Just now, I plugged today’s airdrop tasks into a spreadsheet by chain—my hands are sore. As I did, I also stumbled onto a whole bunch of people arguing about NFT secondary royalties. To put it plainly: creators want to keep taking a cut, while traders just want fewer deductions. You can understand both sides, but the reality is that everyone lives on “predictability.” When the rules come and go, the ones who get hurt the most are the people who take creating content seriously.

Even more awkward is that, recently, privacy coins, mixing services, and the boundaries of compliance have been getting torn apart in the community pretty fiercely too—with the same question: who gets to set the rules, how they should be enforced, and to what extent. It sounds great to chant “decentralization” out loud, but when it finally hits money and risk, everyone still wants a “clear position.” Anyway, I’m a bit cold on the narrative of “perpetual cash flow” now. What can be written into a contract might not be something the market buys, and what the market buys might not be compliance-friendly. For now, let’s just carry on, keep things organized and together—avoiding pitfalls is already a win.