Just now I was checking the on-chain data in a coffee shop, and someone was saying, “Since the blockchain is transparent, it’s absolutely safe.” It made me almost laugh and cry. Honestly, the recent narrative tying ETF fund flows and risk appetite in the U.S. stock market together was being interpreted that way—but I feel like privacy and compliance are two parallel lines. Ordinary users are so likely to mistake transparency for privacy. What I’m most afraid of isn’t missing a certain opportunity; it’s the kind of “transparency” where your wallet gets picked clean.

Yesterday I played a new NFT game. The on-chain interaction records were turned inside out—everything was laid bare, even the time I bought a pixel cat was labeled. Oh well. At least I know I’m not one of those “transparent people trading in a black box.” But honestly, the compliance boundary is like the “dark line” in a pixel theater: you can see the rules, but you can’t tell how much of yourself you’ve really had exposed. It’s kind of contradictory, but hey—curiosity wins. I’ll keep watching.