The big pancake is nearly 100,000, yet there’s an odd sense of calm. Having gone through three rounds of bull and bear markets, I understand the reason very well. Most people either miss out or end up with hands full of counterfeit coins that may not even break even. In such a situation, how could one possibly feel happy?

Those like me, who have gone through several cycles, either got washed away by the waves or survived, and those who survive generally do not have faith in counterfeits.

Those who like to play with counterfeits are usually newcomers just entering the field. In fact, I wasn’t always like I am now, enjoying making big pancakes. When I first entered, like most new players, I was keen on playing with counterfeits because at that time, the big pancake was over 10,000, and it was priced in RMB, not USD. I thought it was expensive, and with all my money, I couldn't buy much, so I went to play with counterfeits. Back then, making ten times was too easy; you could just buy blindly. This made me unaware of my true level, and I mistakenly took luck for skill, briefly indulging in an illusion that I owned the world, but soon I lost everything.

In fact, looking back, I’m grateful that I lost it all quickly at that time; otherwise, I would not have been able to reflect on where my problems lay. Moreover, people tend to have path dependence, and I would have strayed further down the wrong path.

Seeing others succeed with counterfeits and meme coins with a hundred or thousand times returns, my situation is actually the real experience of 99.99% of newcomers. If I don’t say it, no one knows; if I say it, those hundred or thousand times stories are much easier to spread and have a greater impact on others. But when you lose, you realize that rather than dreaming of instant wealth with those illusory hundred or thousand times returns, it’s better to realistically aim for three to five times returns. Securing a few successful three to five times returns with high certainty is far easier to realize than the lottery-like probabilities of hundred or thousand times returns, which is called slow is fast.

Remember one thing: all counterfeits are the same, only speculative value exists. Since it’s speculation, don’t talk about faith; only act when the high odds opportunities arise. Being able to ride even one round of a bull market is already impressive. Never think about accompanying counterfeits through the bull and bear markets; apart from the big pancake, who knows if you will still see the counterfeits you once believed in during the next bull market.