I want to talk about my failure and helplessness. I am now in my second year of graduate school and I don’t have much money. I only started to get involved in this circle in my senior year of undergraduate studies. At first, I thought that this DeFi was so great 👍 and would change the future. What about Uni’s V 3 and V4? How great are they? The new financial system is being established and improved. In general, I am optimistic about this so-called value coin. Later, I felt something was wrong.

Later, in April of 21, I saw Ma Yilong on Twitter constantly praising Dogecoin. I didn’t understand this kind of enthusiasm. Seeing that it rose many times, I envied it but didn’t dare to buy it. At that time, I bought some Uni 18u at a cost of about 18. It rose to about 25. At that time, I thought it was good that value investment was successful, similar to Buffett. But when I saw that the meme rose so much, I wanted to change my car but I was afraid. In the end, I maintained the status quo and thought that the value coin would continue to rise. Later, people on Weibo were talking about Shiba Inu coin and what was the next Dogecoin. I really thought it was funny, but I still went to that matcha to buy a few hundred yuan to see. It was not until May that everyone knew about shib, which changed my values. Can the game of speculating in cryptocurrencies really be played like this? Is it that for things like Dogecoin? Or is it that the entire market is played like this?

Later, the market plummeted quickly on 520 and I was trapped. I calmed down and read the post. I understood that the liquidity premium and the asymmetric characteristics of crypto assets are fundamentally derived from the liquidity premium. Because it is an open network, the liquidity of crypto assets and the number of connected flow nodes will only increase, because the number of people entering early will far exceed the number of people exiting the market. It explains the market value support sources of so-called zombie coins such as LTC, XRP, and ADA, and it also explains the value source of Dogecoin. These coins often do not rely on any traditional valuation indicators (P/S, P/E, cost creation ability, currency turnover rate, etc.). When there is a systemic market rebound, the counterfeit with good liquidity, more exchange support, and more derivatives support will rebound the most fiercely. This has nothing to do with the underlying value. It is a pure liquidity premium. Doge's market value is so high because a large number of people regard it as an insignificant meme and entertainment, it has extremely strong liquidity, and most coin holders do not care about the holding cost, let alone look at the value of Doge from the perspective of TVL and fees.$BNB #