The industry is growing rapidly There will be strong competition Actually, everyone may have developed well Anyone who buys has a chance to make a lot of money If you buy the last faucet correctly That's the unbeatable rate of return The industry has entered a stable period The leader will form a monopoly profit Although the dividend is high, the growth rate is limited Coca Cola and Maotai are all in this situation High certainty compensates for the lack of high growth Stocks themselves are more like underlying assets, and bonds are very safe It's rare to find that it's a rapidly growing industry Then there are only leaders or duopoly GPU has been monopolized by Nvidia in the past few years High certainty and high growth Stablecoins are currently USDT and USDC Dual oligopoly high growth However, compared to the GPU stablecoin industry, the threshold does not seem to be as high And the certainty doesn't seem that strong either This is the difference between Company C and Company B To B, we need to have leading technology Because once someone else can offer a substitute price, the price will immediately collapse Profit will be lost To c is more about consumer and user identification I'll give you 1000u to swear on You no longer need USDC or USDT Can you do it? So multiply this user by 1000u This is the fundamental valuation of this enterprise Buffett's buying of apples follows the same logic For a real Apple user, you give him a few thousand units Make him swear never to use an apple again in his lifetime He won't take this money if he can't do it Apple has billions of users and is worth trillions of dollars You may not necessarily say how advanced Apple's technology is now The users of USDC and USDT are still growing rapidly Currently a duopoly, the future may only have USDC USDT's decision to do usat already indicates that Tether is aware of the problem In the long run, USDC has implanted safety and compliance into consumers' minds This is not technology, not a license, but a brand moat from To C Whoever wins first is the winner of To C