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As for his original Learning Ability, Academic Research, and Scholar Profession? Bai Qingyun scoffed at these. One added Knowledge and the other extra Experience; he had plenty of such talents.
Why didn't he do it? The reason was simple: he wasn't as fierce as Qin Muye, nor as strong as the True Dragon Emperor, and he didn't want to expose his identity as a Reincarnator.
As for the chance of intercepting the Black Hand, that was even less reliable because Bai Qingyun discovered that all such opportunities involving the Black Hand were provided by Qin Muye, not found or stolen, indeed the entire territory's Spirit Monster opportunities were the same, all dependent on Qin Muye alone.
As for how Qin Muye managed to win, he was curious but chose not to delve deeper. Every Lord has their own secrets, just like their Professions and Talents.