This content is from an interview with Yi Lihua by “100 People in Blockchain.” As a seasoned investor with years of experience in the industry, he has seen countless individuals revel in bull market euphoria and exit during bear markets—and he understands better than anyone that the key to your ultimate profits or losses in blockchain investing lies in cycles and expectations. Many newcomers to this market place all their hopes on luck, chasing trends and betting on price swings, believing that sheer boldness guarantees victory. But Yi Lihua was blunt in the interview: Returns gained through luck are often lost again due to insufficient understanding. True investing isn’t about gambling on market movements—it’s about first understanding industry cycles and then setting realistic return expectations. Don’t be swayed by short-term volatility or swept up by market sentiment. Learn to wait, to hold, and to take profits. In blockchain and crypto, understanding always precedes returns. Only by truly grasping Yi Lihua’s insights on investment cycles and return expectations can you avoid common pitfalls, move more steadily, and go further.