About VCs (Venture Capitalists):
- Beware that VCs' technical research and articles may be misleading.
- The thesis portions of VC publications can be useful for learning.
- Fundamentally, VCs aim to sell tokens—nothing else matters.
- Most VCs do not profit; many Chinese VCs lack trading experience or basic knowledge of blockchain operations.
- VCs should actively promote or engage with the projects they invest in; this is expected.
- Very few VCs understand the industry comprehensively, though some have advanced insights.

  About Liquid Funds:
- Currently, liquid funds are unprofitable and lag behind Bitcoin's performance.
- Historically, liquid funds were profitable and benefitted ordinary investors.
- Investors in liquid funds already hold Bitcoin exposure, so liquid funds can only invest in non-Bitcoin assets, often resulting in poor performance.
- In summary, liquid funds struggle to outperform Bitcoin.