Many people succumb to what psychologists call "thought traps," also referred to as "cognitive distortions" or "thinking errors" by others. These patterns arise from unfounded, negatively biased beliefs that are deeply ingrained and can even occur automatically, leading us into predicaments from which we struggle to extricate ourselves. Consequently, our perception of situations becomes clouded, impairing our ability to communicate effectively and make sound, reality-based decisions, which can adversely affect us and the teams we lead.

Regrettably, thought traps are exceedingly common among anxious high achievers. To escape them, some individuals choose to work excessively, while others resort to coping mechanisms such as medication, alcohol, avoidance, or passive aggression. However, there are more effective solutions. The first step is to understand the various types of traps and identify those to which one is most susceptible. Then, one can consciously take direct, research-supported steps to liberate oneself.

许多人屈服于心理学家所谓的“思维陷阱”，也有些人称之为“认知扭曲”或“思维错误”。这些模式源于没有根据、带有负面偏见的信念，这些信念深深植根于我们的思维中，甚至可能自动发生，将我们带入困境，使我们难以自拔。因此，我们对情况的感知变得模糊，妨碍了我们有效沟通和做出基于现实的明智决策的能力，这可能对我们自己和我们领导的团队产生不利影响。

遗憾的是，思维陷阱在焦虑的高成就者中极为常见。为了摆脱这些陷阱，有些人选择过度工作，而另一些人则求助于应对机制，如药物、酒精、逃避或消极攻击。然而，有更有效的解决方案。第一步是了解各种类型的陷阱，并识别出自己最容易受到哪种陷阱的影响。然后，可以有意识地采取直接的、基于研究的步骤来解放自己。

In the domestic market, numerous teams working on these web2 web products have development costs that can be considered negligible.

The primary focus should be on meticulously designing the marketing strategies, product models, and tokenomics.

This might trigger a wave of token proliferation, potentially introducing novel methods of asset issuance.

国内 web2 做这些网页产品的团队，很多，开发成本可以忽略不计。

主要是要设计好营销路径，产品模式，代币模型。

这个可能会出现一波代币潮，也许会有新的资产发行方式出来。

I still vividly remember the excitement of seeing ICOs in 2017, imagining everything on the blockchain and the decentralization of all industries; in 2020, witnessing DeFi and envisioning traditional finance on the blockchain, with some financial activities happening on-chain. Now, in 2024, with the BTC ETF approval and the rise of the big meme era, I see all so-called "narratives" forming brief parabolas, so brief that they can't even stir the imagination with their prices.

This is the Dharma-ending age of crypto, where all beliefs are mocked, and all persistence comes to naught. It is the cynical era of crypto, where flippers will ultimately prevail, and selling early is the true path to profit.

Perhaps we need another massive flood from the dollar system, where even trash might float in the deluge. Perhaps we need another DeFi-style innovation to bring crypto closer to its potential, just a bit closer. Or maybe we should just accept that this is an endless casino, no longer needing even an illusion.

So, keep gambling, my friends, as if there's no tomorrow.

🙃Sometimes I feel like our industry is sick. We use WeChat, Instagram, and similar apps without needing to be paid to do so, though some new apps or B2B SaaS platforms might offer subsidies initially to attract the first batch of users. Here are a few reasons why I want to rant:

- **Gas fees and sunk costs**: If the sunk cost was zero plus time, people wouldn’t be so angry.

- **Web2 startups**: The most important realization was that the product had to cater to the seven deadly sins (basic human desires like eating, drinking, vanity, etc.) for people to like it. However, in crypto, apart from encouraging gambling or saintly behavior, where is basic human nature considered?

- **Product development**: In the real world, products evolve from simplicity to complexity. For example, WeChat started as a communication tool and evolved into a multifaceted platform, Amazon started with selling books and grew into a tech infrastructure giant. In crypto, the logic seems to reverse, starting with overly complex and redundant infrastructures and then figuring out the usage, like skewering fish balls with toothpicks. It goes against normal usage habits and thinking patterns. I believe this sector needs more M&A; many protocols could merge for mutual benefit.

- **Onboarding friends to crypto**: Despite having established numerous L1/L2 solutions for so long, there still isn't a mobile app that can instantly hook outsiders (excluding browsers as we usually handle things via phones in real life). The only things that are immediately accessible are the major exchanges and, to some extent, web3 side apps like OKX Wallet, Daimo Wallet, and Phantom, which have smooth swap functions.

These issues really need addressing for fresh blood to enter the circle. The economy is zero-sum and cyclical. From a nihilistic perspective, all currency and economy are just exchanges, social constructs without intrinsic value.

I hope we can find more footholds in the void to make the bubble last longer. 🙃

In the crypto space, there are currently two established narratives:

1. **BTC as a representation of sovereign personal assets**.

2. **ETH as a representation of DeFi applications**.

All other narratives are either speculative or subcategories of these two narratives.

There is hope that in this cycle, a third narrative will emerge.

币圈里，目前真正成立的两个叙事：

一个是 btc 为代表的主权个人资产，

一个是 eth 为代表的 defi 应用。

其他所有叙事，都是在想象，或者以上两个叙事的子板块。 希望这轮能够看到第三个叙事。

A large-scale quarterly settlement is approaching at the end of June, and there has been a significant increase in long-term options trading volume this week, mainly in the form of large-scale call option combinations.

From the options data, although realized volatility (RV) has fluctuated greatly, implied volatility (IV) has remained relatively stable over the past two weeks, both in absolute terms and in terms of change. Historically, there are often no significant market movements before the quarterly settlement.

The performance in the second quarter of this year has been relatively weak, which is consistent with historical patterns. Historically, the third quarter's performance has also generally struggled, with the market typically picking up towards the end of the third quarter.