These days, I've been watching the reserve information of stablecoins again, and it's giving me a headache. Honestly, I'm not afraid of them really running out of money; I'm more worried about the moment when everyone starts to doubt and panic withdraws happen—like queuing up to grab the last bottle of water. The more I try to explain, the more anxious I get. My positions are already like ice cream—melting under the sun—once there's a slight breeze or disturbance, I want to convert back to fiat currency first. I often sell too early and regret not holding on... But I can't handle a full-blown de-pegging panic stampede.

By the way, I thought of the current popular social mining and fan token schemes—this idea of "attention as mining"—it’s quite similar to the confidence game of stablecoins: if you don’t watch it, nothing happens; but once everyone starts refreshing madly on the same point, it’s more likely to go wrong. Anyway, I’m now more concerned about who the transparency is for—whether it’s to give you peace of mind or to give you a faster entry point for panic. That’s all for now; I won’t add to my positions tonight.