Never let a crisis go to waste: a mental model for conviction during painful moments like this in crypto. You make money by being rightfully aggressive when others are fearful. But how do I know if DeFi is a falling knife or a local dip? Here are simple / perhaps left-curve questions to think through: 1. Is crypto here to stay? 2. Will demand for permissionless, onchain finance persist? 3. Will DeFi security learn and improve from this? 1 and 2 are a resounding yes. 3 is still a work in progress. The real issue is founder mentality. DeFi builders need to start thinking like money managers rather than tech founders. But once resolved, tests like this will push DeFi to the next stage — and I’m here for it.