Let me tell you something interesting.

During the National Day holiday, something very important happened: the US non-farm payrolls data far exceeded expectations. The expectation was 150,000, but the actual number was 250,000. What does this mean? It means that the Federal Reserve underestimated the economic activity, and the 50 basis point reduction at the beginning seemed hasty.

After the news came out, everyone's expectations for future interest rate cuts were lowered, and the direct impact was that the US dollar began to rebound. Logically, this would induce assets to flow back to the United States, but it happened that the A-share market was so red, which became a "shallow negative" and everyone was not panicked at all.

As a result, on October 8, the market opened high and closed low, and was pushed down from the daily limit to the 5-day line. After a lot of people were buried in the market, the wind direction changed again, and various conspiracy theories emerged.

In 299 BC, Qin captured eight cities of Chu, and King Zhaoxiang of Qin called King Huai of Chu, Xiong Huai. King Zhaoxiang said that his brothers were ignorant and ate eight of your places, and they were very sorry, father-in-law. How about this, you come to Wuguan to treat you to a meal, and by the way, talk about how to return the place to you. After all, the rivers and lakes are not all about fighting and killing. At that time, the temple was divided into two factions. The intellectual faction headed by Qu Yuan believed that Qin had wolfish ambitions and its words should not be trusted; Prince Zilan and others advocated peace and strongly advocated Wuguan Alliance. It seems that the Xiong family is worthy of the orthodoxy of the Chu people, and the main idea is to go deep into the tiger's den. As expected, he was detained in Qin. Although King Huai did not agree to cede land, his iron will was exchanged for a three-year detention.

I have long wanted to write an article about how to learn about the crypto industry at different stages from novice to OG, but I have never found the time to write it.
It just so happens that there is nothing much to talk about the current market situation. At the same time, there are quite a few newcomers in BRC20\MEME and the market due to BTCETF, so we can talk about it.
Most of the new friends have no idea about finance or the industry, so it is very easy for them to fall into various traps. At the same time, many friends want to learn about the industry, but they suffer from the lack of learning channels or reliable "tutorials".
Given that Akong has been engaged in traditional VC for the past seven or eight years, and has been engaged in crypto investment for five or six years, and has achieved certain results in investing in the crypto industry, (for my experience, please refer to this article "Summary of a 10,000-word long article: Disclosing my experience in traditional and... in the past six years")

All victories come from the persistence of faith. Believe in the power of belief. We will never be disappointed. Welcome to follow Starry Sky Value Investment. There must always be someone who looks up at the stars.
Yesterday, Aleo finally generated a genesis block on the mainnet. The miners, who had been frightened by years of delayed delivery, finally had 50% of the pressure lifted. The remaining 50% will have to wait until the incentive policy and lock-up period are determined.
I read the instructions today and found that this 50% will basically not be realized. Because all airdropped tokens will be locked for a year before being distributed. The miners who were originally very excited suddenly didn't even have the heart to curse. I wanted to try it, but later I talked to a friend who was doing code. In the absence of a mine, according to the production and price of coins, the cost cannot be recovered, so I just gave up.

All victories come from the persistence of faith. Believe in the power of belief. We will never be disappointed. Welcome to follow Starry Sky Value Investment. There must always be someone who looks up at the stars.
A few days ago, Multicoin aroused the anger of the masses when talking about Ethereum in an interview.
This is also human nature. The ETH/BTC exchange rate has almost reached its historical low of 0.43; while SOL/ETH has risen by 300% in the past year.
When he gets emotional, he wants to take all the blame, from the Ethereum Foundation's excessive spending to Vitalik's disregard for ETH's life and death in order to pick up girls, saying that Ethereum has never disappointed anyone when it comes to disappointment.

*This is an old article, written on April 26, 2022. Because the previous article was deleted, and Sun Yuchen just recently made a Pump imitation, I posted it here for everyone to think about together
Preface: Some thoughts on Crypto investment arising from Lianjia.

When I passed by Lianjia on the weekend, I remembered a speech given by Lianjia Chairman Zuo Hui in Shanghai.

That was an internal speech in 2015 after Lianjia was asked by Shanghai authorities to remove financial products, stop exclusive management, and withdraw window advertisements due to housing problems. Zuo Hui was very angry at the time, denouncing fake housing sources and being angry at the brokers for not fighting back.

