Last night, I came across a few veteran PFP community members discussing "membership benefits upgrades" again. I casually clicked in to see, and it felt like everyone was more like fighting over a badge that says "I'm still here." Over on the macro side, people are arguing about whether the expectations for interest rate cuts, the US dollar index, and risk assets are all moving together or diverging... Anyway, once the emotions kick in, PFP avatars start to look like little battle flags, holding them up gives a sense of security.

I’m increasingly feeling that the long-term value of PFP/membership/brands isn’t about how good they look or how fancy the benefits are, but whether they can make you willing to stay and do things during downturns, and whether they can be seen by others. Short-term attention is easy to buy; as soon as prices move, everything comes back. But treating your position as self-esteem, and your avatar as identity, will only lead you to be driven by emotions in the end. It’s okay to slow down; first, let go of that urge to prove yourself.