That liquidation threshold in lending has always felt like a warning sign of "standing on the edge of a foggy cliff" to me... When only three steps away from the red line, the first thing is not to tough it out, but to first hold your position and mindset steady. Usually, I would cut leverage in half or pay off some debt to bring the health level back to a range where I can sleep peacefully; if I really don't want to sell, I add some margin, but only enough to prevent a further drop from causing a liquidation—beyond that, I won't follow. To put it simply, liquidation isn't about the biggest loss at that moment, but about losing the right to choose at that moment. Recently, the group has been arguing fiercely about privacy coins, coin mixing, and compliance boundaries, and I find myself more reminded: don't pile a bunch of uncertainties together, especially with leverage as an amplifier—survive first.