I caught myself doing something familiar with $NIGHT this week.
Defending the idea more than the data.
That’s usually where mistakes start.
So I stepped back and looked at Midnight Network without the narrative. No ZK buzzwords. No “future of privacy” framing.
Just one question:
Is anyone actually depending on this yet?
Right now, the honest answer is no.
And that’s fine — early infrastructure always looks unnecessary before it becomes obvious. But it’s a reminder that this is still a forward bet, not a current reality.
I’ve been here before with other projects. Great concepts, clean design… zero real demand.
So I’m staying disciplined.
I’ll keep a position while the idea is still forming.
But I won’t confuse potential with proof.
Because the market doesn’t reward ideas.
It rewards dependency.