Today, I was checking TVL while brewing tea, and suddenly I thought about stablecoins... Usually everyone says "pegged very stably," but once the wind shifts, the run button is pressed faster than anyone else. To put it plainly, de-pegging often isn't because the assets are truly gone, but because confidence has already fled; if reserve transparency still relies on "trust me, brother," don't be surprised if market sentiment flips faster than project teams change faces.

Recently, the community has been arguing over whether privacy coins and coin mixing are inherently sinful; as the compliance boundaries are pulled and stretched, the first to be affected are often these "seemingly most stable" liquidity pools. Anyway, when I look at stablecoins now, besides checking collateral and audits, I care more about whether they can speak human language and whether people can trace things when under pressure... What's a bit depressing is that everyone remembers the hits but forgets the lessons; but it's also okay, at least this round of discussion has been a bit more serious than before. That's all for now.