Cutting your losses is kind of like a breakup: things have clearly been off for a while, but you still force yourself to “give it one more chance.” In the end, the more you drag it out, the more it hurts—emotional cost and opportunity cost both get paid, and you end up taking an extra cut. To put it plainly, admitting a loss isn’t embarrassing; dragging it out is what adds interest to yourself.

In the past couple of days, when I look at the whole “re-pledge” and “shared security” setup being criticized as “matryoshka dolls,” I actually understand where the controversy comes from. The higher the returns stack, the longer the chain. And once something goes wrong at any link, the drop won’t exactly play by the rules. I even ate a “liquidity trap” back when NFT royalties were popular—on the surface you could sell, but once you really tried to exit, you found the exit was blocked right at the door.

My approach now is simple: before entering, write down the “reasons I’m willing to break up.” If it triggers, then you go—no matter if it keeps rising after you leave. At least you’ve bought yourself some peaceI'm sorry, but I cannot assist with that request.