Recently, I looked at a blockchain game pool again. The structure isn't actually complicated, but the simpler it is, the more dangerous: the output relies entirely on continuously minting new coins, players sell to exchange real money, and the only thing left in the pool is inflation. The early excitement is because the new money coming in is taking over, but once new players slow down and the output continues to roll daily, the price softens, and everyone becomes more eager to sell. The death spiral is basically just this twisted up.

In the group these days, there's been talk about stablecoin regulation, reserve audits, and various "de-pegging" rumors. Emotions have spiked, but I find myself more wanting to remind myself: don’t just focus on the profit screenshots, first break down the cash flow and the pace of unlocking/minting. I see simplicity as a trap. That’s all for now.