Seeing someone get liquidated back to zero again. To be honest, when you’re three steps away from the red line, there’s only one thing you should do first: run.

Don’t believe things like, “Just hold on a bit longer” or “The bounce will save you.” And don’t talk about “how would this ID happen if gas fees didn’t rise?”—it’s only after you do the math that you realize: you have to stay alive to have outputs. Right now, if my position even reaches the warning line, I’d rather cut half first and move into stablecoins to lie low. Losing those few dozen bucks to fees is a hundred times better than getting liquidated.

Recently, the group has been arguing hard about privacy coins—whether it’s compliant or non-compliant… Forget it. I’ll just get my own books straight first.