I know the price, know the risk, know the wrongs and the rights
Still my blood flows ice, it's just my life

from Jay Z – In My Lifetime (Remix) Lyrics on Rap Genius

Meaning

You have to know that there is a price and risk to the game, rights and wrongs. You have to have ice running through you veins to be able to deal with it all and at the same time you have to be cold blooded when you need to get rid of enemies.

He is already aware of all this as it’s his life, he just wants to warn you.

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