Tired. I just finished tweaking the parameters for a few pools, then scrolled through a few posts about ETF fund flows—and I’m really annoyed by those people who see BlackRock buy a little BTC and start shouting, “Institutional bull is here.” Did the stablecoin supply increase? So what—OTC liquidity is still the same. To put it plainly, it’s just that existing capital keeps rotating in there. Don’t treat correlation like causation.

On the privacy-coin side, the arguments about regulatory boundaries are starting up again: two mixers were taken down, and the “grassroots” crowd in the group is shouting, “Decentralized belief has collapsed.” I think it’s these people who collapsed on their own first. Instead of obsessing every day over privacy or not privacy, you’d better not randomly post your own wallet addresses first.

I’m tired, but I’m still watching. And I don’t believe in any kind of “faith.” First, figure out the true costs and losses from the flip—then we’ll talk.