The more people hype a coin as 'long-termism,' the more cautious I become. Because true long-termism doesn't need to be shouted about every day. Things truly worth holding long-term usually have three characteristics: Revenue is growing. Users are growing. Cash flow is improving. But what does 'long-termism' mean for many crypto projects? Issuing tokens, offering incentives, airdrops, pumping TVL, creating point systems. Then they tell you: 'The ecosystem is growing rapidly.' But when you take a closer look: The users are just airdrop hunters. The TVL is bought with subsidies. The trading volume is fake. And there's almost no real revenue. That's not growth. That's: using the future token price to subsidize today's metrics. So, when evaluating a project in the future, don’t just look at how much funding they’ve raised. First, ask yourself one thing: If they didn’t issue tokens or offer subsidies, could they still survive? If yes, then it’s the real deal. If not, it’s just a financial game.