Over the past two days, I’ve seen a few pretty classic sandwiches on-chain again. On the surface, it looks like “someone seized the opportunity,” but more often it’s just traders like us paying others slippage taxes + priority fees. Arbitrage is the same—what looks beautiful when drawn out in a diagram: price difference → route → cashing out—but when you actually run it, you’re either a step late or squeezed in the middle as liquidity.

Right now, the community is still arguing about whether privacy coins and coin mixing count as going beyond the line. I actually think it’s the same kind of fracture as sandwiches: one side talks about freedom, the other about compliance. In the end, at the execution layer, whoever can see the transaction earlier—or who can expose their intentions less—wins. Anyway, when I see “certain profit” now, the first thing I think is: does this profit come from someone else, and am I the one it comes from?