And happy 15 years anniversary of my college entrance exam, the remarkable moment serving as the pivotal event of the first half of my life 15*2
Threw a house party tn with college friends so many nostalgic throwbacks
Tomorrow is the 1st day of the first post COVID college entrance exam in the mainland aka 高考 GAO KAO a few days of intense test marathon of all subjects
It’s the 3 days of “fate defining” moments of many Chinese kids
Permissionless is highly undervalued and not being mentioned enough. Especially in the context of an eastern society where kids growing up in permission-only setup
Any permissionless movement is a liberty movement
Prior to the internet, you are only permitted to read the permitted information from permissioned channels such as newspapers and TV
All are pre-filtered and editorial content with highly skewed information and data collections
Today even tho there is algo driven echo chamber on social media, but access to information and publishing is relatively permissionless
(assuming you have free access to the broader internet, even in China VPN is common know-how for its educated netizens already)
The core ethos of entire CCP governance is around “social stability” so 2 things violates it when it comes to #Bitcoin 1. capital outflow 2. Speculative behavior on the trading side
1/
”summoning top executives to a meeting that threatened severe punishment for violations ranging from excessive speculation to spreading fake news”
If we are to take this out the context it applies to pretty much all financial sectors in China where speculation can be induced
2/
Chinese retail are highly speculative making China A shares the largely retail dominated equity market on earth, result in a 20 yr of PnD chart unlike S&P’s up only
CCP’s tolerance of severe negative social news like retail investors suucie due to high lev trade is ZERO
3/
Might be hosting a space room in Twitter tomorrow morning PST and will try grab a few other insiders to share what’s going on and what’s possibly going on in China, how does it differ than sep 2017 etc
The seriousness of news is def more so than normal China FUD, can be material
1. It’s direct order from the state department
2. It’s emphasized by VP of PRC
In China policy’s execution and impact really matters on where the order is from and who announced it to the public
Also CCP has a known pattern to push policy update on Friday night(same for tradfi market)
As this can catch ppl off the guard and no agency will be working on weekend, leaving ppl no choice (and even hard to get clarifications) only prepare upcoming impact on coming week
For it to be executed, there needs to be series of executable docs passed down to the actual agencies, so will wait for those in coming weeks to gauges level of seriousness
I’ve had this conversion with @AWice before and wanna share it here too
The crypto game is NOT a poker tournament, it's a cash game. Stay on the table to build your stack up is priority #1
An endless game leads us to the infinite frontier, no matter you are builder, trader
Lots of us lost a ton of our net worth in last few days. But no matter builder, trader, hodler stay in the game is priority #1
I don’t like definite quote such as “make it back in one trade”, as long as u are in the game, the massive beta upside of the industry will reward you
I’ve seen so many friends and talents left the space in 2015/2019 winter, with frustration and wounds, turned themselves off in a perma denial after 2020 March crash
Sad they didn’t get a chance to enjoy what we have in past 12months of thrills and the infinite frontier in front