Lately I've been thinking about on-chain privacy. To be honest, ordinary people shouldn't expect "complete anonymity," at most it reduces the chance of being easily exposed. In the past, I was too lazy to break down addresses when transferring funds, thinking no one cared. But after seeing several large on-chain accounts' series of transactions being traced, I realized that what you consider a "bystander" is actually quite transparent in the data.

But we shouldn't ignore the compliance line either, especially when fund rates are extreme. Whether arguing in the group about reversal or continuing to pump the bubble, I become more nervous: at such times, a bunch of order chasing, position shifting, and cross-chain activities are the easiest way to make your behavior traceable as a "resume." My current expectation is: privacy tools are raincoats, not invisibility cloaks. They can block some rain, but don't use them to break into danger zones. That's it for now—don't make things more complicated for yourself.