Many people ask what the essence of making money is. It's actually very simple—sufficient cognition multiplied by efficient monetization.

I've seen too many people lose money, and ultimately there are only three reasons: cognition issues, either a lack of understanding or cognitive bias; problems with monetization, such as impure motives or always taking the wrong actions; or the most painful—simply failing to achieve unity of knowledge and action.

What stands between knowing and doing? Human nature. Top investors can detach themselves from greed, anger, and ignorance, replacing human nature with principles to make decisions. This is the dividing line between experts and ordinary people.

I've seen many chase air coins, chase rising prices, and happily fantasize about changing the world. To be honest, that's not idealism; it's a hallucination born from losses. Your vision needs to be more grounded.

Conversely, if you hold Bitcoin, don't obsess over minute-by-minute charts every day. Step back and look at the timeline: from 2011 to 2018, from $2 to $3000, this is the cycle you should focus on.

Another critical dividing line is—before reaching 10 million, you can gamble, quick in and out, chasing that thrilling high return. But once you cross this threshold, the game changes. You need to invest, not speculate. Speculation is about speed; investing is about the power of compound interest.

The problem is, after experiencing the thrill of quick in and out, it's hard to adapt to the slow pace of earning steadily. Many people end up losing their money back, stuck right there.

Investment is essentially a long-distance race. It's not about how fast you run, but how long you can keep running. Soros and Buffett, these legendary figures, are not the fastest in speed, but they've persisted for decades. Soros outperformed the index by 18% over 40 years, and Buffett is even more impressive. That’s what true winners look like.