Recently, due to the sluggish market conditions, many friends have withdrawn from the circle.

As an old investor who has experienced two bear markets, I decided to quit after careful consideration.

However, it was not the crypto circle that withdrew, but the traditional financial circle that had one leg left.

Compared with the traditional financial circle, the crypto circle is already extremely friendly to retail investors.

The crypto circle has obtained a legitimate VC investment project. Even if it cannot be listed in a big firm, it should not be a problem to be listed in a second-tier firm. Although there is no guarantee of making money when exiting, at least everyone can cheer together and it still feels like they can make some contribution.

If any VC coin runs away, it will at least be criticized and it will at least be a hot topic every time.

But the investment in the traditional financial circle is really ruthless.

The proportion of project parties running away is definitely over 90%, and it would be big news if they could exit through listing.

Moreover, the treatment for Chinese projects listed on the U.S. stock market is much lower than that for Chinese projects issuing coins, which is a clear case of discrimination against Chinese people.

Listing on Hong Kong stocks? Don’t be kidding, brother! Even if it is listed, there is no liquidity~

From January to July this year, the fundraising scale of Hong Kong stock IPOs was only 11.6 billion Hong Kong dollars, which is less than 1.5 billion US dollars. You should know that our crypto industry had this financing scale in July alone.

Listing on the A-share market? That’s just tears. There are always various reasons you can’t imagine that will hold you back.

As a result, many VCs in traditional finance have withdrawn from the circle, and many have poured into the crypto circle.

How badly do traditional VCs lose money?

For example, a case that went viral in our VC circle yesterday was that Liu Guangyao, who holds an undergraduate degree from Peking University and a master's degree from Tsinghua University, announced his divorce.

This guy raised 600 million RMB and lost it all! This included the 100 million RMB his ex-wife gave him from shareholders.

That’s about 80 million USD, right? If this guy is a top star project in the crypto circle, it’s OK to list it on Binance, right?

Given the founder's ability to write short essays, it's not an exaggeration to say that the market value has reached 1 billion US dollars, right?

But in the traditional financial circle, so much money was lost without even a sound, and the couple had to rely on public divorce and quarreling to gain some attention.

Not only that, in the crypto circle, if a project owner wants to run away after receiving VC investment, it’s okay to be thick-skinned.

But in the traditional financial circle, if you get money from state-owned assets, you will go to jail if you lose money!

Recently, a large number of VCs from the traditional financial circle have invested in AI, which is really funny.

Those who entered SenseTime in the B round a few years ago will lose money if they run slowly. It is much more tragic than the crypto circle.

There are also those who invested in DJI due to PUA, and are now deeply trapped. Investors are completely helpless as the company does not go public.

The development of AI and encryption are actually similar. Nvidia is reaping the benefits of the AI ​​industry, and encryption is mainly supported by Bitcoin.

Even the former CEO of Google said a few days ago that it took 30 years for electricity to be put into practical use in the industry.

So those of us who work in encryption need to be patient!