Lately I've been looking into stablecoins again, honestly about the reserve transparency thing. Usually no one pays attention, but when there's a little turbulence, it turns into a "do you trust it or not" vote. The scariest part isn't the de-pegging itself, but when everyone starts forwarding screenshots, guessing, lining up to withdraw, and the bank run mentality kicks in—at 1:1, it can be squeezed down to 0.97.

In the community, people are still arguing whether privacy coins and mixing services are crossing the line. I can actually understand both sides: one side fears a blanket ban, the other fears their accounts being implicated. Anyway, my current principle is pretty cautious: if I can't understand the reserve report, I just pretend I didn't see it; diversify if possible; don’t treat "probably fine" as risk management.

What I fear most isn't slowness, but chaos—slow can be waited out, but when it gets messy, you can't even clarify what you're withdrawing. That's all for now.