Author: ZTZZ ฿

Secondary Funds

1. The vast majority of secondary funds only make money in bull markets, and it's considered good if they don't lose their pants and run away in bear markets.

2. Please do not invest in any secondary funds managed by traders who are not native to the cryptocurrency circle. Do not invest in any secondary funds established by traders from the A-share, Hong Kong stock, US stock, or futures markets.

3. In my personal experience, a good secondary fund's trading team should not exceed three people.

4. I personally do not recommend retail investors to invest in secondary funds because it's very difficult for you to encounter good ones.

5. If you insist on investing, please remember that the returns of secondary funds can be fabricated, and live trading can be fake. Talk less with marketing personnel and more with traders. When you invest in secondary funds, you are essentially investing in the trading team.

KOL (Key Opinion Leaders)

1. Please understand first that people whose main identity is KOL basically don't need to be paid attention to. People who have their own main job in the cryptocurrency circle and are willing to share can be looked at. KOLs who have reached the top of the industry in the cryptocurrency circle and are willing to share their methodologies should be focused on.

2. When it comes to KOLs, it's about subtraction, not addition. Gradually filter the KOLs you follow, understand how they make money, and the more they can make money from various ecological positions, the more they will contribute valuable information and the less likely they will easily manipulate you.

3. There are KOLs who specialize in cultivating a specific track, such as NFT, DEFI, inscriptions, and speculation, etc. Please pay attention to KOLs who have made a lot of money in these tracks in the past, have their own methodologies, and have been consistently sharing. These KOLs are generally outstanding among retail investors, but due to strong path dependence, they are not good at other tracks. If you can sense the rotation of sectors, you can make good use of the methodologies and information provided by these KOLs.

4. For KOLs in secondary trading, knowing three to five of them is enough, and it is recommended to maintain a friendly relationship with one or two of them offline. When you have a certain trading ability, these one or two trader friends will know you well and will be honest with you and warn you at critical moments.

5. Do not believe in KOLs who boast on Twitter and treat you like a brother! Do not believe in KOLs who brag about being rich or having a good background! Do not believe in the profit screenshots or insider information from these KOLs!

Exchanges

1. The ecosystem of top exchanges and small exchanges are completely different.

2. The primary goal of exchanges is user growth, and making money comes second.

3. I always recommend newcomers in the cryptocurrency circle to learn from large exchanges.

4. Large exchanges and VC firms that incubate their own projects are the cradle of talent in the cryptocurrency circle.

5. Do not think that large exchanges will not exit scam, and large exchanges will not act maliciously.

VC (Venture Capital)

1. Top VC firms and small VC firms are completely different entities. You can ignore them if they have not experienced a complete bull and bear market cycle. Every bull market sees the establishment of many new VC firms, then they become very successful, and then they lose their pants. They often don't even have a complete investment logic, but they generally think they do.

2. The profit-making ability of VC firms mainly comes from primary investments, but the profit margin of primary investments in the cryptocurrency circle gradually decreases with the bull market cycle. Most VC firms have not made money this year.

3. If you have the opportunity to chat with VC firms, it is more helpful to listen to them talk about failed investments in garbage projects.

4. Having a drink and chatting with the bosses of VC firms is the most helpful for your industry growth.

5. The correct way to learn from VC firms is to join them. It is absolutely not about reading their research reports and following their investment recommendations, but systematically observing what a particular VC firm is investing in, what the logic is, how the project is being promoted, the performance after launch, judging whether the VC firm is making money, and whether the project is successful. It is about tracking the entire chain and thinking independently.

Technology

1. The technology of most projects is rubbish, including some projects that retail investors hype up to be extraordinary. To understand the technology of a project in the cryptocurrency circle, you need to spend a lot of time learning the basics and then mingle with the geeks in the cryptocurrency circle.

2. Technology itself can also be marketed.

3. Technology is not actually that important in a project, but it determines the project's upper limit.

4. Do not listen to internet professionals talk about cryptocurrency technology. The technology circle of blockchain is completely separate from them, and most of these people are both incompetent and have a high opinion of themselves.

5. Do not idolize cryptocurrency geeks, and do not follow them to buy coins, but please respect them!

Marketing

1. Projects that do not understand marketing will definitely fail.

2. If a project's operations director comes from a traditional large enterprise or the internet industry and does not have a track record in the cryptocurrency circle, the project is likely to fail. On the contrary, if a project's operations director has a background in pyramid schemes, you should pay close attention.

