The reason why investing is difficult is that the times are changing, the structure of investors, the age groups of investments, and the income levels of investors are all changing.

But in the cryptocurrency world, it's quite magical; it’s mostly young people with small amounts of capital ultimately achieving big results. Almost every round has such opportunities—ICO, DeFi, NFT, meme, and airdrop—where young people around 20 years old achieve high multiples in returns, often with a short time in the space and strong acceptance of new things.

However, the cryptocurrency world changes too quickly, and many people find that trying to continue along the same path in the next round often doesn't work out.

Yesterday, I talked with a prominent investor about the issue of path dependence in investing because he has invested in many cryptocurrency teams and has seen many around him fall, often due to path dependence. What I’m discussing here are stories of people who have achieved great results in the past but are not meant for self-reflection.

1. Mining farms have always been very profitable, continuously scaling up, while also having a grasp of market cycles to judge bull and bear markets. Before the 519 incident, they leveraged their mining machines, losing more than half of their assets.

2. Altcoins have always been very profitable. A team that invested in several hundred-fold coins in the last bull market lost 20% this round.

3. Primary investments have always been very profitable. A very impressive primary fund invested in LPs, achieving returns of over 20 times in the last cycle, but this cycle saw returns of less than 10% over 4 years.

4. Holding ETH has always been very profitable. Having achieved 100 times returns on ETH, they became believers. They couldn't resist leveraging when the ETH to BTC exchange rate was low, simultaneously swapping their BTC, resulting in their BTC amount being halved repeatedly, and they could never exchange back for the same amount of BTC.

5. OTC trading has always been very profitable, and then they successfully got themselves into trouble.

What other examples have you seen where path dependence has led to poverty? I, who am working hard to learn, don't want to be held back.