1. What are your thoughts on the recent theft of Ledger cold wallets, and how should ordinary people safeguard their crypto assets more securely?

Many people online suggest simply transferring to Binance.

This implies that one assumes the credibility of Binance is better than that of cold wallet providers and circulation channels, and that it is also more reliable than self-managing.

I personally trust open-source cold wallets more; or to be more decentralized, one part in an open-source cold wallet, and another part in a homemade Apple cold wallet.

I wouldn't put my assets in those centralized exchanges familiar to many readers mentioned in the comments section, as the regulatory scrutiny they face is questionable.

However, if I had to choose a cryptocurrency exchange to store my assets, I would pick a centralized exchange that operates and is regulated in a country governed by law, strictly overseen by that country's regulatory authorities.

This is also my consistent principle: if you trust centralized institutions, choose the ones from countries with the highest credit ratings and legal standards; if you do not trust centralized institutions, then choose a plan where you are entirely responsible and bear the consequences yourself.

2. Honestly, I can calmly accept that BTC might ultimately fail. It has shone for a while, just like our civilization.

I have seriously considered this extreme situation before and, after careful reflection, I feel I can accept it; thus, I have some attention to the discussions about Bitcoin's risks emerging recently, but I am not overly anxious.

Because I've thought about this extreme situation, I will no longer dollar-cost average into Bitcoin this round (unless it falls below $35,000 again), just maintaining my existing holdings.

However, I must reiterate that I believe the probability of this extreme scenario occurring is very low, almost negligible, so for the average person, there is no need to worry too much about this situation.

3. Regarding Lightning Payments and applications like TACIT based on Bitcoin.

Readers in the comments section mentioned Lightning Payments and application protocols like TACIT.

If we take a closer look at these protocols, we will find they all face a very awkward situation: trying to maximize their potential under extremely limited conditions.

The result of this approach is always something "neither fish nor fowl," requiring endless patching in various aspects, constantly facing various problems in practical promotion, and resolving one small issue often introduces a bigger problem.

It’s like a foundation that can only support an 8-story building, yet attempting to construct a 20-story building on top, managing to avoid complete disaster while ensuring the building is comfortable and functional.

The root cause lies in the fact that Bitcoin's core fundamentals are largely unchangeable. With the core unchanged, any protocol built on top will invariably end up like this. Therefore, its significance is very limited.

Apart from being spiritually impressed by these teams, I hardly consider them in practical applications.

4. The issue of Bitcoin transaction fees.

This is also an old issue that deserves frequent revisiting.

With the halving of block rewards every four years, Bitcoin rewards will become increasingly scarce; in the future, when Bitcoin's block rewards approach zero, the maintenance of network security will rely mainly on transaction fees.

If we want miners to continue maintaining network security solely based on transaction fees, assuming the current technical architecture remains unchanged (which is highly likely), the only solution is that the price of Bitcoin must be sky-high; otherwise, miners will lack the motivation to mine.

Moreover, I believe that the future of pushing Bitcoin's price to such heights cannot rely solely on Bitcoin's narrative; it must have a crypto ecosystem with real applications that can generate massive cash flows.

Therefore, following this logic, my conclusion is that the future of the crypto ecosystem lies in Ethereum; only it can support such an ecosystem and scenarios, only it can truly push the crypto ecosystem towards applications and commerce.

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