"Have Chinese Retail Investors Lost Their Confidence?" Judging from public discourse, two years ago, we always had three sources of pride. Initially, it was the worship of foreign names; anything with a hint of Latin letters or a Silicon Valley vibe was considered premium. Later, it was blind faith in narratives, with everyone talking about "modularity" and "L2"; whatever Vitalik said was seen as witnessing a revolution. Then came the belief in community, claiming that consensus equals value, although this consensus was often just a show put on by whales. After that, all that remained was "getting listed." Recently, Binance listed a Meme coin with a Chinese ticker called "我踏马来了" (I'm F*cking Coming). Consequently, the entire internet was in an uproar, with widespread mockery. Some said: Chinese names are too tacky, losing the elegance of Web3; Some said: This is the bad taste of Chinese capital, with no ambition for internationalization; Some even asserted: If such a coin can rise, it would be the end of cryptocurrency. Thus, confidence was lost. If we judge solely based on this phenomenon, confidence was actually lost long ago. Previously, people believed in "fate," believed in "luck," later believed in "foreigners," but never believed in "themselves." If this can also be considered a form of "belief," then it can only be said that Chinese people once had "faith in others." Since the disappointment with Solana, even this faith in others has been lost. Once faith in others is lost, doubt arises. A turn might lead to believing only in oneself, which could be a new path. Unfortunately, things gradually became illusory. Believing in "fate" and "luck" were still tangible things; foreigners were more abstract, but this could still make people realize the unreliability of dependence soon enough. Once it reaches the point of praying to gods and worshiping Buddha, it becomes utterly illusory; whether it's beneficial or harmful, no clear result can be found for a while, and it can keep people anesthetizing themselves for even longer. Chinese people are now developing the "power of self-deception." "Self-deception" is not something new either; it's just becoming more apparent now, enveloping everything. However, beneath this veil, we still have Chinese people who have not lost their confidence. Those who mock it as "tacky" are precisely the ones who felt like gods at the peak; those who flaunt "mother tongue shame" are the ones left speechless before the K-line chart. We have always had people who bury themselves in research, people who fight desperately in practice, people with keen insight into human nature, people who go all-in with their lives... Although driven by profit, they are also testing the real boundaries of this market with real money. This is the backbone of the crypto circle. Are there really few of such people nowadays? They have conviction and do not deceive themselves; they are fighting one after another, though constantly being crushed, erased, and vanishing into the darkness, unknown to the masses. To say that Chinese people have lost their confidence may apply to a portion, but to attribute it to the whole is simply slander. To judge a Meme, one must not just look at whether its ticker satisfies your fragile vanity. To judge the Chinese, one must not be blinded by the glamorous English narratives, must discard that pretentious sense of elitism, and look at the odds, the hype, and the liquidity behind it. The presence or absence of confidence cannot be determined by the articles of top scholars and officials; one must go and see for oneself on the ground. January 11th