Lately, I've been paying more attention to whether project teams are seriously doing their work, rather than focusing on "grand narratives." I only look at two things: where the treasury funds are being spent, and whether the milestones are being achieved on time. Honestly, if the money is genuinely used to get things done, there will be traces: expenses on development, audits, infrastructure—these tend to have a steady rhythm and won't suddenly all shift to marketing, KOLs, or conferences and travel all at once... As for milestones, don't just release roadmaps; can they deliver what they promised, and if there's a delay, is there a clear explanation? These are more honest than slogans.

Recently, everyone has been interpreting ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls all together. I also get carried away by emotions, hesitating to chase after gains, then regretting not holding on... But looking back, no matter how you talk about macroeconomics, you can make it sound convincing. The project teams' spending and whether they've delivered anything can't be fooled for too long.

I don't need to be understood; I just set a boundary for myself: not to follow the crowd into arguments, and not to rely on faith to hold on. When I see the treasury being misused and milestones being delayed out of habit, I just think the sun has risen—time to take the ice cream out of the fridge.