just for logic

The Ethereum Foundation announced the establishment of a 'Post-Quantum Computing Team' and invested millions of dollars in rewards to promote research in post-quantum cryptography.
This news has been interpreted in the tech circle as 'forward-looking', 'robust', and 'responsible'.
But from a value perspective, what it exposes is not progress, but an increasingly clear fact:
Blockchain is acknowledging that it is not eternal.

1. The faith in blockchain has never been about 'technology', but about 'mathematics'.
Many people say that the value of blockchain lies in decentralization, consensus mechanisms, and resistance to censorship.

If you are still excited about 'Wall Street's entry', 'regulatory approval', and 'the arrival of the compliance era', then you might be on the side that is being liquidated.
this is not a victory for cryptocurrency,
this is a quiet eviction of ordinary people.
1. Stop being self-absorbed, Wall Street never believes in crypto
Wall Street enters the crypto market, and many people shout: mainstream finally acknowledges us.
What to acknowledge?
Acknowledge that you can continue to bear the fluctuations,
while they are responsible for harvesting certain returns.
ETF, custody, market making, clearing -
this whole set of things is not designed for you,

The U.S. Securities and Exchange Commission (SEC) updates the agenda for the roundtable on cryptocurrency, financial surveillance, and privacy on December 15. Notably, Zcash founder Zooko Wilcox and several leaders in the crypto industry will participate directly.
This is not an academic forum -
but a public dialogue on the core contradictions in cryptocurrency development over the past decade.
➡️ Anonymity vs Regulation.
➡️ Privacy vs Taxation.
➡️ Freedom vs Compliance.
This discussion reveals the most genuine trends and conflicts in the crypto industry.

One, the new hotspot in the crypto market: The battle for privacy is heating up again.

At the end of November, there was a significant turning point in payment activities based on x402 on the Solana network:
The daily payment volume reached a new high of approximately 380,000 USD, with a weekly growth rate of about 750%.
Although this data is not yet large in scale, the growth structure itself is worth noting—
This is not driven by speculative trading, but by machine-initiated settlement requests.
Over the past decade, the blockchain industry has repeatedly been dominated by narratives driven by coin prices;
However, the explosion of x402 indicates that a more fundamental change is taking shape:
Blockchain is returning from being a container for financial assets to a general technological infrastructure.

1. Starting with two news items: Throat Strangle Action 2.0 progresses further

On one side, MSCI plans to exclude companies with over 50% allocation to digital assets from its main indices;
On the other side, JPMorgan closes the personal account of Strike CEO Jack Mallers, a Bitcoin financial company.

Superficially, this appears to be two isolated news items: one is a minor adjustment to index compilation rules, and the other is a ‘case handling’ within the bank's internal risk controls.
However, when viewed together, they resemble a signal—traditional finance's 'Throat Strangle Action 2.0' against the crypto industry hasn't ended; it has merely shifted to a more refined and institutionalized approach.

Only when everyone is panic-selling do the true investors just enter the market.
This statement has once again been proven true in the crypto market.
Cathie Wood, known as 'Wood Lady', leads ARK Invest, which is buying crypto concept stocks against the trend while lowering the long-term target price for Bitcoin — it seems contradictory, but in fact, it follows a very clear logic of 'institutionalized second half'.
The price of the currency is no longer driven by fantasies.
However, the financial infrastructure built around Bitcoin is ushering in a new round of revaluation.

1. Why is ARK still buying when 'blood is flowing like a river'?

In recent years, more and more people are asking whether 'virtual currency is worth anything at all'.
Most issues can be summarized in two sentences:
Where does the value of virtual currency come from?
Having risen so much, is it currently high or low?
Simply saying 'decentralization' and 'mining cost' is far from enough.
What truly supports the price is, more importantly, recognition.
However, 'recognition' is too abstract, so let's change to a more actionable statement:
The cost gives a lower limit, while consensus and structure determine the upper limit.
1. Value does not lie in cost, but in 'consensus + structure'.
Mining cost only indicates one thing:

Recently, the price of privacy coin ZEC (Zcash) has skyrocketed, with a peak increase of over 10 times, making it a 'miracle in reverse' amidst a sluggish cryptocurrency market.
But paradoxically: even with such a rise, I still do not recommend ordinary investors to short ZEC right now.
Why?
1. ZEC is somewhat like 'A-share Moutai' in a bear market.
If I were to use a most intuitive analogy:
Today's ZEC is somewhat like the 'Moutai' that everyone huddled together for warmth during the bear market of A shares back in the day.
When the market is generally sluggish, it often selects a target with the highest consensus to rally around: