Encrypting Two and a Half Currently, the core contradictions that the crypto market needs to address are only two and a half. 1. BTC 2. Stablecoins 3. Half: Layer 1 + Casino-like Applications + New Casino Chips. The third one is only half because it lacks projects, only chips and a platform. Anything else is a waste of time. The third one refers to the nine people I mentioned before: the house + exchange + KOL + experienced investors, all waiting for a single "dumb money" to enter. What is "dumb money"? It's those who have read a few popular science articles, their eyes light up, believing X402 can be implemented in the crypto, and that AI + crypto can make a difference. What are experienced investors? They are those who observe the amount of "dumb money" entering and exiting. When "dumb money" arrives, they shout louder than the "dumb money" itself. Once the liquidity of "dumb money" is insufficient, they immediately exit. Only BTC and stablecoins are positive-sum games. 3 is a game of sharing easy money. Once there isn't enough easy money, it becomes a zero-sum game where everyone tries to take advantage of each other. It's best to stay away from games where you don't have enough easy money.