Business Like Water: How I Understood the Underlying Logic of the Crypto World Many people believe that only businesspeople need to understand commerce. However, this is not the case. Business is like water, silently flowing through the crevices of life, permeating every decision, choice, and action we make. Life is like an RPG game, pieced together by countless choices. A person's success often stems from making the right decisions at critical junctures. Those who truly understand business are usually better at making choices. I realized this a few years ago while listening to Teacher Zhang Xiaoyu's "Classic Business Case Course". That course covered many well-known companies: how Starbucks shaped pricing power through the "third space", how Costco built member loyalty through "low SKU, high trust", how Disney built an IP empire through content expansion... For the first time, I truly understood the meaning of "business model" - why a business exists, how it makes money, and how it continues to exist. I began to understand that business is not simply "selling", but a systematic engineering of design and operations. It designs how people pay attention, how they act, and how they invest resources and trust long-term. Like LABUBU, those who don't understand it will always think it's just an ordinary plush toy, but behind it is Popmart's marketing, capital operations, and even the consumer transformation China must undergo from a production-oriented to a consumption-oriented society. Crypto is the same. When I entered the Crypto world in 2021, I found myself back at that familiar starting point - only this time, what was carefully designed was not coffee, membership cards, or park tickets, but , , protocols, narratives, and communities. Many Crypto newcomers always ask: Which project will rise? Which is worth buying? But in my view, a project's potential doesn't primarily depend on its technical strength, but on whether its business design is viable in the short or long term. So-called business design means whether the project team has truly thought through these questions: Who are its real "users"? Why would they come, stay, and invest? Beyond speculation, does the constitute an effective incentive closed loop? Is the narrative precise enough, long-lasting, and reusable to transcend cycles? What is the underlying game structure - positive-sum or zero-sum? Many think Crypto is a "decentralized new order", but I increasingly feel it's essentially the ultimate演绎 of business logic in a free market. Crypto has no protection mechanisms, with project life and death changing in an instant. It forces everyone to constantly return to two fundamental questions: What value do you actually provide? How do you transform attention, resources, and trust into sustainable growth? Isn't this the purest essence of business?

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