在過去的一年中

在過去的一年中，Memecoins統治著加密貨幣的敘述，導致一系列備受矚目的活動，大多數交易者損失了錢

The past year has been dominated by the memecoin narrative, leading to a series of events that have resulted in most traders losing money while insiders have profited.

過去的一年一直由成員敘事主導，導致一系列事件導致大多數交易者在內部人士獲利的同時虧損。

According to some estimations, the Libra token alone led to $4.4 billion in public losses. In previous crypto cycles, broad market growth rewarded holders, but today’s memecoin speculation has created an environment where the average trader’s chances of success are slim.

根據一些估計，單獨的天秤座令牌導致了44億美元的公共損失。在以前的加密週期中，廣泛的市場增長獎勵了持有人，但是當今的Memecoin猜測創造了一個環境，在這種環境中，普通交易者成功的機會很小。

How did memecoins manage to drive the market to a dead end, and will this ever end?

Memecoins如何設法將市場推向終點，這將終結？

Investing and speculation are fundamentally different games with distinct rules.

投資和猜測是具有不同規則的根本不同的遊戲。

Investing isn’t about making quick money. It is about purchasing the right assets to protect capital in the long haul. Usually, investors don’t wait for the right “entry point” but purchase assets to be held for years. Such assets grow relative to fiat currencies based on fundamental factors. For example, stocks, gold and Bitcoin BTCUSD rise against the US dollar, which faces unlimited issuance and inflation.

投資不是要賺錢。這是關於購買合適的資產來長期保護資本。通常，投資者不要等待正確的“入口點”，而要持有多年的購買資產。基於基本因素，此類資產相對於法定貨幣的增長。例如，股票，黃金和比特幣btcusd違反了美元，該美元面臨無限的發行和通貨膨脹。

Some assets have extra growth drivers — rising property demand, growing company profits or even Bitcoin adoption by governments — but these are bonuses. The key point is that your investment is not supposed to lose all its value against the fiat. Investors follow long-term macroeconomic trends, which helps them preserve purchasing power.

一些資產具有額外的增長驅動因素 - 財產需求不斷增長，公司利潤增長，甚至是政府採用比特幣 - 但這是獎金。關鍵點是，您的投資不應該對菲亞特失去所有價值。投資者遵循長期宏觀經濟趨勢，這有助於他們保持購買力。

On the other hand, speculation is a zero-sum game where the skilled minority profits because of the uninformed majority. Typically, such people are chasing quick profits. This is what happens with memecoins. Unlike traditional investments, they lack intrinsic value, dividends or interest returns. While in the case of Bitcoin, the “greater fools” who buy after a trader could be companies adopting the Bitcoin standard, followed by entire nations establishing strategic Bitcoin reserves after the US, in the case of a token like LIBRA, the greater fool is the one who bought it after Javier Milei’s announcement on X. That’s it — there are no more buyers.

另一方面，猜測是一款零和遊戲，由於多數席位，熟練的少數派利潤。通常，這樣的人正在追逐快速利潤。這就是Memecoins發生的事情。與傳統投資不同，它們缺乏內在價值，股息或利息收益。在比特幣的情況下，“大傻瓜”以交易者購買的“大傻瓜”可能是採用比特幣標準的公司，其次是在美國之後建立戰略性比特幣儲備的整個國家，如果像天秤座這樣的代幣，那麼大傻瓜就是在javier Milei在X上宣布X.的人 - 不再是購買者。

Memecoins operate similarly to online casinos. They provide entertainment and promise quick profits but favor only those who create and promote them. Unlike regulated gambling, where risks are well-known, memecoins are often hyped by influential figures — starting from the famous crypto influencer Murad and ending with the US president — and, consequently, social media narratives. The harsh reality is that, like in a casino, the odds overwhelmingly favor insiders and early adopters while the majority suffer losses.

Memecoins的運作與在線賭場相似。他們提供娛樂和保證快速利潤，但只有那些創造和推廣他們的人。與受監管的賭博不同，風險是眾所周知的，紀念因素通常被有影響力的人物大肆宣傳 - 從著名的加密影響者穆拉德（Murad）開始，並與美國總統結束 - 因此，社交媒體敘事。苛刻的現實是，就像在賭場中一樣，在大多數人遭受損失的同時，賠率壓倒性地贊成內部人士和早期採用者。

Recent: Solana’s token minting frenzy loses steam as memecoins get torched

最近：索拉納（Solana）的象徵薄荷狂熱失去了動力，因為模因被燒毀

The memecoin craze clearly thrives on speculation and psychological triggers — this is the game that evolves emotions and leaves players’ wallets empty. Platforms like Pump.fun, which facilitate memecoin launches, have reaped massive profits, proving that selling shovels is the best way to profit from a gold rush. How can opening a casino require a license and choosing a location in strictly designated areas, while anyone can launch their own memecoin?

