I went back and checked the positions of a few privacy projects late at night, and I’m down almost 20%. Honestly, I can’t sleep. It’s not that I’m afraid of everything going to zero—it’s more that powerless feeling of “the valuation model clearly says there’s no problem, but I’m still being dragged around by market sentiment.”

When I’m in profit, I can only sneakily feel a bit happy. But when I’m in a loss, it feels like glass shards stuck to my skin—hurts more the more I move.

Lately, the compliance gray areas for privacy coins and mixers in the community have been getting heated. Some people say, “Technology isn’t guilty, tools aren’t guilty.” Others just start cursing “dirty money channels.” I can’t really say who’s right or wrong, but looking at the black-and-white emotions in the discussions, I actually feel a bit clearer—afraid to add to my position, but unwilling to cut it. So I’ll just put it here and observe coolly for now.

Anyway, loss aversion—put simply—is that the brain is much more sensitive to the pain of “losing” than the pleasure of “gaining.” What I can do right now is not let my emotions push me into making random moves. For now, that’s it. I’ll keep watching the data.