Technology is developing, the world is changing, but history is simply repeating itself: The greed and blindness of human nature are always reflected in the rhyme. Today's foam and collapse are just a repeat of yesterday's story. Classic of the Great Defeat in Impressions—— one ️⃣ Delong Clan (Tang Wanxin) Through capital operation and cross shareholding, Delong once claimed to be the "private financial empire" of the Tang brothers and was elevated to the sky. But the funding chain is highly dependent on market financing, and once liquidity tightens, the empire instantly collapses. inspire: Capital leverage is a double-edged sword: it can rapidly amplify a company, but it can also instantly backfire. The essence of a business is not playing financial games, but creating stable cash flow. Inspiration for today: Many of the "high leverage arbitrage" gameplay in Crypto/TredFi is essentially like the Delong system - once the macro environment reverses, liquidity becomes a deadly killer. two ️⃣ Nande Group (Mou Zhong) Mou Zhongzhong proposed the slogan of "the first merchant in the universe", engaged in "barter trade", "exchanging goods for debt", and even promoted the launch of artificial satellites. Relying on concepts and stories to raise funds and make money, it once became famous. inspire: Concepts and narratives can ignite the market, but if they are disconnected from the real industry foundation, it is like passing the buck. A truly sustainable enterprise must land on cash flow, product strength, and verifiable value. Many narratives of Web3, AI, and RWA are like "satellite stories", and one needs to learn to distinguish which ones have real cash flow and application scenarios, and which ones are just "storytellers". three ️⃣ Qinchi Liquor Industry Qinchi liquor became famous overnight and expanded nationwide with its identity as the CCTV advertising king. But the quality of the wine itself has no advantage, the production capacity is insufficient, and eventually the funding chain breaks and the brand disappears. inspire: Brand premium must be built on quality, advertising can ignite awareness, but it cannot retain consumers. The expansion speed should match the fundamentals of the enterprise, as rapid growth will overdraw the future. The "sudden wealth project" in the cryptocurrency industry is like Qinchi liquor, where marketing relies on KOLs to create hype, but the project lacks technical accumulation. Investors should be cautious: popularity and brand reputation do not equal long-term value. four ️⃣ Yuan Baojing With the rapid rise of steel and real estate, he became the "richest man in Liaoning" in just a few years. Yuan Baojing's wealth accumulation was too rapid, relying on policy gaps, financial leverage, and power relations, rather than a long-term sustainable industrial foundation. → Inspiration: Rapid wealth often comes with huge risks. Without stable cash flow and rule awareness, wealth is like floating sand. Inspiration: Rapid wealth often comes with huge risks, a lack of reverence and a sense of rules, and desires can push people into the abyss. The biggest enemy is not competitors, but one's own greed, delusion, and disregard for rules. The biggest risk is not market volatility, but desires that you cannot control. Getting rich overnight is just a magnifying glass of luck, long-term survival is the true strength.