Last night, I saw someone talking about stablecoin de-pegging again. My first reaction was like a radio suddenly losing its station: they clearly said the reserves are "transparent," but as soon as everyone starts rushing to redeem, emotions run much faster than the reports. Honestly, transparency can only give you a little peace of mind; when a run actually happens, you're still watching to see if "others will run first."

A while ago, I encountered a situation where I didn't understand and decided not to act: the on-chain data tools labeled a large address as "institution increasing holdings," and I got brainwashed in the group chat, almost rushing to change my position. Turns out, a couple of days later, the label was changed, and I realized it was an internal transfer + layered mixing; what looked like buying was actually moving assets... I was lucky to be slow at the time, so I just took it as hearing some noise, turned down the volume first. Now, whenever I see the words "de-pegging warning," I first ask myself: am I looking at the reserves, or am I watching the speed of everyone’s panic contagion.