There is no such thing as retirement; for those under 50, retirement should not be a consideration.

Organized & Compiled by: Deep Tide TechFlow

Guest: Jordi Alexander, Founder of Selini Capital

Host: Kevin

Podcast Source: When Shift Happens

Original Title: How to Actually Build Wealth in a New Economy (Crypto vs Stocks) - Jordi Alexander | E136

Broadcast Date: August 28, 2025

Key Points Summary

Jordi Alexander is the founder of Selini Capital, a seasoned investor in the cryptocurrency space, and a strategic advisor for Mantle.

The Selini Capital he founded has achieved a 100% compound annual growth rate (CAGR) over the past 13 years.

Previously, Jordi declined a rehire offer from the well-known Wall Street market maker Citadel to trade crypto assets in Singapore.

He has shared screenshots of trading profits and losses worth $5 million on social media (X: @gametheorizing ) and has participated in chess and bridge competitions for many years, being a professional poker player and quantitative trader.

In this episode of the podcast, he accumulated significant wealth through a deep understanding of a key insight: traditional currencies and investment strategies can no longer adapt to the changes in the current economic environment.

Additionally, he elaborated on why the decline in purchasing power caused by inflation makes it difficult to achieve a comfortable retirement even with $10 million. He also shared his experiences in formulating strategies to accumulate real wealth in the context of a complete change in economic rules.

Main Discussion Topics:

• Why traditional retirement planning is outdated

• How inflation causes the depreciation of fiat currency and destroys savings

• Comparative advantages and disadvantages of cryptocurrency versus stocks in the new economic environment

• How to break free from "survival mode" and build judgment through knowledge accumulation and experience

• Preparing for the impact of artificial intelligence on the job market and wealth distribution

Highlights of Insights

• There are two key industries in this century: one is building intelligent foundational modules (like AI), and the other is building foundational layers for social coordination (like crypto technology).

• Traditional investment methods struggle to bring about actual wealth growth; to achieve true wealth, one must find future growth directions, such as technological innovation or emerging markets.

• Investing in cryptocurrency, especially Bitcoin, is a relatively safe choice. The growth phase of cryptocurrency will continue until real capital fully enters the market.

• From the overall cycle of Bitcoin, it is still in a very early stage, with a long way to go before reaching "overheating."

• The four-year cycle has become a thing of the past; we are now entering a brand new market state. The changes in the market are now driven more by liquidity-driven small cycles, akin to a "shock of capital influx."

• There is still a lot of inefficiency in the crypto industry, which also means huge opportunities.

• Working more efficiently and intelligently is far more important than simply working hard. Without risk, society cannot achieve progress through innovation and adventure.

• There is no such thing as retirement; for those under 50, retirement should not be a consideration.

• Judgment is an important ability, much like currency. Judgment involves the ability to integrate complex information and make the best decisions, which is precisely a shortcoming of machines.

• We need to strive in different fields simultaneously; being able to create actual economic value is very important. You need to work on two aspects: mastering key technical skills and cultivating psychological insight and good judgment, which are excellent soft skills.

• If you are young and do not have many resources, the most important thing is to enhance your skills and understand the upcoming world, making yourself irreplaceable.

• In the next 10 years, the gap between having $100,000 and having $10 million may not be that significant.

• Keep the majority of your funds in a safe place while taking a small portion to venture, satisfying the need for risk while ensuring overall financial security.

• Breaking free from survival mode is the top priority; this state consumes a lot of your mental energy, making it difficult to focus on higher-level goals.

• Use existing resources to exchange for assets or opportunities that can bring greater returns. The core element throughout this process is continuous self-upgrading, which is the only constant factor.

Inner Obsession and Motivation

Kevin:

Many of my guests share a common trait: something happened in their lives that added a sense of obsession to their shoulders. What happened in your life that can explain this inner drive?

Jordi Alexander:

I think it was the long-term frustration I felt in my twenties, feeling that I was not living up to my potential. It felt like a beach ball being pressed underwater, and until I finally managed to unlock and release it, it would shoot up suddenly. That feeling of rising is wonderful; when you suddenly surge upward after breaking free from a suppressed state, it becomes addictive. So I always want to keep pushing to see how high the beach ball can fly. That’s where my motivation lies: to keep going up and see how far I can reach.

At the same time, I am actually a very lazy person. I have a lot of laziness in my nature; my default state is relaxed and enjoying life. I can easily get lost in various things, but that’s not great for an entrepreneur because entrepreneurs should focus more on action. However, this is helpful for investors, as they usually need to make a decision and then patiently wait for the next opportunity.

Now I am balancing these two roles; I need to have both action and depth of thought. So I need an energy source to overcome my laziness. For me, this motivation comes from an inner obsession: I have seen that very frustrated version of myself who did not reach his potential, and now I want to see another version of myself. This pursuit has lasted for many years, and I am addicted to it.

How Should We Respond to the Ineffectiveness of Money and the Restructuring of Future Wealth

Kevin:

Two years ago, you recommended a podcast, and I remember thinking you were a cryptocurrency investor, right? But you told me that you mainly trade volatility rather than making directional investments. You don’t really bet on long-term trends or make large long-term investments.

However, it seems your viewpoint has changed somewhat since then. This reminds me of a comment from CNBC: “Many high-income Americans, despite having six-figure salaries, still do not feel wealthy.” This comment sparked widespread discussion. Nowadays, the actual value of money is vastly different from what it was 5 to 10 years ago. Now, $100,000 no longer feels wealthy, and even millions or tens of millions seem insufficient. The wealth loss caused by fiat currency dilution each year is very high. If you relax your pace of making money even slightly, it may be difficult to even maintain the status quo.

You once mentioned a statistic: 15% of actual purchasing power is diluted each year. You also gave an example: even $100 million in cash would lose about $40 million due to inflation after three years. When did you first realize that there was a problem with our monetary system?

