In Web3, there’s a “multiple-choice question” that has been troubling a lot of people.

It’s also one of the questions in various broker risk tests:

100% return, but there’s a chance you lose it all OR 10% return, but the drawdown is controllable

What do you choose???

This is like meme vs. spot.

With $10k, you can make $1M because it’s a meme—tenfold is not a dream.
With $1M, you can make $1M because it’s spot—doubling is not a dream.

A typical example is $Bull Lai: before it was listed, it was a meme; after it was listed, it became spot.

The kind of trading pattern you can observe is that after the listing, the big players directly smash down a few million dollars, but before the listing they only go in with a few thousand.

This multiple-choice question has kept troubling many people.

Even to this day, I myself sometimes still get bothered by it.
If I could thoroughly dissect this problem and find the answer that fits me, I’d probably truly make it to the shore.