#去中心化金融体系 These past few days, I've been reading a lot about decentralization discussions, and I want to share some thoughts with you.

Honestly, when the wealth effect diminishes and the narrative fades, many people start to doubt—have we been wasting our time all these years? I can understand this sense of fatigue. Institutions use ten years of patience to earn tiny arbitrage margins, while retail investors are attracted by dreams of a thousandfold increase in a year. The logic simply isn't on the same wavelength. Watching the launch of BTC spot ETFs, the decline of CEX influence, and the increasing centralization of on-chain finance, it seems like the "free and prosperous world" we once believed in is transforming into something else.

But from a different perspective, this may not be a failure. In the early days of the internet, thousands of companies failed, countless innovations disappeared. And what was the result? Those "wastes" laid the groundwork for the mobile era. Everything we do today—every attempt, every failed project, every persistence—is paving the way for the future.

The key is to understand what you are truly protecting. If it's just the price of tokens, then disappointment is easy to come by. But if you remember the original intention of Bitcoin—to create a monetary system that doesn't rely on any centralized authority—then even if the form changes, this value will never become outdated.

Financial oppression still exists, inflation remains normalized, and the need to protect private property persists. It is precisely because of this that Argentinians use stablecoins to safeguard assets, and unbanked populations gain access to financial services. These are already changes that have taken place.

Instead of doubting, ask yourself: what am I truly guarding on this path? If the answer isn't the token price, then there's no need to be troubled by short-term fluctuations. A long-term mindset and steady allocation are the best insurance in any cycle.