This afternoon, at the end of the Hong Kong stock market, such a monster stock appeared - Tianrui Cement.

The drop was 99%, from 5 yuan to 5 cents. Just a few days ago, Tianrui Cement's stock price had broken through 6 yuan, but today it went straight to zero.

In addition to Tianrui Cement, another Hong Kong stock that plummeted today was Haosen Financial Technology, which also fell by more than 90%.

Although the liquidity of Hong Kong stocks is very poor now, it is still shocking that this situation, which is rare in the cryptocurrency circle, has occurred in the stock market.

After all, the cryptocurrency market is not a fully mature and compliant market, and it is still full of controversy.

The stock market, both in terms of spot and derivatives, is already very mature, but such accidents still occur - and it is highly likely that the parties involved will not bear too much legal responsibility.

If this is the case, then what value and significance does the traditional financial system have?

You set your own rules and trample on them, but you want to use these standards to demand our cryptocurrency market?


Looking at the cryptocurrency market, there were indeed many projects that ran away and went to zero in the early years, but with the continuous purification and standardization of the market, it is now difficult to see such projects in large exchanges.


Even if such a project really appears, the exchange will freeze the project party's market making and capital accounts as soon as possible to protect the interests of retail investors.

The director is certainly not saying that there are no cryptocurrency projects that have run away or returned to zero. The local dogs on various chains can withdraw their pools and run away for 20 bnbs, but more importantly, in the absence of so-called compliance and supervision, the leading exchanges will not actively choose to do evil for the sake of long-term interests.

Just as the issuance of Bitcoin does not have any legitimacy for coinage, it does not affect its ability to become the best performing investment product and the most consensus-based cryptocurrency in recent years.

So sometimes the so-called compliance and regulation is nothing more than a legal cover for some people to extort money.

The development of new things will inevitably be hindered by old things, but that doesn’t matter.

Because new things will inevitably replace old things - this is what Marxist philosophy tells us.