I recently checked out Breakpoint and went to Hong Kong. I have a lot to say, but I don't know where to begin. So, I'll just write down whatever comes to mind: 1. VCs aren't afraid of enduring hardship, but they are afraid of rapid growth. This is why bear markets are good for VCs. After Meme and Alpha emerged, project teams couldn't hold on. With the advent of AI, there aren't as many sectors left to survive. To succeed, you have to endure until the next dead end. Maybe VCs are all pretty masochistic. 2. Most Crypto VCs profit from information asymmetry, plus some path dependence, earning a meager living and channel fees. Now, these people have simply become market agencies/market makers; essentially, it's the same. 3. Everyone is more optimistic about Sol than Ethereum, mainly because Sol has a stronger sense of community, not to mention an elite feel. 4. Onchain finance is expected to be a hot topic in the first half of next year, probably reaching the level of the prediction market. Institutions are quite FOMO-driven.