加密生態系統是散戶投資者最友好的

長期以來，我一直表達以下觀點：在所有投資生態系統中，加密生態系統對零售投資者最友好。傑基張。 2023年4月18日更新。

For a long time, I have always expressed the following viewpoint:

長期以來，我一直表達以下觀點：

Among all investment ecosystems, the crypto ecosystem is the most friendly to retail investors.

在所有投資生態系統中，加密生態系統對散戶投資者最友好。

The so-called "most friendly" refers to a comparison between the crypto ecosystem and other investment ecosystems (such as the stock market, foreign exchange, precious metals, etc.).

所謂的“最友好”是指加密生態系統與其他投資生態系統（例如股票市場，外匯，貴金屬等）之間的比較。

In what specific ways is it friendly?

它以哪些特定方式友好？

The most intuitive observation is: in the crypto ecosystem, the capital threshold is the lowest, making it easier to earn money "quickly," and "getting rich" seems almost within reach.

最直觀的觀察是：在加密生態系統中，資本門檻最低，使賺錢“迅速”和“富裕”更容易觸及。

I believe many readers also agree with this viewpoint.

我相信許多讀者也同意這個觀點。

However, I have gradually discovered that although many people agree with this viewpoint, their understanding of it is actually quite different.

但是，我逐漸發現，儘管許多人同意這種觀點，但他們對此的理解實際上是完全不同的。

Taking the understanding of "the lowest capital threshold, earning money more 'quickly,' and 'getting rich' seemingly within reach" as an example, one core perception is:

以“最低的資本門檻，更快地賺錢”和“變得富裕”的理解，似乎是：一個核心的看法是：

The crypto ecosystem provides a "casino" that does not exist in real life, offers chips that do not exist in real life, and presents gameplay that does not exist in real life. Importantly, this "casino" is open to everyone in the world without any threshold.

加密生態系統提供了一個“賭場”，該賭場在現實生活中不存在，提供現實生活中不存在的籌碼，並提供現實生活中不存在的遊戲玩法。重要的是，這個“賭場”對世界上每個人都沒有任何門檻開放。

Going to Macau is quite troublesome, and going to Las Vegas is even more so.

去澳門非常麻煩，去拉斯維加斯甚至更是如此。

Currency exchange, transportation, language, accommodation…

貨幣交換，運輸，語言，住宿…

There are obstacles everywhere, thresholds everywhere. Apart from high rollers who can afford to spend lavishly, how can retail investors withstand such hassle?

到處都有障礙，到處都是閾值。除了能夠負擔得起大量花錢的高級滾筒外，零售投資者如何承受這種麻煩？

As a result, a portion (possibly a large portion) of retail investors enters the crypto ecosystem with this "dream."

結果，散戶投資者的一部分（可能很大）以這個“夢想”進入了加密生態系統。

Since they treat the crypto ecosystem as a "casino," these players are not looking for projects that can truly change their lives, disrupt models, or create miracles. Instead, they are looking for "non-existent chips" and "non-existent gameplay" in real life to achieve overnight wealth.

由於他們將加密生態系統視為“賭場”，因此這些參與者並不是在尋找可以真正改變生活，破壞模型或創造奇蹟的項目。取而代之的是，他們正在現實生活中尋找“不存在的籌碼”和“不存在遊戲玩法”來實現一夜之間的財富。

If one enters the crypto ecosystem with such thoughts and mindset and has not changed their thinking until now, the final outcome will inevitably be asking around "What coin did Trump release today?", "What coin did Milei release tomorrow?", "What coin did CZ release the day after tomorrow?", ultimately summarizing it as "What coin did XXX release?"

如果一個人以這種思想和心態進入加密生態系統，直到現在才改變他們的想法，那麼最終結果將不可避免地問“特朗普今天發行了什麼硬幣？”，“明天麥利明天發行了什麼硬幣？

Because this approach has the lowest cost and is the most "shortcut," it requires no learning, no improvement, and no understanding. The only thing that may require high attention is a phone call at midnight informing that XXX has launched a coin, and another call at 4 AM notifying that someone has leveraged to go long/short on a coin…

因為這種方法的成本最低，並且是最“捷徑”，所以它不需要學習，不需要改進，也不需要理解。唯一可能需要高度關注的是午夜的電話，告知XXX已經推出了一枚硬幣，另一個凌晨4點的電話通知有人利用了長時間的硬幣/縮短硬幣……

In my view, this approach is essentially no different from hoping for overnight wealth in a "casino."

