A common sense: In every bull market, what ultimately leads to your downfall is your desire to earn more money than your understanding allows.

The process of a bull market is always accompanied by various innovations and surges, constantly reminding you to enhance your understanding; otherwise, you won't make much money and will only be left holding onto a few coins, feeling as miserable as a widow. But when you endure and endure, and finally can't take it anymore and choose to join in at the end, you are most likely the last one to the party.

Of course, there are real innovations in this, or you could say that any round of fervor counts as innovation, as many people indeed made money. However, after the noise, there will certainly not be many who remain.

At this point, it's 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 achieve higher alpha returns. Just relying on beta from the major coins obviously won't satisfy the vast majority of people.

After personally 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/trend, your research on it, and your understanding of it should be greater than the money you spend. The worst thing is to not research at all, get carried away in the moment, and end up confused about whether you made a profit or a loss.

The stage most likely to make you lose money is definitely when everyone is shouting, "There's no time to research, let's just jump in and see." I'm very familiar with this phrase; from the earliest meme coins to the later altcoins, to small NFTs and gaming coins, it was all like this during the most frenzied times.

You must first have curiosity, be truly willing to research, and find an investment method that you genuinely believe can achieve high multiples before investing. Oh, and of course, you should be pursuing high multiples with small amounts of money; that's the correct way to unlock alpha.