Jordi Alexander:

I am very aware of this. I have worked in financial markets for many years and have always paid attention to inflation data. When you delve into these data and observe the actual situation around you, you will find that the prices of the goods and services we compare each year, such as flights, hotels, and fine dining, are not increasing at a rate of 2%, but at a higher rate. If you look at it over a longer period, say 5 years, you will see that the price increase is exponential. It’s not just a simple 2% versus 10%, but it should be 10%, and in reality, it’s 100%. This indicates that there are deeper issues within the monetary system.

But I don’t want to just discuss the issue of fiat currency dilution; I believe the fundamental structure behind it is more profound. Once this trend starts, it won’t stop because our political and social systems lack the motivation to halt it. So the situation will only get worse.

Rather than continuously repeating the problem of declining purchasing power, I think it’s more important to consider what will happen next and what the essence of the monetary system is.

What is money? This is a fundamental question I have been pondering for 20 years. I believe it is a very important question; the form and function of money have undergone tremendous changes over the past 50 to 100 years. For example, we have shifted from the gold standard to government-issued fiat currency. People have become accustomed to viewing money as an abstract representation, believing that as long as they have money, they can exchange it for more things. So we continue to live our lives, do our jobs, earn money, and then stop thinking about the essence of money. However, I believe we are gradually approaching a turning point, where this abstract concept may disappear because the changes in society regarding money and its usage will be very profound.

The currency we use now, such as fiat currency, may not necessarily become the form of money in the future. I once quoted a Malaysian proverb: “There is no retirement.” I really like this saying. Many people ask how much money is needed to retire now. Is it $10 million? People are very anxious about this. They think that as long as they save enough money, they can retire and live comfortably, but this way of thinking is completely wrong. In fact, there is no such thing as retirement. For those under 50, retirement should not be a consideration.

Many people are concerned that Artificial General Intelligence (AGI) will lead to significant inequality, which will indeed happen in some ways, but it will also redefine wealth, resources, and the meaning of resources. The future monetary system will undergo phased changes; for example, we can still purchase goods with dollars now, but at some point, new forms of currency will emerge. The importance of energy will also be highlighted, as it is closely related to computing power and intelligence. These changes will profoundly impact our lives and our definition of wealth.

Judgment is an important ability, much like currency. As the intelligent tools we can use become more powerful, the importance of judgment will further increase. Imagine if everyone had a PhD-level AI in their phone with an IQ of 150, proficient in all subjects—what would that look like? These machines will excel in many areas, but there are some fields where they may not be competent for a long time, the most critical of which is judgment, which involves the ability to integrate complex information and make the best decisions, and this is precisely a shortcoming of machines.

Discernment is crucial. Just like those "academic" types who excel at memorizing and reciting all knowledge points, they can grasp a vast amount of facts, but the question is: after knowing all the facts, how do you make the right decisions? After all, the core of life is decision-making, and every key point revolves around decisions. You need to master all the facts and information, be able to see all non-linear combinations and related factors, and integrate them, but ultimately you still need to make decisions continuously, and judgment can help you take action. Therefore, I believe we can enhance ourselves by interacting with personal analysts (whether AI or other forms) to support decision-making with the data and insights these analysts provide. Then, we make informed choices based on that information. In the future, judgment will become even more important; it is not only a reflection of personal ability but also a key factor for success in a complex environment.

The Concept of "Retirement" is Outdated

Kevin:

You mentioned the concept of "no retirement," so let's take $10 million as an example, as this is a target figure that many people believe can achieve financial freedom. Whether it's $5 million, $10 million, or $1 million, people work hard to accumulate this wealth and then store it in cash.

But do you think the dollar might lose value or become less important in the future? Or, even if I invest most of the $10 million and keep an eye on those investments while still earning some income, might there come a time when stopping income generation and relying solely on investments is insufficient to cope with future changes?

Jordi Alexander:

I would say both factors are influential, along with a third point. You shouldn't think about entering a state where you do nothing, just enjoy life, and view it as a permanent retirement state. As society evolves, more and more people may become like "NPCs" (non-player characters), lacking initiative and creativity, and having no intrinsic productivity. I believe you should strive to be a person with intrinsic productivity. While this may not be the majority of the population, it will be more than people typically envision. Personally, I certainly hope not to become an "NPC," and I believe many young people also do not want to be just a cog in someone else's machine, barely getting by on Universal Basic Income (UBI). Of course, no one should be forced to work in a job they dislike; I believe we will enter an idealized state of living in the next decade or so. But what is the "retirement mentality"? It is "I want to relax." If you really want to relax, you actually don't need $10 million; you just need enough funds to get through the next 5 to 10 years.

In fact, even if you are 50 or 60 years old, I believe you should not hold onto traditional retirement views. Many new drugs and medical technologies will be discovered in the future. AI excels in this regard; it is one of the main uses I have for AI—to consult it on medical issues. It acts like an unparalleled encyclopedia, helping you analyze various possibilities, which is very powerful. For example, AlphaFold (an AI tool for predicting protein structures) is driving the development of many new drugs and holds the potential to cure diseases. If you can stay healthy in the next 10 years, you may live longer than expected. Therefore, that "retirement" mentality, even if you are 50, I think is completely wrong. The future world will not be like the past—when you turn 65, you just live off the savings you have. I believe we need to discard these traditional views and look forward to a future where the foundational assumptions and basic rules have changed.

Becoming an Economically Productive Person

Jordi Alexander:

In the next 10 years, the gap between having $100,000 and having $10 million may not be that significant, so I think the key lies in how to navigate the next few years. Society is currently dividing into groups of those with intrinsic productivity and those without. You should strive to be a person with intrinsic productivity because, in the next 10 to 20 years, the wealth created will far exceed any historical period, especially in terms of fiat currency value, and even in actual value.

If you think of it as a compressed version of the Industrial Revolution, this is what Demis Hassabis said: changes that used to take 100 years are now compressed into 10 years, and the scale has increased tenfold, meaning the impact of change is 100 times greater, and the speed of new wealth and new things will be 100 times that experienced by past generations. So if your plan is to retire and relax, as long as you can endure the next few years, this "100 times moment" will occur in society, making it less important whether you have $100,000 or $10 million.

