In the past two days, I’ve been dazzled again by the lively buzz around memes—like neon reflections on the road after rain. It looks beautiful, but the moment you step into it, it’s all water. To put it plainly, when it comes to storytelling like this, the more everyone talks about it, the easier it is to drive people’s emotions to an unreasonable point. So I’m forcing myself to write down the stop-loss first: before entering, decide how much I’m willing to pay for this story; when the time comes, leave—don’t wait around for a reversal to “teach me a lesson.”

I also can’t help thinking about all the recent back-and-forth noise about NFT royalties. On one side, people say they want to make sure creators can eat; on the other, they claim everything will die if secondary-market royalties aren’t liquid. No matter how much they argue, it’s really the same issue: for all the noise and excitement, when the rules change, did you leave yourself an exit? Anyway, I’d rather make a little less right now than treat “hope” as risk control. That’s all for now.