I often see terms like "class beauty" and "school beauty" in pornography, novels, and even online. But the consensus on these terms isn't as concentrated as you might think; in fact, it's quite scattered. I remember before the college entrance exam, a few boys in my class were chatting during lunch break about the prettiest girls in our class. We were surprised to discover that the most beautiful girl in our eyes wasn't just one person. In other words, while there was a general consensus on which girls were considered pretty, the term "class beauty" was shared among 3 to 5 different girls. And this was just a sample of the boys; if the whole class were to vote, the consensus would likely be even more scattered. So whenever I see terms like "department beauty" or "school beauty," I just take them with a grain of salt. A class can have three to five "class beauties," and a university might have dozens or even hundreds of "school beauties." Of course, there are exceptions. For example, there's someone like Liu Yifei, who basically gets all the praise. In the class next to ours, there was a girl with a celebrity look (very similar to the "Milk Tea Sister" in her pure and alluring style), and the consensus among the boys in that class was extremely limited because her looks were a huge advantage over the others. I feel like she'd be the "undisputed beauty of the grade" even in the context of senior high school. The reason I suddenly thought of this is because I remember seeing a tweet from a blogger a couple of days ago about the first, second, and third order issues in cryptocurrency trading. First order is when retail investors start researching a coin's fundamentals. Second order is when retail investors start researching how other retail investors view the coin. Third order is the operation of Dev/market makers; they study when retail investors start researching other retail investors and then "manipulate" accordingly. First and second order are typical Keynesian beauty contest theories: First order: Who is the most beautiful? - Retail investors Second order: Who do you think is the most beautiful? - Smart Money / Advanced P-level players Third order: When will everyone start researching "who do you think is the most beautiful?" - Dev/market makers Third order Dev/market makers will release positive news, pump the price, and create buzz based on the timing. It's a bit like posting a picture of a popular girl on a school wall at the right time. First-order analysis focuses on Value (fundamentals), second-order on Consensus, and third-order on Consensus Acceleration. Ultimately, what we're trading is consensus itself and the speed at which it forms. Writing this, I suddenly realize it's similar to the concept in options trading. First-order is the spot market (is this girl really pretty?) Second-order is Delta (are more and more people starting to think this girl is the class beauty?) Third-order is Gamma (is the number of people who think this girl is the class beauty increasing rapidly?) With the current market conditions, shouldn't you sell a coin when Gamma peaks—like Pons! Damn, I guess I'm a bit late to the party.