These days, I've been thinking again about the stablecoin de-pegging situation. Honestly, it's not always that the assets are truly gone; it's more that "everyone stops trusting at the same time," which is deadly. When a bank run psychology kicks in, it happens faster than a floor price crash in NFTs... As for reserve transparency, it may seem boring most of the time, but when a crisis hits, you realize who's actually swimming naked. Anyway, now when I see reports written in confusing jargon that don't match on-chain data, I start to sweat unconsciously.

If everyone could easily check the reserves and redemption pathways clearly at the time, maybe there wouldn't be a herd rush to withdraw? But human nature is quite complicated— the more people say "it's fine," the more they want to run first. By the way, I just thought of that recent NFT royalty war; creators want to earn a living, but traders dislike the friction, and with low liquidity, emotions tend to explode more easily... Financialization really amplifies community emotions—love it to death, or crash it outright. That's all for now; I won't look at K-line charts tonight.