Recently, someone has been discussing stablecoin "de-pegging" again. I looked back at my simple backtest from before: the volatility is usually not high, but at emotional turning points, it's a completely different world. As for reserve transparency, honestly, it's not just about showing you reports to feel good; it's about whether people can wait a moment during a run and not rush to exchange. When the market panics, stablecoins are like umbrellas and life buoys—usually considered a nuisance, but when something really happens, you realize they are all you have. Blockchain games with inflation + studio + coin price spiral collapse are similar; fundamentally, it's all about confidence shattering first, and no matter how you try to patch the parameters afterward, you can't restore it. Anyway, I now pay more attention to "how to exit during the worst times," don't expect to always run faster than others.