01. Carefully calculate the worst-case outcome, then decide whether to bet

Back then, Li Qiyuan advised CZ to buy Bitcoin with just one sentence: Put 10% of your assets into it. If it goes to zero, you lose 10%; if it’s likely to rise 10-fold, you double your money.

CZ didn’t impulsively go all in. He calculated the worst-case outcome first, and only then dared to make the bet. Later, selling his house and going all in was also a decision he made after running the numbers.

Gamblers don't ask about the consequences; pros only calculate the worst-case scenario.

02. Keep it small and reversible: act fast, adjust fast

During his years in sales, CZ got hooked on Texas Hold’em, golf, and karaoke. He soon realized they took up too much time, so he quit them all.

The same goes for developing new features: if you can stop or shut them down at any time and the cost is limited, be bold and experiment.

If you can reverse a decision, don’t hesitate.

03. Big and irreversible: move slowly and do less

CZ once accidentally sent 46 bitcoins (worth $30,000 at the time) to the wrong address. Blockchain transactions are irreversible, so they were gone forever—his most painful lesson.

That’s why he never rushes to make decisions on hard-to-reverse matters like major sponsorships or acquiring and integrating teams.

With irreversible decisions, once is enough.

Most people fail not because they’re afraid to take risks, but because they can’t tell what they can do quickly from what they can’t undo.