Recently, I've been looking at stablecoin reserve disclosures again, and the more I look, the more it feels like I'm observing a "mental account"… On the books, no matter how much you say there is, when everyone panics, they start guessing: will others run first? In essence, de-anchoring often isn't due to insufficient assets, but because the panic has set in. When on-chain/off-chain information asymmetry is amplified, emotions move faster than the spreadsheets.

I see myself more as an observer piecing together data into small collages, rather than someone shouting "stable" everywhere. By the way, the heated debates in the comment section about NFT royalties also seem similar: creators want income, secondary markets need liquidity, everyone thinks they are more "reasonable," and in the end, it's all about trust and expectations holding the scene together… Anyway, I'll finish the visualization first, and once everyone gets tired of arguing, I'll look at the conclusions.