If you are an old-money family, like those who accumulated wealth through shipping or mining industries, and the current generation still lives off that wealth, there are many such families in Europe, but the future creation of wealth will reshape the meaning of this traditional wealth. In a sense, this also acts as a social equalizer because the wealth of these individuals may significantly depreciate in the future due to inflation or technological changes. If you look at the Middle East, they have smartly utilized "old money," such as the oil wealth from the 70s and 80s, investing it in new technologies. They recognize that the form of wealth they possess, like oil, can be converted into shares of OpenAI or into chips and video technology. They excel in this regard, while traditional wealthy families in Europe may not have been as successful.

The upcoming "100 times moment" signifies an explosion of social creativity, which also determines how society will evaluate your true value. This concept—"Are you valuable to society?"—is far more important than having $10 million for retirement. If you are working long hours at McDonald's, that job may not prepare you to become a person of value to society in the future.

The real question is: How do you make yourself a person of value to society? Secondly, I am not saying you only need to improve yourself. If you want to accumulate a lot of wealth now, that is possible because we are experiencing a transitional period of social transformation. If you are smart and have a lot of wealth, you will find people willing to accept that wealth; perhaps you can exchange it for a car or for resources needed in the future. You can make such conversions because people are still considering the value of that wealth.

If you are young and do not have many resources, the most important thing is to enhance your skills and understand the upcoming world, making yourself irreplaceable. If you are indispensable in this world, you will earn a lot of money because your labor will become one of the few truly valuable labors, possessing irreplaceable productivity in a rapidly growing industry. This indicates that even if you are on a fixed salary, as long as you are competitive enough, you can still accumulate significant wealth. So it is clear that if you are young and can acquire enough skills to become competitive, you do not need to worry about accumulating wealth in your youth. Otherwise, you are just wasting time.

In my career, I have always needed to find a balance between the two. On one hand, there is building a career, and on the other, there is earning income. For me, I would invest money into the business; for example, I would participate in some projects, and after making money, I would hire very smart people, trying to build an organization that is stronger than individual efforts. I have been doing this. For instance, there were years when I focused on personal trading, but that was not a sustainable way. The returns from personal trading are short-term; the money earned today may not matter tomorrow. When you are trading, your performance is limited to your most recent trade; it is not like building a business with sustainable income. So, after a year, I might have made a good amount of money, but I would use that money to hire excellent talent, purchase advanced technological components, or other resources that could make the business more sustainable.

Why Cash is Gradually Depreciating

Kevin:

If I understand correctly, current wealth management is essentially a "Hurdle Rate" game, involving your skills and wealth. Am I being diluted because of my income, skill enhancement, and investments? How should I store my wealth—whether in cash or other forms of assets—to ensure I am not defeated by this hurdle rate?

Jordi Alexander:

What I am talking about now are some basic principles, such as the importance of property rights and why we should pay attention to currency depreciation, whether it is $100, $20, or other amounts. If you have a lot of cash but take a passive attitude towards it, then in three years, your cash purchasing power may shrink by 40%.

So, what assets can generate returns? For example, stocks. I believe that currently, stocks are one of the most widely held assets and can be seen as a "benign Ponzi scheme" in a sense. In the U.S., the government will continuously push for the growth of the stock market. Although the stock market is volatile, if there is a downturn, like what we saw during the COVID-19 pandemic, the stock market can drop rapidly from its peak but then quickly recover. This is because the social structure dictates that everyone wants the stock market to rise. The government will take various measures to promote the stock market's rise because it helps maintain political and social stability.

For the average person, index investing is a simple and effective choice. Most people do not have the time to research other investment methods, so putting funds into the S&P 500 index or other similar international stock index funds (ETFs) is a good choice. For those ordinary friends who are afraid of cryptocurrencies, I usually recommend that they at least invest 50% of their funds in the stock market, such as international stock index funds and some ETFs. This way, at least it won't be severely diluted like leaving cash in a bank account, which is a reasonable choice.

In the past period, growth stocks have performed exceptionally well, but I do not believe that the 17% annualized return of the Nasdaq index will be sustainable in the long term. While we are currently in a technology-driven era, this does not mean that the Nasdaq index will maintain such a growth rate indefinitely. When the Nasdaq index declines, it usually does so very sharply. Although it has indeed had a 17% growth rate over the past few years, it has also experienced significant corrections. Therefore, I think such high growth rates are difficult to sustain and may decrease in the future.

In reality, these assets do not provide true returns. Their gains merely barely offset the effects of fiat currency depreciation. The profits from these assets mainly come from productive enterprises, but the index also includes some underperforming companies, such as so-called "zombie companies," which waste resources and misallocate funds. In fact, your investment merely maintains the status quo rather than creating real wealth. Similar to Treasury Inflation-Protected Securities (TIPS), while they adjust returns based on inflation, the actual returns remain negative because the calculation does not fully reflect the reality.

All these **traditional investment methods struggle to bring about actual wealth growth. To achieve true wealth, you need to find future growth directions, such as technological innovation or **emerging markets.

Where is Wealth Truly Safe?

Jordi Alexander:

Perhaps you need to purchase a large amount of land with ample sunlight while ensuring that the property rights to this land are protected. If society is about to enter a period of instability, we cannot assume that a title deed will always guarantee the safety of your property. This is not alarmism. There are many historical examples, such as the U.S. government seizing gold decades ago and requiring people to turn in their gold; in the UK, if you own a mansion, they may impose high taxes on it, claiming that you own an expensive property.

These situations pose a threat to our familiar concept of property rights. In Western societies, people are accustomed to thinking that property rights are protected. You can live in a world where, although you own something, the authorities can decide at any time whether you truly own it. As social inequality intensifies and the resulting social unrest grows, copyright protection will become increasingly important. Social inequality can lead to political discontent, with people believing that the rich have too much wealth while the poor are becoming more numerous. This phenomenon of "the rich get richer, and the poor get poorer" may exacerbate social conflicts, with some advocating for wealth redistribution. Such situations have been seen throughout history, such as the French Revolution or other similar events. We need to consider the forms of wealth redistribution that may emerge in the future. This is also why the distinction between holding physical gold and digital gold has become important; digital gold, such as cryptocurrencies, stored somewhere, is not easily confiscated by governments or authorities.