The gains in the market were vomited out overnight. BTC fell below the 30-day moving average to around 59K, and the market fluctuated and oscillated. All the positions that needed to be cleared out were swing positions.
Most of the time the market remains in this state. Before a big rise or fall, it fluctuates within a range. Only a few times are there excellent opportunities to increase positions (decline), and most of the time it is neither going up nor down.
Everyone needs to get used to this kind of market, and at this time, you need to consider whether you can accept losses. If you cannot accept losses and blindly predict the market, you will always be led by the nose by fluctuations.

Many people really don’t realize how lucky they are to be in crypto. I don’t want to talk about the market today, let’s talk about another issue, capital and work.

Recently, AAVE is about to break through its previous high. What’s interesting is that in the past, when AAVE and Uniswap did not rise for a long time, there were countless voices criticizing them, but when they rose, all the winds turned around.
However, when the market began to pay attention to a certain project, the price stopped rising. After AAVE rose to 143U on August 21, it immediately fell by 5%, killing a round of bulls.
AAVE old readers should know that we have already started to focus on AAVE before the summer of DeFi, when AAVE was still called Lend. The last time we mentioned AAVE was in June 23.

At that time, several leading DeFi projects were valued, including Uniswap, Aave, MakerDao and Curve. The ratings were: Uniswap is the most cost-effective target, MKR and AAVE are the most potential targets with low cost-effectiveness, and CRV is not worth participating.

Yesterday I saw an article published by Shenchao titled "This generation of VCs has begun to defend their rights". I found it both funny and emotional.
It was expected. Since the ZKS airdrop began, the resentment accumulated in the entire market has exploded. Exchanges, VCs, project owners, and even KOLs are all in a mess.
In the current market, it is no wonder that everyone always focuses on every word of traffic giants to speculate MEME coins. Whenever Musk or Trump says a word a lot, they will hype it up. The logic here is that traffic is large and easy to remember. They also solemnly sorted out the common characteristics of the local dogs that skyrocketed before, and even made a strategy tutorial...

The day before yesterday I said that the sales of Black Myth Wukong would be over 5 million copies, but now it seems that I still underestimated the halo effect of Black Monkey. Up to now, the total sales of Black Monkey have exceeded 4.5 million copies, and it is really going to sell 10 million copies.
I have to congratulate Game Science and Ms. Feng. After many years of hard work, they have finally become the boss and gained both fame and fortune.
It is also very interesting to say that the protagonist of Black Monkey is a "man of destiny" who saves the common people in an era when gods and Buddhas have disappeared and demons are rampant. This also has a very reflective effect in reality.
In 2014, Game Science separated from Tencent to work on its own, the project was established in 2018, and a large amount of money was invested in 2020-2021. At that time, the entire game industry was relatively sluggish, and this 3A game track was also a track that had never been successfully developed in China (and even if it was successfully developed, it would not be very profitable).

I'm finally back to normal, so I came up to chat with you all.
Bitcoin fell back to around 59K. The counterattack organized before the weekend was pushed back after the weekend. This scenario has been going back and forth many times in the past few months, and everyone's patience has almost worn out.
This kind of market reminds me of July and August 2020. But at that time, the price of Bitcoin was not even 10K, and now it is still 60K after falling from the high. This shows how low the willingness of retail investors to hold Bitcoin is. Most people only regard Bitcoin as a weather vane, like "Bitcoin breaks through a new high, the copycat level should be coming soon"...

This morning I listened to Musk's speech to Trump. When I entered, there were about 1.33 million people in the audience. The whole audience could only hear Trump talking. Musk couldn't get a word in. He was just a supporting actor and could only say "yeah". Someone on the Internet summarized this space. I posted the picture hahaha

Hot conferences have always been the focus of attention of the "lottery number" in the circle. Needless to say, this "yeah" has long been made into a dog coin on Sol. I took a glance and saw that it tripled in the time I saw it, and then it fell all the way down. It's meaningless. If you don't charge enough, you won't make much money, and if you charge too much, you will lose all your principal.

Overnight, Bitcoin dropped 5%. Shorts and longs were fighting back and forth, and the ups and downs of the K-line were like a cat toy, directing traders to jump left and right, and the contract market was in chaos.
The market is eerily quiet. I see a lot of pessimism and despair on social media, which is a bit confusing. Normally, such a market should be the most comfortable.
Those who were fully invested last year still have huge profit margins, and the boring market can free up more time to enjoy entertainment; friends who are preparing to enter the market this year do not need to spend too much energy, they only need to add a little position during each crash, and do the rest step by step.

