Lately, the discussions about stablecoins have heated up again. To be honest, de-pegging is often not as simple as "no money in the account." During a run, everyone wants to withdraw first, and on the blockchain, it turns into a seat抢夺: nonce gets stuck, many failed transactions, transaction ordering gets front-run, and in the end, you clearly clicked redeem but are left waiting in the mempool, which is psychologically devastating. Reserve transparency is obviously important, but transparency isn't just about posting an audit chart; the key is whether people can believe that "I can withdraw at any time." By the way, the privacy coins/mixing coins are also tearing each other apart—one side calls for compliance, the other for freedom. Anyway, during panic, everyone queues on-chain... My biggest fear isn't losing money; it's losing control: thinking you can exit, but in reality, even failure to get in line is a problem. That's all for now.