Looking back at the market evolution over the past two years, retail investors' misconceptions have actually gone through three stages.

Initially, they chased after the name. If a coin has a string of English letters and is tagged with Silicon Valley labels, they think it must be the next big trend. Anyway, all the big influencers are talking about it, so it must be right. Later, the trend shifted, and people started to believe in narratives. Words like "modularization" and "Luyetu" filled the airwaves. Whoever could speak the most complex language was considered the most professional. A well-known founder's every word was treated as a classic to learn from.

Then, people fell into the strange cycle of "community consensus." It sounds very democratic—any consensus must be valuable. But in reality? These consensus are often traps set by a few people, while retail investors still deceive themselves into thinking they are part of the ecosystem. As a result, after a wave of market movement, those who should cut their losses still do so.

The problem lies here— we are always replacing old illusions with new ones. True confidence doesn't come from chasing trends, but from rational judgment of the project itself.