Over the past couple of days, I’ve been looking at stablecoin reserve disclosures again. To be blunt, I’m already a bit immune to the kind of talk that goes “we’re very safe”… When transparency isn’t enough, a run isn’t really a math problem—it’s an emotion problem: once others start running, you panic about whether you’ll make it in time, and in the end, everyone together stomps the pool into the ground. After experiencing the brink of liquidation a few times, I’m now truly at the point where I screenshot first to save the evidence, then click confirm—if I can avoid borrowing, I will. I’d rather have the collateralization ratio be higher; being able to sleep at night is the most important thing.

I also took a look at the NFT royalty drama that’s been blowing up—on one side, people say creators need to be able to eat; on the other, people say it affects liquidity. Either way, in the end it always comes down to the psychological warfare of “who runs first wins.” I treat complexity as the enemy: if I can’t understand it / can’t see the reserves, I just assume they don’t exist.