Been going down a rabbit hole on old cycles, and they all have a similar ring to them. Someone invents a new way to raise money from people. Then the incentive design breaks down and poof, cycle over. 2017 was ICOs. Anyone with a whitepaper could raise. EOS pulled in $4.1B in a sale that ran almost a full year. 78% of ICOs were scams, according to one report I found. 2020 was DeFi summer. Yield farming exploded and every dApp had a new token with triple-digit yields. Once people started dumping, DeFi never got that momentum back. 2021 was NFTs. Beeple sold for $69.3M. OpenSea did a record $5B in January 2022, then volume fell almost 90% by August. 2024 was launchpads. Pumpfun made launching a coin a one-click job. Millions of coins later, 95% of trenchers are in the red. 2026 was social trading. Copy the traders at the top of the leaderboard and watch in real time as they sell it back to you. Every cycle, getting in gets easier while telling what’s actually good gets harder. After five cycles, we’ve only ever solved for access. We still haven’t solved “who should I listen to”.