The overnight negative line turned into a needle line, and BTC dropped to 50K and then quickly rebounded to 54K. In this way, both bulls and bears were defeated. Only some "slow" friends who held BTC in spot positions were not affected at all.
The crypto industry’s plunge this time was attributed to Jump Trading. But things are not that simple. This is a “big liquidation” of the entire financial market. But let’s talk about the Jump Trading issue first.

It was the Bitmex co-founder AH who first blew the whistle, saying that he learned from traditional financial channels that a crypto giant was liquidating its positions. Although it was not stated explicitly, everyone knew that it was Jump.

Today, cryptocurrencies suddenly plunged across the board, with BTC falling more than 15% and ETH falling more than 21% on the day. Many tokens fell directly to the level of December last year.

At this time, countless negative factors are bombarding the market. For example, Buffett liquidated 50% of Apple shares, the reversal of Japan-US arbitrage triggered global liquidation, geopolitical conflicts intensified, and the crypto giant Jump induced on-chain liquidation.
It's not just crypto, the whole world is panicking now. Many readers are worried, confused, and panicking, asking if the bull market is over? Should I buy or sell now? Some people can't control their long positions and see me as a lifeline.

Humans are social animals, and most people are easily influenced by the environment and tend to follow the crowd. In daily life, you can't see the harm, because no matter how ordinary you are, you still have labor and can meet normal survival needs. At most, when you look back on your life before it passes away, you feel that you have lived in vain.

But in the financial field, following the crowd is a terrible thing. The harm it brings is immediate because you will lose money. At the same time, it is difficult to realize the root cause of this harm - because it is a subtle influence on the mind.

Overnight, Bitcoin fell below 66K, and the mainstream voices are again predicting the market’s decline. These voices can find all kinds of negative factors to intimidate participants. Three people make a tiger. If you still follow the crowd and have no judgment, and accept this result after repeated brainwashing, you will finally start to wait and see, or even sell at a loss.

The market briefly rose to 70K but was unable to break through, and retreated to 66K overnight. I once said in "Slogans are just talk, Trump's flattery is the biggest benefit." Politicians' two mouths stir up emotional emotions, but before the substantive benefits come, they will return to calm.
I have talked about an indicator DXY (Dollar Index) before. It reflects the index of pricing the US dollar in other countries' currencies. There were ten types before, and now there are six types. Generally speaking, if the United States raises interest rates and other countries do not, it will cause other countries' currencies to depreciate against the US dollar and DXY will rise. At the same time, the interest rate of government bonds will increase, and other financial assets will fall.

Yesterday, Bitcoin broke through 70K and then took a sharp turn downward, dropping to 65K at its lowest point, a drop of 5%. Under the game between long and short positions, high leverage was killed, with 168 million liquidated in 24 hours, and long orders alone liquidated 144 million US dollars.
In 1927, Heisenberg proposed a physics principle, which states that the position and momentum of an elementary particle cannot be determined simultaneously, called the "uncertainty principle." He himself also has a profound philosophical explanation:
"In the statement of the law of causality, that is, 'If we know the present with certainty, we can predict the future,' what we have drawn is not a conclusion but a premise. It is a matter of principle that we cannot know all the details of the present."

The aftermath of Trump's speech at the Bitcoin conference began to ferment, and media at home and abroad, inside and outside the circle rushed to reprint it. Overnight, Bitcoin once again surged to 70K, only 5% away from its previous high. In other words, according to the rate of increase during this period, it only took 2 days to break the historical high.

Yesterday, in the article "Slogans are just talk, Trump's flattery is the biggest benefit", I said that the trend of encryption has already been established, and whether the politicians are sincere or not, they have to embrace Bitcoin. They cannot change the trend, but they can accelerate the arrival of that moment.

First, let me respond to the big thing I wrote yesterday. On July 23, someone on X platform said that the flag at the US Capitol was lowered to half-mast because Biden died of COVID-19. Later, it was debunked to commemorate a black congressman who died last Friday. It's hard to write without confirmation, so just treat it as a roe deer for once...

The big event yesterday was the first day of official trading of the Ethereum ETF. There are several key data to mention. Grayscale's Ethereum Trust had a net outflow of US$484 million, while BlackRock and Bitwise received inflows of US$266 million and US$204 million respectively. Together with others, the total was US$590 million. After hedging Grayscale's outflow, the net inflow was US$107 million.