This is quite worth reflecting on.

We always love to look at those passionate histories—Emperor Wu of Han wielding his whip, the prosperous era of Zhenguan, the bold decisions of ancient emperors. But the truly interesting parts are not there.

Elites, for the sake of利益, will make choices at the moment when the building is collapsing or the giant ship is sinking. Few people pay close attention to this part of history.

You might think things are already bad enough now and can't get worse. But flipping through history, you can always find situations that are even more outrageous. Those lessons forged with blood and tears are worth studying.

The same applies to the crypto world. Many people only look at price fluctuations and project funding on the surface. But the real risks often come from those overlooked moments—when利益 groups make decisions, when the market experiences extreme volatility, when the ecosystem faces choices. What exactly will happen?

Establishing this sense of history early can help you see further in the crypto space.