I have been ill recently, stayed away from the cesspool, reflections after watching:

1. Being a good person is very important, but it's hard to persist in being a good person. Being a good person is a sufficient but not necessary condition for being a successful person. No matter how you make money, please remain kind. However, it seems that there is temporarily no punishment for being unkind.

2. The market has reached a level where people are starting to criticize high-frequency trading. It’s like the A-shares in 2023 and 2024 were performing poorly, and for a while, the regulatory and public sentiment was that high-frequency trading had taken all the money and caused the stocks not to rise. However, upon reflection, one can realize that this idea is quite absurd. High-frequency trading may withdraw funds, but it is only a part of the flow; what determines the trend is the chip structure. Especially in the cryptocurrency market, sometimes proprietary high-frequency trading refers to event-driven high-frequency sniping, making the previous statement even more self-defeating. Blaming high-frequency trading for losses in subjective trading is a sign of incompetence.

3. I really admire, especially those who entered the circle around the same time as us, not only making money but also actively maintaining the sharpness of information and continuously contributing without compensation. Many friends have slowly faded away in the industry. Those who can persist in their desire to express and have a strong gambling spirit are truly people who love this industry. I sincerely thank you. It's you who have prevented the industry from dying out.

4. Five or six years ago, when we were bragging, outsiders would ask us about the value of our industry. Even a newly entered VC intern could spout terms like decentralized, permissionless, transparent, privacy, and so on—many of which are just hollow words. Although everyone knew that many times it was fake, there were moments when we really had hope for Bitcoin. But now, projects and organizations seem to no longer mention it at all. Centralization is quite good.

5. Those who cannot control their desires are trash and will eventually lose everything.