1. It was originally a financial game, merely using technology as a guise, and there is no such thing as decentralization. The "Dao Brother" will never tell you this; Bitcoin can also be rolled back.

I have always believed: the way investors perceive an ecosystem will determine how that ecosystem rewards them.

If one views this ecosystem as a game and a facade, it is essentially akin to a gambler looking at a casino. The feedback that casinos provide to the vast majority of gamblers is to leave them empty-handed and destitute, leaving only ephemeral illusions and a descent into negative escapism.

However, if one looks at this ecosystem with a perspective of exploration and discovery, it is fundamentally like a warrior exploring a new continent. Although the new continent may also bring tragedies and sacrifices, it offers miracles and wealth that can change the course of human history, leaving behind deeds that are forever recorded in history and a spirit of positive advancement.

Bitcoin can indeed be rolled back, and it has happened in history, even while Satoshi Nakamoto was still overseeing Bitcoin's development.

These histories and anecdotes are not mysterious at all, nor is there anything to hide; a quick search online reveals them.

Not only Bitcoin, but Ethereum has also experienced rollbacks.

However, if one carefully reads the historical context, decision-making processes, and the regrets left behind during those rollbacks, most people can understand everything that happened in that dilemma.

Indeed, some believe that it contradicts decentralization, but more people choose to believe that it was a necessary measure, opting to follow Satoshi's rollback of Bitcoin and Vitalik's rollback of Ethereum.

Moreover, those rollbacks did not destroy the original versions; investors can still find the Bitcoin version before Satoshi's rollback and the Ethereum version before Vitalik's rollback—ETC. This is also a manifestation of "decentralization": no force can eliminate dissent, and no force can monopolize everything.

We cannot say that because there is no perfect utopia in the world, the world is not worth cherishing, ideals are not worth pursuing, and efforts are meaningless. Furthermore, in the crypto ecosystem, the significance of effort has already become undeniably evident, and the results of those efforts have shown the great fruits of decentralization to the world.

2. According to the logic of seeking a sword by carving a boat, it is estimated that by the end of this year, Bitcoin and Ethereum will reach their peak. Coupled with the fact that there has been no innovation in the crypto ecosystem during this market cycle, I judge that the subsequent increase in this bull market for Bitcoin and Ethereum will be very limited. At this time, institutions are buying Ethereum in large quantities, which clearly indicates they believe Ethereum's price is undervalued. Unless the crypto market breaks away from the four-year bull-bear cycle, what is the probability of this market cycle breaking the four-year bull-bear pattern if evaluated by percentage?

In fact, I cannot guess what institutions are really thinking; I prefer to observe the logic of their statements and their actions. From their words and actions, I tend to believe they think Ethereum is undervalued.

The few large institutions that have entered the market to buy Ethereum have their purchase costs at least around $3,400 to $3,500. From a longer-term perspective, I believe this price is indeed not high (however, I definitely will not buy at this price point in this cycle. I stopped buying after exceeding $2,500 in this cycle).

That said, institutions often have a "split" perspective on issues. They may not necessarily combine long-term potential with price trends; sometimes they will look for other reasons to engage in various flashy operations.

So if they suddenly change their stance and believe Ethereum's price is overvalued, leading to large-scale selling, I wouldn't be surprised.

Therefore, I always remain cautious about their words and actions.

But one thing I believe is true: more and more institutions are indeed recognizing that, in the long run, Ethereum is the best blockchain platform to support a grand ecosystem.

The reason I believe there is a high possibility of breaking the four-year cycle is that I trust this viewpoint from institutions will influence many teams in traditional fields, leading to more teams from traditional finance entering the crypto ecosystem for entrepreneurship. This will certainly benefit the long-term development of the ecosystem and shorten the time cycle for the ecosystem to erupt again.

But this is merely my speculation; if I had to say how confident I am, I would say over 50%.

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