Recently I’ve been seeing a bunch of “social mining/points/identity” gimmicks—talking as if getting a badge lets you exchange for future tickets… In plain terms, it’s using your time as liquidity. Daily check-ins, reposts, and comments to build presence, and in the end, once the points rules change, you don’t even have an appeals entry.

Now when I come across stuff like this, I’ll first take a quick look at: who takes the biggest share, whether the holdings are concentrated, and whether the unlock curve later gets a hard cut. Anyway, don’t treat yourself as free labor.

Also, some people compare on-chain yield products with RWA and the yields on US Treasuries—I just want to laugh a bit: don’t mistake “narrative yield” for “cash-flow yield.” When you get emotionally carried away, it’s easiest to misjudge the risks.

If I hadn’t been brainwashed by the line “the earlier your identity, the more valuable it is,” I might have spent fewer nights grinding tasks… Now I just consider it paying tuition. If you can limit losses, do it—there’s nothing shameful about that.