在我看來，這種方法與希望在“賭場”過夜財富沒有什麼不同。

Let’s return to common sense and think about it: throughout history, apart from a few exceptional individuals, how many people have achieved overnight wealth in a casino?

讓我們回到常識並考慮一下：在整個歷史上，除了一些傑出的人，有多少人在賭場中獲得了一夜之間的財富？

What I firmly believe is another viewpoint:

我堅信是另一個觀點：

The reason the crypto ecosystem is the most friendly to retail investors is not that it provides a casino that does not exist in real life, but rather:

加密生態系統對散戶投資者最友好的原因不是，它提供了一個不存在現實生活中的賭場，而是提供：

It creates a brand new ecosystem, a new fair platform.

它創建了一個全新的生態系統，這是一個新的公平平台。

On this platform, traditional VCs do not have a crushing advantage over retail investors. Retail investors can compete on the same stage as VCs, participating in promising projects at the seed or Series A rounds, and even achieving better returns than VCs.

在這個平台上，傳統風險投資人對零售投資者沒有損害的優勢。散戶投資者可以在與VC的同一階段競爭，參與種子或A系列賽季的有前途的項目，甚至比VCS獲得更好的回報。

Retail investors can also get involved in projects that VCs have not yet recognized, obtaining returns that VCs cannot even imagine.

散戶投資者還可以參與VC尚未認可的項目，從而獲得了VC甚至無法想像的回報。

Retail investors can participate in a project they believe in with a very low threshold. Even if they only have one dollar, they can buy a fraction or even a percentage of a project token on Uniswap, without needing to buy at least 100 shares of a company on traditional platforms.

散戶投資者可以參與他們相信的項目，其門檻非常低。即使他們只有一美元，他們也可以在UNISWAP上購買一個代幣的一部分，甚至可以購買一部分，而無需在傳統平台上購買至少100家公司的股票。

However, all these advantages for retail investors ultimately need to be reflected through the value of the projects they invest in. In other words, in the crypto ecosystem, whether it is VCs or retail investors, the value or returns from investments must ultimately be reflected in the value of the projects.

但是，對於散戶投資者來說，所有這些優勢最終都需要通過他們投資的項目的價值來反映。換句話說，在加密生態系統中，無論是VCS還是零售投資者，投資的價值或回報最終都必須最終反映在項目的價值中。

How should the value of a project be judged?

應該如何判斷項目的價值？

I believe there is only one standard for judgment: whether it can create value for users, provide the functions that users need, and ultimately obtain returns from users, achieving sustainable cash flow.

我相信只有一個判斷標準：它是否可以為用戶創造價值，提供用戶需要的功能，並最終從用戶那裡獲得回報，從而實現可持續的現金流。

This point does not differentiate between traditional investments and crypto investments; the essence should be the same in any ecosystem.

這一點並沒有區分傳統投資和加密投資。在任何生態系統中，本質都應相同。

I think this is common sense and also a matter of principle.

我認為這是常識，也是原則問題。

As for the judgment and analysis of project value, traditional stock investment and venture capital have already provided a wealth of cases, experiences, and lessons.

至於對項目價值的判斷和分析，傳統的股票投資和風險投資已經提供了大量案例，經驗和課程。

Although there are significant differences between Buffett's value investing and venture capital, there is no essential difference between the two: both seek to find enterprises and companies that can create value and achieve sustainable returns; the only difference lies in the stage of project involvement.

儘管巴菲特的價值投資和風險投資之間存在顯著差異，但兩者之間沒有根本差異：都試圖尋找可以創造價值並實現可持續回報的企業；唯一的區別在於項目參與的階段。

Since we need to judge the value and returns of projects, the experience and literature accumulated in traditional investments and venture capital in this regard are worth learning from, especially

由於我們需要判斷項目的價值和回報，因此在這方面積累的傳統投資和風險投資中積累的經驗和文學值得一試，特別是