The industry has experienced several ups and downs in the past decade, and it is inevitable that the process of discussing it will involve a lot of old quotes, In summary, the deepest feelings are as follows: one ️⃣ The real threshold for Web3 is not making money, but surviving What determines whether you can stay at the poker table for a long time is not to step on the air vent once, but whether you can continue to do the right thing when the cycle reverses, the foam disappears, and the assets return to zero. two ️⃣ Most sudden wealth is actually an illusion of path dependence The extreme market in 2017 made people mistakenly think that what they earned was cognitive money, but in fact, what they earned was foam money; When the increment ends, the old method will inevitably return to zero. three ️⃣ Slow is fast, less is more, it is a countercyclical survival strategy: slow is not conservative, it respects rhythm; Being less is not about missing, it's about protecting attention and judgment. four ️⃣ The investment structure should be simple enough not to affect emotions Assets are highly concentrated in BTC/ETH; When adding inventory begins to affect judgment, it should be stopped. five ️⃣ Information cannot be immersed or disconnected. Being too close will inevitably lead to emotional reactions, while being too far away will miss out on structural changes; 1-2 hours of high-quality information per day is sufficient. six ️⃣ Writing is not about influencing others, but about maintaining one's own thinking ability. Long term output is essentially combating cognitive degradation. seven ️⃣ Cycles are changing, simple narratives are becoming ineffective The weakening of the four-year cycle and the transfer of pricing power to institutions will lead to a longer and more complex structural cycle in the future. eight ️⃣ AI is a tool, not a competitor At present, AI amplifies cognition and efficiency, but it cannot replace real experiences and cyclical baptism. nine ️⃣ The three most important things for newcomers. Survive first → Learn the industry with AI → Find the real connection point between yourself and the industry. Long termists' true moat: slow judgment Opportunities are never scarce, what is scarce are those who can maintain the rhythm in chaos. Thank you for the interview with @ cryptoyuanyuan. It's like chatting between old friends, it's a great program.