I recently read Gordon's book 'The Great Game' and got some interesting questions clear. For example, how Wall Street was established, where is the Wall in Wallstreet, and so on, also understand how the SEC's securities laws are gradually introduced. An unregulated market does not necessarily mean a free market. On the contrary, an unregulated market is often a market where ordinary investors are harvested. This is also evident in the cryptocurrency industry. More importantly, understanding the difference between investment/speculation/gambling. Investments based on cash flow and profit returns are standard investments, such as investing in a restaurant to recoup profits through dividends, or investing in consumer companies like Coca Cola invested by Mr. Buffett. Investing based on market supply, demand, and sentiment without considering cash flow and profits is speculation. For example, buying and selling most stocks, or buying and selling most VC coins in the cryptocurrency market, can be classified as speculation. Speculation is actually worth encouraging, because the entire Wall Street has grown and developed in a speculative atmosphere, and the importance of the financial industry represented by Wall Street to the United States is beyond doubt. But speculation is not gambling, the major difference between the two is whether they bring value to society in the process of multi-party game. For example, if you speculate on a stock/coin, it may rise and fall, with some people making money and others losing money. But the company behind this stock/coin has actually obtained financing and made good products, so everyone's speculation has value. On the contrary, if in the process of multi-party game, only the transfer of wealth is achieved without bringing any value to society, then it is actually gambling. For example, playing cards in a casino, or playing fast-moving meme coins. In short, indulge in speculation, even if you lose money, you still contribute social value. Try to avoid gambling as much as possible, even if you make money, it's not worth being proud of.