When we enter this crypto world, especially with 💰, we can take a look and hope to learn to improve together.

If there is a first principle in investment, it is that once you have determined your principles, you must execute them without compromise.

Only principles can transcend cycles. No matter how much money a person makes, if they do not have their own principles, or if their operations have many fatal bugs, they are not worthy of envy or respect. For example, playing contracts, or collateralized lending.

Two types of errors

There are only two types of mistakes in this world.

Forgivable mistakes can be forgiven, but unforgivable mistakes need to be condemned harshly.

The former is a mistake made due to insufficient understanding, which is an inevitable path; it requires spending money to gain knowledge, and it is understandable and unavoidable.

The latter is the mistake of not sticking to the principle, that is, knowing that it is a mistake, but not sticking to the principle and still doing it, this kind of mistake is unforgivable, and if you are wrong, you should attack yourself.

Many people hold a large portion of their assets in cash, thinking in their minds that they believe or are convinced that there will be another great opportunity waiting for them. In my opinion, this is still greed. They may indeed come to a big result, but it is not commendable.

The most correct logic for staying in cash should be: I don't believe in anything, and I don't predict that there will be a significant drop next. I am simply adhering to my principles and acting according to them. The current price has not reached my ideal buying point, so I won't buy. My cash position is not because I expect a significant drop next, but simply because the opportunity to buy has not yet arrived. On the surface, everyone is in cash, but the underlying thought processes are completely different, and the essence is also vastly different.

Respect all truly principled people

In the world of investment, most failures and losses stem from the twin brothers of fear and greed. Overcoming fear and greed from a human perspective can be said to be like trying to fish for a tree; no one can achieve it.

Reciting the Diamond Sutra every day and tapping the wooden fish, no matter how much you eat vegetarian and chant the Buddha's name, is all in vain.

To truly address fear and greed, one can only start from principles.

Indeed, with principles, everything can become very simple.

With principles in place and treating them as guiding ideals that must be practiced, fear and greed will have nowhere to hide and will dissipate.

What changes a life? Character? Cognition? I think it is principles.

Of course, the establishment and revision of principles cannot be separated from the enhancement of cognition.

If you have anyone around you who is involved in investing, you might as well ask them a question: What are their investment principles?

99% of people have never seriously thought about this issue.

Therefore, we must respect all truly principled people and strive to become one.
There are people who truly have their own principles.

Of course, the true principle must be executed, not just stated.

Talk about the logic of making big money

My abstract understanding of making big money is to have top-level cognition + minimal operation.

If you ask me, what is top-level cognition?

I will tell you, establishing a correct principle and then executing it uncompromisingly, this is top-level cognition.

Or you can understand that behind every principle there is a meta-principle; behind every cognition, there is a meta-cognition. Those who possess meta-cognition and meta-principles are the ones with top-level wisdom, and other decisions are derived from this.
Come, they are the 1 that gives rise to everything...

I lost 5 million, and I bought two words: principles.

The events of August 5th made me reflect on the principle of the two words and whether I possess the awareness and some ability to remain calm in the face of significant matters. Each of us is much stronger than we imagine, yet also much more fragile than we think.

The strength lies in the fact that, apart from life and death, there is nothing that cannot be borne, so in the face of life and death, all major matters are trivial.

The fragility lies in the fact that after losing the principal and leaving the table, it is truly difficult to get back in.

Learn from weakness to respect the principal, to respect money; to respect risk; from strength, learn to be indifferent to the uncertainties of the world. Face various difficulties with a calm mind, this is attitude; however, actively avoiding and setting up risk prevention, this is behavior.

Suddenly I remember what I said before, the philosophy of being mentally relaxed but behaviorally tense.

n times theory principle

You cannot chase change; you can only hold on to principles.

The market is filled with variables and uncertainties, or in other words, it is in a state of constant change. Change is its underlying color. Whether it is predicting short-term trends, mid-term trends, or even long-term trends, they are essentially acts of a clown. We say there is a bull-bear cycle every four years, and to earn money from trends, the fundamental reason is simply that the probability of cyclical events occurring is relatively higher than that of mid-term and short-term events. However, whether the cyclical patterns of bull and bear markets will be broken also has its variables. Based on this, why should we establish reasonable and correct principles? The underlying reason is actually to respond to changes with stability. Since pursuing change is destined to be a game of fishing for the moon in water, the only thing you can do is to adhere to your principles. This way, regardless of how the market changes, no matter how erratic the trends are, you can always remain calm in times of crisis, not rejoice in rises, nor mourn in falls. You can achieve invincibility.

Therefore, when investing reaches a master level, there is only one thing to do: continuously formulate reasonable and correct principles.

For example:
1) Don't buy if you don't understand.
2) Do not make contracts
3) Do not engage in lending.

Of course, the principle is based on the basic goal, and the most basic goal should be not to lose the principal. So, whether to formulate a principle is to double the cost and let the profit roll, for example, whether to partially take profit, etc., these are some principles and guiding ideologies derived from the goal.

Furthermore, you will find that buying during non-drastic downturns primarily serves to reduce the probability of loss; only secondly is it about pursuing more substantial profit returns. For instance, realizing a profit of around 50% and then starting to take partial profits is also aimed at reducing the risk of the principal to zero, and only then is it about seeking greater returns.

You can also categorize and rank investments according to Maslow's hierarchy of needs:
1) Preserving the principal is the most basic demand of your pyramid needs.

2) Not leaving the table (thus not playing contracts, etc.) is your secondary investment requirement (generally, losses should not exceed 50% to ensure you still have a chance to turn the situation around, ultimately not leaving the table).

3) Those who pursue returns of 3 times, 5 times, or 10 times are further up.
You will find out why you shouldn't go all in? Why shouldn't you use contracts? Why shouldn't you chase after rising prices and sell after falling prices? All principles are determined around achieving your own goals.

