It’s raining today, and the traffic is a nightmare—so the coffee’s gone cold too, and my thoughts start to get all over the place… Recently, the community has been arguing again about privacy coins and whether coin mixing counts as an “original sin” or not. It’s pretty divisive to watch. To put it plainly, my expectations for on-chain privacy are pretty simple: you can want low exposure, but don’t expect to be “completely invisible” and freely come and go through fiat channels. The more you try to erase the traces, the easier it is to raise a big question mark with risk control.

As someone like me who watches the liquidation line closely, what I care about even more is explainability. If the money trail is too convoluted, even if the position doesn’t blow up, it’s still awkward when the account gets frozen first. In any case, I’ll also treat “compliance risk” as a threshold in my escape route—if necessary, I’d rather earn a little less than turn myself into someone who can only keep circling around on-chain. That’s it for now—let’s see what happens when the rain stops.