I’ve been looking at PFPs and various membership cards again lately. It’s certainly lively, but I can’t help feeling it’s more like “kindling for short-term attention”—burning brightly doesn’t mean it’ll keep you warm forever. In the end, a brand still comes down to whether people are willing to keep using it and keep talking about it; otherwise, even if the avatar is scarce, it only lasts for a few days.

Over the past couple of days, a certain region has been raising taxes and tightening compliance again. Once the expectations for deposits and withdrawals change, the mood in the group immediately tightens up too—it feels like everyone prefers to “wait”: wait for confirmation, wait for a pullback, wait for policies not to turn on you again, and also wait until you’ve figured out whether you’re buying the feeling of identity or just buying a chapter of a story. Anyway, I’m still sticking to the same approach—treat the position like kindling, slowly adding to it, and don’t let yourself get carried away by the hype.