Web3 "Guess the Train": Jumping into the Crypto Rabbit Hole, Restless Young People

Author: Deep Tide TechFlow

"Choose life, choose a job, choose a career, choose a family, choose that awful big television, choose a washing machine, a car, a laser disc player, choose health, low cholesterol and dental insurance, choose a mortgage for your house, choose your friends, choose suits, casual wear and luggage, choose installment payments and three-piece suits, choose to watch boring game shows, munching snacks while you watch… choose your future, choose life… too many choices, what will you choose? I choose not to choose."

This passage is a quote from the opening monologue of "Trainspotting," but honestly, I can't remember this "classic dialogue" at all. I only remember the young people on screen running non-stop, a thrilling montage, as if being young means you can only keep running to survive.

Looking back in old age, a person's life is determined by a few careless choices made in youth, such as jumping from WEB2 to WEB3.

In most people's first impression, jumping from WEB2 to WEB3 is certainly due to higher salaries and more opportunities. After all, in the media context, "WEB2 is already a dead end," but later we found that it is not entirely the case.

In terms of the global salary system, top internet companies and international investment banks are still the ceiling for workers. The reality is that some people are switching from Silicon Valley giants and top PE firms to international leading Crypto Funds, even taking a pay cut of one-third or half. They abandon their past high salaries just to seek a new way of life and new possibilities in a new world.

From WEB2 to WEB3, what drives them to make such choices? Do they regret it? What gains and insights do they have in WEB3?

With these questions in mind, we interviewed four restless young people who jumped from WEB2 to WEB3 to glimpse their inner journeys.

Dov, from Dollar PE to MASK

Hello everyone, I am Dov. My previous experience was mostly in domestic first-tier dollar funds. I have interned in angel rounds, growth stages, and late-stage PE (private equity funds), where I learned a lot from my bosses and accumulated a wealth of experience in the WEB2 world.

But when it came time to really think about what industry I wanted to engage in long-term, I ultimately gave up the shiny dollar funds that my peers admired, abandoned the opportunity to reach the so-called pinnacle, and joined the wave of WEB3 to seek my passion and beliefs.

As Zhang Xiaolong mentioned, "WEB3 may be a false carnival, while WEB2 is left with real disappointment," I find this very fitting.

Let’s talk about real disappointment first.

My last experience was at a leading dollar PE firm. The pay in this industry is high, but it’s also very competitive, extremely busy, and somewhat oppressive. I worked about 15 hours a day with hardly any days off.

I learned a lot in the mature and professional investment industry, and I am very grateful to my boss who taught me.

However, I later realized that this lifestyle was not suitable for me, and the hierarchical system of dollar PE is very strict, with a clear ceiling; this is very suitable for friends who pursue stable high salaries, but for someone like me who prefers to take risks, it is not a particularly good choice. The big opportunities belong to the bosses, not to the young newcomers.

The second point is that, from a macro perspective, the glory of dollar funds comes from the rise of China's mobile internet. The five super internet companies—JD, Pinduoduo, Meituan, Douyin, and Kuaishou—have created the glory of dollar funds; investing in one can elevate you to a top-tier fund. But this is all the glory left over from the old era.

The brilliance of the previous era, derived from mobile internet, is slowly fading. With changes in geopolitical dynamics and antitrust policies, it seems that the only areas left to invest in are hard technology and new energy, both of which are manufacturing industries and are far from the internet monopolies that dollar funds excel in.

At the same time, it is unreasonable for American capital to invest in China's hard technology. How could China allow foreign capital to control core technologies, and how could the U.S. permit China to develop high-end technology?

Moreover, new energy is basically the domain of RMB funds. What sectors can dollar funds invest in now? I don’t know. Perhaps in two years, this industry will no longer exist. Due to my personal character and judgment of the macro environment, I left traditional dollar funds.

Now let’s talk about the carnival of WEB3.

For someone like me with a business background (non-technical, non-engineering), sectors like new energy and manufacturing do not offer me any dividends, and I have no core competitiveness in these industries. After reviewing all the opportunities, it seems that WEB3 is the only one left, and fortunately, this is also where much of my belief lies.

The reason for choosing WEB3 is that the most outstanding young people around me, whether they are in hardware or software, have been entering this field in the past year or two and are doing very well.

Before I decided to join WEB3, I spoke with about 20-30 investors, entrepreneurs, and young people whom I consider very impressive, and everyone was very optimistic about WEB3 and planned to invest in it. Therefore, from the perspective of talent supply, this field will definitely have vigorous development in the future. As long as the entire sector is moving forward, your value will continue to rise.

All efforts and choices must follow cycles and trends. There are very few people who can create opportunities; how many can we name who have changed the world like Jobs and Musk? I believe it’s not many. So I am definitely following the trend, seeking industries with Beta, and fishing where there are fish.

Not looking up at the sky and not choosing industries with dividends to strive for is a foolish act. If working hard could guarantee wealth, the world’s richest person would be a donkey.

