2026-01-15 13:37:26

Looking back at the development history of the DePIN concept, Lei Chen's launch of "Xunlei KuaiKe Cloud" can be considered a pioneer. Soon after, Baofeng also followed suit with "BoKu Cloud." Both companies performed notably in the market at the time, and their stock prices rose accordingly. Interestingly, the management teams of Xunlei and Baofeng were well aware of the true nature of their products. However, during that era, as long as blockchain and technology were involved, the market would give extra premiums—under this windfall effect, they chose to turn a blind eye. This period reflects an interesting phenomenon in the early Web3 industry: when market sentiment is high, enterprises and market participants often adopt a default attitude towards some gray areas until the trend changes.

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LiquidatedTwice

· 01-15 14:07

It was like this in the early days, just touching blockchain could hit the daily limit, management knew it but didn't say it aloud. --- Back then, Playkey Cloud was really outrageous, just a mining machine turned into a technological revolution. --- Basically, everyone was pretending to be naive. In an era of quick money, who cares about the essence? --- Storm followed the trend and learned from others, but in the end, they all cooled off together. This is the market's fate. --- When the wind turns, everyone wants to jump on the bandwagon. The gray area is implicitly accepted, after all, the retail investors are buying in. --- It's really ironic. Knowing what it is, they still package it as future technology—typical script for cutting the leeks. --- Looking back now, early Web3 was a collective frenzy. Everyone knew but pretended not to.

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AirdropHunterWang

· 01-15 14:04

Wankeyun was really amazing back then. Honestly, it was just a CDN disguised as blockchain, but people bought into it, and the stock price soared. Knowing the truth but pretending otherwise—that's the highest level of cutting leeks. Impressive. During the hype cycle, everyone played blind, and isn't it the same now? Just a different narrative... I really haven't seen anyone use Storm's Boku Cloud. Have you all? Just riding the wave of popularity. Back in 2017, the mining and blockchain circles were all the same. As long as the code could run, they could get funding. As for actual value? Haha. Management knew the truth but still pushed forward. What does that say? In front of利益, conscience is worthless. How many projects are still using this套路 now? Just haven't been exposed yet? That's the real horror.

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MoonlightGamer

· 01-15 14:00

Back then, Playful Cloud was really amazing. Even though we knew what it was, we still pretended not to know. As long as the market pays, just take it. --- Honestly, when the trend comes, everyone wants to ride the wave. Who cares about the essence? As long as the stock price goes up, it's all good. --- The Storm following the trend is hilarious. It's a typical case of everyone causing trouble together and interfering with each other. --- This is the true story of Web3 in its early days. Everyone is tacitly aware but keeps silent. --- How many projects are still like this now? I'm thinking of digging them out one by one. --- So, who actually saw through this trick first, or are we all just pretending to be blind?

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UnluckyLemur

· 01-15 13:57

Really, at that time it was just a game of hot potato, everyone knew it well --- I didn't get on the wave of KeKuYun, felt too risky --- So ultimately, it's still market sentiment causing chaos; when the wind turns, everything can take off --- Storm's follow-the-wave was also incredible, directly leading to bankruptcy --- Looking back now, it's still ironic; everyone pretends not to see until the last wave of retail investors is cut --- Early Web3 was like this, in the gray area, no one cared anyway, just making a quick buck --- Xunlei's approach is basically old wine in new bottles; adding blockchain concepts instantly makes it valuable --- My goodness, are there still projects like this now? I need to update my watchlist --- On the night before the typical collapse of consensus, everyone is betting on how long the wind can blow

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SigmaBrain

· 01-15 13:53

Basically, it's the same old scene of harvesting the little guys back in the day. Everyone knows what's going on but still pretends not to. This trick hasn't changed at all.

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HashBrownies

· 01-15 13:41

Back then, Playful Cloud was really outrageous. Knowing full well what it was, they still stubbornly packaged it as cutting-edge technology, and the market bought into it... Looking back now, it's just a joke. --- That's why I'm especially cautious about new concepts like DePIN, RWA, and so on... we need to see real implementation. --- Storm and Playful Cloud following the trend, I really didn't expect that. Haha, both companies were betting that the market would never calm down. --- Thinking about it now, it's ironic. The management knew it all along but pretended not to see. When the trend shifted, everyone lost interest instantly. --- What does this history tell us... as long as you can tell a good story, you can rally support for anything until the scythe reveals itself. --- Back then, how wildly did Xunlei's stock price rise? And how painful was it for investors when it fell back? --- It's a typical case of "we all know something's wrong but pretend not to see," and this was the early Web3 atmosphere. --- So, there are still very few reliable projects that have truly implemented DePIN, and we're just repeating history.

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