Recently, I’ve seen a bunch of talk about “re-pledging + shared security” as if it were a universal outlet. The returns stack up layer after layer, and it looks pretty tempting—but I can’t help feeling that it’s easier to stack up illusions: the underlying risks haven’t actually gotten smaller, they’re just been dressed up to look better.

I ask myself: am I really earning returns, or am I borrowing leverage to bet that the system won’t go wrong?
Answer: most likely the latter, just with a nicer name.

Especially now, attention is being pulled along by memes and celebrity calls, and newcomers are the most likely to get so excited they forget where the exit button is. To put it plainly, shared security and shared safety might also be “the same trap.” I’d rather take a smaller bite and not be the one who catches the final baton. For now, that’s it—just watch the narrative cycle slowly.