These days, I've been looking into the reserve disclosures of stablecoins again. Honestly, I'm not afraid of the small interest they lose; I'm worried about a bank run happening all at once. It seems pretty stable most of the time, but once everyone starts guessing "Will others run first?" it's like suddenly smelling something burnt in the elevator—even if you're not sure, someone will rush to the stairs... and then it really gets jammed. Transparency is a bit like the expiration date on a fridge door sticker; it doesn't guarantee freshness forever, but at least it prevents people from deciding whether to eat based on guesswork.

By the way, I also looked at the NFT royalty debate and the water wars. Creators want ongoing income, traders want smooth liquidity, and in the end, it often turns into a dispute over "whether it can be enforced." When emotions run high, it’s very much like the contagion before stablecoins lose their peg: you think you're discussing rules, but really, you're fighting over who will lose trust first.

For now, I’m just drawing a small diagram of possible redemption paths and the worst-case exit speed, so I don’t wait until the storm is big to realize where the door is. That’s all for now.