If you buy real estate in a politically unstable country, even if you pay for it, the property rights to that land may not be respected. You need to consider whether property rights will be honored. Places like Singapore, which are very stable, are clearly more secure. These places become very attractive due to their protection of property rights and have a higher investment premium.

Western countries like the U.S. and the UK, while culturally providing us with much, are inherently unstable due to the various political forces already present within these countries. For example, in San Francisco, although there are many creative construction activities, when planning for the future, you cannot be sure whether the next government will respect copyright. If the next government adopts more radical socialist policies, shifting from a "crime season" to a "wealth plundering season," and people begin to hide their wealth, these issues will become even more significant.

Cryptocurrency and Future Opportunities

Kevin:

What are the future development directions?

Jordi Alexander:

Cryptocurrency is the clearest manifestation of future trends, and beyond that, there is a more powerful but higher barrier to entry field, which is investing in emerging technologies. For example, I have been communicating with those focused on technological development. You can imagine a concept similar to a "post-AGI era Berkshire Hathaway" (Deep Tide TechFlow Note: a metaphorical or speculative concept, Berkshire Hathaway is a well-known investment company led by Warren Buffett, famous for its long-term value investment strategy and diversified holdings; after AGI technology fundamentally changes the socio-economic structure, companies like Berkshire Hathaway may reshape or lead a new business ecosystem).

Such a collection of enterprises may not seem important now, but in the next five to ten years, they will become key. Many smart investors have already begun to focus on human enhancement technologies, such as Neuralink and some companies focused on human applications. We need to adapt to the rapid development of intelligent machines, ensuring human competitiveness and significance of existence, rather than devolving into "NPCs." This may mean we need to upgrade our "human version." Hopefully, this does not need to be achieved through implanted chips, but indeed, research is exploring how to enhance intelligence through neuroscience or other technological means.

These industries will clearly become important in the future; they are not yet fully mature due to insufficient knowledge reserves. Some people are optimistic about robotics; I believe robotics will play an important role in the future, but how exactly this will be realized still needs time to observe. The energy sector is also a direction worth paying attention to, as solar energy may occupy an important position in the future.

Why Bitcoin is a Worthwhile Bet

Jordi Alexander:

The contradiction of "the rich get richer" and "the poor get poorer" in society is intensifying, which may trigger a huge backlash. In this context, investing in cryptocurrencies, especially Bitcoin, is a relatively safe choice. If you are very knowledgeable about the cryptocurrency field, you may also find some rapidly developing opportunities in other cryptocurrencies. If you are not familiar with this field, just investing in Bitcoin is sufficient; it is a good representative asset. This strategy is very effective, concentrating investments in cryptocurrencies because its growth speed has multiple advantages. For example, I personally do not invest in stocks; I basically only hold cryptocurrencies, riding the wave in this way. The traditional advice is to allocate 2% or 5% of assets to cryptocurrencies, but if you think carefully, you will find that you should hold as much cryptocurrency as possible, as long as you won't be forced to sell for unavoidable reasons. This strategy has been reasonable over the past few years, and I believe it will remain so in the coming years.

The rapid growth of cryptocurrencies can be attributed to several reasons. First, it provides a fiat currency protection similar to stocks, because its pricing unit (such as Bitcoin/USD) is limited by fixed supply, while fiat currency supply continues to grow. Second, this asset class itself is becoming increasingly attractive, with more and more people starting to pay attention to it. When I communicated with sovereign wealth funds, they would say a few years ago, "We won't buy cryptocurrencies; we only buy gold. Why not buy Bitcoin, this digital gold?" Their reasoning was that the market size was too small to invest large amounts of money, such as $100 billion. But as the market size has expanded, they have begun to change their attitudes because the cryptocurrency market is now large enough to accommodate their funds. For example, when the market size reaches $2 trillion, they can invest 5%, and when the market size reaches $10 trillion, this trend will continue.

I am not saying that this growth will last forever, but there may be a phase of rapid growth in the coming years, and the growth period of cryptocurrencies will last until real capital fully enters the market. We have already seen some Wall Street funds and ETFs beginning to enter the market, and sovereign wealth funds are also starting to allocate funds. For example, the UAE in the Middle East has begun investing in cryptocurrencies, but the ultimate huge growth opportunity will come from the funds of the fiat currency system eventually entering the cryptocurrency market. This is a competition between countries, where early entrants can acquire more Bitcoin, which is a PvP competition. Therefore, from the perspective of fiat currency valuation, Bitcoin has the potential to achieve 5 to 10 times growth in the next five years.

Mainly Bitcoin, while we can discuss other cryptocurrencies, Bitcoin is a macro asset; it is clearer, simpler, and a superior form of currency. Other cryptocurrencies currently do not have the rationality to become currencies. Bitcoin is not without flaws; over a longer time frame, some of Bitcoin's flaws may become apparent, and society may turn to other forms of currency. I have spent a lot of time thinking about this new form of currency because those who can design better currencies from first principles will become the biggest winners in wealth creation. Society needs good money, even better money. Better money can help society coordinate resources better and improve the efficiency of resource allocation.

Why Most Traders Ultimately Fail

Kevin:

It seems that everything is being financialized, and the cryptocurrency market is turning everyone into traders. This trend seems great because it gives everyone the opportunity to participate, which is the dream we have been sold. But let's talk about the reality: Where is the market trend heading? What if you cannot grasp the upcoming major trends? Even if you follow the trend closely, if you make operational mistakes, you may still end up with no profit; I think this is the current situation for most people in this industry.

Jordi Alexander:

Avoiding those major mistakes is really difficult; even those who mined a lot of Bitcoin early on, when BCH appeared, some thought it was a good opportunity and exchanged all their Bitcoin for BCH. The result, as we all saw, was that the value gap between the two later reached 1000 times. So, unless you are a top expert, it is hard to win in these speculative games.

