Honestly, the more I look at stablecoins, the more they feel like a psychological warfare. Reserve transparency sounds impressive, but when something really goes wrong, the speed at which people rush for withdrawals is even faster than dominoes toppling. When I was playing with my own small position, I was scared too—any sign of trouble and I wanted to run. Later I thought about it: it basically comes down to a lack of security.

The play-to-earn side has also been pretty disappointing lately—inflation plus studios, and coin prices spiral downward. It looks like great waves washing away the sand, but it’s more like paying the bill for the bubble. In any case, I just keep one rule in mind now: when all the excitement crowds into the same window, the closer you stand, the higher the chance you’ll get stepped on. When your wallet is empty, moving a bit slower feels more like watching someone else carry their moving van window display.