I've refreshed those collateralization panels for the third time in the past few days, and the more I look, the more uneasy I feel: the layered returns are quite tempting, but the risks aren't transparently compounded... Shared security, to put it simply, is "everyone binding together." You think it's diversified, but it might actually be the same trap wrapped in different packaging. When the interest rate curve suddenly shifts, the liquidation waterfall follows right behind—don't ask, I have plenty of crash experience.

Recently, Meme and celebrity calls have become popular again. When newcomers get excited, they want to also take positions to "maybe earn a bit more." Anyway, I now prefer to earn less rather than be the last one holding the bag; profits can be calculated, but illusions shouldn't be stacked. That's all for now.