⚡️I carefully read @heyibinance's essay and found it quite insightful. I am a typical long-termist, rarely engaging in memes, and I have only reached the rank of a private in P so far.

Here are my thoughts on several points mentioned by the author—

1⃣ About the subculture and vitality of memes

The subculture within memes essentially reflects the resonance of group emotions and self-expression of values. If you want to make P more meaningful, you must find symbols that can evoke genuine resonance.

The success of $Doge proves the power of "anti-mainstream narratives," with true durability stemming from three points:

1) Cultural parasitism: attaching to deeper needs (such as the self-mockery and irony of grassroots revelry);

2) Value accumulation: the evolution from entertainment symbols to payment scenarios (Tesla supporting Doge payments);

3) Elon Musk's persistent endorsement as a celebrity IP.

If you engage in memes without finding this symbol, and the consensus around buying is dispersed and deconstructed, while you cannot find points for co-construction from subsequent developments, community beliefs, etc., then if you forcefully try to "ride the wave" or fomo, you will likely become the exit liquidity for earlier players.

Memes are part of the attention economy, and true value lies in whether short-term attention can be transformed into long-term cultural consensus. You can use the three elements of memes to test this by asking three questions:

1) Can it carry genuine group emotions?

2) Is there an evolutionary scenario?

3) Does it possess "anti-deconstruction" properties? (like the cultural gene of Doge's dog totem)

Of course, my advice is to engage less, because if you lose in P, you are just giving away money, and if you win, you will keep playing.

2⃣ The essence of long-termism is value calibration

The author's point about "choosing the right long-termism target" highlights the core of most people's failures: misunderstanding "persistence" as "unchanging," rather than dynamically validating value anchors.

The action of buying coins for investment emphasizes the unity of knowledge and action, and the importance of practical experience. Following a key logical chain is crucial, such as—

▶️ The cyclical patterns of Web3: technology presents a maturity curve (like DeFi evolving from a bubble to real yield protocols)

▶️ The path of value return: looking at narratives in the short term (like AI), and infrastructure in the long term (like L2 scaling, chain abstraction)

There are many such logical chains, but the focus is on your research. I recommend verifying your investment logic every quarter to see if it has been compromised, rather than holding mechanically.

Without these supports, long-termism, which is beautifully named as diamond hands, is actually just a form of holding onto losses, another type of gambling.

3⃣ The danger of a bull market lies in "excessive fomo," while the opportunity lies in "non-consensus cognitive gaps."

Howard Marks' concept of "second-level thinking" in "The Most Important Thing" is worth pondering. It refers to the way of thinking that transcends market consensus and surface phenomena, deeply analyzing the essence of problems, the psychology of market participants, and potential risks. The core is—

First-level thinking: simple, intuitive conclusions (e.g., "The project has good news, so it should be bought")

Second-level thinking: complex, counterintuitive deductions (e.g., "Although there is good news, has the market expectation fully reflected it? Are there overlooked risks?")

The essence of second-level thinking is systematic thinking about "what the market is pricing" and "whether the pricing is correct," which is a form of advanced contrarian thinking;

It is crucial to be cautious not to simplify it to "contrarian for the sake of being contrarian," but to build "non-consensus cognitive gaps" through second-level thinking.

We must recognize one point: the market will not return to the ICO era of gold everywhere; after each bubble of a hot topic is burst, the value accumulation may not be enough to survive the bull and bear cycles.

Try to learn to use "contrarian thinking" to avoid overheated tracks and find value gaps. Once you find them, commit to them vigorously; this is your opportunity to place heavy bets and turn things around.

True value often arises from the margins that are overlooked by the mainstream. The ultimate rule of crypto is not "getting rich quickly," but rather gaining the dividends of cognitive iteration through participation in cutting-edge transformations.

This is also the first step for everyone on the path to financial freedom and value creation! Let's encourage each other!

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