新的加密货币牛市：为什么这次不同?

Some fundamental differences and their amazing influence on the bull market in 2000 and 2000. As we approached the fourth or fifth game of this bull market, I began to notice some fundamental differences from the bull market in 2000. These changes are building a very different infrastructure, and the bull market will be built on this basis, and they are changing the market trajectory. This time, it will be really different, and some unexpected conclusions can be drawn from these differences. The way this bull market is being developed is for a very unique journey. Be prepared for its destination, which is by no means a mirror image of the previous cycle. There are two huge differences and their meanings. This is a seller's project, and the market venture capital ecosystem has lost its essence. This may be one of the most fundamental changes. In the bull market in 2008, the project initially raised funds on very favorable conditions for investors, and the cash-in period is usually less than months, and the completely diluted value is very small, and the investment opportunities of retail investors are much less, which leads to greater demand in the secondary market and the highest price. At the beginning, it was more difficult. At the beginning of the year, the buyer-investor market was competing for the opportunity of pre-sale with the maturity of the bull market in 2008, and the market turned to the seller's market. With the intensified discussion of the super cycle, the terms began to become absurd, inflated and the redemption right extended to the bear market. In this bull market, the terms were seriously biased towards the seller from the beginning, and the pre-sale terms of the project year were twice as bad as that of the previous year, and the situation was still deteriorating. Many projects raised hundreds of millions of dollars, and the ownership period usually exceeded one. To make matters worse, about one-fifth of the projects will retroactively change the terms or refund the investors after raising funds for several months, but the investors' recourse right is zero. Nevertheless, venture capital companies are still desperate to invest in the project, and they hardly care about the terms when competing for distribution. Many people just transfer the investment to retailers to collect fees, so they have the incentive to obtain more sales regardless of the terms. The exchange requires the project to extend its ownership and reduce its unlocking. Suck away more and more tokens. In short, although the pre-sale is still very profitable, it is no longer the former printing machine. What does this mean? The speed of capital turnover will be greatly slowed down. Compared with the floating tokens that are ready to enter the latest narrative, a larger part of paper gains will be locked and never realized, and most of them may be offset by the passive inflow of peace. Because the locked tokens cannot be sold and many investors are forced to become diamond hands, the bull market may last for a long time. Time exceeds the expected end date of the beginning of the year. My expectation is still that the bear market will start in the autumn of 2008. Despite the inflation, due to the long-term cliff and the long-term redemption schedule, the circulating tokens are still stubbornly at a low level, so the later bull market price of shanzhai coins may be more difficult. With the rapid increase in the number of projects, shanzhai coins will face dilution effect. It is not surprising that all capital seeking investment will have more choices, and it will become more and more important to have reliable projects, legal teams and a strong foundation to maintain huge returns. Strange as liquidity is increasingly locked in illiquid pre-sale investment, venture capital companies will be forced to step out of the risk curve and use leverage and margin to maintain active participation in the market, which will lead to a greater possibility of bubble bursting than originally possible, especially when the bear market begins to destroy the potential investment value supporting its profits and leverage. In short, the performance of the extended cycle cottage currency will focus on reliable projects, but the pre-sale is still profitable, but it is lower than the previous cycle. Survivors of the bear market created a higher foundation for the outbreak of the bull market. There are various discussions about the left shift cycle in the exclusive cryptocurrency store, which means that this bull market started earlier and more explosively than the previous bull market. I think this early start is largely due to the large number of counterfeit coins left over in the annual cycle and the result of not being disturbed by the COVID-19 epidemic. In fact, this seems to indicate a bigger, longer and more explosive bull market. It's a bull market that moves to the left. These fake coins survivors have pre-existing communities and package holders, and the teams that build products in the whole bear market have more fundamental and strong investment opportunities than at this stage of the previous cycle. It's important to consider this because it shows that we launched this bull market from a higher starting point instead of pushing it forward. In the annual cycle, the number of fake coins is much smaller and there are almost no remnants of the previous cycle, which means that the choice is limited capital for the same. The competition of small basket investment is fierce, and the problems left over from the annual cycle reappear, and the infrastructure of private sales is very new and constantly developing, which makes entry more exclusive and more difficult to obtain. By, we have a large number of projects that have survived the bear market and continued to build, and now we have a basic value proposition. We also have a mature venture capital and private sales environment, which simplifies access. The current value-added is not simply to obtain venture capital, but to obtain a reliable platform price that provides the best deal. The value has changed from simply getting access to getting high-quality access through the best launch board platform. In general, human beings are hyperbolic creatures. In general, we are a group of people driven by emotions. We can't suppress emotional reactions to support reasonable logical thinking. Encrypting the masses is an enlarged version of this phenomenon. A group of unstable bipolar degenerates happily chase the latest green candles and flee the terrible red candle thing in horror. In fact, those Degen people need to do exactly the opposite, buy red, sell green and eliminate noise. This is still considered to be the most explosive encryption cycle so far. I will be very surprised that Bitcoin has not increased by about twice from here, and Ethereum has tripled from here. We are still in the early stage, and we are about to halve it. Enterprises and sovereign funds are consuming all Bitcoin, but they are frantically narrowing their scope and fastening their seat belts because of the decline. We are very close to the parabolic stage of the bull market. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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