For the Hong Kong IPOs, we allocated our limited funds to participate in as many projects as possible. Due to scheduling conflicts, we only submitted one application each for Xianggong Intelligence and Macao Tech Pharma—the probability of winning isn’t significantly lower than submitting 3–4 applications. The remaining ~$10,000 will be used for the 23rd—we’ll decide the strategy then. // Almost everyone on o1_exchange went short. I participated because I missed out on the Xiao Tiancai S1 drop. Seeing o1 gain momentum from Xiao Tiancai’s hype, and knowing Base had invested, I decided to join. I’ve always objectively documented my participation—highlighting both positives and risks clearly, never blindly promoting. For example, I acknowledged that while Base was leading the round and there was an expectation of a CB round, the project suffered from low funding and low market buzz. I also pointed out high sybil risk, weak market conditions, and uncertainty around whether points would be mapped 1:1 for airdrops. I kept participating mainly because I spent $1,800 during the first three weeks of peak hype—my cost basis was high, so I continued just to lower my average cost, a classic case of sunk cost bias. I’ve consistently emphasized this is a high-risk, moderate-reward project; only use money you can afford to lose, and treat it as gone. My total cost was $3,100. I used an account with 80,000 points (16 weeks) and received 2,200 tokens; later, a new account with 60,000 points earned me 300 tokens. The results proved points were essentially meaningless—the team used them to create airdrop expectations but ultimately did not distribute according to point ratios. I correctly bet on the team’s capability (they listed on CB and Alpha), but misjudged their final allocation intentions—human motives are unpredictable. I have no promotional relationship with the project—no ambassador role or anything similar. Even when Kaito privately reached out to select ambassadors, I wasn’t contacted. In nearly every article I’ve written, I included clear risk disclaimers, presented only my personal experience, and rarely included referral links—because the referral rewards are so high, most people are essentially referring their own small accounts from their main ones. Going forward, I’ll adjust my approach: I’ll be more cautious about public posts, will no longer include any referral links, and will openly say “I’m just嘴撸” (just talking shit). I sincerely apologize for any negative influence on my peers.