The crypto circle also has its own "Beijing circle."

In the past, when these people showed up and shouted, "I know so-and-so," "I invested in so-and-so," "I'm close with such-and-such exchange," a bunch of people would automatically make way.

Before the project even took off, the valuation was already sky-high; before the product was even built, the whitepaper was written like a holy decree; before the token was even launched, the retail investors' money had already been divided up at a commercial KTV.

The crypto circle has always had the following common problems:

If you don't have connections, you can't get into the core group; if you don't have endorsements, you can't get listed on a good exchange; if you don't have a big brother to guide you, you can't even get first-hand information. So-called circles are just project parties, VCs, KOLs, market makers, exchanges, and media propping each other up.

To outsiders, it looks like a wealth legend; to insiders, the chips, narratives, traffic, and exit routes have already been arranged.

Who has it easiest?

Those who stand at the edge of the table early.

They get low-priced chips first, get advisory quotas first, know when the token will be launched first, know when it will unlock first, know which day to pump and which day to shut up. By the time ordinary people see the "100x narrative," it's often when others are ready to cash out.

So many so-called successes in the crypto circle are not necessarily due to high cognition; often it's just good upward socializing.

In an upward cycle, this stuff works really well. As long as there's money in the market, retail investors are willing to believe, KOLs are willing to pump, exchanges are willing to list, even garbage can be packaged into a new narrative. For a project, first deify it, then pump the price, then hold meetings, then take photos, and finally cut the retail investors at the peak.

But now it's different. Trying to get by on face? Not possible anymore!

Liquidity has decreased, and users have learned their lesson.

The chain won't play along with you. You talk about long-termism, but your wallet address tells everyone whether you're selling while shouting; you talk about community building, but the contract tells everyone whether the chips are concentrated; you talk about fair launch, but the explorer reveals every rat trade one by one.

In the past, small circles controlled the narrative and could hype up a project to the moon through packaging, connections, dinners, and endorsements. Now, relying on seniority to save face doesn't work on the market; relying on dinners to build cliques, retail investors won't buy in; relying on a few big KOLs to endorse, on-chain detectives will strip them bare.

The old plays of harvesting, cliquing, and deal-making are becoming harder to pull off.

The way to break through is to wait for a more sophisticated arrangement and model to emerge, so the crypto circle can regain its vitality. But the essence of the crypto circle will always be harvesting—this is an eternal truth.