In recent days, watching $NIGHT continuously drop to around 0.045, Old Dream has fallen into deep thought. Today, let's skip the fancy metaphors and just talk plainly about what Midnight is really hiding.
First of all, does it want to please both sides, but in the end, will it fail to satisfy either? On one hand, it calls for privacy, while on the other, it wants compliance to let regulators check freely. At first glance, this logic seems perfect, but in reality, privacy users think you're not discreet enough, while regulators think you're not transparent enough. If both sides reject it, won't the project's positioning be in jeopardy?
Secondly, no one is spending money on the chain; what is the value of this coin based on? Old Dream sees that @MidnightNetwork officially states that holding NIGHT can generate DUST to pay transaction fees. But the reality is, if no one really goes to run applications after the mainnet launches, and there aren't many real transactions, then DUST has nowhere to be spent. If no one consumes resources, NIGHT will become pure speculation, with its price entirely dependent on emotions, and it will crash at the slightest disturbance.
The most critical issue is the selling pressure being too great. Midnight's so-called glacier airdrop plan, frankly speaking, is just continuously flooding the market with $NIGHT . The mainnet has just launched, the positive news hasn't been digested yet, and a large wave of coins from airdrops is about to hit the market. Retail investors can't possibly absorb such a scale of selling. Old Dream feels that at that time, let alone making a profit, it will be hard to even keep the principal safe.
Also, are developers really willing to come? Old Dream thinks the toolchain is new, but is the learning cost high? If there aren't several decent applications launched, and the chain is just filled with air, then the so-called ecosystem is just a pipe dream.
🐶 Old Dream's conclusion:
In short, no matter how well Midnight tells its story, it has to be seen in action. Until we see real users and stable consumption, Old Dream advises everyone to hold tight to their wallets and not rush to become bag holders. Keeping your few steel coins U is better than anything else.