Lately I've been looking at stablecoins again, and the more I look, the more I feel that confidence in this thing is more fragile than the technology... Transparency of reserves, frankly, is just "do you dare to let me audit the books," otherwise, as soon as there's a slight disturbance, the group starts spreading rumors of "de-pegging," and it turns into a self-fulfilling run.

Many people talk about long-termism, but in practice, they are quicker to exchange than anyone else. I'm just as hesitant.

My biggest fear isn't slowness, but chaos: if it's slow, I can still follow procedures like auditing, multi-signature, or reviewing past incidents. But if it gets chaotic, all that's left is emotional brawling, and no one is rational anymore.

In the past couple of days, Meme and celebrity calls have caused another wave of attention rotation. I even resonate with veteran players advising newcomers not to take the last step... It’s lively, but when real trouble happens, the panic spreading in the stablecoin space is the most frightening.
Anyway, I’d rather earn a little less now than gamble my luck during that one minute when "everyone is running."