Been a while since I talked about crypto. After reading this analysis thread from CoinW Research Institute, I felt a tiny spark to chat about crypto again. First off, as Vitalik criticized, http://Pump.fun is the root of all evil—a cancer, a scammer's paradise. But Pons, which led the RWA MemeCoin trend, isn’t much better either. Only naive retail investors and those pretending to be clueless would believe that memecoins can solve the liquidity issues of tokenized US stocks. If it were that easy, the SEC wouldn’t need to create special exemptions for tokenized stock innovations, and Wall Street wouldn’t need to team up with CEXs for tokenized stock pilots. Memecoins are destined to be the monetized vessel for risk sentiment in the crypto market. Any attempt to give memecoins utility scenarios is bound to fail—it’s a “dead-end” strategy. Secondly, Agent Payment x402 is just a pile of crap. Transaction volumes have dropped 98% from their peak. It’s yet another example of crypto tech enthusiasts hyping themselves up, creating intricate but useless Rube Goldberg machines. Agent payment public chains like Arc Tempo, cobbled together by late-stage bull market players, are also garbage. There’s no meaningful intersection between AI and crypto in terms of technology or products. Crypto’s only value in the AI era is to protect individual privacy and freedom from being dominated by OpenAI and Anthropic. Anthropic has repeatedly extracted user data from Claude’s memory.md to enhance their large models and for marketing purposes. Lastly, even Balaji can’t hype ZEC anymore. What “privacy renaissance”? Let’s be real—it’s just a desperate attempt to pump something when there’s nothing left to pump. At the end of the day, narrative and liquidity are always the primary drivers. The “fundamentals are king” story is just a new way to fool naive retail investors. That’s all.