I'm now looking at the PFP/member scene, and it's increasingly like buying "attention renewal coupons." When things are booming, everyone says it's about branding, status; when things turn bearish, they start asking about floors and whether there's a new narrative... I'm also itchy, seeing friends change their profile pictures makes me want to jump in, but often I realize after rushing in that I'm buying noise, not value.

I'm not really that grand about "long-term." Honestly, if it can survive a cycle of staking unlocks/token unlock calendar being repeatedly used to scare people (about 1-2 months), and not sell off, then it counts as something; if it can last through a quarter with people still using, mentioning, and the community still alive, then it can be called a brand. Anyway, I’m this perpetual unlucky guy, so I’ll just reduce my position size, don’t go chasing "membership status" with high leverage again, one liquidation is a wake-up call... but soon I want to jump in again, sigh.