These markets are actually zero-sum games, or even negative-sum games. Because in addition to the competition among traders, a large amount of capital flows to third parties, such as exchanges, lawyers, operators, and tax advisors. These third parties profit by charging fees, while traders have to bear these operational costs. While you are betting in the market, you are also paying high fees.

I am not the kind of purist who thinks, "These things are unreliable, so I want to stay completely away." With my knowledge and judgment, I will participate and use my deep understanding of the market to profit. At the same time, I might publicly warn everyone, saying, "This is a bubble; we should not continue to fuel it," but since I clearly know when the bubble will burst, I feel it is also okay to take the opportunity to participate. I am a bit like Naval (a famous entrepreneur and investor), but if Naval is the "zen version," I am more like the "nicotine version" of Naval. I do not just talk about concepts; I actually participate and use my knowledge to profit under the existing rules of the game. I do not pursue purity because the market game already exists; I am more focused on how to find my advantage within it.

The "Financial Death Wish" in Investing

Kevin:

You mentioned that most people participating in cryptocurrencies claim they are in it to make money, but their behavior indicates they are merely seeking the dopamine rush. Are these phenomena, from Launchpads to Memes, reflections of social reality, or are they a dead end destined to fail?

Jordi Alexander:

Many of those participating in these activities have fallen into a vicious cycle of addiction and emotional fluctuations. In fact, regardless of the outcome, these games will not change my life, but it is precisely this "slight possibility of life-changing" that attracts many people to become addicted. People feel that maybe today is the day to roll the dice; perhaps there will be 100 rolls without a 7, and my life could be upgraded as a result. This hope is addictive, like a "hook" that firmly attracts people. Just like people buying lottery tickets, the value of the lottery is not just in the money, but in the time between buying the ticket and the drawing. During this time, you hold onto hope, imagining "what if I win," and this imagination itself is a form of psychological satisfaction.

This dream and hope can bring a large amount of dopamine, making people addicted and immersed in this feeling. Especially in a society where people feel they have no other way to "level up," this has become their only choice. This phenomenon can sometimes be extreme, appearing as a kind of "financial death wish," where these individuals do not even attempt to play the game correctly but choose to invest aggressively. They are not ignorant; rather, they crave the feeling of hope and dreams more than achieving goals through systematic methods. This phenomenon is essentially a reflection of social psychology: people are not only pursuing money but also a hope and fantasy of changing their fate.

Analysis of the Roles of Winners, Losers, and Bystanders

Kevin:

In the crypto space, we are desperately searching for real use cases and those companies that can truly make big money. But in fact, these money-making companies often profit by catering to the "financial death wish" of 99.9% of people. If you think carefully about the game rules we discussed earlier, this phenomenon is actually very contradictory.

Jordi Alexander:

I think we need to delve into the roles of different individuals in society. Regarding fragility and anti-fragility, as individuals, we experience life and death and reproduction, with the next generation taking over from us. Individuals are fragile, but through the processes of self-selection and genetic selection, humanity as a whole is anti-fragile. Therefore, our lives operate on two levels: on one hand, as individual participants, and on the other hand, as part of collective humanity.

From an individual perspective, we are replaceable, especially men. Men are somewhat replaceable because society does not need too many men to function. We have discussed this issue before—male replaceability.

This is a fundamental social principle. From a societal perspective, most people are replaceable. Of course, as individuals, I do not wish to be replaceable. But from a holistic view, this phenomenon of hyper-gambling resembles a filtering mechanism. For example, if 100 people participate in a gamble, the last person concentrates all the wealth onto themselves, while the others become irrelevant. This mechanism makes most people "NPCs"; from the perspective of society as a whole, this may be a natural state—where a few people possess more resources and thus have greater influence. Therefore, society tends to develop towards this phenomenon, such as various PvP games, where perhaps a million people participate, but in the end, only 100 become winners.

Ideally, the emergence of these winners should not solely rely on luck but should be filtered through certain skills and abilities, allowing the final victors to effectively utilize their wealth. From the perspective of society as a whole, this mechanism may be beneficial; but from an individual perspective, you will find that some people are merely blindly chasing opportunities without making any wise decisions. Some may achieve short-term success, but in the long run, this pattern is unreliable. When you break it down, you will find that society as a whole may be encouraging this phenomenon.

The Battle for Traffic and Credibility in the Cryptocurrency Space

Kevin:

If there is a way to "slowly get rich" and a way to "quickly go bankrupt," how can we help people understand the difference? Especially for the new generation who enjoy watching extreme risk live streams and are keen on speculating on memes or altcoins, they even take pride in their losses.

Jordi Alexander:

I have dabbled a bit in content creation, so I understand that you need to attract attention first, perhaps with a catchy title or content that can quickly grab the eye. Because if you cannot do that, you won't even have the opportunity to enter the audience's view, and after that, no matter how profound your content is, it becomes meaningless.

However, when people make those Bitcoin price predictions, like "Bitcoin will rise to $1 million," I still feel a bit awkward. Maybe such predictions could come true, but what does the dollar actually mean in the world you described? For instance, someone predicts that by 2040, Bitcoin will reach $15 million, but the problem is, you cannot know what the actual purchasing power of the dollar will be by 2040 or how its pricing unit will change. These predictions are just random numbers, but they do attract clicks; at least, they shouldn't be too sensational.

I believe that taking on some small-scale high-risk attempts, like "moonshots," is acceptable. You can allocate a few percentage points of your funds to make some bold attempts; this is completely fine. This not only brings psychological satisfaction, like the hope felt between buying a lottery ticket and the drawing, but also satisfies your craving for adventure. But do not let yourself fall into a state of complete bankruptcy, because if you are always starting from scratch, constantly rebuilding your capital pool and re-accumulating experience, you will waste a lot of time.

