Why are retail investors afraid to enter cryptocurrencies? Because the industry's "trust dividend" has been completely exhausted.


• Exchanges: The FTX collapse told them that "too big to fail" is just an illusion.
• Stablecoins: LUNA going to zero showed them that algorithms and high yields are all poison.
• Technical layer: Cross-chain bridges are frequently hacked; security is only relative.
• Self-custody: Phishing attacks run rampant; ordinary people simply can't protect their private keys.
• Asset aspect: Low liquidity and high FDV, reaching a peak upon launch; retail investors are just liquidity for VC exits.
• Regulatory aspect: After six months of hard interaction, they were cut off by the anti-wash rule in one stroke.
LUNA-0.09%
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