When watching the market, that moment of unrealized loss makes your blood pressure spike. Unrealized gains, on the other hand, just feel like “it’s not bad.” Actually, it comes down to loss aversion—losing $1 feels worse than the pleasure of gaining $2. Recently, I’ve been looking at those new L1/L2 projects issuing incentives; old users mine while complaining about “mine to sell”—in plain terms, they’re afraid the token price will drop. Once the unrealized loss piles up, they can’t sleep. For my part, I’ve lowered my expectations: if the cost of taking part in the new token allocation is zero, then losses are just “feeding the dogs,” while gains are “unexpected windfalls,” and my mindset is much lighter. Anyway, I’ve seen too many on-chain battles—being alive matters more than anything.