Most investors think they're making decisions.
I'm starting to think they're often reacting to attention.
The distinction matters more than it seems.
I was looking through old crypto narratives recently and noticed something interesting.
The projects that received the most attention were not always the projects that created the most value.
In fact, some of the strongest ecosystems spent years growing quietly while the spotlight focused elsewhere.
That shouldn't be surprising.
Attention is designed to move.
Value is designed to accumulate.
Yet markets often treat the two as if they're the same thing.
That creates an interesting dynamic.
When attention arrives, people assume value must already exist.
When attention disappears, they assume value disappeared with it.
But reality is usually less dramatic.
Builders keep building.
Users keep using.
Networks keep evolving.
Long after the headlines move on.
This is why conviction has always fascinated me.
Not blind conviction.
Informed conviction.
The ability to distinguish between a temporary narrative and a long-term trend.
Most opportunities look obvious in hindsight.
Very few look obvious while they're forming.
The question is whether investors are actually rewarding value creation, or simply chasing whatever currently has their attention.
Because those are not always the same thing.
#crypto #Web3 #Investing
I'm starting to think they're often reacting to attention.
The distinction matters more than it seems.
I was looking through old crypto narratives recently and noticed something interesting.
The projects that received the most attention were not always the projects that created the most value.
In fact, some of the strongest ecosystems spent years growing quietly while the spotlight focused elsewhere.
That shouldn't be surprising.
Attention is designed to move.
Value is designed to accumulate.
Yet markets often treat the two as if they're the same thing.
That creates an interesting dynamic.
When attention arrives, people assume value must already exist.
When attention disappears, they assume value disappeared with it.
But reality is usually less dramatic.
Builders keep building.
Users keep using.
Networks keep evolving.
Long after the headlines move on.
This is why conviction has always fascinated me.
Not blind conviction.
Informed conviction.
The ability to distinguish between a temporary narrative and a long-term trend.
Most opportunities look obvious in hindsight.
Very few look obvious while they're forming.
The question is whether investors are actually rewarding value creation, or simply chasing whatever currently has their attention.
Because those are not always the same thing.
#crypto #Web3 #Investing