Today I was cleaning my desk and found an old alarm clock, and I suddenly thought that stablecoins are quite similar: they usually tick quietly and peacefully, but at critical moments everyone is watching to see if they’re accurate. Honestly, de-pegging is often not “assets suddenly disappear,” but rather the panic of a run on the system first getting out of control — when you see reserve disclosures being vague or audits dragging on, you instinctively want to run first. But when everyone presses the button at the same time, it ends up crashing the system.

Recently, someone was talking about social mining and fan tokens, that “attention is mining” thing. It sounds a bit like putting a new skin on an alarm clock: it looks more lively, but when it’s midnight and you need to wake up, you still rely on the actual batteries inside. Anyway, I only care about two things when choosing stablecoins: whether the reserves are transparent or not, and whether the redemption channels are smooth. Earning a little profit is fine, but don’t trade your “peace of mind” for it.