What Kind of Person Can Truly Survive Bull and Bear Markets? In your experiences navigating bull and bear cycles, what is the most essential trait of those who ultimately "survive"—the true survivors? After reading picklecat's article, the question that had long been dormant in my mind finally found a clear answer. 1. The Eternal Illusion Named "This Time Is Different" "This time is different!"—The survivors of 2013 heard this when they bought their first Bitcoin; by the peak of the 2021 bull market, this phrase echoed in their ears once more; even now, it still whispers like a ghost, a familiar specter returning. The only difference is that the people saying it have changed, generation after generation. Reflecting on when I first traded memecoins, the same thought was spinning in my head—"This time is different!" Back then, I had just transitioned from the A-share market to Crypto, carrying the A-share belief of "spot holdings don't fear being trapped; the more it falls, the more you buy." I converted a lot of money into SOL and then, like scattering sesame seeds, threw a few, a dozen SOL into various pools with bizarre names. At the time, I only thought, "This coin is only $0.00001; if it rises to $0.0001, that's a 10x." Simple arithmetic replaced complex thinking. My wallet still holds remnants of those乱七八糟 (messy) names; their very existence feels absurd to me now. Their lifecycle wasn't measured in days or months, but in minutes and hours. At a certain point, the project teams stopped updating, and the "shared dreams" and "let's build together" in the groups quickly turned into mutual accusations and the lament of "when will the price pump?" That was the first time I truly felt that in Crypto, "going to zero" isn't an exaggerated figure of speech, but a physical reality happening in countless wallets every single day. 2. The Most Expensive Lesson: The Fantasy of "Insider Info" An even more ironic lesson came from my most trusted circle. When my meme trading losses made me start questioning life itself, a close buddy approached me. "This time is really different," he said mysteriously. "I know someone from the project team. It's listing on a major exchange next month. Internal price. Guaranteed profit." You can guess the ending. I invested the money, but that project never launched. My "close buddy" later told me he got scammed too. That sum of money became the most expensive lesson of my crypto career (so far)—it completely bought out my last shred of fantasy about "insider information." 3. The Survivor's "Aura": Clarity Born from Pain Over the years, I've excavated, like an archaeologist, the mistakes made by myself and those vanished friends. Gradually, I've come to see that those who can navigate one bull-bear cycle after another emit a similar kind of "aura." It's not an aura of luck, but a complex human texture, a blend of pain and clarity. First, they possess an instinctive reverence for numbers and a clear perception of scale. While I was haphazardly throwing SOL around, the survivors were calculating fully diluted valuations, checking on-chain holder distribution, and asking, "If everyone sold, how much capital would be needed to absorb it?" They don't just look at price; they look at market cap. They don't just look at percentage gains; they look at liquidity depth. They know that for a coin with a $100 million market cap to 10x is at least 100 times harder than for a coin with a $10 million market cap to 10x. Second, they have the ability to distinguish between "consensus" and "narrative" with surgical precision. While I was getting热血沸腾 (fired up) by narratives of "to the moon" and "the stars and the sea," they were observing: Are people actually using this protocol, or are they just speculating? When the incentives stop, how many will remain? They use the "韭菜5问" (Five Questions for the Newbie) from @0xPickleCat's article to interrogate every trending project: Are there outsiders involved? Can it pass the incentive decay test? Has it formed a daily habit? Are users willing to tolerate temporary shortcomings for its advantages? Is anyone willing to contribute out of pure passion? Third, their understanding of "trust" is as cold as ice. Only after my "close buddy" scam did I understand that in crypto, trust must be placed on verifiable on-chain behavior and long-term, consistent reputation, not on private whispers of "I'm only telling you." Fourth, they have a system of behavior that works "against themselves." This is the most crucial point. They are deeply aware of their emotional weaknesses—fear, greed, FOMO, revenge trading—and during calm market periods, they preset a roadmap of action for moments of emotional失控 (loss of control). "If it drops 30%, I reduce my position by 25%, instead of averaging down." "Any buy decision must cool down for 24 hours before execution." "If a single loss exceeds 2% of total capital, stop all trading for the day." These rules aren't dogma written on paper; they are muscle memory etched into their trading instincts. Their faith is built on quicksand, yet as solid as a rock. This sounds contradictory, but that's precisely the key. Their "faith" in a particular token or protocol is built upon a清醒的认知 (sober awareness) of its potential for failure. They embrace uncertainty. Therefore, their persistence isn't blind loyalty, but the mature mindset of "I am willing to bet on this possibility and bear the full consequences." Their faith allows them to calmly state opposing viewpoints, not狂热地 (fanatically) eliminate dissent. The crypto market is the most effective "human nature filter" on this planet. It doesn't filter for the smartest, only the most resilient. It doesn't filter for those best at making money, only those who best understand how not to lose it. I also want to ask everyone: In your experiences navigating bull and bear markets, what is the single most core trait you have observed in those who "survived"? Is it extreme冷静 (calmness)? Is it risk aversion? Is it being a learning machine? Is it the endurance of孤独 (solitude)? Or is it decisive action? 同时 (At the same time), if, as you read this, the face of a friend who embodies these traits comes to mind, please forward this article to them with a note: "I think you are this kind of person." Because in this field注定 (destined) for the majority to become fuel, identifying and drawing closer to those同类 (kindred spirits) who can survive long-term is, in itself, one of the most crucial survival skills.