Why are there always new opportunities after BTC? Revealing the "donkey pulling the mill" game in the crypto market

Recently, while pondering the frenzy around Meme coins, I suddenly realized one thing: The power of traffic is indeed impressive, but the wisdom of traffic? Nonexistent.

Following this logic further, I discovered a more interesting topic—the bankruptcy of the “End of History” theory.

Remember Fukuyama’s theory? Every bull and bear cycle, someone always pessimistically exits, citing the same reasons: too many coins have been issued, no more opportunities, this track is dead.

And so, these arguments emerged:
There will be no democracy after America.
No more cryptocurrencies after BTC.
No more public chains after ETH.
No more Meme coins after certain popular ones.

All wrong.

Bitcoin is not the end point of cryptocurrencies; it’s just the starting point.

Here’s a brain-teaser: how to understand the seemingly contradictory propositions—“BTC’s irreplicability” and “the market always has new opportunities”? Figuring this out is like passing a mental checkpoint.

Explosive supply ≠ Opportunity disappearance

The 2017 token issuance wave was essentially a carnival caused by too few tokens in circulation, hot money flooding in, and supply-demand imbalance.

What happened afterward? ERC-20 standardization, inscription gameplay, Pump.fun’s zero-threshold launchpad… Token supplies like a floodgate opening—thousands of new tokens emerging daily is normal.

Shouldn’t this have been saturated by now?

But just when everyone thought “there’s no room for innovation,” sharper minds appeared, inventing new tricks and creating new myths of instant wealth.

Because scarcity has never been about the tokens themselves.

What’s scarce is the opportunity to make money. The possibility of getting rich overnight.

So no matter how many tokens are issued or how fast, they can’t satisfy the greed of retail investors and hot money chasing quick riches.

What are hot money chasing?

They’re not after a specific coin but scarcity itself—the scarcity of profit-making opportunities, the scarcity of wealth freedom.

As long as this chase continues, the market will always have space to create new opportunities.

And the scarcity of getting rich quickly is almost an eternal theme. This determines that hot money’s pursuit is endless, with no end in sight.

In this game, hot money is like a donkey blindly pulling a mill—forever chasing the grass hanging just out of reach, spinning in circles, running wildly.

You can never definitively say that the current mill is the last one, that it’s the “end of the mill’s history.”

Who’s pulling the strings?

Those who see through the game’s essence and have the ability to manipulate—whales—can always find opportunities to design new mills and keep the donkey pulling.

As long as the donkey’s descendants continue to multiply, the opportunity to create new mills (to manipulate) will always exist.

The mill exists because of the donkey, not the donkey because of the mill.

Just like the existence of retail investors (the “leeks”) fosters whales, not the other way around.

Why do new games constantly emerge? Because the blindly rushing donkey keeps striving wildly.

Every new game is meticulously packaged as a “new opportunity,” “new trend,” “the next hundredfold coin,” and widely promoted.

The cruel truth

The harsh reality is that the wealth chased by hot money often ends in loss.

Donkeys have finite lives, but the game is endless. Pursuing endlessness with finite resources is perilous.

In the end, those who truly make big money are the mill owners, the manipulators, and the platforms that create dreams.

So next time you see a new hot topic, ask yourself: am I the one turning the mill, or the one designing the mill?