Rosie's take on Why Crypto Can't Build Anything Long-Term is more relevant than ever. If you're trying to understand how we got here, what this place is going through, and what the future of this space will look like, then give it read. Here are some of the more sobering quotes that resonated with me: 𝐎𝐧 p𝐢𝐯𝐨𝐭𝐢𝐧𝐠: --> "founders are not doing anything wrong when they pivot. they are rational actors in a system that rewards attention over depth. the few projects that last were not built to capture a narrative. they either deliver real value or sell an ideology strong enough to outlive a market cycle. everything else is just liquidity rotating to wherever belief is briefly highest. --> "Traditional business advice: don't fall for sunk cost fallacy. If something isn't working, pivot. Crypto took that and did sunk-cost-maxxing." ---> The market doesn't reward finishing. It rewards starting new things. Over and over. Maybe crypto's real innovation isn't the technology; maybe it's figuring out how to extract maximum value from minimum completion. Perhaps the product is the pivot. 𝐎𝐧 𝐭𝐡𝐞 𝐥𝐚𝐜𝐤 𝐨𝐟 𝐥𝐨𝐧𝐠 𝐭𝐞𝐫𝐦 𝐭𝐡𝐢𝐧𝐤𝐢𝐧𝐠 --> The market punishes finishing. A finished product has known limitations. An "almost finished" product still has infinite potential. --> VCs don't fund products, they fund attention. And attention flows to new narratives, not finished old ones. Most teams are just narrativemaxxing at this point - optimizing purely for whatever story raises capital, zero regard for what they're actually building. Finishing is limiting yourself. Not finishing is keeping your options open. https://x.com/therosieum/status/1984987750647333350