I would like to share a short essay about the Hong Kong Consensus Conference: 1) Like the previous meetings, many people were running around the side events around the main venue. In addition, they were not familiar with the map of HK. They ran around and arranged dinners, and their legs and feet were broken. The physical fatigue was beyond words. But it didnt matter. The mental fatigue was even more tiring. When would it end? 2) Even in such a big environment, there were still a lot of people at all the big and small events. From the emotional point of view, they were not bearish at all. Perhaps most people came for the emotional value. In fact, the most popular one was the Solana ecosystem, and the events were full and could shock Sir. In comparison, the related events of Ethereum, BTC layer2, etc. were much bleak. I can only say that they were once glorious in the past. 3) Although it is the Consensus Conference, after getting in touch with more people, I feel that this is the consensus conference with the least consensus? The consensus of the entire industry is being seriously torn apart. The technical narrative PVE consensus is saddened by the MEME narrative PVP consensus, the diamond hand consensus of the diamond hand holder is ashamed to speak out under the trader consensus of the young P general, and the old teams technical build consensus is out of tune with some marketing Tokenomics topic projects, etc. It seems that the consensus is divided, but behind it is actually the collapse of the unified values of the industry. After Consensus, I am afraid that Polarization will become the norm; 4) Many old people in the currency circle have responded that the market environment has changed. In fact, the market must not be wrong, but the old leeks past empiricism is no longer useful. The old leeks used the logic of the bull-bear conversion in the past two cycles to speculate on the currency, but found that the four-year cycle conversion has failed. The market defines the bull market around the hot narrative, which comes like the wind and leaves without a trace. When you are still swearing that the bull market has just begun, the bull market has already ended; 5) Don’t complain that it has become difficult to make money in the market. In fact, it is just that the audience for making money has changed, and the mode and logic of making money have changed. There are now a lot of market assets, and market attention (Mindshare) controls liquid wealth. Young post-00s P players who can stay up late dare to rush in, make money and run, have energy and courage, and become the lucky ones in this round of PVP narrative. In comparison, the old leeks with diamond hands have no chance of winning at all. However, every PVP wealth feast ends with a large amount of liquidity withdrawal, and it is not clear how long this squid game can last; 6) I can feel the loneliness of a group of idealistic builders who uphold the technical narrative. This kind of frustration is different from the past. In the words of an old OG, the technical roadmap has been implemented step by step, TGE has been held as required, the community has been maintained, and the narrative has been continuously updated in combination with hot spots, but the coin price just cant be lifted. If those who work with idealism in mind do not receive corresponding gifts from the market for a long time, does it mean the exhaustion of innovative power? If the currency circle loses the idealistic geek spirit, what kind of spirit should the Crypto industry use to hedge against the stigmatization of casinos by the outside world. What, dont even need to disguise? 7) The people on the AI Agent car are basically trapped badly, but most people still have faith in the future of AI + Crypto narrative. I have always emphasized that, apart from the short-term application value of AI Agent landing, the key is the value of AI Agents consolidation and activation of old narratives such as layer2, ZK, modularization, chain abstraction, etc. It can give the old narrative a new build direction and make it possible for infra that has not been landed to be applied in advance. In short, AI The sacrifices brought by the current burst of the Agent bubble are not worth mentioning compared with the reconstruction value of the future major changes in the bottoming industry; 8) The operating logic of the secondary market has completely changed. BTC is the only one hanging in the sky with ETF OTC funds dragging the bottom. ETH, SOL, and BSC are fighting fiercely at the ecological niche level, but no matter how they fight, the market unanimously believes that there is no overall rise in the cottage season. What kind of locomotive you choose determines what kind of results you can harvest. Once you choose the wrong one, the result will be embarrassing, for example, if you are unlucky enough to stand on the layer2 team. 9) The on-chain world has become the hope of most people in the currency circle, but compared with the difficulty of making money in the CEX secondary market, the pure speed pass PVP environment on the chain is also challenging for most audiences. After the chaotic era, the on-chain world must be reshaped from the entire chain of asset issuance, community cohesion, CEX connection, and technology application landing. Obviously, a story on the chain without asset issuance threshold restrictions and continuous technological innovation empowerment cannot really change the Crypto world. 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