The other day, I saw a certain stablecoin being shouted about again as “losing its peg.” A bunch of screenshots were being passed around in the group, back and forth. My first reaction wasn’t to chase the price gap; instead, I shut my browser and went to make tea… To put it plainly, when a stablecoin loses its peg, it’s often not the books that break first—it’s people who panic first. Once a run starts, everyone wants to be the one who runs first.

I’ve already taken a once-off loss/break-even from “if you don’t understand, just don’t do anything” (the end result was still okay). That time, I looked at the so-called reserve report. After staring at it for a while, I only managed to make sense of a bunch of terms and stamp marks. As for exactly where the money was, or whether you could redeem it immediately—there was nothing clear. I felt itchy to take on a position to ride the swings, but in the end, I held back. Later, as expected, people started lining up to redeem. Even the on-chain transfer fees got squeezed up. At the time, I just thought: if you don’t understand, don’t go looking for excitement for yourself.

It also made me think that the recent uproar over NFT royalties is pretty similar. Everyone says they’re doing it “for the ecosystem,” but when liquidity gets tight, slogans aren’t worth much gas. The real key is who can exit right away. As for transparency—people usually complain it’s too wordy, but when something goes wrong, it’s a lifeline. That’s it for now.