To simplify, there are actually three purposes for investment:
First, do not lose money.
Second, making money
Third, make more money in the long run

Life is a series of principles.

Life is a series of principles, with major principles having smaller ones beneath them. Important principles take precedence and can govern other principles. The choices of different people are completely different, actually just because their principles are not the same.

A friend of mine told me a story about his friend. This friend had been focused on being a real estate agent a few years ago. He was quite lucky and capable, previously owning many properties. He was also quite decisive. When the real estate industry began to decline, he made the bold decision to sell all his houses, even the one he lived in without hesitation. He ended up with 30 million in cash but only bought himself a car worth 100,000 to drive.

In front of such a person, indulgence is not his priority principle.

When I was browsing Twitter, I saw a mining blogger mentioning that one of his friends in the crypto world seemed to have sold his mining farm for a lot of money, and then he reinvested that into a luxury watch worth over ten million. The blogger jokingly told his friend, "How much do you think your watch will be worth in 10 years? It might be at least ten times more." The gist is that if this luxury watch worth over ten million is not spent and instead bought as btc to hold, its future price could potentially increase by ten times.

In fact, it's just that everyone's consumption principles are different.

Some people know that if they delay spending this money, it could be worth more in a year, two years, or even ten years, but they still choose to spend it. The reason is simply that, for them personally, the principle of moderate enjoyment outweighs the need to earn enough money.

You see, everyone has different principles, so their decisions are different.

There is no right or wrong, only principles.

Life is a series of principles.

Everyone has their own set of self-consistent principles, or rather values.
And these principles and values are the big boss behind guiding our actions!

Buy for principle

Whether a person has sufficiently clear principles and strictly adheres to their principles will be the fundamental criteria for my judgment of that person. We are all paying the price for our principles; as long as they are principles we recognize, we execute based on those principles, and regardless of the outcome—good or bad, profit or loss—we can remain indifferent. There are no subjective positions, only physical positions and design positions.

Apart from principles, you have nothing else to rely on.

In the future, I will resolutely not recommend anyone to do any investment.

The reason is actually very simple: investing is a risky behavior that may lead to earning a lot of money, but it may also result in a total loss of the principal. This is the basic rule of the investment game.
For someone who has never been in contact with or does not understand it, she cannot truly accept the risk of losing all the principal from the bottom of her heart. Such a person must come to understand it herself; if she understands it, she will take action without needing you to introduce it. However, if she hasn’t understood it, even if you tell her, she will only say she knows and that she will bear the profits and losses herself, but deep down she hasn't truly accepted it. At most, you can convey a message that informs her to pay attention to it.

For those who want to make money but do not want to study and research on their own, this situation is even more undesirable based on their trust in you. It is equivalent to them giving up their initiative and becoming dependent on you. In this case, your relationship will be very fragile when faced with bad outcomes.

Regarding investment, the mature approach is to never give up control and never rely on anyone.

Only by losing in this way can one lose willingly, and only by earning can one earn with confidence.

Why is there a lack of interest in the airdrop later, the reason is, I don't understand at all, I gave the money to others to help me operate, of course I believe in the other party's ability, and there is trust in each other, but I find that this is still contrary to my principles from the bottom. You see, if you don't understand, don't vote. Applies to so many things. Of course, this is just my principle, I want to understand this thing, but maybe many people think that people who know how to do this thing can also understand, so she does it, and it is also in line with her own principles. There is no right or wrong.

99.9% theorem

Long-termism is a significant principle that a person should uphold.

Different individuals have different principles; however, some fundamental principles should be applicable to a certain type of individuals, or even to all of humanity.

Life is a marathon, and only long-term thinkers can reach the end. The weight of the four characters of long-termism can bring immense hope and relief to people. Once you truly establish a long-term perspective on life, to some extent, when facing current difficulties and setbacks, you can achieve immunity to anxiety and pessimism.

The real gap is never something that can be bridged in the short term.

We say that the aesthetics and quality of established empires are actually derived from the accumulation of time and wealth.

Long-termism is also a spirit of continuous improvement.

Our understanding of anything has no limits. From this perspective, cognitive differences truly have essential distinctions. For example, I have been deepening my attention and insights into principles recently, and many times I felt I was almost at the end, but as my thinking deepens, there are always new revelations and understandings. For instance, this morning I watched Lei Jun's views on the ten-year unit, which further reinforced my thoughts on long-termism.

Life goes on, learning goes on; life goes on, struggles go on, isn't that what it's all about?

For a certain principle or matter, you may think you have grasped 99.9% of the truth, coming close to a complete and absolute understanding. However, you will find that within that 0.01% gap, there is still 99.9% of space waiting for you to understand; similarly, when you have understood 99.9% of the remaining 99.9% of a matter, you will ultimately discover that behind the remaining 99.9% of 99.9%, there is an infinite 99.9% of space waiting for you to comprehend.

In short, there are no limits.

I call this the 99.9% theorem. We have mastered 99.9% of 1; however, there is still 99.9% of 0.01 that needs to be mastered. In essence, there is no difference between 1 and 0.01; the part that you have not mastered will always approach 100%, and this is the truth about cognition.

Only principles are what you truly gain.

Learning a correct principle is more important than temporary gains or losses.

Only principles are what you truly earn, and no one can take them away from you.

Without principles, the money earned is likely to be lost back.

With principles, losses can definitely be earned back.

The most basic principle of investment

If you don't understand, don't buy; this should be the most fundamental investment principle.

You only dare to buy what you are familiar with.

You dare to invest heavily only in what you are familiar with.

You can only hold what you are familiar with.

Only what you are familiar with can you earn from...#BTC #ETH #PI #DOGE