Recently, people keep asking me, "Is this stablecoin stable?" Honestly, it's not the peg that's stable, but people's confidence. As for reserve transparency, it looks like a safe at first glance, but when a run happens, it turns into a group chat relay of "You go first and withdraw." On-chain reports, audit statements, custody proofs... nobody usually bothers to look at them, but when the peg is lost, everyone suddenly becomes Sherlock Holmes.

Airdrop season is also quite funny. Task platforms, anti-witchcraft, and point systems that feel like clocking in at work—then when rumors of some stablecoin stir, the most competitive ones run the fastest: not because they're afraid of losing money, but because they don't want to become someone else's liquidity, those who understand, understand.

My principle now is: don't mistake "can be redeemed" for "can be redeemed at any time." Leave yourself a profit-taking or stop-loss line, and don't let emotions kick you off the boat. We'll talk again next time.