Too many people ask me whether I will participate in the presale, and my answer is very clear: I won't.

It's not that I am bearish on the project, nor do I distrust the platform, but based on the presale mechanism itself, I have the following considerations:

1. If everyone can participate in the presale, then who will be the one to take over?

If there are no thresholds and everyone can join, the circulation after the opening will be extremely dispersed, where will the expected premium come from? If no one is taking over, how can it rise?

2. Is the project party putting half of the funds into the pool and half to pump the price? It sounds lively, but in reality, it's not cost-effective.

In this kind of gameplay, buying in the early market may not necessarily be more expensive than the presale, and it might even be cheaper, so why would I not wait for the opening to buy at a lower price?

3. If it’s a full refund type, then it basically means that the tokens won’t be issued immediately.

In this situation, the project party is more likely to wait for a cooling-off period before finding an opportunity to airdrop, so the value of participating in the presale is questionable.

4. Will the project party really disregard costs and crazily pump the price? What’s the probability of such an ideal scenario?

Ultimately, a presale is just a way of crowdfunding, and it cannot be treated as a guaranteed profit signal. Relying on faith to gamble is too blind.

5. Full refund + free airdrop, will something like this, where "if you participate, you can still gain something," really happen?

Logically, it makes sense, but the actual operational possibility is extremely low, so don't take it too seriously.

I do not comment on specific projects and platforms; this is just my rational judgment of the current presale practices. Of course, I could be wrong in my judgment, but at least under the premise that the mechanism remains unchanged, I choose to watch and wait.