Recently, everyone has been chatting about re-staking and shared security, with returns stacking on top of returns—it looks pretty enticing. But an alarm automatically goes off in my head: don’t mistake “getting more” for “being safer.” In plain terms, the underlying risks haven’t disappeared; they’re just packaged to look better. You think you’re stacking yields, but you might actually be stacking correlations—when things go wrong, it all gets shaken together.

My own approach is still pretty old-school: small leverage multiples (or even none), and setting exit conditions in advance—I don’t touch those lock-ups that make me uneasy. If you’ve heard enough liquidation stories, you’ll get it: losing money isn’t even the worst part; the worst part is thinking you’re smart.

Can attention really be mined?
Yes, but what you mine might be emotions—not a moat.

And the same goes for social mining and fan tokens. When it’s hot, everyone feels like, “I’m participating in the narrative.” When it cools down, all that’s left is liquidity and the problem of who ends up holding the bag… Anyway, I’d rather earn a little less than hand the exit button to someone else. For now, I’ll leave it at that.