#稳定币竞争与发展 Seeing Luke Gromen's remarks, I have to say that the intuition of old folks is still somewhat reliable. I can understand the short-term bearish logic on Bitcoin, but what makes me more cautious is his emphasis on Tether's movements—this is the real signal worth studying.

Remember the chaos of stablecoin projects a few years ago? All kinds of sham collateral and flashy mechanism designs, and in the end, most users lost everything. Now, looking at Tether investing in AI and gold, with gold holdings surpassing Bitcoin, the underlying logic is very clear: **core assets are quietly shifting**.

My previous mistakes were due to over-relying on a single asset story. Projects that claim to be "revolutionary" often end up being the first to be abandoned when liquidity tightens. The key is not what you are optimistic about, but to see through the flow of funds—observe how institutions allocate their assets and follow that direction.

Currently, market expectations are either for liquidity to be loose or tight, with no middle ground. In this polarized environment, blindly FOMO-ing into any single asset is very risky. Changes in the competitive landscape of stablecoin systems essentially reflect market participants' deep understanding of liquidity prospects. Instead of guessing the next rally, it's better to focus on solid risk management.