Just rambling on about the current price of coins. 1. Everyone's giving up and leaving, but I believe bull cycles are bound to return. 2. If you think about it objectively, the current situation isn't that bad, considering only Bitcoin and majors, excluding miscellaneous alts. 3. The protagonists of the 23-25 year bull cycle won't likely have much power in the next one. 4. The protagonists of every bull cycle narrative have always failed to make it to the next one. 5. Still, Hari seems different (BNB did well despite being the protagonist of the 21-year bull cycle; Hari = New BNB). 6. A new narrative will emerge somewhere, and even in a bear market, if a narrative emerges, it's advantageous to ride it without thinking. 7. Promising narratives seem to emerge at the very beginning of a bull cycle (like BRC and Pandora). 8. Even if you don't make it to the top of the narrative, you'll still be able to make a profit just by making it to the top 5. 9. I'm learning firsthand that halving is a god. Since the cycle says the market will remain bearish until around this fall, I'll have to resist the temptation of any scam moves. 10. The problem is that it's 27 years. Once taxes are introduced, we'll likely need to change our airdrop strategy. 11. Registering as a business, deducting ad creation expenses, and filing taxes may become the default. 12. I think something like Hari will emerge during this bear market, but I'm not sure if it will be through an airdrop. (It could just be an ICO.) 13. Surprisingly, the Crypto Perp system seems to have a great UX in many ways. 14. The Stock RWA Perp seems to make leverage really easy for retailers to access (I'm not sure if this is a good thing.) 15. I think the Stock RWA Perp will grow bigger than the Coin Perp. 16. Crypto x AI is trying hard in various ways, but if you approach it from a functional/infrastructure perspective, it seems like a losing battle from the start. 17. Approaching it from the perspective of censorship resistance/decentralization seems like the only way to make a dent. 18. However, it seems like there aren't many teams building with that ideology in mind. I'm just writing this down as a memo, so take it with a grain of salt.