Keep the majority of your funds in a safe place while taking a small portion to venture, which can satisfy your need for adventure while ensuring your overall financial safety. However, some people are fascinated by the phenomenon of "bankruptcy"; they find watching such behavior very interesting, just as we are fascinated by adventurous behavior. This financial behavior is similar to this adventure, only it is carried out with money as the medium. People enjoy watching those account balances rapidly fluctuate in highly liquid markets, especially when these behaviors are public, resembling a public competitive performance. Some even become addicted to being the protagonists of these "bankruptcy stories," which is a very intriguing phenomenon.

Breaking Free from Survival Mode

Jordi Alexander:

Sometimes, we need to strive in different areas simultaneously. I understand that for young people and even middle-aged individuals, creating actual value economically is very important. You need to work on two aspects: first, mastering key technical skills; second, cultivating psychological insight and good judgment, which are excellent soft skills (such as communication skills and emotional intelligence). As society continues to develop, social dynamics will also change, so having strong social skills will become particularly important.

I believe the group most likely to fall into difficulties is those who are neither good at socializing nor possess particularly outstanding technical abilities; they are just "okay." These individuals will gradually be squeezed by demands from both sides. On one hand, the requirements for emotional intelligence are increasing; on the other hand, the technical thresholds are also continuously rising. Therefore, you need to improve yourself in both areas simultaneously, making yourself indispensable both socially and economically.

If you are participating in the "game" of wealth accumulation, you must first clarify your current position. If your goal is merely to have enough wealth to live comfortably, you need to break free from "survival mode." Survival mode refers to the state when you feel you cannot even meet basic living needs. This state consumes a lot of your psychological energy, making it difficult for you to focus on higher-level goals.

I have also experienced years of survival mode. For example, when I was a partner at a trading company in my previous job, I collaborated with a very talented technical expert. He was the CTO, and I was the trader; I knew that both of us were very talented in our respective fields. Yet, despite this, our performance was merely "acceptable" and not particularly outstanding. It wasn't until a Christmas holiday that I finally had time to slow down and reflect on why two capable individuals like us could not achieve breakthrough success. I realized that the problem lay in our entrapment in survival mode. Throughout that year, the time that should have been spent thinking creatively, formulating new plans, and building the future was entirely consumed by dealing with various crises and solving problems. For instance, "There is a crisis that needs to be handled," "We cannot invest because we must ensure that nothing goes wrong." This survival mode can be seen as a microcosm of anyone whose financial situation is not comfortable enough; they cannot focus on growth and construction but are constantly in a defensive state, always thinking, "How do I protect myself, how do I survive today?"

Therefore, breaking free from survival mode is the top priority; it must be done 100%. Utilize your talents to create value through productive labor and achieve transformation through your efforts; this is the correct path to escape survival mode.

Escaping survival mode indeed requires a process. For me, the first step is a change in mindset. You need to realize that you are in survival mode and recognize that this state is consuming your energy. Then, you need to clarify what specific actions you need to take to escape this state. You need to focus on how to achieve this goal. Next, you may need to go through a period of high-intensity work, like "running desperately." The goal is to break free from the "gravitational field" constraints and completely escape the survival state. Once you successfully break free from survival mode, you will find your potential unleashed, as if you have gained "superpowers." Because you are no longer bound by the pressures of survival, this will unlock more possibilities for you.

This concept of "preparatory effort" is very crucial. Any startup will tell you that the process from 0 to 1 is the most challenging. During this process, you may need to "sleep on the floor" or make other short-term or even medium-term sacrifices. But only through such efforts can you truly escape survival mode and lay a solid foundation for subsequent breakthroughs.

If you can find trustworthy people and learn from them, that is a huge advantage. Of course, there is a lot of noise in this area; for example, some people may focus on the wrong content. But if you can choose those who truly understand things as your learning objects, that is a reflection of good judgment. You need to judge who is worth learning from. Even at my current stage, I still need to learn and grow quickly because the world is changing too fast.

Judging whether someone is trustworthy is one of the most important decisions I have made for my mental growth. If I find a trustworthy person and gain experience from them, it can save me a lot of detours. For example, if I believe someone has profound insights in a certain field, and they say something, I do not need to verify every detail myself. Of course, if I have the time and energy, doing my own research is great. But from a practical perspective, if I know you are an expert in the field of large language model growth, and you tell me, "LLMs will not create superintelligence because they have certain limitations," then I do not need to fully understand every detail of this conclusion. I just need to adjust my planning based on this information, such as assuming that superintelligence will not arrive soon, thus leaving more time for the future.

I acquire this information by judging that you are a trustworthy expert. Similarly, if someone considers me a trustworthy person who can help them, this can also become a "shortcut," and I increasingly use this method. Of course, independent thinking is still very important, but before reaching the ability to think independently, it is very helpful to listen to the advice of the right people. This is also one of the reasons why I am passionate about content creation. I believe that through content, I can help many people accelerate their growth. This is a huge advantage that our generation has, especially for those who truly want to improve themselves.

Inefficiency Equals Opportunity

Jordi Alexander:

Inefficiency is still very common in the crypto space, with misallocation of capital persisting and the overall operational efficiency of the industry remaining low. From a game theory perspective, the flow and operation of digital assets should be more optimized, but we are still far from this goal. If you try to win in this industry and understand it, while there are certain challenges, overall, the difficulty is not that high. Of course, in some specific areas, such as chart-based trading strategies, it may have become more challenging, but the entire industry is still in its formative stage. A lot of capital is being directed towards projects that should not be supported.

From the perspective of first principles, there is still a lot of inefficiency in this industry, which also means huge opportunities. Because there is indeed a significant influx of capital into this industry, which is very important. Especially in the AI era, this trend will become even more pronounced. Although some people believe that crypto technology is just a fleeting trend, I think crypto and AI are two highly complementary technologies.

**I believe there are two key industries in this century: one is building intelligent foundational modules (like ** AI), and the other is constructing the foundational layer for social coordination (like crypto technology). Both are crucial for societal prosperity, and the social coordination layer will be built on various technological components being developed in the crypto space. I am very excited to be involved in the development of these technologies, as they will continuously unlock new possibilities. As I mentioned earlier, Bitcoin and Ethereum may be the current "pioneers," but in the next 10 to 20 years, new digital currencies and monetary systems will emerge, which may become areas worth paying attention to in advance.

