The feeling is becoming stronger:

At the small scale, bears are at the end and bulls are at the beginning; at the large scale, bulls are at the end and bears are at the beginning.

The era of stable development is gradually coming to an end. Facing a more chaotic future, it seems that all historical theoretical knowledge is no longer sufficient.

In the crypto part, as assets may rank in the top 1 of small groups, a former VC friend mentioned before:

"This market is not ours; it belongs to Wall Street and the market for companies related to the crypto circle going public. Other retail investors can only stand aside."

BTC is more like a part of asset allocation to hedge against real uncertainties, existing as insurance for extreme expectations. Many OG friends are lying flat with a portion of their holdings.

For the remaining part, most people can only gamble small amounts for large returns, seeking instantaneous emotional points in the chaos and fluctuating with them (memecoin).

It seems that for ordinary people, there is only this little remaining charm and opportunity; aside from that, there seems to be nothing else, creating a huge sense of tearing everywhere.

A month ago, I went to another corner of the world and met some OG and researcher friends. They mentioned:

Due to compliance reasons in China, those in the crypto Chinese-speaking circle who are focused on decentralization and governance research mostly have high educational backgrounds, a good grasp of history, politics, philosophy, and law, as well as strong financial capabilities and funding abilities to gain governance advantages.

They often encounter this seemingly bizarre situation:

A Chinese person living in a foreign country frequently needs to educate a local American or European about what democracy really is.

I asked them: Why is that? Shouldn’t the latter have lived in such an environment since childhood and received more systematic education?

They replied: Upon discussion, we found that the audiences from the two language communities concerned with the same issue are fundamentally not in the same class in reality. The people on the other side of the conversation usually lack systematic knowledge and cannot clarify many basic issues; they aren't even a makeshift group, which shocked us.

I asked: So, where have those elites you speak of, who are in the same class and can have a dialogue, gone? Why do you have to choose to do this kind of research in such a space?

There was a moment of silence... we could only look up at the sky together.

The earlier phrase floated in my mind again; perhaps it is the answer to this question—"This market is not ours; it belongs to Wall Street and the market for companies related to the crypto circle going public. Other retail investors can only stand aside."

Here should be @suji_yan—don’t just focus on women's fashion and decentralized social media. Sun Yat-sen had a large number of comrades around him who were willing to sell their properties to support the revolution. This circle may only be comparable to the hidden talents in the decentralized governance research circle, lol.