I just lay down and then saw people arguing in the group about privacy coins and mixers. Honestly, it’s pretty divisive—some people think compliance is the way forward, while others think anonymity is the original intent. I’m not very comfortable touching this space. It’s not that I don’t believe in it; it’s just that the boundaries are too blurry. I’m afraid that one day I’ll cross the line and not even know it.

Before bed, I went back over a few AMM pools I’ve added recently, and I have to say it’s quite thought-provoking. I used to always think that market making is basically earning fees while doing nothing. But after losing money a few times, I finally understood that impermanent loss is the real hidden big expense. Especially when prices are volatile—at first you think you’ve made some fee income, but then your principal gets trapped in a range. In hindsight, it’s often better to just hold the spot.

Anyway, I’ll leave it at that. It’s already 3 a.m. and I’m still thinking about these things—no idea if it’s anxiety or excitement. In any case, market making isn’t really about lying back and profiting. You have to calculate everything clearly yourself, otherwise you’ll end up paying tuition more than anyone else.