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These days, I’ve come across a few screenshots of “pools overflowing” in blockchain games again, and it’s kind of funny how familiar it feels… Basically, it’s the same old story: output relies on issuing tokens, demand depends on attracting new users, inflation kicks in, and the pool looks lively but is actually just a bunch of people arguing. Early profits lure people in, then the output keeps increasing, selling pressure grows, and in the end, it’s just “who can run faster.”
By the way, it made me think of social mining and fan tokens, that “attention equals mining” concept. It sounds pretty romantic, but attention isn’t locked up, so once the hype dies down, all that’s left is inflation to hype itself up… Anyway, now I see high yields + strong narratives, I just hold back for now. First, I’ll revoke the previous random authorizations, so that if the pool collapses someday, I won’t be left fueling it.