I only take one sentence in my notes: One cross-chain (whether called IBC, bridge, or message passing) boils down to the fact that you don't trust the "chain," but rather the entire chain of relay/validators/light clients/oracles/multisig operations and their upgrade permissions combined. If any screw is loose, assets could be sent away on the spot—Recently, there's been talk about regional tax increases and compliance, sometimes tightening, sometimes loosening. I'm actually more concerned that when deposit and withdrawal expectations tighten, people prefer to use bridges more. When emotions run high, it's easiest to overlook "Who do I really trust?"