在过去的一年中

在过去的一年中，Memecoins统治着加密货币的叙述，导致一系列备受瞩目的活动，大多数交易者损失了钱

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.

过去的一年一直由成员叙事主导，导致一系列事件导致大多数交易者在内部人士获利的同时亏损。

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.

根据一些估计，单独的天秤座令牌导致了44亿美元的公共损失。在以前的加密周期中，广泛的市场增长奖励了持有人，但是当今的Memecoin猜测创造了一个环境，在这种环境中，普通交易者成功的机会很小。

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

Memecoins如何设法将市场推向终点，这将终结？

Investing and speculation are fundamentally different games with distinct rules.

投资和猜测是具有不同规则的根本不同的游戏。

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.

投资不是要赚钱。这是关于购买合适的资产来长期保护资本。通常，投资者不要等待正确的“入口点”，而要持有多年的购买资产。基于基本因素，此类资产相对于法定货币的增长。例如，股票，黄金和比特币btcusd违反了美元，该美元面临无限的发行和通货膨胀。

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.

一些资产具有额外的增长驱动因素 - 财产需求不断增长，公司利润增长，甚至是政府采用比特币 - 但这是奖金。关键点是，您的投资不应该对菲亚特失去所有价值。投资者遵循长期宏观经济趋势，这有助于他们保持购买力。

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，猜测是一款零和游戏，由于多数席位，熟练的少数派利润。通常，这样的人正在追逐快速利润。这就是Memecoins发生的事情。与传统投资不同，它们缺乏内在价值，股息或利息收益。在比特币的情况下，“大傻瓜”以交易者购买的“大傻瓜”可能是采用比特币标准的公司，其次是在美国之后建立战略性比特币储备的整个国家，如果像天秤座这样的代币，那么大傻瓜就是在javier Milei在X上宣布X.的人 - 不再是购买者。

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的运作与在线赌场相似。他们提供娱乐和保证快速利润，但只有那些创造和推广他们的人。与受监管的赌博不同，风险是众所周知的，纪念因素通常被有影响力的人物大肆宣传 - 从著名的加密影响者穆拉德（Murad）开始，并与美国总统结束 - 因此，社交媒体叙事。苛刻的现实是，就像在赌场中一样，在大多数人遭受损失的同时，赔率压倒性地赞成内部人士和早期采用者。

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

最近：索拉纳（Solana）的象征薄荷狂热失去了动力，因为模因被烧毁

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热潮显然在猜测和心理触发因素上蓬勃发展 - 这是演变情绪并使玩家的钱包空的游戏。促进Memecoin推出的Pump.Fun等平台已获得巨额利润，证明销售铲是从淘金热中获利的最佳方式。打开赌场如何需要许可并在严格指定的区域中选择一个位置，而任何人都可以启动自己的成员？

Well, the situation is likely to change soon.

好吧，情况可能很快就会改变。

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.

缺乏监管监督使成员的爆炸性增长。我们是怎么到达这里的？让我们记住近年来SEC的活动，即针对主要的分散融资（DEFI）协议和试图公平发挥作用的大型加密公司的诉讼。另一个严肃的一步是Chokepoint 2.0行动，该行动由上届美国政府针对整个加密货币产业进行。所有这些不仅扼杀了善意的公司，这些公司在加密货币中创造了有意义的东西，而且间接地引发了以其他利用不清楚规则的玩家的形式来配重。

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.

结果，加密交易所最近几乎在发布后几乎立即列出了Memecoins。监管领域的混乱使加密货币行业变成了相当大的全球赌场。虽然早些时候，每个人都希望在这场赌博中获胜，而现在，与损失一样，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。当前的美国政府可以无疑地称为“加密友好”，这意味着我们今年可能会看到明显的法规进展。这对于Defi行业尤为重要，该部门长期以来一直发现其产品市场合适并正在迅速发展，从而捕捉了传统金融（银行，经纪人和其他中介机构）的市场。

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.

至关重要的是要尽快重写过时的金融法规。旧规则是为基于对集中式中介机构的信任的系统而设计的，而新框架必须合并智能合约 - 换句话说，是可执行的区块链代码。

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

更强大的监管框架可以对令牌发布提出更严格的要求，包括对创作者个性的强制性披露以及对集中式交易所清单的限制。

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，即使没有直接干预，市场参与者也可能会通过昂贵的错误来学习，并对Memecoin投资变得更加谨慎。经过一系列苛刻但清醒的Memecoin地毯的拉力，Web3社区最终应该意识到，此类项目很少奖励冒险者。如果某人仍然决定抓住机会，他们应该像去赌场的旅行一样对待它：只会带来他们准备损失的数量，并充分利用这一经历。