punk2898 🙌💎

Settled in Singapore, high-frequency quantification

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21 Ways to Fail at Startups, Helping You Avoid Losing 1 Billion 💰 You don’t necessarily have to start a business, but this can help you steer clear of these companies This is a book I read 8 years ago called "The Little Failures of Startups" But even now, I still occasionally revisit it ❌ 5 Major Startup Pitfalls 📈 21 Classic Cases 🙅 10+ Industry Lessons 💬 45 Authoritative Analyses and Reviews Don’t care about what others say about this book Just listen to me and that’s enough 😎 I started my first startup in 2015. Since it’s a startup, I definitely needed to cram a lot of entrepreneurial knowledge. I read many books, but one had a particularly big impact on me, which is "The Little Failures of Startups." Strictly speaking, this book isn’t really a book; it’s a collection of interviews with various star founders—of course, those who failed, learning from history. Even now, I still flip through it from time to time to see if I’m making the same mistakes they did. The strange thing is, you can only truly learn lessons by experiencing them yourself; just reading books isn’t enough, but at least it gives me a reference. ⚠️ Note: 💪️ They don’t expect entrepreneurs to avoid failure, but when you encounter failure, tell yourself to keep going 🎙️ Since these are interviews, the subjects might not always tell the truth, so don’t be misled by the author when reading 📖 Su Dongpo had a way of reading called the "Eight-Sided Reading Method," where you read with different purposes each time and gain different insights -- Table of Contents (Check if it suits you): Chapter 1: The Lament of Resource Dependents 1. Resources are both a pie and a pit 2. Losing the battle with investors 3. The abandoned giant whale 4. Thoughts on the transformation of traditional enterprises 5. The sudden death of "China’s Best Business Model" Chapter 2: The Costly Price of Trial and Error 1. I was defeated by success 2. A 90s entrepreneur eager for quick success 3. Lessons from county-level internet startups 4. The split of "Grassroots Bull Blog" 5. The life-and-death crisis of Shengshi Hexing 6. Drinking poison to quench thirst leads only to death Chapter 3: Unreliable Business Models 1. Fresh O2O exploration 2. The "cost black hole" I created myself 3. The echo of product pioneers 4. The model dilemma of Shede.com 5. The fleeting dream of the car wash app Cherry Chapter 4: The Aftermath of Expansion 1. Jingrui Education’s "Northern Expedition" 2. The deadly trap of scale growth 3. "Franchise stores" cost me millions 4. The death of a profitable fast-food restaurant 5. Absurd mergers and barbaric bankruptcies 6. The setback of Bashan Farmer Chapter 5: The Founder’s Self-Redemption 1. Don’t twist yourself, and don’t twist others 2. The self-redemption of Six Rooms 3. The near-death experience of a zero-fund small team 4. The life-and-death group treasure 5. Entrepreneurs who can kneel down

How did Justin Sun "launder" 20 billion USD into his own pocket? How much money does Justin Sun really have? After checking the data, the core mainly lies in TRX - BTC and ETH are worth about 1.8 billion USD (a bit low) - TRX 21.4 billion (a bit too much) So the main question is how to calculate this TRX - Justin Sun controls about 60 billion, accounting for 63% of the total 95 billion, which is indeed too much - Of the 60 billion, about 10 billion belongs to Justin himself, 34 billion to the foundation, plus acquisitions during the bear market, totaling 60 billion So the controversy between Justin Sun and Bloomberg lies in whether the foundation's portion can be counted as belonging to Justin Sun (meaning he controls it but it doesn't belong to him) Another point is that holding 63% definitely cannot be fully liquidated, so how Justin Sun presents this is the biggest issue, which is also why he doesn't want Bloomberg to disclose this part of the assets (fear of being targeted) So how to liquidate? (This is the real reason Justin Sun doesn't want people to focus on) Let's start the main text, feel free to bookmark⬇️ 1. FTX vs TRX The most worth learning from is FTX, which held most of the TRX, couldn't sell off heavily and even needed to continuously repurchase on the secondary market to maintain the price, then used third-party platforms to collateralize and borrow USDT (FTX did exactly this back then, resulting in a continuous supply of ammunition, but once the collateral collapsed, everything fell apart) 2. Substitution: HTX Why did Justin Sun acquire Huobi? This is the biggest reason - To hide his operational traces through HTX, because 60 billion is too large and needs an exchange to hide the traces - Users think they are depositing USDT on Huobi to earn high interest, but in reality, the money is used to run arbitrage on Aave and JustLend, with Huobi earning the interest spread - JustLend collateral lending: the collateral is basically all TRX, and TRX is the one Justin Sun has the most of 3. Nasdaq Tron Inc reverse merger This was done in July 2025, essentially exchanging on-chain tokens for a US stock ticker This is the real liquidation: no need to dump tokens, issue US stocks to receive USD → use USD to OTC buy TRX from Justin himself → TRX enters the Nasdaq company's treasury → USD goes into Justin's pocket. It's like left hand tokens, right hand stocks, packaging crypto chips as Wall Street assets. This is the "evil version" of Saylor's play — Saylor doesn't create BTC, but Justin creates TRX 4. USDD printing money (same model as Terra/UST) - Collateralize TRX → print USDD → USDD attracts deposits with 20% annual yield → the deposited money flows into HTX/JustLend system - USDD is backed by 10.9 billion TRX + 19.6 million USDT collateral, valued at $1.76 billion, supporting 745 million USDD in circulation Printing his own "dollars" with his own tokens, then using these "dollars" to attract real dollars So Justin Sun won't let USDD collapse because there are 2 billion USD interests behind it 5. OTC swaps Invested over $40 million in World Liberty Financial TRUMP memecoin Every step is very slick, increasingly impressive, a financial master He bought WLFI, WLFI then bought TRX back, this is the traditional skill of "swapping shares" (of course the proportions differ because of SEC lawsuits, USD1 issuance chain, etc., not elaborated here) Later WLFI is reluctant to sell TRX, but Justin Sun will sell WLFI without hesitation because for him it's a highly profitable deal Analyzing up to here, I am increasingly impressed by Justin Sun, the subtle connections are vast and deep, so for Justin Sun now and for many years to come, how to slowly turn these 60 billion TRX, worth over 20 billion USD, illiquid assets into his own BTC and ETH is his primary and only task That's all.