Lately I’ve been reading up on some on-chain privacy topics, and the more I look, the more I think ordinary users shouldn’t have too many illusions: on-chain is a public ledger. The so-called “privacy” is mostly about driving up the cost of linking the dots—not about making you disappear. Compliance is also a pretty realistic line. No matter how you try to get around it, in the end, when it comes to deposits and withdrawals—and when you need to end up with fiat—the platform and the bank are still going to ask questions.

If a certain region suddenly adds taxes or tightens compliance, the mood in the group immediately flips from “whatever” to “quick, move it”—and later on, thinking about it, it’s pretty ridiculous. The rules were always there; it’s just that we usually can’t be bothered to take them seriously. Anyway, my current expectation is: don’t use clearly questionable tools, keep good records, and be able to explain the source of funds clearly—it’s more reliable than researching “stealth tactics.”