Lately I've been looking into stablecoins again, and honestly, when they truly lose their peg, no matter how beautiful the reserve reports look, they can't stop the panic of "fleeing first." Transparency is of course important, but when market sentiment turns sour, people aren’t watching what you have on your books—they’re worried about whether they can redeem immediately... I, who only pick up scraps, can only keep the small pieces scattered around. I'd rather make things a bit more complicated than end up stuck at the back of the line as a background player someday.

By the way, recently there’s been a pretty heated debate in the group about the boundaries of privacy coins/mixing compliance. One side says privacy is a right, the other warns not to send themselves into the risk control blacklist. Anyway, whenever I see words like "absolutely safe" or "absolutely compliant," I just want to laugh. Let’s leave it at that for now.