Recently, I've seen a lot of people talking about re-staking/sharing security. Basically, it's about splitting the same "sense of security" into multiple parts and selling them. The returns seem to stack up, but the risks also accumulate—it's just that many people don't like to calculate that part. You might think you're earning a bit more, but in reality, you're packaging the same tail risk into a blind box.

Some people take large on-chain transfers or sudden movements of exchange hot and cold wallets as signals of "smart money." From my perspective, watching the mempool, it’s more like: sometimes it’s just changing addresses, adjusting positions, or moving funds around; don’t automatically jump to conclusions… If you want to copy strategies, first think clearly whether you can handle the drawdowns and lag.

My current principle is: if the source of returns isn’t clear or if the penalty/contagion mechanisms are incomprehensible, I won’t touch it no matter how high the returns are. I’d rather earn less and sleep soundly. That’s all for now.