Eight years of ups and downs in the crypto world, experiencing three cycles of bull and bear markets and countless small waves in various sectors. In that first year, I sat in a rented room with an old laptop and a few thousand startup funds, using five chat rooms as radars, staring at the K-line changing three decimal places every minute, thinking I held the lever to change my fate. As a result, the first wave of retreat splashed my principal out of the water, and I realized that before 'getting rich quick,' one must first learn to survive.

First Round: Blood and Glory

In a bull market, my account felt like a roller coaster. The chat was full of 'next hundredfold coin,' and my eardrums buzzed. When the bull market peaked, friendships fell faster than prices: the avatars that used to shout 'to the moon' suddenly turned gray. I thought the opportunity was gone, only to later understand — the real chips are left for those who dare to sit at the poker table in the next round.

Second Round: DeFi Bubble

The wind shifted to DeFi, the white papers read like science fiction, and valuations soared to the skies. Friends posted screenshots of 300% annualized returns, only for their principal to evaporate two weeks later. I only invested in a few, spending the rest of my time reading contracts and running testnets, missing out on hundredfold gains but preserving my sleep. At that time, I learned the 'supporting role mentality': the halo on the crest of the wave belongs to the faster ones, I only seek to retreat without being swept into the dark ditch.

Third Round: Black Swan Knocks at Dawn

At three in the morning, chains collapsed, liquidations happened, and scam messages flew everywhere; a big player went from 'good news is coming' to 'sorry everyone' in just over eighty messages. Some runners fell, while others scooped up chips amidst the bloodshed, becoming the next stars months later. At this moment, I fully believe: the market is just skin, the cycle is the skeleton; as long as the skeleton remains, the skin will eventually regenerate.

Three sticky notes the old calendar taught me

First, survive, then talk about dreams

In the euphoria of a bull market, leave a way out for yourself; in the cold of a bear market, keep a spark for yourself.

When the wind comes, don’t pretend to be asleep; when the wind stops, collect the sails

Chasing the halo feels good, but standing firm after the lights go out is even harder.

Treat risk as rent, treat learning as breathing

After seeing the script of 'financial freedom → liquidation and escape' too many times, I finally realized that staying in the game long-term is the true path to compounding.