People are talking about the gamefi economy again—it’s really just about seeing who can run faster. What do inflation and output matter? What truly drains the pool is these people “waiting” there every day—waiting for the game hype to get a little higher, waiting for their own production to break even a bit sooner, waiting for the next richer fool to take over the bag. And then what happens? By the time they’re done waiting, the pool is scraped down to just its underwear. Rumors of stablecoins de-pegging in the group keep flooding the chat. Everyone says they’re not panicking, but their actions are pretty honest: they’re rushing into USDC/USDT like crazy. I honestly can’t stop laughing—when the big players in gamefi sell, they’re steadier than one another; while the small fries are still hoping they’ll have a change of conscience.

Anyway, I’m not taking sides. I just want to see when this game’s economic model can’t hold up. No matter how much output there is, if there’s no real consumption of cash value, it’s all just idling. In plain terms, it’s mortgaging expectations. Waiting for others to dump first day, waiting for their own final entry day, waiting until the day they realize their mistake—if they make it out.

Don’t talk to me about “long-term value.” For gamefi, calculate the pool’s cash flow first before you start talking.