When we look at prices, we are actually looking at the future: the future will fluctuate repeatedly, but cognition can continue to rise! I finally had time to read+1 @ mscryptojiayi's epic work, and after reading it, I had a strong resonance: The future will fluctuate repeatedly, but cognition can continue to rise! Most of us seem to be watching the ups and downs of the market, but in essence, we are focusing on our own understanding of the future. To put it simply, I don't know if you feel the same way: During a bull market, everyone feels that they are very bullish and that they can understand the future; When the bear market came, we realized that we couldn't even understand 'now'. Have you ever thought about why? Because you didn't put in the effort! Because what you say is' now 'and what you see is the present, but what really worries you is' does my target have a future?'. Over the past two years, I have increasingly come to believe in a saying: The industry is moving forward, but we are looking too slowly. Price is a lagging indicator, while structure is a leading indicator. Why isn't there a cow yet instead of going to the anxiety stronghold? Why is the market looking hot but becoming increasingly difficult to make money? What kind of infrastructure has been built for ten years, but I still don't know where the application is? It's better to start learning to be responsible for reality, how to be responsible? Go find those projects that truly work! The ones who will see a tenfold increase in the future are not the ones who tell stories, but the group of people who are currently working hard in the coldest times to lay the foundation for the next five years Put real-world assets on the chain, enable AI to truly manage, execute, and pay, and make stablecoins the global financial language. They may not be sexy today, but tomorrow they will become the object of everyone chasing after and shouting 'dad'. Here are some of my insights: one ️⃣ Don't define a cycle with the phrase 'counterfeit gains or losses' anymore. What truly defines the cycle is whether the infrastructure has truly been embedded in the real world in recent years. two ️⃣ Don't fantasize about 'the next round will still be pure on chain native projects singing solo'. The future giants will definitely understand Crypto and be able to catch the big plate of Web2 and traditional finance. three ️⃣ Price is only the result, structure is the underlying cause and effect. People who focus on prices are looking at the past few months; The person who looks at the structure is looking at the next five or ten years. The tide doesn't just recede once, but can your cognition level up again every time it recedes? Ask yourself: Are you here to gamble on the market, Do you still want to survive the next round and the next round in this industry? As @ mscryptojiayi finally said: the future will fluctuate repeatedly, but cognition will not decline. If you can understand 2025 at this moment, you will not only seize 2026, but also seize the next five years for yourself. Written in the present, when the market is bleak but the future is surging. To those who still choose to believe and build.