Offensive Investment Strategy: Taking Control of Wealth

Jordi Alexander:

Once you successfully break free from survival mode, your way of working will change significantly. Working more efficiently and intelligently is far more important than just working hard. You need to start focusing on scalability issues. For example, if you find a way to consistently earn $1,000 a day, that is certainly a good result, but in your extra time, you need to start considering: "How can I scale this business? What should I do next to break through?" Ultimately, you need to continuously pursue higher levels, and that is exactly what I have been doing for many years. Although I still have many goals yet to achieve, for me, this kind of upgrading has become my second nature, exchanging existing resources for assets or opportunities that can bring greater returns. The core element throughout this process is the continuous upgrading of oneself, which is the only constant factor.

When you enter "offensive mode," the goal is to actively pursue higher achievements. If you feel dissatisfied with a routine life and wish to move to the next stage, then offensive mode means taking on certain risks. Without risk, society cannot achieve progress through innovation and adventure. In fact, all major companies need to take risks at critical stages of their development. The key is how to choose wise risks, but this centralized investment strategy can help you quickly reach the next level. Then, you can integrate and reflect.

You no longer need to worry about living expenses for a long time in the future. For example, if you have $10 million as a safety reserve, you might need $15 million or $20 million to achieve that state. Suppose you have $10 million set aside for safety, and then use the remaining funds to take risks. If you have $20 million, you can set aside $10 million as a safety reserve and use the other $10 million for high-risk investments. Even if you lose that extra $10 million, it won't significantly impact your daily life. You can still rebuild and continue to grow.

Offensive mode means you no longer view funds as a completely risk-free asset, like putting them in bonds, but rather go all out to try to reach the next level. Just like we see with Elon Musk, who used his wealth to quickly establish a competitor in the AI space. He invested heavily and achieved many goals in a very short time. By concentrating resources in high-potential areas, he successfully amplified his influence. Therefore, if you are at a stage where you can break through to the next level and can create more value using existing resources, I think it is worth trying.

Bitcoin: Offensive Asset or Defensive Cornerstone?

Kevin:

In the two modes of a portfolio, say 10 (offensive) or 5 (defensive), which category do you think Bitcoin currently belongs to?

Jordi Alexander:

I think Bitcoin is more like a foundational asset. Interestingly, when you talk to many founders in the crypto space, even though they may have their own token projects, many ultimately choose to accumulate Bitcoin. They may not be Bitcoin extremists, meaning they do not completely reject other cryptocurrencies, but their ultimate goal remains to treat Bitcoin as a core asset.

I believe that at this stage, Bitcoin is generally a good foundational asset. In terms of attributes, I think it is more suitable as an offensive asset. Defensive assets are more about dealing with short-term volatility, as the core of defense lies in maintaining stability and liquidity. When facing short-term fluctuations, you need to hold a certain amount of fiat-denominated assets (like cash or stablecoins) to ensure that your portfolio can smoothly weather the volatility.

There has always been discussion in the market about market timing and cycles, such as the famous "four-year cycle." However, I have always believed that the four-year cycle has become a thing of the past, and we are now entering a brand new market state. The changes in the market are now more driven by liquidity-driven small cycles, like a "surge of capital inflow." For example, when Trump proposed a "beautiful bill," the market suddenly shifted from focusing on tariffs and restrictive policies to a state of massive capital inflow. Once entering this liquidity-driven phase, asset prices typically rise rapidly. If you want to participate in the market more actively rather than simply holding assets, you can try to seize these small cycles. But this requires a deep understanding of the market and keen judgment.

I do believe that Bitcoin will experience a phase of hyper-inflation in the future, but we are still far from that point. Currently, some treasury companies are trying to seize market opportunities, and their purchasing behavior is creating a lot of market momentum. Just like any asset in history, when market momentum accumulates to a certain extent, asset prices may experience hyper-inflation, followed by corrections.

Of course, if you exit the market too early, you may miss important profit opportunities. Therefore, how to judge the timing of exit is an art, not a science. When you feel that the market has entered an irrational phase, you can consider selling part of your assets and buying back after the price corrects. But sometimes, holding steady is also a reasonable decision.

Kevin:

Now it is mid to late August 2025. How far do you think Bitcoin or the entire cryptocurrency market is from the "hyper-inflation" phase?

Jordi Alexander:

I think it depends on the situation. Currently, there are indeed some phenomena in the cryptocurrency market that have entered the later stages, especially many tokens are being operated through treasury vehicles. Investor sentiment is currently very high, and one could say the market is in a "greed mode," which usually means that the current small liquidity cycle may be nearing its end, and the market may soon see a correction.

But from the overall cycle of Bitcoin, I believe it is still in a very early stage, and there is a long way to go before reaching "hyper-inflation." Bitcoin's current market value is only a small fraction of gold, and the market's potential has yet to be fully tapped.

Eliminating the Self, Letting Go of Obsession

Kevin:

Can you share what you have experienced in your journey toward a healthy self? And how can people achieve a healthy state of self?

Jordi Alexander:

I believe this journey can be divided into two stages: first "deconstruct," then "rebuild." The most important thing is to establish a solid psychological foundation. If your psychological foundation is strong enough, you can build higher goals and achievements on that basis, but if the foundation is weak, it may lead to self-destructive behaviors, such as addiction issues or making irrational financial decisions.

Most of us may have experienced trauma in early life or events that shaped our character. I have encountered many young and talented individuals, but I can see that some of their habits are not conducive to further development. They need to reflect and deconstruct their psychological structure first, tearing down those unhealthy parts. This is the most challenging stage of the self-purification process because it feels like "descending," while we usually hope to keep progressing and always move upward.

When dealing with self-issues, the first step is to acknowledge your shortcomings and accept the process of "descending." Because you need to return to the "roots" of your psychology and rebuild a solid foundation. You need to realize what unhealthy habits or erroneous thought patterns you have. Many of these issues are related to the "voices in your head." I remember there was always a voice in my mind saying, "What do others think of me?" "I shouldn't do that," "Do I look terrible?" These voices can make one very confused and unable to make clear judgments because they bring insecurity and fuzzy thinking.

