Lately, there’s been another argument in the group about whether “on-chain privacy is a fundamental flaw.” Listening to it just makes my head spin… To put it plainly, ordinary users shouldn’t expect that once something is on-chain, it’s still as “no tracks” as if you never left any footprints. At most, it’s about “making it harder for passersby to link you to your wallet.” If you really run up against that compliance line, it’s not that the technology can’t keep up—it’s that, at the moment you enter and exit, you’ve basically been caught/exposed.

My definition of “long-term” is also pretty straightforward: if you can weather one round of macro sentiment swings back and forth, that counts—roughly about a quarter. Now, with expectations for rate cuts and changes in the US dollar index, risk assets swing in sync—up when things are “hot,” down when they “fade”—and the privacy narrative can easily get dragged along with it. In any case, my own expectations are only two: don’t fantasize about absolute anonymity; and don’t assume that all on-chain activity is a crime just because you’re afraid of compliance. Expose as little as possible—don’t go head-on. Just start with that.