#稳定币发展与应用 After reading this entrepreneur's self-narrative, I have some thoughts to share.

In the past six months, the narrative around Web3 payments has never stopped—higher efficiency, lower costs, 24/7 settlement. It sounds perfect. But when a capable team actually steps in to build, they ultimately choose to give up, which in itself tells a deeper story.

I've seen too many cycles like this. Every new trend follows the same rhythm: first, a logically coherent macro perspective; then capital inflows and media hype; and finally, when it comes to actual implementation, all the beautiful assumptions are shattered by reality one after another. The payment sector is especially like this.

What struck me most in this article is the line "Payment is not about how much you earn, but how much you can spend." That is the real truth of the payment industry. It seems to have a low barrier to entry—just matching transactions and handling funds. But in reality, every link is heavy: banking relationships, licenses, KYB/KYC compliance, risk control systems, regulatory battles. These are not issues that product optimization can solve; they require time and trust accumulation.

What’s particularly interesting is his observation of Yiwu—the lively samples in the report actually appear fragmented and relationship-driven upon closer inspection. It reminds me of how many overly optimistic estimates I've seen about certain industries. Data can lie, but on-the-ground research can bring you back to reality.

What truly earns respect is his final shift. Instead of forcing it, he admits the limitations of resource endowment and continues to participate in this change from a different perspective. That’s the approach of an experienced player—not betting on a single direction and going all-in, but knowing when to cut losses and when to change course.

The incremental growth in payments definitely exists, and a reconstruction on a decade scale is happening. But this isn’t an opportunity for every startup; it’s an opportunity for players with long-term capital, deep relationships, and mature risk control. Most who try to enter will eventually find themselves fighting against an industry structure that is heavier and more resilient than they imagined.

From the hype to giving up, this process is worth witnessing. Because true cycle awareness is formed through such repeated collisions.