I look at whether the project team is working seriously; the first thing I don't look at is the PPT, but where the treasury funds are spent: whether the proportion of expenses on R&D/auditing/infrastructure can stay stable, whether milestones are progressing monthly, or if they suddenly "market cooperation" skyrockets when the market heats up. To put it simply, only when the budget curve and delivery rhythm match do I think they are actually doing something; if they don't, no matter how much narrative they spin, I’ll remain skeptical. Recently, the debates over privacy coins, coin mixing, and compliance boundaries have been quite divisive, but I’m actually more concerned about whether the team has incorporated risk control into their roadmap—don’t leave the burden on on-chain users to bear themselves.