These days, I’ve looked at a few more blockchain game pools that are collapsing in a very “textbook” manner: the output relies on constantly issuing tokens to sustain it, and the people coming in are actually just taking on future inflation. To put it simply, there’s no real income in the pool, so they can only give new tokens as wages to old players. At first, everyone is excited, but as more and more people queue up to collect wages, the wages themselves start to depreciate, and the mentality just collapses.

What’s even more amusing is that some projects conveniently piggyback on social mining and fan token schemes with the “attention is mining” concept, which feels like just repackaging inflation: you’re not mining gold, you’re just “building presence” to earn tokens… In the end, it’s all the same—output > consumption, and once the net inflow stops, the scam is exposed. Now, when I look at proposals, I only focus on one line: who is footing the bill, and how can it be sustained? If there’s no answer, no matter how good the storytelling, it’s just that.