Market Analysis of Long-Tail Crypto Assets - The market capitalization of long-tail crypto assets is the smallest within the cryptocurrency market [1] - The cryptocurrency market is characterized as a casino, giving value to even fundamentally weak assets [1] - Unlike traditional markets, the crypto market features numerous long-tail asset contracts, making them susceptible to manipulation by market makers (MM) [1] Risks and Rewards of Trading Long-Tail Assets - Market makers (MM) are not guaranteed to profit, and some have experienced liquidations due to long-tail assets [1] - Trading long-tail assets is highly risky for average investors due to rapid price fluctuations [1] - Long-tail assets often experience significant price drops (80%-100%), leading to liquidation [1] - A small percentage of long-tail assets experience continuous price increases, tempting investors to buy in after initial gains, only to face eventual losses [1] Market Maker (MM) Strategies - Cryptocurrency exchanges are more concerned with continued trading activity than individual investor profits, as they ultimately profit from liquidations [1]

Cryptocurrency Industry Insights - Highlights the story of a person who initially gained 30x returns but then faced liquidation due to contract trading, accumulating debt [1] - Emphasizes learning from mistakes and accumulating a million-dollar asset portfolio [1] - Features an interview with "@0xCryptoFries," described as a "扒庄" expert, on OKX [1] Risk Management - Warns against engaging in contract trading ("千万不要玩合约") [1] - Implies the importance of understanding risk management in cryptocurrency trading [1]

Market Observation - The industry has discovered that open interest (OI) is calculated bi-directionally [1] - Individual's position accounts for 10%-15% of the open interest (OI) in some contracts [1] - If OI is calculated bi-directionally, the individual's position would account for 20%-30% [1] - The industry's understanding of OI/MC data may be flawed due to the bi-directional calculation [1] Data Correction - Previously used OI/MC data may need to be divided by 2 to reflect the actual situation [1]

Market Sentiment & Investment Dreams - The narrative highlights the prevalence of "A9" dreams (likely referring to significant financial gains in crypto) among retail investors, fueled by promises of quick riches [2][5] - The father's desire to achieve "A9" status reflects a broader societal aspiration for financial success and a fear of missing out (FOMO) on investment opportunities [5] - The story underscores the influence of crypto influencers ("喊单老师") and online communities in shaping investment decisions, particularly among less experienced individuals [2][3] Risk & Reality in Crypto - The text implicitly critiques the high-risk nature of crypto investments, particularly leveraged trading ("合约") and meme coins, emphasizing the potential for significant losses [2][5] - The father's belief in "梭哈就能赢" (going all-in) highlights a lack of understanding of risk management and the complexities of the crypto market [2] - The mention of "Web3的泡沫" (Web3 bubble) suggests a concern about the sustainability of current valuations and the potential for market corrections [2] Generational Perspectives - The narrative contrasts the younger generation's understanding of crypto complexities (e g, "Cabal," "金狗," "福报空投") with the older generation's simpler, more optimistic view [2][5] - The father's regret about missing out on early Bitcoin opportunities reflects a common sentiment among those who did not participate in previous market booms [6] - The son's willingness to invest his remaining 135 USD and 25 USD experience gold into his father's dream shows a generational dynamic of support and understanding, despite differing perspectives on risk [5]

Market Manipulation Analysis - The cryptocurrency market experienced a significant crash, with OM's price plummeting 80% within an hour, suggesting more than just a project team exit scam [1] - The industry suspects potential market manipulation by exchange market makers, involving the withdrawal of substantial spot buy orders and large-scale sell-offs [1] - Contract market activities indicate possible pre-emptive short selling to capitalize on the orchestrated price drop [1] - Previous incidents involving ACT, MASK, and other altcoins share similarities with the OM crash, pointing towards potential malicious actions by exchanges or their market makers [1] Exchange Accountability - The industry believes exchanges possess the data necessary to identify the perpetrators behind the market manipulation [1] - There is anticipation for Binance or other major exchanges to provide clear feedback and address the situation [1]

Risk Assessment of Cryptocurrency Derivatives - Contract trading is essentially gambling, unlike spot trading which involves skill and luck [1] - Contract trading can create a false sense of expertise, leading to overconfidence and potential losses [1] - Contract trading can amplify the user's need for market stimulation [1] - High leverage in contract trading can lead to significant financial losses [2] Personal Impact of Contract Trading - Contract trading can lead to devastating financial losses, even after initial success [2] - Extreme market conditions can wipe out substantial profits gained through contract trading [2] - Financial losses from contract trading can lead to desperate measures, including borrowing from friends and family [2] - The potential for financial ruin from contract trading can have severe psychological consequences [2] Recommendation - The industry advises against engaging in contract trading due to its high risks and potential for significant losses [2]