Written by: Babywhale, Techub News

Yesterday, (Financial Times) published an 'apology letter' with a meme as the cover. Upon seeing the title, one might think it was (Financial Times) reflecting on its previous negative reporting on Crypto as Bitcoin officially broke through $100,000. But if you read this sarcastic short article closely, you will find that rather than an apology letter, it is more like a response from kind-hearted news professionals to injustice.

(Financial Times) writes in the first paragraph of the apology letter:

Frequent visitors to (FT Alphaville) may form the impression that its authors, both current and past, hold a skeptical attitude towards cryptocurrency, especially Bitcoin. This is correct.

This has clearly stated their attitude: a skeptical attitude towards cryptocurrency, especially Bitcoin. From Bitcoin's $10 to $100,000, they have never changed, and to this day they still believe 'this is correct.'

The content of FTAV from June 2011 to the present may convey the perspective that Bitcoin is a zero-sum game, designed very 'intelligently,' theoretically usable for accounting, but inefficient as a traditional means of transaction, and there are problems as a store of value. Our posts may also have promoted the view that the price of Bitcoin is an indicator that can be hyped arbitrarily, unrelated to any utility that tokens may have, because replicating the utility provided by the token is too easy. Therefore, any intrinsic value comes from the sunk costs of infrastructure and intangible assets, such as regulatory tolerance and the interconnectedness with the mainstream financial system (once considered the 'antidote') and the allure of 'being the first' in 'souvenirs.'

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Let's set aside the correctness of FT's views for now and look at the most interesting final paragraph:

If at any time in the past 14 years you chose not to buy goods based on our reports of rising 'paper prices,' we sincerely apologize. The rise of 'paper prices' is a good thing. If you misunderstood our cynical attitude towards cryptocurrency as support for traditional finance, we sincerely apologize because we also despise such behavior.

If you have even a little understanding of 'sarcasm,' you will know that FT's 'apology letter' is not a real apology; it is not even directed at cryptocurrency itself. Its true target is the predatory 'finance.'

Is finance good or bad? Different people may have different answers. As a part of the current rules of human society, finance is indeed an indispensable component of economic development. In a system centered around currency, lending, insurance, and everything else provides momentum and protection for economic development.

On the other hand, all of this has also become a tool for a small number of people to control the majority. Bankers have created countless high-value 'products' to facilitate capital flow, such as housing. They have created exchanges for stocks, futures, commodities, and precious metals, attracting countless people and funneling the value generated through hard work into an endless zero-sum game, enticing 'chives': those retail investors who have no idea what they are facing.

Is FT's description of cryptocurrency wrong? The fact is that every word is true: zero-sum game, inefficient trading system, lack of value storage logic, manipulated prices, and lack of practicality.

But is it only Crypto that is like this? Obviously not; the classic line from (The Wolf of Wall Street) tells us that stocks are actually quite similar.

这是仙女尘。它并不存在。它从未降临。它无关紧要。它不在元素周期表上。它根本不真实。

Essentially, this is an almost blatant attack by (Financial Times) on the dark side of finance. Ironically, they themselves call themselves the 'Financial' Times.

Perhaps due to work requirements or the objective environment, Financial Times reporters and editors may need to write and publish some news or comments that they do not want to publish. However, when you take someone's money, you have to bear the consequences. Nevertheless, through this article, we can see that there are still some among them who hold on to basic conscience.

They know that blockchain and Web3 may be the future, but the stories of ruin and family breakdown brought by cryptocurrency speculation will not stop.

Why must the development of an emerging industry be bloody? Why can’t we learn some lessons from past experiences? Unfortunately, human nature dictates that they can only try to make some noise, regardless of whether it is seen, whether those who see it understand, and whether those who understand truly execute it.

Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission, warned investors about the enormous risks of cryptocurrency just before the approval of the Bitcoin spot ETF on X, and was ridiculed by many in the Web3 industry as a source of entertainment. But I feel that it is a desperate elegy. He may have the right to help the market eliminate some fraudulent risks, but he cannot stop the steps of 'shadow controllers' like BlackRock from shattering everything.

As a veteran in the industry, I firmly believe that blockchain will change the world, just as the stock market has brought endless wealth to brave entrepreneurs who change the world. The emergence of blockchain and tokens will ultimately reward those who dare to be the first to take the plunge. I believe that existence is rational, but I also believe that being rational does not necessarily mean being correct.

Amazon founder Bezos once said that humans are not a species that likes the truth. I have found that this self-deceptive phenomenon is particularly evident in the Crypto field; no one knows what a token really is or what it is used for, but since it can be hyped, whether it is a cat or a dog seems not so important.

Microstrategy's stock peaked for the last time during the wildest days of the dot-com bubble in 2000. After 24 years, it has only broken through the stock price high from nearly a quarter of a century ago thanks to hundreds of billions of dollars in Bitcoin holdings, which shows how crazy the dot-com bubble was back then. Now, we have proved that the actual utility of the internet indeed surpasses the bravado of that time; what about blockchain?

What we need now are people who explore how Web3 can truly change the world; we do not need people boasting that blockchain can change the world. Building a thousand infrastructures, a thousand DEXs, a thousand lending protocols, a thousand re-staking protocols, and a thousand Layer 2s will only inflate the bubble indefinitely.

The bubble will eventually burst; everyone knows that. But everyone feels that they are not the last person to take the baton and believes they can escape before that. This stubborn confidence is precisely the reason why the author of this apology letter dares to give a reminder.

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