Recently, people keep asking what to really expect from on-chain privacy. To be honest, don’t think of it as a "cloak of invisibility." On-chain transparency is the default; what you can do more is reduce the difficulty of being casually scrutinized, like not treating addresses as social IDs to post everywhere. But when it comes to compliant tracking, exchange risk control, or even traces you leave across platforms, it adds up pretty quickly. When interest rate cut expectations emerge, the dollar index and risk assets tend to move together in a wild swing—rising and falling together. News spreads faster than prices, and these on-chain "traces" become more like loudspeakers: you think you're operating quietly, but actually you're playing old songs in a public square. Anyway, my current expectation is: privacy is relative, compliance is a reality, and don’t cross red lines or be too naive. My biggest fear isn’t losing money, but losing control—being unaware of who might be watching your funds and information, and how they might do it. For now, that’s it. Slowly learn to manage your own noise.