The gap in cognition is often the biggest cost.

In the same 2023, some people are high-leveling in first- and second-tier cities to buy old community properties, while others are interacting on-chain in front of screens. On the surface, it seems like the paths diverge, but the core difference lies in thinking patterns.

Later, I had a face-to-face meeting, and the other party half-jokingly threw out the label "internet beggar," even implying that some crypto work might involve deception. I didn't argue much because the real disagreement isn't at the factual level but in the understanding of risk and cycles.

His investment logic is very simple: follow the majority, enter the market at its peak, and then pray, "Since everyone is buying, I can't lose." This mentality gives a false sense of security.

But this is precisely the most dangerous place. Every major correction in history started at a moment of "public consensus." The housing market has also gone through this phase in certain cycles. In the crypto market, those who can think independently, those willing to deploy during unpopular times, and those who can stay clear-headed during the高潮—these are the watershed for long-term gains.

Giving up on explanations is actually a form of wisdom. Because bias itself is the highest trading cost.