Today I once again saw a screenshot of a certain stablecoin "slightly de-pegging," honestly my first reaction wasn't whether it would recover, but: what do people really believe in? No matter how beautifully the reserve disclosures are written, once a run happens, the moment the psychology string is pulled tight, who still takes the time to read audit reports... everyone just runs first out of caution. To put it plainly, stablecoins are most afraid not of bad debts, but of confidence suddenly collapsing all at once.

The set of blockchain games is also quite similar, usually inflating rewards and studios frantically moving assets around, looking lively; once the coin price spirals up, players and funds withdraw faster than anyone, and no matter how "designed" the mechanism is, it can't withstand the emotional stampede.

I've been monitoring these incidents intensely these past couple of days, my eyes are sore, and my neck is a bit stiff. Anyway, I haven't looked at the market much, and I can't sleep well until I understand the pitfalls of safety/reserve. That's all for now.