Recently, someone asked me again, “Will stablecoins suddenly lose their peg?” I usually reply: Yes—and most of the time it’s not a technical problem. It’s people’s hearts breaking first. When it comes to reserve transparency, the truth is that it gives everyone a foundation of belief: “I can redeem at any time.” If you disclose information slowly or the structure is too complicated, the market starts to fill in the worst-case scenarios, and the panic-run “redeem” button gets pressed faster than anyone. Back when I was running nodes, I got hit with penalties—the biggest fear is that permissions and risk controls are written beautifully, but no one actually enforces them. Stablecoins are the same: no matter how strong the mechanism is, it can’t withstand the chain reaction triggered by mass panic.

Oh, and lately people have been arguing a lot about NFT royalties. Creators want income, and secondary markets want liquidity—really, it’s the same psychological game: unclear rules, unstable expectations. When that happens, people will vote with their feet. Anyway, I personally prefer to do less and live more. Only when I can understand the reserves and have redemption channels I can actually access do I dare to hold a bit more.