I keep thinking about one thing: a stablecoin de-peg isn’t just a question of whether the reserves are sufficient. It’s more like everyone is crowding at the door, rushing outside in panic—then the door gets jammed. Some project teams put their reserve funds into a black box: when you ask, they just say, “Everything is fine.” Doesn’t that mean they never really locked the door?

Recently I’ve been watching the Twitter debate over whether privacy coins and mixers are good or bad. Even though the compliance boundaries are blurry, reserve transparency is something you can’t hide— the more they keep it covered up, the more it makes people want to run. Anyway, I’ve split my USDT position: keep some DAI and usdc, and add some exposure to other pools, so that one landmine doesn’t blow up everything.

Treating DeFi like growing vegetables is also fine. Farmers watch the weather; we watch audit transparency and on-chain liquidity. Don’t wait until a bank run happens to remember to check the cards on the table—by then, you won’t be “cultivating,” you’ll be fleeing for your life. (As for the privacy coin thing, I still haven’t fully figured it out. I’ll share more once I’ve thought it through.)