Crypto is heading towards two extremes: On one hand, it's becoming like a casino; on the other, it's becoming more formalized and pragmatic. Memes, contracts, pre-testing environments... So I went to Macau to experience the economics of the casinos. Gambling is the most illusory aspect of the entire economy, second only to robbery, so its scale must be limited, but it still has a place! However, the casino economy severely erodes the normal economy—it's hard to even buy a phone case in Macau; there aren't many small vendors or restaurants; the vast majority of the economy revolves around serving the casinos! Just like in the crypto world, people are now playing with memes and contracts, but not altcoins! On the other hand, there's a focus on formalization and pragmatism, with people starting to pay attention to the legitimate changes brought about by blockchain: payments, RWA, DeFi. But these businesses will ultimately be winner-takes-all; only giants exist, no small players. I need to think about the rest. That's all for now.