Ken Chan: I created Aevo and wasted eight years of my life

Ken Chan, co-founder of the decentralized platform Aevo, shared his thoughts on the cryptocurrency industry, calling it the world's largest 24/7 online casino. Despite financial success, Chan expressed regret for spending eight years of his life captivated by libertarian ideas and the spirit of cypherpunk.

The Allure of Bitcoin

In a post on social media platform X, Chan explained that he was initially attracted to the idea of ​​Bitcoin as a private bank for wealthy individuals. He noted that the ability to easily cross borders with billions of dollars in one's head had always been a symbol of personal freedom for him. However, as he delved deeper into the industry, he began to realize that the reality was far more complex.

Disillusionment with the Crypto Industry

Chan believes that no one is actually interested in genuine technological advancements. Investors, in his opinion, blindly invest in every public Layer 1 blockchain network, hoping for success similar to Solana, Ethereum, or XRP. He expressed disappointment in his target audience and those for whom he created the project, realizing that many of them are not true cryptocurrency users, but simply propagandists.

Crypto Business as a Casino

"The speculative mentality fuels inflated market capitalization of hundreds of billions of dollars for dozens of zombie blockchains," Chan noted. He admitted that he didn't build a new financial system, but rather created a casino where speculation and short-term profits take priority.

Building Roads in the Desert

Chan compared the crypto business to building roads in a desert, where there are no cities or infrastructure, but many speculators and land speculators. He is concerned that the behavior of the crypto market is destroying normal business logic. In his opinion, it's easier to launch your own token, hire market makers, and quickly lock in profits than to spend years working on creating a real and useful product.

Market Problems

Chan emphasized that the market is flooded with tokens with huge paper capitalization and almost zero liquidity, projects with no revenue but valuations in the billions of dollars. This creates a distorted perception of the value and sustainability of cryptocurrency projects.

In Conclusion

Ken Chan, reflecting on his experience in the crypto industry, calls for a more conscious approach to investments and technology development. His words serve as a reminder that behind the speculation and short-term profits lies the need to create real and useful products that can bring long-term value.