Source: Liu Jiaolian

Overnight, BTC once retraced from nearly $90,000 to $84,000. BTC has "collapsed" again. For more than a decade, BTC has been collapsing upwards, which is really a bit of dark humor similar to the US military's 'retreat by advancing' on the Korean Peninsula back then.

Are you afraid of heights? If you are afraid of heights, then it's just right. Back then, even looking at BTC at 100 yuan was daunting. After seeing it so much and getting used to it, it's no longer daunting. Even when looking back at 0.09 million dollars now when it reaches 1 million dollars in the future, it's simply not worth mentioning, okay?

Jiaolian said, holding assets is practicing.

Bitcoin is always constantly challenging our understanding and reshaping our perspectives. To the point where it makes us reflect on the 'common sense' we have acquired over the past few decades, boldly break through the old norms, and embark on new wisdom.

In that moment of sudden realization, as if opening the third eye.

Michael Saylor, the founder of MicroStrategy, who is known as the Diamond Hands, once shared the '21 Rules of Bitcoin' (Jiaolian article dated 17th July 2024). Among them, Rule 9 says:

> Only buy Bitcoin with the money you can't afford to lose.

The translation is:

Only use money you can afford to lose to purchase BTC.

Many Chinese media in the cryptocurrency circle have incorrectly translated this as "Only use money you can afford to lose to buy BTC", and explained that this is to warn people that investing is risky and entering the market requires caution.

Obviously, the author who does not truly hold BTC successfully cannot understand Michael Saylor's words. Therefore, they mistakenly reinterpret it based on common investment knowledge.

But what Michael Saylor said is precisely a form of 'counterintuition', breaking through and awakening from common sense.

Common sense is of course correct. This is reason. But going against common sense is a form of reverse thinking, breaking free from the constraints of reason and entering the realm of the Tao.

You invest in BTC with money you can afford to lose, I invest in BTC with money I can't afford to lose. This is in itself an enlightening thought process. It needs to be thought about in reverse. Once understood, it is truly astonishing.

The entropy of the universe increases. Nature is dangerous. Life is tough. Risks are everywhere. Simply living is a constant struggle against inscrutable risks. Natural disasters, human disasters, wars, plagues, crimes, diseases, inflation, scams... Living a peaceful life is already the greatest blessing.

As the saying goes, wealth does not last beyond three generations. Money is not the specific, tangible currency, but rather abstract, intangible value. The dissipation of wealth is natural, while the storage of value is driven by human desires.

Where can money be stored without losing it? If kept as cash, it will be eroded by inflation, frozen, or confiscated. If invested in physical assets, it may be divided or stolen. When placed in equity assets, it may be diluted by major shareholders issuing new shares. Investing in VC coins requires consideration of the attitudes of the project party and major institutions. Speculating on meme coins is purely akin to buying a lottery ticket. As for leveraging and futures contracts, they are simply gambling.

In short, there are countless ways to lose money completely, but no one will tell you how to avoid losing it.

Why? If you don't lose, how can they win?

There are some money that serve as my living expenses, retirement funds, emergency funds, money that I cannot afford to lose. Where can I put this money to ensure safety?

Many people underestimate the weight of the phrase 'value storage'. These four words carry immense significance. Many key opinion leaders talk big and promote using knockoff products or lesser-known assets as 'value storage'. It's just like nonsense.

After much consideration, I discovered Bitcoin. I found that storing money in BTC is the safest option.

When money is stored in BTC, it becomes BTC. BTC then becomes the money that I cannot afford to lose.

Bitcoin is money that I cannot afford to lose.

Therefore, an eternal principle is never to use Bitcoin for things that may result in losses—such as speculating on altcoins, which is extremely foolish.

The bull market is here. Some people have already started thinking about exiting at the peak. Friends also ask Jiaolian: Are you considering exiting at the peak during this bull market?

Jiaolian always answers: No.

To put it simply: there is currently no profit-taking plan.

What does profit-taking mean? There are two meanings to profit-taking:

First, not holding Bitcoin anymore, but holding fiat currency (possibly in the form of a stablecoin). This means the situation changes from not losing to potentially losing (due to inflation, etc.). You might argue that after exiting at the peak, instead of holding fiat currency in the long term, you intend to wait for the price to drop further and buy back more at the bottom. This is just speculation.

Second, speculative profit-taking. The goal is to sell high and buy low, increasing the amount of Bitcoin held. Is there a possibility of losing in speculation? Certainly. This means the situation changes from not losing to potentially losing. You might say that you are absolutely sure you won't lose. However, this can easily be refuted by the fallacy that with repeated operations, all your BTC can be earned. This is clearly impossible. A random success, tasting sweetness once, will inevitably lead to a second time, a third time... until losing everything.

Not just about making profits, it's not that I don't want to earn more bitcoin, but I can't afford to lose.

If you think you can afford to lose, and don't mind losing every bit of hard-earned bitcoin, then you can boldly take action under the premise of taking responsibility for your actions and being willing to accept the consequences of gambling.

However, please remember: Bitcoin does not disappoint anyone who doesn't disappoint it. But if someone disappoints it, it will definitely bury them.

Not just about making profits doesn't mean not reducing holdings. When increasing bitcoin holdings, I support bitcoin; when reducing bitcoin holdings, bitcoin supports me. Reducing holdings is definitely for necessary expenses, not for holding fiat currency or speculation.

Those who do not understand the true meaning of bitcoin often criticize holding bitcoin as just waiting to sell to the next buyer. It seems to be a very bad and evil thing.

They do not understand, the human society community is constructed through mutual support. When young, I work hard and shoulder the heavy burden of society. When old, I become the heavy burden of society, needing the younger generation to shoulder it. In prosperous times, I contribute to society and create value for society. In adversity, I consume the value of society and need others to contribute their efforts to help.

When I increase my position in bitcoin today, the value represented by this bitcoin flows through the bitcoin network to someone, somewhere in the world. They may be a programmer in need of living expenses, a father urgently needing funds to treat his daughter, or logistics in a country experiencing war...

Bitcoin does not make value judgments. It has a noble internationalist sentiment, accommodating all people's needs. Its sole criterion is whether the need is urgent.

Bitcoin is borderless. It is only responsible for transferring the value I saved today at the speed of light to another person far away, or even distributing it to many people to meet their immediate needs.

No matter what motivates people to increase their holdings of bitcoin, bitcoin turns them into the joyful prince in fairy tales who gives away all his jewels to the poor.

When I decide to reduce my holdings of bitcoin in the future, regardless of my reasons, whether it is the need for money to cover living expenses for the next year, to pay for my child's education, urgently needing funds for medical treatment, or to donate to the country for national defense, there will be one or more strangers far away and scattered around the world, completely unknown to me, who do not judge or evaluate my needs, unlike insurance companies that scrutinize my policies strictly. They will transfer the value I need to me at the speed of light, enabling me to immediately meet my needs.

At that moment, they all become the benevolent and generous joyful princes. They are my benefactors.

When I place my money in a certain asset under the regulation of a country, the confidence that I will not lose comes from believing that the country will not fail.

When I put my money in bitcoin, the confidence that I will not lose comes from believing that all of humanity will not fail.

Bitcoin will not fail because China will not fail, the USA will not fail, El Salvador will not fail, MicroStrategy will not fail, Tesla will not fail, Blackrock will not fail, the millions of bitcoin holders scattered around the world will not fail, and the fate of humanity community will not fail...

Money that cannot afford to be lost should of course be placed where it will not be lost.

Above is Jiaolian's thoughts and understanding of that sentence from Michael Saylor.