I just looked over some on-chain data and had a few thoughts. The whole argument about NFT royalties has been pretty heated lately—at its core, it’s a tug-of-war between creators and secondary-market liquidity. But I think the deeper underlying issue is: what should ordinary users’ expectations for on-chain privacy and compliance really be?

A lot of people think, “Putting things on-chain is transparent, and transparency means safety,” but in reality, compliance boundaries shift like light and shadow. A single transaction you make might be treated as an example for the “spotlight chasers,” or it might be swept into the gray areas of the “shadows.” I’ve seen too many people who, thinking “no one monitors on-chain,” just do things casually—only to end up getting targeted.

Honestly, don’t make on-chain privacy sound so simple. And don’t count on it being fully transparent either. It’s a mirror: what you see depends on where you stand. Treat those “simple” expectations as a trap and stay alert—it can’t go wrong.