I've experienced countless "survival crises" in the cryptocurrency world, but each time the sense of crisis has gradually diminished. - First shock: The collapse of the Mt. Gox exchange. I was completely stunned, not even realizing it. My net worth in cryptocurrencies wasn't enormous in absolute terms, but for a recent graduate, it was quite considerable. Second shock: The Bitfinex hack. I thought it was all over. However, the issuance of redeemed tokens, coupled with the solidarity of creditors, led to the epic birth of Tether. Post-ICO crash: The most painful moment. Net worth shrank dramatically. I learned a painful lesson from altcoins and founded Primitive Ventures during the depths of the 2018 bear market. - March 2020: The most difficult period. If BitMEX hadn't shut down, our entire industry might have been completely finished. But psychologically, this blow was relatively minor because the difficult period of 2018-2019 and my subsequent experience surviving the global COVID-19 pandemic had already adapted my mind to new chaos. - The 2022 FTX crash: madness, like a scene from a movie. We withdrew our investment as soon as we sensed SBF's impending doom, narrowly escaping disaster. This also made me realize once again: if you understand behavior, you'll find that founders constantly leak information. Every cycle leaves its scars. In the cryptocurrency world, these scars transform into antifragility: more complete prior knowledge, faster reaction times, and clearer counterparty rules. Cryptocurrency practitioners have been ahead of the curve in many significant socio-economic changes: fighting botnets before "artificial intelligence" became mainstream; demanding data sovereignty before LLMs (Local Management Systems) rapidly injected data and manipulated public opinion. They understand the future of surveillance nations and are therefore extremely vigilant about operational security, staying away from the internet. We, too, have suffered greatly from loopholes in human incentive mechanisms and behavioral biases, paying a heavy price early on. Experience cannot be compressed. Time is the only leverage that no one can monetize. My fellow travelers, we will eventually see a new turning point.