The last bull market: We pursued value investing and good projects. The altcoin frenzy saw many truly good projects and superficially touted "good projects" receiving increasing investments from VC firms. This led to this round of the bull market, where altcoins became ubiquitous, and the number of projects with glamorous white papers constructed by VCs and institutions increased, with high market values, but only a few truly core projects were sold to retail investors upon listing. This also resulted in a surge in anti-VC sentiment among retail investors, as no one was willing to take on the altcoins, and everyone turned to memes, seeking fair narratives. Now, the various meme narrative bubbles are gradually being stripped of their falsehoods. In the future, I believe value investing will return, but it will be easier to filter out the good projects. These VCs and institutions are losing money in this round, and in the next round, if there are no truly practical and valuable projects, no one will be willing to pay. Therefore, the number of junk projects will decrease, while good projects can be directly identified!