Recently, I've been thinking about interest rates again. Basically, they are like gravity— the higher they are, the less willing people are to take risks, so positions naturally stay conservative. It's not because everyone suddenly becomes timid, but because of opportunity cost: the same money sitting there earns "interest," so why should I bear the volatility? Conversely, when interest rate expectations loosen, risk appetite is like being pumped up, and people start daring to push their positions forward.

The "attention mining" of social mining and fan tokens— that set of "attention equals mining"— feels a bit like treating emotions as fuel... Short-term excitement is lively, but if attention becomes too superficial, it can easily lead to rushed operations when transmitted to positions. (I'm also worried I might get itchy hands someday.) Right now, I try to: when macro is tight, I move less; watch technological progress slowly, like reading a star map— no rush to catch up.