From a risk operation perspective, this set of logic is very difficult to implement in practice.

On the other hand, if we analyze from the perspective of venture capital, the problem arises—venture capital itself has an underlying attribute of mutual aid distribution. Looking at its operational mechanism, it is actually similar to the previous "resonance" model. Both rely on new entrants' funds to sustain the entire system; fundamentally, they are frameworks of capital cycle segmentation. Once this is understood, looking at the current financing logic, you will be able to see where the core issue lies.