Exploring the true narrative of the crypto market

In the previous text, we analyzed the potential demand growth brought about by the clearing tide and attempted to explore the true encryption narrative. The crypto world originates from utopian ideas and is a collective creation driven by belief. We need to find infinite belief amidst the fractures.

What kind of narrative does the crypto market need?

After the wave of bank runs, there are still many problems in the crypto market:

• The treasury has been misused, and the incubation plan has become a tool for capital.
• Users face a large number of Ponzi schemes and zeroing risks.
• Contract security issues are frequent, and asset theft incidents continue to occur.
• New users encounter nesting dolls and forced lock-up.
• The concept of the metaverse is being misused

The project team is more enthusiastic about marketing than focusing on work. Crypto natives refer to this as the "dark forest".

The encryption world showcases the power of a free market, with rapid self-healing and evolutionary capabilities. However, many projects die during this fast iteration. As a member of the crypto community, I am both excited and confused.

Critique of "Grand Narrative"

Jean-François Lyotard proposed the concept of "grand narratives" in "The Postmodern Condition", critiquing the legitimacy of scientific narratives. This made me rethink the narratives of the crypto market.

Lyotard believes that language reflects context, ideology, and power. In a market-driven economy, the value of knowledge depends on efficiency and profitability. We need to distinguish between genuine needs and false needs, and discern between narrative and reality. These judgments are reflected in the token prices of the crypto market.

We should expose phenomena that mainstream discourse cannot perceive, providing a measure for the silenced things. Stay calm and reflective during market frenzy, and regain oneself.

Narrative Above Narrative

As capital dominates social development, knowledge has become a form of capital. The authenticity of knowledge is questioned, and the "narratives" in social interactions have lost credibility.

We need to understand the social environment in which "knowledge" exists in order to comprehend the problems it faces in development. Just as Satoshi Nakamoto elucidated the "knowledge" of Bitcoin in the Bitcoin white paper, as well as the social context in which it exists.

14 years have passed, and encryption has entered the mainstream stage. We should remain clear-headed and reflect on what our "knowledge" really is and what position it holds in society.

Lyotard divides knowledge into scientific knowledge and narrative knowledge. The crypto market is filled with various narratives and technical knowledge, which combine to form a "grand narrative" and become "consensus". We need to distinguish between what is truly "scientific knowledge" and what is merely narrative built upon narratives.

Approach the exploration of the boundaries of "grand narratives" with an attitude of "change and information" and "critique and skepticism."

Discover Breaks, Education Market

One of our investment criteria is whether the project team has the capability to educate the market. This is essentially an examination of the "grand narrative" and a filtered action. We focus on whether there are indeed those backgrounds in the market, rather than just simply ticking boxes.

Taleb said: "Change is information." It is precisely this multitude of changes that gives rise to the anti-fragility of this market. But that does not mean that volatility is justified. Information provides us with a boundary that allows individuals to accommodate marginalized thinking.

In the new order, we need to be vigilant about "grand narratives" in order to better utilize the "antifragility" of the crypto market and the characteristic of "change as information" to truly build a new order. Only in this way can development slow down.

The core of Web3 is not just a technical issue, but also an educational issue. We should try to give a "name" to those silent phenomena, breaking the collective illusion, rather than getting trapped in the ultimate indications brought by a certain discourse structure.

To truly gain broad acceptance of Web3 and the crypto market, we need to discover fractures as much as possible, rather than tokenizing everything. We must maintain a skeptical attitude towards all current "grand narratives."

Because the crypto market involves many aspects such as finance, history, politics, art, and even the fate of humanity. These together constitute what is called "consensus". However, not all consensus represents truth; people often mistakenly believe that truth necessarily brings consensus.