines in digital asset prices but also harsh tests of human nature, belief, and logical thinking.
Lessons and reflections from repeated crashes
The DAO incident of 2016
DAOs (Decentralized Autonomous Organizations) are seen as pioneers of blockchain innovation, yet they encountered hacking attacks due to smart contract vulnerabilities, leading to Ethereum's fork and severe price volatility. At that time, people's trust in blockchain was severely weakened. Looking back, this not only exposed the immaturity of technology but also warned us to remain rational amid the technological craze: all new things need time to mature, and blind worship only leads to bubble bursts.
The bear market of 2018
The ICO (Initial Coin Offering) bubble burst, and Bitcoin plummeted from nearly $20,000 to $3,000. Many once 'industry leaders' turned to smoke, leaving the market in despair. At that time, feelings of FOMO (Fear of Missing Out) swept everything, only to be ultimately slapped by reality. One profound lesson I learned is that the gap between hype and actual application determines whether a project can withstand the test of time.
The 519 crash of 2021
China's policy crackdown and Elon Musk's tweets stirred market sentiment, causing Bitcoin to drop below $30,000 overnight. This made me re-examine the emotional nature of the market: the crypto market is not only driven by technology but also profoundly reflects the psychological fluctuations of speculators. When most people are fearful, it often reflects value; when most people are fervent, that is the real danger.
The FTX collapse of 2022
FTX, once seen as a benchmark in the industry, collapsed due to a fund misappropriation incident. This was a profound crisis of trust and made me rethink the crypto industry's slogan of 'decentralization.' Why did the originally decentralized concept give way to the rise of centralized institutions? Have we really solved the trust issue, or have we merely shifted trust to a new power center?
What has the market taught us?
Volatility is a law, thinking is key
Behind every crash lies the revelation of market bubbles and blind spots. History has repeatedly proven that only those projects that truly focus on solving problems and creating value can survive. As investors, we need to continuously learn and think independently, rather than blindly following trends.
Belief and reflection coexist
If technology is the cornerstone of the market, then belief is the driving force. But belief does not equal blind adherence. After each crash, we need to calmly reflect, reassess our strategies and judgments, and avoid falling into emotional traps.
The conflict between technology and human nature
Blockchain is a technological revolution, but this revolution has always unfolded around human society. Technology can weaken centralized risks, but cannot eliminate greed, fear, and blindness. The growth of the industry requires not only technological advancement but also the joint role of regulation, ethics, and rationality.
The future: a coexistence of vigilance and hope
After so many years, I no longer view the crypto market simply as a stage for wealth, but rather as an extension of social experimentation. The core values of blockchain are transparency, openness, and de-trust. However, to truly realize these concepts, a long process of testing and adaptation is needed.
The lessons from crashes tell us that the crypto market is never a shortcut to overnight wealth, but a testing ground full of challenges and opportunities. Only by maintaining critical thinking can we find direction in the storm; only by persevering in belief can we welcome the true dawn amid ups and downs.
The future remains unpredictable, but just as every recovery after a crash has proven: by persistently creating value and maintaining critical rationality, we will eventually witness the maturity and brilliance of the crypto industry.
