Recently, I’ve been watching those chain game “mining pools.” The more I look, the more it feels like a slow-motion train wreck: the output looks strong at the start, everyone rushes in, and then inflation is like someone opening the floodgates—selling pressure grinds against the pool day after day. Put simply, it’s not that nobody is playing; it’s that there’s nowhere for the output to be absorbed. Real demand can’t hold it up. Once liquidity thins out, slippage immediately gets amplified, and anyone who moves slowly gets “delayed education”... As for me—someone without talent for market making—I can only test with small amounts. When I see the pool’s trades start to look shaky and the bid-ask spread widens, I know it’s about done.

It also makes me think of the recent uproar over NFT royalties. Creators want income, but the secondary market complains that it affects liquidity. Chain games are the same: if you keep delivering “output,” you’re basically continuously draining blood from the secondary market. Unless you can keep manufacturing demand, you’ll eventually empty the pool. Anyway, for now I’m not getting excited about high output. I just ask one question: who actually needs this coin, and what is it for... If you can’t answer, then just consider it paying tuition. For now—this is it.