What I fear most isn’t losing money—it’s being fooled by address tags into taking the bag willingly. Now that on-chain analytics tools are getting more and more detailed, if you just search for anything like “Smart Money” or “whales gathering,” you’ll find plenty of people copying the trades. But honestly, address profiling is pretty mystical. The same address might have been doing market-making yesterday and could be sending funds to a mixer today—who can guarantee whether it’s building a bottom or laundering money? In any case, every time I see guys in the group treating the “Smart Money” tag like an edict, it makes my stomach drop.

Recently, privacy coins and mixing protocols have been at odds again. Over on the compliance boundary side, the atmosphere is tense—lots of people are calling for a crackdown, while others keep coming and going in Tornado. To put it simply, on-chain data can only be used as a reference—don’t get too carried away. Liquidity runs faster than belief; focus on the order book first.