Bitcoin has broken through $100,000. The Altcoin market has seen wild swings in recent days. Social media is flooded with slogans like "To the moon!" However, we can't help but ask: Is this market we're witnessing truly real?
The recurring pattern of frenzy
Anyone who has followed the cryptocurrency market knows that it follows a four-year cycle, repeating the same pattern: bull market, bear market, and then another bull market. Each time, people shout, "This time it's different," but ultimately, the same pattern repeats itself.
Investors experienced the frenzy of 2017 and endured the winter of 2018. They reached another peak in 2021, only to plunge into the abyss in 2022 due to the LUNA-Terra incident and the FTX crash. And now, in 2026, we are having the same dream again.
Why do we keep making the same mistakes? Perhaps it's not a simple error, but a collective illusion we create ourselves?
The requirement to believe in the invisible
Examining the modern cryptocurrency ecosystem reveals an interesting phenomenon: we are taking countless unverifiable concepts for granted.
"Layer 2 solves the scalability problem." (Otherwise, the future of Ethereum cannot be explained.)
"DeFi will replace traditional finance." (Otherwise, there's no reason for all these projects to exist.)
"NFTs are the future of digital ownership." (Otherwise, it would be impossible to justify the price of a JPEG image worth millions of dollars.)
"Web3 will decentralize the internet." (Otherwise, it's impossible to explain why so much capital is being invested.)
We are asked to ignore what is happening right now—high fees, slow speeds, complex availability, and a lack of actual adoption—and instead believe in a promise of an unseen future.
The essence of being forgotten
Reread the Bitcoin white paper. Satoshi Nakamoto proposed an "electronic cash system"—a system that enables peer-to-peer transactions without intermediaries. It was a simple and clear vision.
But what are we doing now?
We buy and sell Bitcoin as a speculative asset. Almost no one uses it to actually buy goods. We've created a new narrative of "digital gold." Why? Because we're unwilling to admit that its original purpose—its function as currency—has failed.
Ethereum once aspired to be the "world's computer." And now? It's primarily a platform for issuing and trading speculative tokens. Yet we call it "financial innovation" and defend it.
Forced optimism
There's a subtle pressure within the cryptocurrency community. You have to always be positive, always "bullish," and any doubt is categorized as FUD (fear, uncertainty, and doubt).
Asking critical questions? The answer is: "You don't understand." Inquiring about real-world use cases? The excuse is: "It's too early, the technology is still developing." Pointing out that the price is too high? It's dismissed with the statement: "Traditional valuation methods are incomprehensible."
This collective mindset acts like an invisible force, driving us in a specific direction. Don't doubt. Don't ask questions. Just believe and hold on.
It's time to wake up.
Perhaps it's time to ask ourselves: Is the market we're participating in a revolution that will create the future, or a collectively constructed fantasy?
This is not to deny the value of cryptocurrencies themselves. Blockchain technology is undoubtedly a valuable innovation. But the grand illusions we've built upon it—the belief in an endless bull market, unproven promises, and unrealistic valuations—must be re-examined.
True innovation occurs in reality, not in fantasy. It only has meaning when it is actually used, truly solves problems, and tangibly improves people's lives.
Selected time
At this moment, we have two paths before us.
One option is to continue living in the same illusion, viewing the four-year cycle as a "natural market law," waiting for the next bull market, and believing in that unseen future.
The other path is to wake up. Acknowledge the collective illusions we create, distinguish genuine values from false promises, and focus on substantive innovation.
The choice is in everyone's hands. But one thing is clear: constantly repeating the same pattern and expecting different results is truly insane.
A new day has dawned. Only by breaking free from the illusions of the past can a true future be possible.
