protocol revenue quietly dominates builder priorities

Most blow-ups start as comfortable consensus.

Cycles rhyme, but the plumbing underneath keeps changing.

Put beside current chatter on “TeraWulf Says AI Leasing Now Generates 83% of Revenue as Bitcoin Mining Recedes,” the incentive problem looks clearer.

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

Useful frameworks survive longer than seasonal slogans.

Better questions beat louder opinions when regimes shift.

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