Look, I'm gonna be straight with you here. Those speculative tokens everyone's hyping? The ones planning massive convertible offerings? Yeah, stay away from those. Seriously.

We've seen this movie before. Remember the dot-com era? 1999, early 2000? Same playbook. Companies doing converts, retail rushing in thinking they've found the next big thing, and then... well, we all know how that ended.

The pattern's literally right there in front of us. When projects start announcing these convertible deals, it's usually not the smart money buying in afterward. It's the folks who missed the initial run trying to catch lightning in a bottle.

Here's the thing: convertibles are often issued when prices are stretched, when the hype cycle peaks. Management knows it, the VCs know it, everyone on the inside knows it. But retail? They're the ones left holding the bag when reality sets in.

Don't be that person. Don't chase these plays just because they're trending on socials. The risk-reward just isn't there once the conversion happens. You're basically betting against people who structured the deal knowing exactly what they were doing.

History doesn't repeat, but it sure rhymes. And right now? It's rhyming real loud with late-90s energy. Be smart out there.