These past couple of days, there's been a debate about whether to enforce royalties in the secondary market. Honestly, I feel quite conflicted. On the creator side, no royalties mean "work for nothing"; on the trading side, mandatory royalties seem to add an extra layer of friction, reducing liquidity, and in the end, it's the creators who suffer first. Anyway, the current atmosphere feels a bit like this: everyone is looking for the "smart money." When they see large transfers on-chain or movements in exchange hot and cold wallets, they start speculating... But issues like royalties aren't easily solved by wallet activity alone.

I treat complexity as an enemy: those who can clearly define rules and make people voluntarily pay are the ones who survive; relying solely on moral coercion will eventually lead to conflicts. As for my own fear of overnight positions, I still reduce my holdings before bed—don't let a governance proposal scare me awake in the middle of the night.