The crypto industry, once divided into "coin circles," "chain circles," and "trading circles," has now been unified into a so-called "casino." This is in fact the result of the erosion of "trading circle" culture, with technological innovation becoming a fig leaf for Ponzi schemes. The crypto industry once had "builders, holders, and traders," but now they've all become "traders" chasing short-term returns. However, as money flows, the paths become increasingly narrow, and what's yours becomes more of someone else's. The crypto industry once had "miners, farmers, and arbitrageurs," but now they've all become "arbitrageurs." Essentially, it's a game of speculation. As time goes by, it becomes clear that most people lose in a zero-sum game.