JayZhou-3点区块链-无U传媒

From the grass-roots era of Beijing's Xierqi in 2014 to Trump's pardon in 2025, Zhao Changpeng's ten-year trajectory is like a mirror, reflecting the barbaric growth of the cryptocurrency world, regulatory storms, and power struggles. Those details scattered throughout time have become the keys to unlocking the 'pardon puzzle.'
1. First Encounter: The Smoke and Fire of Xierqi and the 'Grass-Roots Era' of Cryptocurrency
1. The 'Trio' in the Beijing Yiquanhui Office
In 2010, I worked as a senior product operator at the open platform of Shanda Online, owned by Chen Tianqiao. At that time, Shanda Group had invested in hundreds of companies, including Moji Weather co-founded by Zhao Dong (【人物志】Zhao Dong: The Passive Lock-in Under Iron Bars) and Douding Network where Xu Mingxing served as CTO. My job responsibility was to integrate all the products invested by Shanda into our Shanda open platform. It was during that time, when I still didn't know about Bitcoin, that I met Xu Mingxing, who was in charge of connecting their Douding Network to Shanda's open platform. On November 22, 2013, after I bought Bitcoin for the first time, I posted it on WeChat Moments, receiving hundreds of likes and comments.

1 Introduction: When the beam of light in a calm market suddenly turns into a nuclear explosion
In April 2026, the cryptocurrency market was supposed to be tranquil. Bitcoin steadily held at the threshold of $70,000, consolidating for nearly a month, while altcoins mostly lay dormant within their ranges. The hype around MEME coins had long faded, and the total value locked (TVL) in DeFi also stagnated. Everyone was waiting for the next cycle signal—expectations of interest rate cuts from the Federal Reserve, Bitcoin's next breakthrough, or some 'dark horse' project that could break the silence. No one expected that this 'dark horse' would emerge in such a crazy fashion. Its name is $RAVE .

Introduction: A promotional post on WeChat Moments claiming that neither upfront fees nor final payments were received exposes the stark reality of the cryptocurrency world.
On March 27, 2026, crypto KOL "Little J of the Crypto Circle" posted a status update with only three emojis on his WeChat Moments: 🙂🤝💔. There was no accompanying text, but the comment section exploded instantly—dozens of fellow KOLs and freelancers left comments such as, "Got ripped off again?", "I encountered the same thing last week. They promised an 800U referral fee, then blocked me afterward," and "Mine was even worse. They said they'd pay after the work was done, then said the project was out of money, and asked if I could wait for their next funding round?"

After the Spring Festival in 2026, the festive atmosphere of the Year of the Fire Horse had not yet completely faded, but the entire Web3 community was suddenly swept by a brand new trend, instantly breaking the silence before the festival. In the previous months, the core debates in the industry had always revolved around a few fixed topics: which Layer2 track could first achieve production-level scalability to truly solve the pain points of Ethereum congestion and high Gas fees; why the path to RWA (Real World Asset tokenization) is so difficult, is it regulatory hurdles, technical bottlenecks, or insufficient ecological collaboration; whether the combination of AI and blockchain is about one leveraging the other's popularity, is it that AI needs the decentralized trust of blockchain, or does Web3 need AI to solve practical challenges.

Summary
On October 4, 2025, Bitcoin reached the top area of $122,000, Ethereum broke through $4,500, and the entire cryptocurrency circle was immersed in the frenzy of 'bull market perpetuity'—social media was filled with posts about 'showing profits' and 'leveraging to a million,' interns in office buildings were discussing contract profits, and market vendors were asking how to buy Bitcoin. Even friends who never touched finance were asking me on their phones, 'Is it still worth entering the market now?' On that day, I liquidated all my cryptocurrencies, including Bitcoin and Ethereum, which I had held for two years, as well as a small amount of mainstream altcoins. At the moment I took my profits, almost everyone around me was mocking me for 'missing the boat' and 'not understanding the market.' Some said I wasted the chance to 'double overnight,' others boasted about just adding 10 times leverage, and some joked that 'I don't even know how to read K-lines, yet dare to play with coins.' They were right; I really didn't understand K-lines. I had no clue about MACD golden and dead crosses, moving average arrangements, or volume divergence; I never stared at the market until dawn, nor did I study various technical indicators, and I couldn't even distinguish the specific differences between short-term contracts and long-term holdings. But precisely this 'not understanding K-lines' allowed me to exit at the peak on October 4 of last year, avoiding the subsequent three months of continuous crashes, and escaping the increasingly severe scams in the crypto world at the beginning of 2026. Many people think that profits in the crypto world rely on luck, technology, or insider information. But in my view, the essence of the crypto world has never been 'technical games,' but rather 'human nature games'; the price fluctuations in the crypto world are never determined by K-lines, but rather by the irrational behaviors of groups, the emotional contagion of social strata, and the manipulation of capital greed. My ability to accurately escape the peak has nothing to do with luck or technology, but rather with understanding the sociological logic and social psychology behind the crypto world, seeing through the falsehood and madness behind this carnival. Now, half a year has passed, and the crypto world has changed completely. Bitcoin has fallen below $60,000, Ethereum has returned below $2,000, countless leveraged investors have been liquidated and left with nothing; even more distressing is that since early 2026, the chaos in the crypto world has intensified, with exchanges absconding with funds, virtual currency scams collapsing, and countless investors' 'wealth dreams' turning into 'bloody histories.' Looking back at this carnival and collapse, I am increasingly firm in one realization: In the crypto world, understanding human nature and the behavioral logic of social groups is far more important than understanding K-lines; maintaining rationality and rejecting conformity is the only way to exit unscathed in a chaotic market. In this article, I will combine my personal experiences and, from the perspectives of sociology and social psychology, dissect the core logic behind my decision to liquidate at the peak on October 4 last year, deeply analyzing the manifestations and roots of the current chaos in the crypto world, and how ordinary people can protect their capital and avoid pitfalls in this irrational carnival—seeking not to teach you how to profit, but to help you see the truth and stay away from being harvested.