The third time I almost got scared by the news that a stablecoin was "almost de-pegged"… Honestly, I’m not really afraid of it going to zero, I’m more worried about a panic sell happening all at once—everyone’s hands moving faster than their brains. Reserve transparency, which usually seems harmless, becomes the only source of security when things go wrong: Do you dare to redeem at any time? Do others believe you really hold those assets?

Recently, I also saw the social mining and fan token schemes that promote "attention as mining." I wonder if they’re just disguising the panic selling mentality: when it’s hot, everyone says it’s valuable; when it cools down, even the exit buttons are fought over. Anyway, I’m still sticking to my usual approach—diversify holdings, keep track of interest rates and flows casually, and before I get the itch to add more, I’ll sleep on it first.