A common sense: In every bull market, what ultimately causes you to crash is your desire to earn money beyond your understanding.

The process of a bull market is always accompanied by various innovations and surges that tell you to enhance your understanding; otherwise, you won't make much money and will only be left with a few coins, feeling as uncomfortable as a widow. But once you endure and endure, and finally can't take it anymore and choose to join in, you are likely to be the last one in.

Of course, there are real innovations in this process, or we could say as long as there has been a round of frenzy, it counts as innovation, as many people have indeed made money. However, after the noise, there won't be many that can remain.

At this point, it becomes quite contradictory. If you don't participate at all, it's unrealistic, after all, everyone comes to the crypto world to embrace new things to gain higher alpha returns; just sticking to the beta of eating big cakes clearly cannot satisfy the vast majority.

After experiencing the painful lessons of the last round, my summarized experience is: for new things, curiosity should outweigh purchasing power.

In other words, your interest in a new concept/sector/field/hotspot, your research, and your understanding of it should exceed the amount of money you spend. The biggest taboo is to not do any research and impulsively dive in, ending up confused about your profits and losses.

The stage where you are most likely to lose money is definitely when everyone is shouting, "There's no time to research, just dive in and see!" I am very familiar with this phrase; from the earliest meme coins, to later mining coins, to small images and gaming coins, to the most frenzied times, it has always been like this.

You must first have curiosity, a genuine willingness to research, and find an investment method that you truly believe can achieve high multiples before investing. Oh right, of course, it should be small amounts of money chasing high multiples; this is the correct way to unlock alpha.

Also, when you clearly understand a concept that is just a game of speculation, you need to look around and confirm if there is someone more foolish than you to take over. If you look around and can't see anyone who can take your position, then you are probably the one taking the position.

Always maintain curiosity and respect for new things. Always be the type of investor that thinks, "Wow, what you are doing is amazing!" Never be the type of investor that thinks, "What's this? Isn't this just that?"