Fallen Blossoms, Alone in the End: The Facade, Backdoor, and Settler of the Crypto World
"Flowers Fall, One Remains: The Facade, Backdoor, and Bill-Payer of the Crypto World"
This article uses the allegory of 1990s Shanghai's Huanghe Road—a street of lavish restaurants and fierce competition, reminiscent of the hit TV series "Blossoms Shanghai"—to analyze the current predicament of the cryptocurrency exchange Binance and the broader crypto industry.
The core argument is that exchanges, like the show's restaurant "Zhi Zhen Yuan," profit from "taking a cut" (transaction fees) during bull markets, which is tolerated when everyone is making money. However, following a major market crash (a fictional "1011" event where $20B evaporated), this practice becomes a target for blame. The author posits that the subsequent regulatory scrutiny and public outcry against Binance are an inevitable "settling of accounts," where散户 (retail investors) need a scapegoat, competitors see an opportunity, and regulators demand a high-profile sacrifice.
The piece argues that while the attack appears political, it is fundamentally about business and survival in a harsh new climate. The industry's "Zhi Zhen Yuan" (Binance) is targeted not necessarily because it did something wrong, but because it is the biggest and most visible success story. The author warns that the industry's infighting and desire to see a giant fall is short-sighted; if the leading light (Binance) is extinguished, the entire street (the crypto ecosystem) loses its luster and could regress.
Ultimately, the crisis is framed as a painful but necessary rite of passage for the entire industry. The true "宝总" (a successful character from the show) is not a single savior but every believer who holds onto their conviction (e.g., "one person, one Bitcoin") even after the "flowers have fallen" and the prosperity is gone. The conclusion is a call for unity, suggesting that without it, the industry risks collapsing into irrelevance, leaving behind only "scraps of paper and a cold wind."
marsbit02/03 08:40
