Over the past two days, I’ve been looking up the reserve disclosures for a few stablecoins again, and the more I read, the more it hits me: transparency isn’t just about whether there’s a report. It’s about whether, at the moment of a bank run, people are willing to believe—and whether they’re confident enough to click redeem. Normally you think a 1:1 peg is rock-solid. But if there’s even a hint of trouble—on-chain transfers get a little clogged, matching gets a little delayed—people’s emotions slip off the anchor fast. After all, everyone’s afraid they’ll be the one who runs too late.

I also ask myself: if the reserves are enough, does that mean the peg won’t slip?
Not necessarily. Whether the reserves are enough is one thing; whether everyone goes to withdraw at the same time is another.

On top of that, I saw that whole setup around social mining and fan tokens—the “attention is mining” thing. Put simply, it’s more like cashing out trust and hype in advance. When things are hot, everything can be explained. But when things cool down, even the most basic anchor can’t be held. That’s it for now—I’m not going to fiddle with my positions tonight.