Recently, I've been catching up on IBC / cross-chain stuff again. To put it simply, once you "cross over," you trust more than you think: don't let the source chain rollback, don't let the target chain mess around, and don't feed fake proofs to the message passing/light client system. Whether the relay runs or not can actually affect your experience... Not to mention many "bridges" also involve multi-signatures, oracles, custodial accounts—components that are very human-centric. It looks like a single message, but behind it is like a relay race; if any baton drops, it can cause a scene.

In the group, they've been talking about stablecoin regulation/reserve audits again these days, along with various short essays about "de-pegging." My feelings are similar to reading bridge announcements: it's not that something will definitely go wrong, but when you suddenly realize who you are really trusting, you start to feel a bit uneasy.

By the way, my definition of "long-term" is pretty unambitious: if I can survive a weekend of emotional swings + a monthly settlement without wanting to cut my position, I consider that long-term... Quarterly? That depends on whether I get memed by liquidity to the point of forgetfulness.