I tried a blockchain game “mining pool” once. Back then, the yield looked pretty sweet, but within a few days it turned into logging in every day to harvest—using the inflation as fuel on the side. To put it plainly, the output started faster than people could enter, and the pool didn’t have enough liquidity to catch the inflow. In the end, the rewards became more and more meaningless; everyone cursed and ran, while those who left later just treated it as tuition.

Recently, someone else has been using ETF fund flows and U.S. stock risk appetite to explain crypto’s up-and-down moves. I find that a bit funny: macro is macro—but when a blockchain game pool collapses, it’s more like a “race of how fast people withdraw.”

Anyway, from now on, whenever I see high yields, I’ll ask one question first: where does the money come from, and who’s going to take it? Otherwise, don’t get impulsive and jump in.