Lately I’ve been checking whether a project is actually getting work done. Instead of jumping in emotionally, I first flip through their treasury spending: where the money goes, and whether the pace lines up with the milestones. Plainly speaking, PR, conferences, KOLs—sudden bursts of heavy spending with zero product movement at all—and my eyes just start to roll… If someone is genuinely doing real work, their spending is usually “less flashy”: audits, infrastructure, developer support—those not-so-obvious but continuous costs.

A couple of days ago, I was also a little scared: I almost got swept up in my emotions and went to mess with a project that talks about “privacy being very free.” The community was still arguing about mixer coins and the compliance boundary, arguing so hard it tore itself apart. When I looked at the treasury cash flow, the compliance budget was almost zero. But market expenses were lining up—instant calm. Forget it. I won’t join the hype. Manage your positions a bit more seriously—at least don’t hand your fate to a PowerPoint.