Recently, I've been flipping PFPs again, and I notice everyone is talking about "long-term community," but they're still grabbing attention… I’ve also been impulsive before; just changing my avatar makes me feel like I’ve joined something. Honestly, it’s just buying a sense of identity. If a membership system only offers a logo and emojis, once the hype dies down, it becomes awkward; but if it can truly make the benefits sustainable (like offline events, products, governance that can be held accountable), then it’s more like a brand, otherwise it’s just a short-term emotional tax.

By the way, looking at the community’s debates over privacy coins/mixing coins and their compliance boundaries, it also feels similar: some people are buying a “stance,” others are buying “functionality.” I now prefer to look at on-chain data and wallet behavior first. The hype is just hype; don’t mistake noodles for rebar… Let’s start with that.