Bankless: Points are invalid, new participants are lacking, and the market is becoming chaotic in the game between VC and retail investors

1. Discussions on the divergence between private and public markets caused by airdrops, and the structural problems that the large-scale private placement and high FDV airdrop model based on points has brought to the crypto industry.
2. The oversupply of venture capital in the crypto industry and its adverse impact on public market capital have led to a deterioration in the overall atmosphere of the crypto industry.
3. The SEC's corrupt and excessive attitude towards the nature of tokens has weakened the value of public market capital, and the compliance process of crypto has seriously tilted the fulcrum of the public and private markets towards the private market.
4. The current token issuance mechanism forces users to engage in witch behavior, resulting in the community's inability to express its wishes as an effective stakeholder of the project, and competition between highly consistent investors and highly toxic hired farmers.
5. The lack of regulatory provisions for token issuance has made the current "points" meta unsustainable, and a shift to different strategies is needed to achieve the enrichment of early community stakeholders without angering the SEC.