The industry has experienced several ups and downs over the past decade, and it's inevitable that the conversation will touch on many old sayings.

Summarizing the deepest insights, here are a few points:

1️⃣ The true threshold of Web3 is not making money, but surviving.

What determines whether you can stay at the table long-term is not hitting a trend once, but whether you can continue to do the right things when the cycle reverses, the bubble bursts, and assets go to zero.

2️⃣ Most wealth accumulation is actually an "illusion of path dependence."

The extreme market conditions of 2017 led people to mistakenly believe they were earning money from knowledge, when in fact they were making money from the bubble; when the incremental gains end, using old methods will inevitably lead to zero.

3️⃣ Slow is fast, and less is more; this is a counter-cyclical survival strategy: being slow is not conservative, but respecting the rhythm; having less is not missing out, but protecting attention and judgment.

4️⃣ Investment structures should be simple enough to "not affect emotions."

Assets should be highly concentrated in BTC/ETH; when increasing positions starts to affect judgment, it's time to stop.

5️⃣ Information should neither be immersive nor disconnected.

Being too close will inevitably lead to emotional responses, while being too far will cause you to miss structural changes; 1-2 hours of high-quality information daily is sufficient.

6️⃣ Writing is not for influencing others, but for maintaining one's own thinking ability.

Long-term output is essentially a way to combat cognitive decline.

7️⃣ Cycles are changing, and simple narratives are becoming ineffective.

The four-year cycle is weakening, pricing power is shifting to institutions, and the future will involve longer and more complex structural cycles.

8️⃣ AI is a tool, not an opponent.

At this stage, AI amplifies cognition and efficiency, but cannot replace real experiences and the trials of cycles.

9️⃣ The three most important things for newcomers.

First, survive → Use AI to learn about the industry → Find your true connection point with the industry.

🔟 The true moat of long-termists: slow judgment.

Opportunities are never scarce; what is scarce is the ability to maintain rhythm amidst chaos.

Thanks to @cryptoyuanyuan for the interview, which felt like a chat between old friends; it's a fantastic program.

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