Memecoin熱潮顯然在猜測和心理觸發因素上蓬勃發展 - 這是演變情緒並使玩家的錢包空的遊戲。促進Memecoin推出的Pump.Fun等平台已獲得巨額利潤，證明銷售鏟是從淘金熱中獲利的最佳方式。打開賭場如何需要許可並在嚴格指定的區域中選擇一個位置，而任何人都可以啟動自己的成員？

Well, the situation is likely to change soon.

好吧，情況可能很快就會改變。

The lack of regulatory oversight has enabled the explosive growth of memecoins. How did we get here? Let’s remember the SEC’s activities in recent years, namely lawsuits against major decentralized finance (DeFi) protocols and large crypto companies that tried to play fair. Another serious step was Operation Chokepoint 2.0, directed by the previous US administration against the crypto industry as a whole. All this not only stifled well-intentioned companies that created something meaningful in crypto but also indirectly triggered a counterweight in the form of other players who took advantage of unclear rules.

缺乏監管監督使成員的爆炸性增長。我們是怎麼到達這裡的？讓我們記住近年來SEC的活動，即針對主要的分散融資（DEFI）協議和試圖公平發揮作用的大型加密公司的訴訟。另一個嚴肅的一步是Chokepoint 2.0行動，該行動由上屆美國政府針對整個加密貨幣產業進行。所有這些不僅扼殺了善意的公司，這些公司在加密貨幣中創造了有意義的東西，而且間接地引發了以其他利用不清楚規則的玩家的形式來配重。

As a result, crypto exchanges have recently been listing mostly memecoins almost immediately after their release. Chaos in the field of regulation has turned the crypto industry into a sizable global casino. While earlier, everyone hoped to win in this gamble, now, along with the losses, it seems that general disappointment is setting in.

結果，加密交易所最近幾乎在發布後幾乎立即列出了Memecoins。監管領域的混亂使加密貨幣行業變成了相當大的全球賭場。雖然早些時候，每個人都希望在這場賭博中獲勝，而現在，與損失一樣，似乎普遍的失望正在引起。

There is a ray of hope. The current US administration can unequivocally be called “crypto-friendly,” which means we will likely see significant regulation progress this year. This is especially crucial for the DeFi sector, which has long found its product-market fit and is rapidly developing, capturing the markets of traditional finance (banks, brokers and other intermediaries).

有希望。當前的美國政府可以無疑地稱為“加密友好”，這意味著我們今年可能會看到明顯的法規進展。這對於Defi行業尤為重要，該部門長期以來一直發現其產品市場合適並正在迅速發展，從而捕捉了傳統金融（銀行，經紀人和其他中介機構）的市場。

It is essential to rewrite outdated financial regulations as quickly as possible. The old rules were designed for a system based on trust in centralized intermediaries, whereas the new framework must incorporate smart contracts — in other words, executable blockchain code.

至關重要的是要盡快重寫過時的金融法規。舊規則是為基於對集中式中介機構的信任的系統而設計的，而新框架必須合併智能合約 - 換句話說，是可執行的區塊鏈代碼。

Stronger regulatory frameworks could introduce stricter requirements for token launches, including mandatory disclosures of creators’ personalities and restrictions on centralized exchange listings.

更強大的監管框架可以對令牌發布提出更嚴格的要求，包括對創作者個性的強制性披露以及對集中式交易所清單的限制。

Yet market participants may learn through costly mistakes even without direct intervention and become more cautious about memecoin investments. After a series of harsh but sobering memecoin rug pulls, the Web3 community should finally realize that such projects rarely reward risk-takers. If someone still decides to take a chance, they should treat it like a trip to the casino: only bringing the amount they are prepared to lose and making the most of the joy from this experience.

然而，即使沒有直接干預，市場參與者也可能會通過昂貴的錯誤來學習，並對Memecoin投資變得更加謹慎。經過一系列苛刻但清醒的Memecoin地毯的拉力，Web3社區最終應該意識到，此類項目很少獎勵冒險者。如果某人仍然決定抓住機會，他們應該像去賭場的旅行一樣對待它：只會帶來他們準備損失的數量，並充分利用這一經歷。