Recently, many readers have expressed confusion and misunderstanding in the comments at the end of the articles.

I believe that much of this confusion and misunderstanding stems from a certain misinterpretation and resistance to common sense.

The viewpoints I share in these articles are reflections on my investment experiences and the cryptocurrency ecosystem over the years. These reflections mainly draw on the common sense and the essence of things that have already been summarized from mature cases in the past.

What is the common sense of investment and the essence of things?

It is the future free cash flow that a business/company/project can generate.

I believe this applies to investments in any ecosystem, whether it is traditional or cryptocurrency, whether it is venture capital or value investment.

However, for many participants in the cryptocurrency ecosystem, our experiences over the years seem to be completely different from this common sense: it appears that many "investments" in the cryptocurrency ecosystem over the past years do not require this common sense, do not need to discuss the profitability of projects, and do not need to talk about the future free cash flow that projects can generate.

Just by telling stories, just by meme coins, one can "get rich quick."

In my view, this is purely because we happened to encounter its bubble period, and on the other hand, it proves that the market is increasingly going astray and diverging without positive incentives.

Duan Yongping said (in essence): You can see all this by taking a trip to a casino in Macau.

And this bubble and this deviation cannot exist for a long time, nor can it fundamentally promote the healthy development of this ecosystem.

He also said another thing (in essence): If someone wins a hundred million in the lottery, can you learn from them? Can you repeat their story?

As investors, it is fine for us to play a little for fun with the lottery, but if we take winning the lottery as a successful path to ponder and interpret, that would lead to big trouble.

In fact, similar bubbles have long occurred not only in the cryptocurrency ecosystem but also in other already quite mature fields like stock investment and venture capital, and similar "get rich quick" scenarios have long played out. It’s just that our generation, most of us, have not experienced it.

However, there are some areas that our generation has experienced. For example, over the past 20 years, there have been two unbreakable myths in the world:

One is that housing prices in China never fall, and the other is that the U.S. stock market never falls.

In the past, anyone who dared to puncture these two myths would take great risks and would be severely criticized.

However, the first bubble has burst just like that.

There is no everlasting bubble—this is common sense; it’s just that when the market is crazy, we don’t know when the bubble will burst.

But we cannot think that just because the bubble hasn’t burst, it will always exist, or even become so immersed in it that we ignore common sense and the eternal, unchanging objective laws.

Since we know that bubbles are problematic and we know we do not have the ability to manage bubbles, we should honestly return to the essence and return to common sense.

There is a sentence in Duan Yongping's Q&A that left a deep impression on me when I first saw it:

The easiest person to deceive in the world is oneself.

This sentence is worth sharing with all readers.

If we do not want to continue deceiving ourselves, we must face the facts, return to common sense, and return to the essence.

Some basic facts are:

As I reflect on the development and performance of Bitcoin over the years, I increasingly see that Bitcoin is not a "safe-haven asset," nor do I see it as "digital gold."

At least, it is not now.

Since it is not now, and it has value, what is it? The only thing I can think of is that it is a valuable luxury collectible.

If Bitcoin is a luxury collectible, what will sustain its value increase in the future?

It can only rely on the value spillover generated by the prosperity of the cryptocurrency ecosystem.

And for the cryptocurrency ecosystem to prosper, what is the ultimate manifestation?

It can only be a large number of projects that generate real value, provide real services, can sustain profitability, and produce free cash flow.

Otherwise, what is the prosperity of the cryptocurrency ecosystem?

Is it meme coins?

Or is it narratives that can only tell stories but can never land?

And when the cryptocurrency ecosystem prospers, what will it share with investors, what benefits will it share?

Is it merely governance tokens that have no actual rights or use value?

If it is merely governance tokens with only governance functions, can their real value compare to stocks? Can it compare to equity?

If it cannot, then the current price of these governance tokens is not inflated, what is it?

If the price of these tokens wants to rise solidly, doesn’t it have to become assets with real rights value or assets with use value?

I think these are not difficult to understand or deduce, as long as we do not deceive ourselves anymore.

Based on common sense, returning to the essence of things:

The world we live in is a centralized world. Although it brings efficiency and speed, at the same time, in many situations, we sacrifice personal freedom and personal interests. Our data and our rights are often arbitrarily abused and exploited by centralized forces, and sometimes our lives are even arbitrarily disposed of by centralized forces.

That is why generations of predecessors have fought their whole lives for decentralization. These predecessors attempted to create a decentralized world with the power of technology to counteract the oppression of centralization, to liberate the human soul, to not kneel to authority, and to not submit to power.

It is precisely because of this that we have Bitcoin, Ethereum, and today’s cryptocurrency ecosystem. Without the decentralization of these foundational platforms, we cannot have such a free world in the future.

Now, we even doubt the decentralization of these foundational platforms (L1); isn’t that deviating from common sense and the essence?

Moreover, we are about to enter a world of fragmentation and self-governance. If we still believe that human connectivity cannot be interrupted, and still believe that there can be a neutral world that can prosper in the future, then what kind of platform can support such a world? What kind of assets can gain the trust of all humanity?

If we still cannot think clearly, then think about what assets and what platforms can be safely held and used by both our isolated neighbor to the northeast and the empire that dominates the world in the western hemisphere?

Returning to common sense, many problems in the cryptocurrency ecosystem can be clarified.

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