The more I look at this field, the more interesting it becomes. A careful observation reveals that the operational logic of the entire crypto asset ecosystem shares many similarities with traditional underground financial ecosystems—whether it’s the flow of funds, risk-bearing methods, or the roles played by participants, similar patterns can be found. This is not to deny the crypto market itself, but to ponder: when we discuss decentralization and transparency as ideals, what kind of historical patterns are the on-chain asset flows actually repeating in reality? It’s a bit ironic, but also quite worth contemplating.