Thoughts on Investment Projects I have always believed that in order to make money in the cryptocurrency industry, a very important principle is to "abandon bias". This is an experience learned after repeatedly missing out on lessons. When Stepn's white paper was first tested, someone sent it to me. The initial positioning of the domestic "Qubu" CX disk caused me to miss the earliest opportunity to enter. However, after Binance launched GMT launchpad, I researched economic models and found that this thing was powerful. Eventually, I established a running black slave team in university and had a wave of success. When the inscription Ordi was playing, I was not very familiar with the BTC client and struggled for a long time without installing it. In anger, I felt unfriendly to retail investors and missed the first wave. But it was found that the narrative of inscriptions had a tendency to force public chains and exchanges with the rapid development of infrastructure, so I immediately turned to Sats and ate meat. There have been many debates surrounding Pump in the past few days, which have reflected several reflections on investment. I will take note of them: 1. Cognition is dynamic rather than static, and investment is not about partisan struggles. There is no need to cling to it, it should change in a timely manner according to the research situation. The live streaming platform developed by Pump is really better in terms of user experience than Sidekick. It is designed entirely from the perspective of currency, rather than simply adding a coin to traditional web2 live streaming. Previously, Weituo and I wanted to have a live streaming connection, which was very troublesome. It could be achieved as soon as Pump was launched, and they could also directly buy coins, which was very user-friendly. This shows that they have put a lot of effort into polishing this product, and this mode is likely to lead to a large number of new Dev coins entering the market, stimulating the already aesthetically fatigued Dev professional coin issuing pipeline meme mode. This is the reason why I immediately got on the Pump and started pushing it after experiencing it early yesterday morning - there have been significant changes in the fundamentals of the Pump, how much more need is there to continue questioning whether repurchasing is a way to boost traffic? A qualified investor is one who dynamically determines their direction and position based on the development of the situation. We are not engaged in political struggles in the cryptocurrency industry. 2. Long term optimism is not contradictory to short-term trading. Sell when there is a lot of buzz and buy when there is no one interested. Yesterday, a blogger posted a tweet about selling due to intense discussion on PUMP, but was met with criticism. Actually, this is also easy to understand. After a narrative has initially formed a belief, the holders will find it difficult to tolerate any signals that dare to sell loudly. After all, if you dare to Fud my bag, that is my enemy. But from historical experience, any truly impressive project, whether it's BTC, ETH, Aave, or the recent HYPE, has experienced a pullback and encountered a golden pit. A strong narrative will excavate from a few people ->discover value ->fully expose and crowd trades ->cool off the climax ->question the decline ->rise again, and each cycle will gather greater consensus, ultimately becoming an unshakable cornerstone of faith. Yesterday, objectively speaking from an emotional perspective, the market was a bit overheated for PUMP. I also implemented profit taking and position reduction in the evening, keeping some for long positions and finding suitable opportunities to do T again. Whether you really buy in a certain narrative is not just reflected in how fiercely you express your determination to defend yourself when the coin price rises, but also in whether you dare to continue holding or even buying when the coin price falls back, or even when most people are shaken - think about Hyperliquid during the Jelly incident. ~~~~~~~~~~~~ Due to my long-standing SOLMAXI attitude, I do love and hate Pump. In the early days of flying Meme Szn, I thought they had made a contribution, but earning SOL and continuously smashing the market for cash made me feel that they were very selfish. They didn't really appreciate Solana eco, but just used it as an ATM. The details of handling airdrops after issuing coins have deepened my negative impression of them, so I may question whether they are in the stage of meme ebb to build Ponzi and increase traffic. However, from the perspective of profitable investment: Good character, capable of causing trouble, astute and competent - this is the best standard, such as HYPE Can cause trouble, shrewd but cunning, average character - this is also a good sign, at least you can really cause trouble. If you ride the same train as them, there will always be opportunities to make money, such as PUMP I don't know how to cause trouble, I only know how to focus on making products, and my character is good - this is a second class standard, and in most cases, I can't make money, such as XXXX (many) I don't know how to cause trouble, nor do I know how to make products. I just draw a PPT to raise funds and cheat money. My character is also poor - this is the worst. Many Rug projects are like this, so I won't write about it. Everyone can think for themselves. Reflections on Web3 Investment Experience