Recently, I keep seeing people say "On-chain privacy = no one can trace it," but honestly, this expectation is a bit like using a raincoat as a stealth cloak... As an ordinary user, I think two things should be assumed: first, on-chain data is basically public; you're just replacing your name with a string of addresses; second, when compliance trends shift, the first to tighten up are exchanges and deposit/withdrawal processes, and your "privacy" often loses to "being asked to explain where the money came from." When news came out about a certain region increasing taxes, a few friends around me immediately shifted from "transfer freely" to "don't move anything first," and their expectations became very pragmatic.

I once encountered a process called privacy cross-chain that I couldn’t understand; the tutorial was full of fancy words, and as I stared at those signatures and authorization pop-ups, it looked more and more like "set all risk control parameters to zero and pray"... The final advice: if you don’t understand it, don’t do anything for now. Losing a little opportunity isn’t a big deal; better than waking up one day to find yourself liquidated by both compliance and hackers.