Last Updated: 2026-10-26
The former “buy right now” list at this address has been withdrawn. Its personal holdings, precise market figures and price forecasts were not backed by the records needed to verify them. This does not prove each claim false; it means the list cannot serve as a current recommendation. The original is preserved in the editorial archive.
Use this worksheet to investigate an asset without starting from a price target. Its output is a dated evidence record, including reasons to reject or postpone a decision. It is educational material, not investment advice or an allocation model.
Separate four different claims
- The product is used. What activity is being counted: users, addresses, transactions, volume or fees? Can one participant generate many records? Keep the query, period and exclusions.
- The activity creates economic value. Gross fees, protocol revenue, incentives and net earnings are different. Identify who pays and who receives each amount.
- The token captures some of that value. A useful network does not by itself establish a token holder's claim on cash flow. Read the actual mechanism: access, governance, staking, burns or distributions, with its conditions.
- The price is attractive. Even if the first three claims hold, the entry valuation and future dilution remain separate questions. A product announcement is not a valuation model.
Do not turn a pilot, proposal or announced partnership into an established production deployment. Record which stage the source actually supports and the date of that evidence.
A synthetic fee example
Assume a hypothetical protocol collects $1,000 in fees during a period, passes $700 to service providers and retains $300 in its treasury. A dashboard showing $1,000 in fees has not demonstrated $1,000 of token-holder income. Even the treasury's $300 is not a distribution unless the holder has an applicable entitlement or the mechanism actually pays it out.
If incentives cost $400 in the same period, report that separately and explain the accounting basis. Do not call fee growth “profit growth” without identifying the corresponding costs and recipients. These invented values explain categories; they describe no real protocol.
Check supply without converting it into a price forecast
In another hypothetical example, 100 circulating tokens at $2 imply a $200 circulating market value. A possible eventual supply of 150 tokens gives a $300 fully diluted value at the same assumed price. Neither calculation predicts that the price will stay at $2, and an unlock schedule does not prove every unlocked token will be sold.
Keep the supply definition, unlock dates, recipients and conditions with the source. Distinguish an announced maximum, tokens already issued, tokens counted as circulating and rights that can change through governance. Uncertainty belongs in the record, not in a confident cycle-top prediction.
Write a bear case that could change your conclusion
Scroll sideways to see every column. Keyboard: focus the table region and use the arrow keys.
| Research question | Evidence to retain | What remains unresolved |
|---|---|---|
| Does activity persist without incentives? | Comparable periods and an explicit incentive measure | Attribution when several conditions changed |
| Can a holder realize value? | Contractual rights or documented token mechanism | Changes, execution costs and demand |
| Could the supply change? | Current supply definition and dated release schedule | Governance, discretionary releases and selling behavior |
| Can the position be exited? | Executable depth for the intended size and route | Future liquidity, withdrawals and outages |
| What can be lost operationally? | Custody, signing and recovery arrangements | Counterparty and implementation failures |
A bear case is useful when it identifies evidence that would alter the thesis. “The market could go down” alone does not distinguish this asset from any other.
Keep one denominator for the budget
If a budget is 100 units and 12 are reserved as cash, the remaining allocations must sum to 88. Allocations totaling 100 plus a further 12 in reserve total 112; labeling all of them “percent of portfolio” does not fix the inconsistency. This is a bookkeeping check, not a recommended cash percentage.
Separate custody from execution: where an asset is held and where it can be traded are distinct choices. Multiple venues do not remove common exposure, and an insurance label needs its actual terms rather than a blanket safety claim.
End the record with a timestamp, source links, unresolved questions and a decision such as insufficient evidence. A worksheet can be useful without producing a buy list. The site may receive commissions on marked affiliate links elsewhere; no personal position, verified return or signup recommendation is claimed here.