These past couple of days, I've been thinking about the de-pegging of stablecoins. Honestly, it's often not a big bug on the chain, but people's panic withdrawals: when you see others pulling out, you get itchy too, even if you rationally know "the reserves should be sufficient." So transparency of reserves is quite important, not to make us memorize formulas, but to have something to hold onto in times of panic.

The macro side is also quite tangled. When expectations of interest rate cuts come, discussions about the dollar index rising and falling together with risk assets resurface, and emotions are carried away in a frenzy. Anyway, I now treat small positions as a way to record my heartbeat—don't see complexity as an enemy: if you can understand it in one sentence, don't force ten sentences. That's all for now.