After choosing the sector, you must also do the right thing at the right time. I just want to warn again that the global economy is about to face a huge recession. Opportunities for young people are very few, but this is not your fault; it’s a reflection of the entire job market. So please don’t be anxious, and do what you should do according to the cycle.

In a bear market, take time to rest, learn, and reflect, to cultivate your mind and expand your influence in the circle. Find a place that can survive during the global economic recession. If you worry every day about whether you will lose your job, your emotions will be consumed by anxiety and fear, and you will accumulate nothing. Only by surviving can you have a better development in the next wave of economic recovery.

Anodime, from Traditional Finance to WEB3 VC Investment Director

I don’t have any legendary experiences either. I started writing at a young age, went to the Lu Xun Academy of Literature under the Chinese Writers Association at 7, and later joined the Writers Association, publishing articles and books from a young age. If you search for me on WeChat Reading, you can find my works.

Thanks to my writing foundation from childhood, my experience studying abroad, and becoming an early female host and on-site reporter for the Portland Trail Blazers after Tencent acquired the NBA broadcasting rights, I gained my first batch of fans in 2009 through my verified identity on Weibo. With my writing and photography skills, combined with the life of a traveling student, I became a content creator on social media. I now have about 5 million followers across the internet.

There are basically two paths for bloggers: one is to the B-end, collaborating with brands, and the other is to the C-end, opening stores or nurturing other bloggers, etc. But neither suited me. I have always been thinking about how to make traffic land. I previously invested in restaurants and started a clothing brand, both of which failed. In the end, I ventured into paid knowledge and created my own community, including my current WEB3 community.

However, the travel blogger industry is one where accumulation cannot grow positively with age; it will always be young girls in their teens who look better on camera.

I feel that I have benefited from the social media dividends of WEB2, but I have not seen better career development from this perspective. Most bloggers are just path-dependent. So I realized I could not continue down this path; it’s not about effort; it’s a directional issue.

Then I returned to campus and pursued finance after graduation. My first job was at PwC, my second job was at Asset Management, and my third job was back in the U.S. at a listed company called Equity Research. In the end, I chose WEB3 and became an investment director at a VC.

Initially, I didn’t have enough understanding of WEB3, but the people in the WEB3 world are very open and willing to share. During my entry into WEB3, I made many new friends and continuously consolidated and improved my understanding. I believe that as long as you are learning, absorbing, and outputting, there is no detour in WEB3 for you.

I think the detour itself is a paradox. I don’t think all my failed startups before coming to WEB3 were detours. I also don’t think I wasted effort in other areas. Each of our past points can find a way to connect, and that is our own path.

As for the reason for choosing WEB3, I have thought it through very clearly. WEB3 is a place that aligns very well with my values because WEB3 is a completely borderless space, which resonates with me as someone who has been traveling around the world for the past 13 years.

Another reason is that the characteristics of the WEB3 industry are what I believe the future development of the world should be. Everyone knows that WEB1 was Read Only, WEB2 was interactive: Write & Read, and WEB3 is Own + Write + Read. WEB3 represents Ownership (所有权) through Tokens, which I see as a tremendous financial innovation.

Finally, I also hope to leverage my experience in WEB2 social media in the WEB3 industry to continue to deliver solid outputs. Additionally, I hope to deeply participate in the projects I invest in, especially in the operational aspects I am most familiar with, and work with the project parties from 0 to 1 towards maturity.

Zishi, from Big Companies to Trading Platforms

Hello everyone, I am Zishi. I first interned at an investment bank and experienced the beauty of finance. So I wanted to lean towards finance, interviewing with over 120 companies, and finally landing a job at a small to medium-sized VC. After starting my formal work, I focused on investments in gaming and entertainment, later going to Tencent to work on game strategy and then to the Photon Studio to conduct various research on game strategies and tactics.

The bottleneck that big companies gave me was that I could only see what the company looked like at 100, but I couldn’t see the journey from 0 to 1 or from 1 to 100.

At Tencent, no matter what business you are in, you are not that important; the real big business does not rely on you. Later, I looked at the housing prices in Shenzhen and calculated that if I worked for another thirty years, I could buy a toilet in Shenzhen. So, I hoped to choose a track with higher odds, allowing myself to have more savings and more possibilities for career development while I am young.

Another reason for leaving Tencent was that I joined during its last peak, when the stock rose from 500 to 700, and then plummeted to over 200. Everyone would think, "(Tencent's) bubble has burst, and everything has returned to real value."

What has this era left us? This is a painful realization: as long as you work hard following the pace of the times and the company, like pushing a boat with the current, you can create countless values and wealth. But what if there is no growth? This is a question many young people have yet to experience.

My opportunity to enter WEB3 came from: WEB3 offered me more money and more companies to contribute to; you can contribute to a DAO, influence more people, and do more impactful things.

