Lately, I keep seeing a bunch of PFPs, memberships, and brands trying to chase the hype. To put it plainly, they’re just buying time to be “seen.” Short-term attention really does work, but what I care about more is whether it can hold up through a round of emotional pullbacks: whether the benefits are clearly written, whether the rules can be changed, and whether the team has the ability to turn promises into reality. Otherwise, it’s like a node without monitoring—looking online on the surface, but behind the scenes it all comes down to luck.

Recently, ETF capital flows and the risk appetite in the U.S. stock market have also been used together to interpret price movements, so if you hear that kind of narrative too much, it’s easy to get carried away… But no matter how strong these stories are, they can’t replace a project’s own cash flow, governance, and execution capability.

What I fear most isn’t losing money—it’s losing control. When your position, expectations, and exit paths/routes aren’t clear, you can’t even sleep peacefully. Anyway, I’d rather go slower: participate only when I can understand things.