Lately I've been watching that set of "seems very stable" things with stablecoins again. To be honest, de-pegging often isn't because the assets suddenly become bad, but because everyone starts doubting at the same time and wants to be the first to run. As for reserve transparency, nobody pays attention during normal times, but at emotional turning points it becomes a magnifying glass: reports are delayed by a few hours, information is layered, and panic withdrawals are immediately triggered.

Now I personally add a separate "trust temperature" line in my review charts. When the market shows those abnormal, frantic buying and selling behaviors, I cut my positions thin first, even if it means earning less. By the way, I was reminded of the recent heated debate over NFT royalties—platforms say they need liquidity, creators say they need income... It’s actually quite similar. When rules change, the first thing people move are their feet, not their mouths. Anyway, survive first, and talk about ideals once the emotions pass.