Recently, I've seen people talk about RWA on the blockchain, saying "finally bringing real-world assets on chain, liquidity is taking off"... I just want to pour a little cold water. The transaction volume on the chain looks lively, but once the redemption terms are written in a complicated way (such as windows, limits, manual review, etc.), basically you think you can exit anytime, but in reality, you can only queue and wait for approval. Liquidity feels a bit like an illusion.

I'm now reminding myself for the third time: don't just focus on "tradeable," but look at "how to redeem, who can refuse, and how long the worst case lasts." Also, recently, with social mining and fan tokens—those "attention equals mining" schemes—everyone feels like they're mining when it's hot, but when things cool down, they might realize they're mining emotions... Anyway, I still only buy positions that let me sleep peacefully; it's okay to take it slow.