Recently, I've seen a bunch of people talking about on-chain privacy, as if "I go on-chain = no one knows who I am"… Honestly, don't have this expectation. An address being anonymous does not equal privacy; on-chain transfer paths, interaction habits, or even the moment you send coins to an exchange, many links can be traced together. Compliance isn't something that can be blocked just by saying "decentralization," especially when dealing with blacklists, freezes, or certain protocols with permission switches—you'll have to admit it can reach you no matter how much you don't want it to.

My current bottom line is: default to public, default to traceable; if you really want to separate identities, don't be lazy, don't use the same wallet everywhere. As for that recent "attention as mining," social mining/fan tokens, I see it more as tying people's wallets and social relationships even closer, making privacy even more fragile… It's lively, but the cost is quite real. That's all for now.