Back then, Wang Xiaochuan looked disdainful when he saw Sun Yuchen on the show, because at that time his status and value were too high, and he thought he was standing in the "right world". Years later, the results tell us: The level of cognition is not determined by who is currently more successful, but by who can seize the opportunities of the future. Musk is the most classic example: All aerospace experts say that rocket recovery is impossible, Musk doesn't understand aerospace, and SpaceX is doomed to fail. The result is: SpaceX's valuation far exceeds that of traditional aerospace giants, and NASA wants to purchase launch services from it. The whole world is copying its reusable rockets. ——The result defines cognitive level. In the early days, blockchain was also a 'cognitive sieve'. From 2014 to 2018, most big factories said it was a fraud, most entrepreneurs said it was a foam, and many people laughed, despised, and disdained it. But those who truly understand the forefront are willing to plan ahead, accept uncertainty, and wait for the times to take shape. When the encryption industry explodes, the gap naturally widens. Cognitive differences=Time opportunity differences=Final value differences. Returning to Wang Xiaochuan's question, the essence is: Bound by the successful experiences of the old world; Underestimating the growth rate of new industries; Overestimating the barriers of one's old track; Refusing to believe that the new world can overturn the old world. History repeats this scene countless times: Nokia looks down on Apple, Yahoo looks down on Google, traditional banks look down on Bitcoin, traditional cars look down on electric cars, traditional aerospace looks down on Musk, and traditional Internet bosses look down on Web3. Wang Xiaochuan → Sun Yuchen is just another sample of this pattern. People who stand at the pinnacle of the old world always think they can see further, but those who truly see the future are often the ones they looked down upon back then.