The founder of Backpack trading platform recently put forward an interesting point of view — the so-called "new finance" actually hasn't improved traditional finance at all; instead, it has hollowed out the original protection mechanisms. He pointed out that these new models have a common flaw: they look like stocks but offer nothing — no dividends, no voting rights, and not even investor protections like SIPC. In other words, they borrow the shell of financial products but dismantle all the safeguards. How far this model can go is indeed worth pondering.