These days, I’ve come across a few more old blockchain game economic models, and the more I look at them, the more they seem like archaeological finds: initially, the pool attracts people through subsidies; once production increases, inflation occurs; when inflation happens, the coin price softens; when the coin price softens, everyone is eager to sell quickly; the faster they sell, the emptier the pool becomes... In the end, what’s left isn’t “players,” but miners who are watching each other to see who runs first.

Honestly, if production isn’t tied to real consumption or enjoyment, it’s just about paying wages, and those wages keep getting thinner and thinner. Outside, people are still arguing about interest rate cut expectations, the dollar index, and the whole risk asset rally and fall together. I just feel that: when macro trends shift, the first to collapse are always these pools that rely on emotions to survive.

I also envy those who caught the benefits early on; I’m not pretending to be above it. But now I prefer to take it slow, rather than miss out on a wave of excitement, I’d rather not be the last to buy into a bunch of newly issued “coins.” That’s all for now.