Many problems stem from insecurity and fear. If you think deeply, you will find that almost all instability originates from some kind of fear. Why do people feel insecure? Why can't they stabilize? Because they fear failure, fear rejection, or fear loss.

This process requires you to deeply understand your fears and find out what leads to erroneous reactions. These reactions are often pathological rather than constructive. Understanding fear is key to solving problems. Sometimes we need to engage in self-reflection, accept psychological therapy, or even try some auxiliary therapies. You need to have a dialogue with your fears, confront these issues, and accept that you may need to start over and rebuild your psychological foundation.

Those who are the most vulnerable are often those who think they are the "strongest" and believe others do not realize their strength. This is a loser mentality and a wrong path. The right path is to start from a blank canvas and redesign your psychological structure and life direction.

It is okay to accept your shortcomings, and it is also okay to accept that you have not achieved anything yet. Being able to calmly accept this state is the first step in building a healthy mindset and a solid psychological foundation. Because in this way, everything you do is not driven by fear or psychological needs, but based on real, solid goals.

When you learn new things and use them as a foundation for future development, these knowledge blocks are often assumptions or heuristic thinking in our minds. If these assumptions are accurate and solid enough, you can gradually stack them up. This process can be explained mathematically: suppose you build ten layers, each with an accuracy of 99.999%. Even if you stack it to the 100th layer, your overall judgment can still maintain a high level of accuracy. But if each layer has only 90% accuracy, which sounds good, it actually leads to significant errors. You can calculate 0.9 raised to the power of 100 with a calculator, and the result will be very low. This means that if each of your layers has a 10% error, after multiple layers of amplification, your judgment will be almost certainly incorrect.

Therefore, while the difference between 90% and 99.9% may seem small, it will be infinitely magnified as the layers increase. So what I pursue is an extreme level of efficiency, raising accuracy from 99.9% to 99.99%. This pursuit often requires diving into details and focusing on those small but critical areas.

Of course, time is limited, and we cannot delve deeply into everything, so the real skill lies in knowing when it is worth going deep and when it is worth spending time. Paying attention to details is very smart because consumers notice these subtle feelings when using products, and the correctness of these details brings the product to a near-perfect state. Of course, his time is limited, and he cannot do the same in-depth research on every detail of the packaging. He must choose his focus. When you choose the right direction and delve into it, you can achieve tremendous breakthroughs and success.

From First Principles to Burnout Reflection, Maintaining a Balance Between Investment and Efficient Work

Kevin:

Let's try to explore: in the next 5 to 10 years, where do you think your entire investment thesis might go wrong? Obviously, we can use today's asset scale as a measure. But I am still a bit confused, and perhaps we can continue discussing the issue of building and judging the self. Where do you think your thesis might go wrong?

Jordi Alexander:

There is almost no possibility of error, as this is similar to a mathematical proof. I am stating these points from the perspective of first principles, such as enhancing your resources, including knowledge, judgment, habits, relationships, and the partners you can collaborate with. Our collaborative ability far exceeds the power of working alone. While some "lone wolves" can accomplish certain things on their own, many geniuses possess extraordinary abilities, but collaboration is key.

The correct mindset is to recognize your limitations. I need to find the areas where I excel, and when we combine our respective abilities, this synergy will far exceed our individual capabilities.

For example, if no one builds roads, prepares food, or handles other infrastructure work, I cannot focus on my production activities. Therefore, establishing relationships, working with people who can collaborate long-term to build trust, and ensuring that they do not just pursue short-term interests and then leave is very important. By collaborating with people with different skills to build an efficient team, we can greatly enhance our capabilities.

Thus, I believe my thesis is fundamentally unlikely to go wrong because it is based on the most fundamental principles: integrating resources to prepare for the upcoming massive changes in society, economy, currency, and labor. Especially understanding the definition of labor and the changes in productivity, and having the ability to adapt dynamically, this adaptability is key to coping with future uncertainties.

Kevin:

You have worked very hard in the past, giving your all for several consecutive years. I remember you mentioned to me a year or two ago that it might have been the craziest time in your life. You were only sleeping four hours every two days, which means resting only four hours every 48 hours, but later you experienced severe burnout. What did you learn from that experience? Can you share one or two points? Looking back, what signals do you now realize were ignored physically or mentally at that time, which actually indicated an impending severe burnout?

Jordi Alexander:

Early high-intensity investment is necessary, but it can also lead to burnout. I experienced this last year; I never took a break and didn’t give myself any psychological holidays. The continuous accumulation of stress can unconsciously push you into "survival mode." This is not a specific mindset but a persistent background pressure that slowly erodes your body, such as keeping your muscles in a constant state of tension. Even if you go for a massage to relax, this pressure will still persist in the background.

When you overextend yourself, this background pressure gradually accumulates until it ultimately causes you to collapse. Of course, it sounds cliché, but you really need to take care of your body. High-intensity work may last for a year or two, but at some point, your body will start to rebel. Last summer, I reached a limit. I was completely paralyzed for two days, unable to get up or even eat; my body completely shut down. I had not rested at all before, not even during the Christmas holiday. I was busy every day, and by May or June, my body completely broke down. So even if you are very motivated and eager for success, at that stage, there is absolutely no productivity. I am now working hard to learn to balance better, trying to work smarter rather than just making myself work harder.

Saying "no" is a very critical point. I am the kind of person who defaults to helping others. My first reaction is usually that when someone makes a request, I want to respond. But I have noticed that some high-performing individuals choose to ignore certain requests. I used to message some important figures, and they would directly "read and not reply." At that time, I would think, "Oh, he didn't even reply; am I not important enough?" In fact, this was my ego at play. Later, I gradually understood that they are very busy people, possibly receiving messages from hundreds of people at the same time, and they have to choose to ignore some requests. This is not a rejection of you, but a way for them to protect their time and energy.

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