加密生态系统是散户投资者最友好的

长期以来，我一直表达以下观点：在所有投资生态系统中，加密生态系统对零售投资者最友好。杰基张。 2023年4月18日更新。

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

长期以来，我一直表达以下观点：

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

在所有投资生态系统中，加密生态系统对散户投资者最友好。

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.).

所谓的“最友好”是指加密生态系统与其他投资生态系统（例如股票市场，外汇，贵金属等）之间的比较。

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.

最直观的观察是：在加密生态系统中，资本门槛最低，使赚钱“迅速”和“富裕”更容易触及。

I believe many readers also agree with this viewpoint.

我相信许多读者也同意这个观点。

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

但是，我逐渐发现，尽管许多人同意这种观点，但他们对此的理解实际上是完全不同的。

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“最低的资本门槛，更快地赚钱”和“变得富裕”的理解，似乎是：一个核心的看法是：

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.

加密生态系统提供了一个“赌场”，该赌场在现实生活中不存在，提供现实生活中不存在的筹码，并提供现实生活中不存在的游戏玩法。重要的是，这个“赌场”对世界上每个人都没有任何门槛开放。

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

去澳门非常麻烦，去拉斯维加斯甚至更是如此。

Currency exchange, transportation, language, accommodation…

货币交换，运输，语言，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?

到处都有障碍，到处都是阈值。除了能够负担得起大量花钱的高级滚筒外，零售投资者如何承受这种麻烦？

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

结果，散户投资者的一部分（可能很大）以这个“梦想”进入了加密生态系统。

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.

由于他们将加密生态系统视为“赌场”，因此这些参与者并不是在寻找可以真正改变生活，破坏模型或创造奇迹的项目。取而代之的是，他们正在现实生活中寻找“不存在的筹码”和“不存在游戏玩法”来实现一夜之间的财富。

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?"

如果一个人以这种思想和心态进入加密生态系统，直到现在才改变他们的想法，那么最终结果将不可避免地问“特朗普今天发行了什么硬币？”，“明天麦利明天发行了什么硬币？

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…

因为这种方法的成本最低，并且是最“捷径”，所以它不需要学习，不需要改进，也不需要理解。唯一可能需要高度关注的是午夜的电话，告知XXX已经推出了一枚硬币，另一个凌晨4点的电话通知有人利用了长时间的硬币/缩短硬币……

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

在我看来，这种方法与希望在“赌场”过夜财富没有什么不同。

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?

让我们回到常识并考虑一下：在整个历史上，除了一些杰出的人，有多少人在赌场中获得了一夜之间的财富？

What I firmly believe is another viewpoint:

我坚信是另一个观点：

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:

加密生态系统对散户投资者最友好的原因不是，它提供了一个不存在现实生活中的赌场，而是提供：

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

它创建了一个全新的生态系统，这是一个新的公平平台。

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.

在这个平台上，传统风险投资人对零售投资者没有损害的优势。散户投资者可以在与VC的同一阶段竞争，参与种子或A系列赛季的有前途的项目，甚至比VCS获得更好的回报。

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

散户投资者还可以参与VC尚未认可的项目，从而获得了VC甚至无法想象的回报。

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.

散户投资者可以参与他们相信的项目，其门槛非常低。即使他们只有一美元，他们也可以在UNISWAP上购买一个代币的一部分，甚至可以购买一部分，而无需在传统平台上购买至少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，对于散户投资者来说，所有这些优势最终都需要通过他们投资的项目的价值来反映。换句话说，在加密生态系统中，无论是VCS还是零售投资者，投资的价值或回报最终都必须最终反映在项目的价值中。

How should the value of a project be judged?

应该如何判断项目的价值？

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.

我相信只有一个判断标准：它是否可以为用户创造价值，提供用户需要的功能，并最终从用户那里获得回报，从而实现可持续的现金流。

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

这一点并没有区分传统投资和加密投资。在任何生态系统中，本质都应相同。

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

我认为这是常识，也是原则问题。

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.

至于对项目价值的判断和分析，传统的股票投资和风险投资已经提供了大量案例，经验和课程。

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.

尽管巴菲特的价值投资和风险投资之间存在显着差异，但两者之间没有根本差异：都试图寻找可以创造价值并实现可持续回报的企业；唯一的区别在于项目参与的阶段。

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

由于我们需要判断项目的价值和回报，因此在这方面积累的传统投资和风险投资中积累的经验和文学值得一试，特别是