3. The marketing of most projects is very poor. A complete project operation network includes: operation framework, brand building, community operation, crisis PR, new media operation, and channel maintenance.

4. A top-notch operations director will bring many resources from within the industry. They will update their marketing network every bull market to ensure the effectiveness of their investment channels and to keep up with the times. The earlier a good operations director joins a project, the more tremendous power they can bring to the project. For example, project teams often come to me and say, "Our operations director messed up. He spent a lot of money on KOLs, but it didn't bring in volume. Z, please help." Next time, project teams, please don't come to me about this. Also, do you know how many KOLs make money?

5. Chat more with outstanding operations directors, and you will find that they generally have similar traits and are very remarkable when they start a business. It is important to pay close attention to them. For example, the boss of a second-tier top exchange comes from an operations director background.

BD (Business Development)

1. I do not recommend newcomers to work in BD because after quickly connecting with many people, you will become anxious and have confused thinking, making it difficult to clarify money-making methods.

2. Top-notch projects do not need BD, and BD is useless for mediocre projects.

3. The essence of BD is to rely on social skills to make a living, but social skills are a basic ability that everyone has. Unless you have exceptional skills, the ecological position of BD work is fragile.

4. BD should learn some other skills to strengthen their competitiveness within the industry.

I didn't originally plan to talk about BD, mainly because retail investors don't come into contact with it, but since I've written it, consider it as career guidance for you.

Project Teams

1. The resources possessed by top project teams far exceed what retail investors imagine. They are often incubated by top industry leaders, and you must embrace top projects.

2. The direct profits of common cryptocurrency projects can be simply summarized into two aspects: the funds raised by the project and the profits from the secondary market. High-quality project teams will bring VC firms and many retail investors to make money, while ordinary project teams bring VC firms to make money from retail investors, and project teams that don't want to continue bring profits to VC firms. Foolish project teams not only do not make money, but also inexplicably lose money.

3. Projects in different sectors have different characteristics. In fact, narratives have different levels. Top-level narratives guide revolutions, secondary narratives guide capital, tertiary narratives have wealth creation effects, and quaternary narratives are nothing. I have fabricated complete narratives for many project teams in the past, and the level of the narrative determines the upper limit of the project.

4. Investing in a project is essentially investing in the people, and this statement is equally valid in the cryptocurrency circle. If you have the opportunity to meet the project founder, be sure to chat with them more and observe them carefully.

5. I always encourage retail investors to try to start a project, even if it's the smallest project, because it can help you quickly expand your knowledge. In the cryptocurrency circle, project teams are at the center of everything.

There is so much to say about project teams, and the focus for retail investors and practitioners is completely different. Let's talk about it separately in the future.

Retail Investors

1. Do not become a waiting lamb to be slaughtered in original sin, but strive forward and dance with the sickle.

2. You will never make money beyond your understanding, unless you rely on luck, but the money you make by luck will often be lost due to lack of strength—By: "Wealth Flow."

3. The cryptocurrency circle is a compensation for character and cognition, not a reward for effort. Unless you change your character, the people you associate with or the books you read, and break your original cognition, five years from now will be completely the same as now. Choice is greater than effort. When opportunities arise, dare to take a heavy position, hold firmly, have good guiding thoughts, a good circle, good logic. All are indispensable. Ultimately, money flows from people who are internally calm—By: "Shen Yu."

4. You are here to make money, do not hold long-term hostility and disdain towards anything, such as VC coins, pyramid schemes, MEME, or stupid KOLs. Arrogance is the greatest enemy of discovering cryptocurrency alphas.

You will notice that in the five points I mentioned for retail investors, I did not talk about any execution-level experiences, but rather focused on some principles. That's because retail investors have actually seen too many KOLs talk to them about various success theories. Those who have the ability have long stopped being retail investors. Those who can break away from being retail investors only need a little motivation or some key points to pull them along. And most people are only suitable to be retail investors for their entire lives. Not becoming a lamb is already the best outcome for them. For them, the essence of investment is:

Lambs, choose a sickle.

Let me end this article with a conversation between Sichuan Emperor and Trump:

A girl asked Trump, "Mr. Trump, you have done many great things in your life. I just want to know, as an ordinary person, how should I start?"

Trump earnestly replied, "First of all, never think of yourself as an ordinary person. You asked the wrong question from the beginning. Because you are not ordinary, you have many things to do. I know you, you are very smart, very beautiful, you are right there."

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