Last year, Tether's revenue was $13.7 billion, and for a long time, it was a team of over 70 people (which should have expanded later). Its RPE was nearly $200 million, surpassing all financial oligarchs in terms of net income and per capita net income, such as Morgan Stanley, American Express, and Berkshire Hathaway Is this due to the high per capita intelligence density of the Tether team? I don't think so. Tether's major shareholder is Giancarlo Devasini, while BFX boss JL van der Velde only holds a small stake. It can be said that Tether's success is largely attributed to Giancarlo, a pirate like man who knows the financial rules and order of the real world. Tether's success can be attributed to its first mover advantage, regulatory arbitrage, and so on, but no matter what, it is now the capillary of the entire crypto industry and cannot be easily replaced. It took Tether a full 11 years to reach this position today. Great success, no pouring. So there is a limit to personnel streamlining, because Tether's success has gone beyond the scope of team intelligence density, and its business nature itself determines the ceiling. The interest on a large number of on chain assets has ultimately been transferred to the stablecoin group. Entrepreneurial teams should only do business that will become huge in 10 years, because at this moment, the business is very small, which means that your competitors have not yet emerged in large numbers. You have the opportunity to develop the economy, and your growth curve can rise almost linearly during the growth period. On the contrary, it is impossible to create a good product by simply copying competitors, because what you are replicating is the needs of today's users. It is precisely because you are not doing as well as others that you want to copy, which can be said to be losing before fighting. Unless you have unlimited bullets and unlimited development resources to bear the burden, this condition does not apply to entrepreneurial teams. Long term strategy allows you to accumulate advantages, while plagiarism lacks differentiation. Respect the market and the Pareto principle.