These days, I've seen people talking about stablecoin de-pegging again, but I don't have any grand ideas—just one feeling: transparency of reserves is basically about giving people the confidence to not be "run on the bank." No matter how often reports are issued, when the market panics, everyone will first rush to withdraw, then ask where the funds are actually held... The fear of a bank run is very real, and I’m no more noble than anyone else—one twitch of the finger and I want to run first.

And then there's the social mining and fan token stuff—"attention is mining"—it looks lively, but I no longer believe that as long as the hype is enough, it can serve as credit backing. Anyway, right now I care more about: can you actually redeem anytime, and can you redeem it when needed? Everything else can be put aside for now.