2018
A tour, not a home
Exchanges taught a harder lesson than the bull market did. A listing is not a thesis.
2018 was for walking the floor: how order books slip, how custody actually works, which altcoins were products and which were posters. A ticker can trend and still have no reason to be held through a winter.
The rule that came out of that year is small. If you cannot say what the coin does on a quiet Tuesday, it does not get a line on the desk.
Exploration is part of the craft. Parking the whole stack in the tour is not.
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Yield is a job you underwrite