# "Antifragility"

I've seen many bearish articles sharing a common argument: this cycle hasn't yet experienced a major institution blowup, based on the premise that before each dawn, there's always been a major institutional collapse—such as Three Arrows Capital, FTX, and so on.

I don't deny the saying "history always repeats itself in surprising ways," but humanity possesses inherent and powerful antifragility. After all, this is the very capability we rely on to survive. We learn lessons from each mistake and continue to improve.

Therefore, the premise that an institutional blowup must occur as a prerequisite doesn't hold up.