Do you remember those nights spent staying up late reading the White Paper? At that time, we really thought we were betting on the next era.

So what’s the result? The era has indeed arrived, but the wealth password is firmly held in the hands of those institutions that have 5% seed round costs. They cash out and go to the beach to enjoy the breeze, while we take over at a fully diluted valuation of 50 times, and in the process, we attended a rather expensive social practice class.

Recently, I saw someone shouting "Let belief be worth investing in again," and I was stunned for three minutes – this statement struck a nerve to the point where I didn't know whether to laugh or cry. Retail investors have fed the project parties with their hard-earned money, only to find out that they were just fuel in a valuation game.

The first lesson this market teaches us is: Don't easily trust those who frequently mention "consensus", especially when their costs are two orders of magnitude lower than yours.