Supply control mechanisms look solid on paper—until major holders decide to move. That's when theory breaks down fast. One whale starts liquidating, panic spreads, and suddenly everyone's heading for the exits at once. It's textbook prisoner's dilemma: individually rational decisions create collectively irrational outcomes.

The hard truth? Most supply control models rely on good faith. "Trust us, we're keeping these tokens locked." But faith isn't tokenomics. Real supply discipline needs teeth—immutable smart contract locks, not promises. Without genuine on-chain constraints, any mechanism is just wishful thinking waiting for the first market stress test to fail. When the pressure comes, incentives flip instantly, and locks become suggestions.