Recently, people keep bringing up data availability / ordering / finality, sounding like chanting sutras. Basically, there's one main thread: who do you trust to "keep the books" and "not change the records"? Data availability is like whether the ledger is publicly accessible; ordering is about who gets to insert their transaction first, possibly with some private motives; finality is more straightforward—can this record be reversed? The more terms there are, the easier it is to hide the "trust cost."

The wave of privacy coins and mixing services is giving me a headache—on one hand, they say privacy is a right; on the other, they claim compliance is the bottom line... In the end, it all comes down to transactions: who can freeze, who can trace, who dares to take responsibility. For perpetual contracts, I only look at two things: funding rates and human nature. When the rates heat up, people start pretending they don't see.

I'm more inclined to ask, "What's the worst way this system could screw me over," rather than "How big is its vision." That's how I'll start.