I just looked through the reserve reports of various stablecoins, and it’s a bit complicated. To be honest, transparency is like checking someone’s phone—you get a screenshot but they don’t give you the password. Do you believe it or not? Anyway, I do trust the data, but I trust even more the human nature hidden inside it. Bank runs like these are never calculated on-chain—they’re built out of the hesitation in people’s hearts.

Recently I’ve been looking at those social mining projects. “Attention mining” sounds nice, but it still feels like a fan token—are people coming in to watch a movie, or to be cast as background extras? Take it first, and we’ll talk again after looking at the on-chain data.