From the first encounter between CZ and SBF, and the clash with Gensler, I've gained insights:
In the business world, there are no eternal positions or allies. The real underlying logic is that position determines profit, and structure determines survival.
Core insight:
Viewing the world through the lens of human nature: don't judge by 'good or evil', but rather by position, profit, and constraints. When interests shift, both human nature and positions will flow.
Understanding underlying risks: collaboration should focus on the braking system, not speed. The collapse of FTX stemmed from governance failure, not insufficient growth.
It's harder to reject than to seize an opportunity: true restraint is filtering out FOMO and saying no to 'smart money + high growth'.
Power is a double-edged sword: regulatory resources are not a moat, but a risk amplifier. The core is clean operations and transparent capital.
Piercing through the narrative fog: heroes and villains are just labels; the truth lies beyond emotions. When analyzing events, first consider who the narrative serves.
The essence of crypto risk: technological innovation remains unchanged, while human nature and power structures persist. Greed, uncontrollable power, and dark financial currents are timeless.
The cornerstone of trust: don't blindly believe in relationships, intelligence, or growth; only trust structures that withstand tests of interest, position, and pressure.
In conclusion: the harsh truth of business—don't trust people, trust the structure; don't believe the stories, trust the constraints.
