When the alarm goes off, I think of one thing: on-chain privacy, ordinary people should not have the illusion of "I can't see you and you can't catch me." To put it simply, what you want is not to be casually watched, and not to have your data randomly sold by platforms/third parties, but when it comes to compliance lines, the same traces can be followed and investigated. At most, it's a matter of cost and speed. Recently, with extreme funding rates, the group is again arguing whether to reverse or continue squeezing the bubble. It's actually like privacy: you think you're betting on the direction, but often you're betting on who gets targeted first, who can't hold on anymore. My simple expectation is: expose as little as possible, and don't treat "privacy tools" as a get-out-of-jail-free card.