Last year, we hit many fun projects, such as Gala Games, Big Time, Thetan Arena, and a project called CloneX, where we made a lot of money, but this year we lost it all back, even more, losing our principal. In this great era of change, it is difficult for individuals to resist and react. If you don’t suffer this loss, you will find it hard to understand that there is an invisible hand currently harvesting the wealth of the world.

This is the biggest detour we have taken, and the lesson learned is to "go with the flow."

The time to make money in life is very short; losing money and facing difficulties is the norm. You must judge when opportunities arise and seize the time to do as much as you can. But before opportunities come, you must restrain yourself, honestly learn, and cultivate your skills.

My biggest feeling and lesson is that I did not manage to withdraw from the current and did not engage in deep, real-time reflection, nor did I keep up with the changes of the times.

So my thought is: in the coming period, I will quit all secondary operations and help friends with some Buidl and industry contributions, doing what I can. If I can help friends, I will; if I can help projects, I will; if I can help companies, I will; if I can shine a little light, I will; if I can exert a little effort, I will.

Because I have experienced many project cycles and have helped others successfully raise funds or successfully list on exchanges, I hope to use my experiences to help more people and participate in this mechanism. Moreover, I hope to think of better models in this process to bring more people into WEB3.

This is an irreversible wave. For example, during the steam engine era, there were many die-hard opponents, factory owners who did not want steam engines to replace labor, leading to many confrontations and regulatory issues regarding steam engines. The subsequent electrical era was similar, requiring a process of popularization and education, which could be fast or slow, with varying degrees of acceptance.

For instance, the internet had a lower acceptance level, but its transformation was profound. At that time, the regulation of the internet also went through a confrontational process, from the early information leaks and national network policies to open-source and closed-source discussions, and the exploitation of algorithms on people. We found that the regulation of the internet is also gradually improving.

What the WEB3 industry needs to do is to find more real value and explore the reasons why people cannot live without it or must enter it. First, clarify your own thoughts, and while everyone is thinking, you might see a mast that initially appears at sea level as just a line. But when the ship comes out, you will find it is a giant vessel. You can’t see it now, almost not even the mast. So we are confused here, anxious about this, but firmly believe that the giant ship will one day sail to shore.

Alex, from Frontline Investment Banking to WEB3 VC

I am currently a researcher at Foresight Ventures, focusing mainly on two sectors: NFT and GameFi.

I previously worked in bond-related roles at CICC (China International Capital Corporation), but I felt that here, your personal effort is not important, and growth speed and personal development are heavily limited. In an emerging field like WEB3, each of us grows very quickly.

If you are in a traditional industry or a clearly hierarchical industry, personal effort really isn’t that important; what you need to do is be a cog in the machine. This was a major reason that prompted me to want to break out; I wanted to make my own contributions and do something different.

At that time, I also tried various directions, received several offers, but ultimately chose Foresight. What I like about it is that it is a relatively aggressive company. As a young person, or in a sunrise industry, you need upward momentum to drive you.

I am someone who enjoys engaging with new things; I am not boring and do not like to stay in one environment for too long, which is also why I am willing to join WEB3. I really enjoy the process of learning about WEB3. As for difficulties, I haven’t encountered many because I jumped from a relatively good investment bank in the traditional industry, which comes with a significant opportunity cost.

Except for those who are in school or have children, where the switching cost is higher, being young, I am more inclined to make riskier choices for greater Alpha. Higher risk, higher return.

In the last narrative bull market, many people made money, largely because they were "daring to think and act." The bold thrive, while the timid starve.

People in this circle tend to be younger and more aggressive, which is quite different from traditional fields. I come from a finance background, and many of my friends want to enter investment banks or glamorous organizations, but you will find that many people in our circle are very down-to-earth. They don’t care how noble their projects are; they only care whether their projects can create value. If they can attract users from the perspective of creating value, that is very meaningful.

However, such people are rarely found in traditional fields. They would say, "I’m still young; I should accumulate more." Accumulation means going to a big company, working for two years, then switching to another one, and working for another three years. With five years of experience, they would then start their own business.

In WEB3, you don’t need experience; you just do it. If I have an idea, I will charge ahead, and I can also raise funds. Even as a student, I have the opportunity to secure tens of millions or even hundreds of millions in financing.

PartyDAO is a great example. It is a protocol for group-buying NFTs. I actually had this idea back in January this year and even found partners and wrote a white paper, but because I hadn’t gone all in on crypto/all in on WEB3 at that time, I didn’t have the courage to pitch my Deck. I even doubted whether this was a pseudo-demand. Then in April this year, PartyDAO secured investment from a16z, and I felt that the founding team was not as good as mine; their thinking was not as good as my initial concept.

What I lacked at that time was a daring attitude.

My next plan is to accumulate first because it is a bear market, which is not a good time. I believe that every VC’s ultimate goal must be to have their own project. After that, I will also look for some good opportunities to start my own business. This is my ultimate goal, and I will definitely do my best.

What I need to do now is accumulate and wait.