Here is the English translation of the text, with the specified terms translated as requested: The Editor's Note: IOSG founder Jocy posted on Twitter his reflections on the core developers of his investment projects leaving the Crypto industry to join the AI industry, as follows: I received another message that a core developer from my portfolio has left the industry to start an AI application business. The most reputable individuals and organizations in the industry are all turning their attention to meme. To be honest, even if we win this battle, what's the point? AGI is the grandest narrative in history, and all the best talents will definitely be attracted if they observe carefully. If the goal of the crypto community is to let more outstanding talents leave, and eventually turn web3 into a big casino, is their success still so dazzling? Many entrepreneurs and developers' goals are not just to get rich, they want to create applications that change the world and leave a mark in history. When the entire environment has no one pursuing true ideals and values, these people will leave. I really hope everyone can be more responsible. Outstanding people will shine in any industry, and when they shine in the AI field, they will not come back to the crypto world. At that time, we will lose not only talents, but also a lost era of the crypto world. This tweet sparked heated discussions in the community. Here are some insightful comments from KOLs and netizens: I think "outstanding" is relative. It's true that AGI can change the world, but we can't say that only those suitable for AGI are outstanding. The Hayden who created AMM was just a second-rate Siemens engineer, but AMM is definitely a creation that changed the history of finance. Generally speaking, outstanding people can shine in various industries, but they may shine brighter in some industries than others. Rather than looking for outstanding people, it's better to find the right people. <0xBai> The current situation is the result of joint efforts. At first, people believed that crypto could change the world and believed in the future, but the result was being poured cold water by VCs/projects, and after the narrative was falsified, everyone also became smarter. It's better to just bet on the casino directly. Many who got big results won't go back to the crypto industry to give back to the industry. If it ultimately becomes just a big casino, only suitable for payments, pvp, that's also normal. Let the market decide, and there will naturally be a proper positioning. Crypto players and real blockchain builders are not the same group. Before the builders have done something, it's normal for the attention to be diverted. The development of technology has always been like this. In the history of AI development, after AlphaGo came out, there was VC FOMO, and then a large number of AI practitioners left as the domestic AI "four little dragons" couldn't survive. Fresh graduates couldn't find AI jobs, and no one wanted to learn machine learning, until the transformer architecture came out and AI exploded again. What's more pessimistic is that I found that many investment institutions in the "crypto circle" are just concerned about issuing tokens and making money. When this article came out, some people might say again "see, the VCs didn't make money this round, and they're jealous and resentful again." The fundamental difference between this industry and the traditional tech industry is that the background of the participants is very diverse (because the early threshold was too low), ignoring the core driving force of technology for economic development, and also lacking a real venture capital mindset. The core value of VCs is to help drive technological innovation while striving to achieve financial returns. Although memecoins do have value attributes and product-market fit in the industry, and I also think there's nothing wrong with the community participating in memecoins pvp, if the institutions with the largest scale and (external) influence in the industry are all working hard to promote the digital casino culture, it will only drive professional capital away and make the tech-focused entrepreneurs fail, leaving only the casino operators, gamblers and brokers on the table. - AGI is a beautiful grand narrative, but the reality is trivial and complex. Looking closely at this grand narrative, each company, each product, each entrepreneurial team has its own struggles and anxieties. AI has indeed improved efficiency, but it has also lowered the threshold. Not to mention the long term, just looking at the medium and short term, what is the moat of an AI application company, or even a large model company? These problems are right in front of us, just as difficult to sit and sleepless. - A person's growth has never been a straight line. Going to different industries to wander and try, slowly feeling out the path closest to one's inner heart. In the short term, it can be called speculation, but in the long run, it may be able to connect the dots. After all, who you are and what you want to accomplish is your own decision; when time is stretched out, you can see it clearly. - In a rapidly developing industry like Web3/Crypto, just staying on the table and keeping up with the industry's beta is already crucial. But every passionate entrepreneur who wants to create alpha is often discouraged because they can't see their own brilliance in the short term or don't have strong positive feedback. This mood, those who understand it all understand (here omits a ten thousand word description of the various emotional journeys and processes of investors longing to find alpha, and they are still on the way...) But it's worth reminding that don't forget why you came to this industry just because you don't see the Alpha in front of you. Don't forget why you set out. Stay on the table, stay relevant, don't die. Every time I see Pendle's TN, I ask him what makes your team persist for so long? TN said that after the Pendle team left Kyber, they went to explore other industries for a while, missing the DeFi summer, "so we made a promise to ourselves: we'll never leave." Pendle issued tokens in the first half of 2021, persisting and persisting, until the first quarter of 2024 finally saw the dawn of product-market fit. Pendle's token price is like the heroic journey of this team, experiencing the long quest (the pain in the middle, those who understand it all understand), their own level has risen a notch. And TN wrote in an article a few days ago "the job's not done." - "Borrowing a false to cultivate the true." Bubbles, are they a lively illusion or a huge opportunity? The bubble of huge financing and subsidized burning is not unique to the crypto circle. Luckin Coffee went public at lightning speed, and then was shorted and delisted due to data fraud, but eventually turned the table by "coconut milk latte yyds". Again, who you are, how you walk the path, and what kind of thing you want to accomplish, is your own decision. The reality we each see is largely a reflection of our own inner selves. What we believe in, what we are anxious about, how we interpret and how we act, are all our own choices. After seven years in the industry, I feel that the positive feedback for developers with ideals is getting less and less. To make an excellent product in web3 is far less acclaimed and focused on than pumping and dumping. Plus "making products is useless, just learn how to do marketing is enough", "as long as it doesn't go up, it's trash", "a meme coin can surpass your market cap just by shouting", hearing these over and over, the "naive" idea of "making an excellent product" shouldn't even exist in the crypto circle, and it's hard not to discourage those developers who are working hard, saving and skimping, hoping to change the world through good products and good technology. Be kinder to them, after all, they are the ones who will ultimately drive this industry forward. Blockchain is a "revolution" in the relations of production, and revolution must inevitably be dark, long-term stagnant, and chaotic. AI and robots are the enhancement of productivity, in line with the interests of the general public, and can see results in the short term. Just like me in the past three years, the biggest mistake was to try to chase the hot spots, only to find in the end that if I had thoroughly executed the day 1 idea, the result might have been better. Only long-term thinking can survive in the highly volatile market. It's a terrible thing that a bunch of people who can only see the surface are constantly "entrepreneuring". These people were attracted to the crypto circle by the concept of the metaverse when NFT was hot, and then FOMO'd All in AI after the release of ChatGPT, leaving behind a sentence "the crypto circle is a casino". Who knows, when the bull market comes, they may be attracted by some other narrative and want to come back to issue tokens. In the end, it's just a case of drawing water in a bamboo basket. Meme is a necessary step in the process of the denationalization of money.

I do not believe that the so-called AGI narrative is more "grand" than the de-nationalization of currency. The former transforms the productive forces, while the latter changes the relations of production. Do we really need to determine which is more important?

What is happening in the crypto world now is that the value discovery of this non-sovereign national token has been transferred from the primary market to the on-chain. Since blockchain has given everyone the ability to issue currency, price discovery should follow free market competition. This is the essence of Meme - a mockery of the existing order.

Why should the price decided by a small group of people be paid for by the market? Because you are the Celestial Dragons who graduated from Stanford? If VCs and "excellent entrepreneurs" really dominate the market, then the crypto world is the true road to slavery!