Three years ago, around October 2022, I was having coffee with @Christianeth, @sleepy0x13, and @superarriva in Wangjing. That day was also a day of sharp declines, which I remember vividly. At that time, Chris was mainly trading ETH and Coinbase. I was trading BTC. I started buy the dips when it dropped from 40,000, and it fell to 15,000 in less than a month. But at that time, I didn't feel pessimistic at all. 🪼 Many interesting things have emerged during the long bear market. Let's farm @blur_io together, play with @friendtech, farm inscriptions, collect Layer 2 airdrops, and collect perp and various stablecoins (resolve, falcon, ethena, usual, etc.). Between 2023 and 2025, a large number of alpha tokens were also released, such as the ton ecosystem, the sol meme, and the AI ​​meme. Unfortunately, in the past three years, everything that could be played has been played, and everything that could be disproven has been disproven. Modularization, social-fi, game-fi, NFT, BTC ecosystem, TT ecosystem, high-performance chain—all these narratives are merely for the purpose of listing on Binance to unload assets and cash out. The value of counterfeit goods is indeed zero. There was nothing new or exciting about it. I've recently been chatting with many people from different segments of the industry, including: exchanges, market makers, whale, private equity firms, venture capitalists, and alpha/alpha studios. I asked them for their thoughts on this year's narrative and alpha opportunities, and everyone sadly agreed: there's nothing exciting or new to offer. In 2023 and 2024, everyone was still running around for each other, organizing events and profiting from each other. 26 years have passed, and people are too lazy to even put together a game anymore. Because there's no longer any direction, narrative, or fluidity to support it. Who has made all the money these past few years? The Pyramid of Wealth: Exchange – Market Maker – Project Team – Agency/KOL – Smart Trader – Ordinary Investor. Compared to the previous bull market in NFFT and GameFi, which attracted a huge influx of new investors, this bull market emphasizes profiting from existing investors. Those who survived and made money are the most astute and shrewd. 🪼The value of blockchain is manifested in regulatory and compliance arbitrage (tax avoidance, gambling, etc.). Blockchain will continue to exist, and these areas will develop very well in the future. 1) Stablecoin payments: The core of PMF lies in compliant arbitrage. 2) Various forms of deneutralized gambling services: Hype, Pump, Polymarket, and the core PMF are still compliant arbitrage and tax avoidance. In the blockchain space, doing things around regulatory and compliance arbitrage is highly likely to result in PMF (Programme for Default). 🪼Be patient, protect your principal, and look for new opportunities. Avoid ICOs and illegal mining; keep large sums of money in safe havens. Keep smaller funds in hot wallets for speculative trading. Don't get wiped out halfway through. Be patient and wait for the next cycle to begin (if it does).

Did Sleepyhead ever mention any password?

It was wgg at the time