Someone asked me how to think about on-chain privacy... My current expectation is quite simple: don't expect "complete anonymity," and don't treat "compliance" as a free pass to pull you out of trouble at will. On-chain stuff is basically like the background noise of an old radio; usually it doesn't matter, but once someone seriously tracks the signal source, many "unnamed" records can be linked together.

To put it plainly, what regular users can do is: don't do everything on a single address, don't keep a payroll card-like entry and exit point linked to the same chain for a long time, and when encountering claims like "privacy tools = illegal" or "compliance channels = absolutely safe," first raise a question mark. During the recent extreme funding rate period, when the group was arguing whether to reverse or keep squeezing the bubble, I think it’s more like when emotions are turned up to maximum volume, it’s easiest to also amplify your own operational traces... Anyway, I try to do less fussing, leave some room, and just leave it at that for now.