I’ve realized my tolerance for unrealized losses is really quite low. I clearly know that if I don’t sell, it doesn’t count as a loss, but when I lie in bed, my brain automatically treats it as “I’ve already lost this money,” and then I start tossing and turning. The more I think about it, the more I feel like, why didn’t I buy more back then? On the other hand, unrealized gains are very Zen—if it goes up, it just goes up. I might snicker for two seconds, but the next second I start worrying that a pullback will wipe out the happiness. In plain terms, the gains feel like money that’s been borrowed.

So now I just use the whole cold-wallet “purity obsession” approach to suppress my emotions: multiple signatures, position splitting, and minimizing permissions—at least, to block the route of “slip up and go all-in.” Lately, I’ve also noticed the fuss over NFT royalties is pretty similar. Once people treat the money they might earn in the future as “it was supposed to be mine all along,” once liquidity changes or income drops, their mindset instantly blows up. For now, that’s it—sleep matters more than proving myself right.